IonQ, Inc.(IONQ) - Stock detail

IonQ, Inc.

US
IONQ
IonQ, Inc.(Listing date: 01/04/2021)

IonQ, Inc. is a company incorporated as a Delaware corporation on September 14, 2020. The company is developing quantum computers and networks aimed at solving some of the world's most complex problems and making business, society, and the planet better. The company believes that its proprietary technology, architecture, and the technology it has exclusively obtained through license agreements will provide advantages in research and development, as well as the commercial value of its expected product offerings. Today, the company sells specialized quantum computing and networking hardware, along with related maintenance and support. It also sells access to quantum computers with several different qubit capacities and is researching and developing technologies for quantum computers with increasing computing power.

AI Value AnalystSell
Overall Rating3/10
Generated at:2026-04-20 17:42:58
Analysis based on real data from 5 financial report periods: 2025-12-31, 2025-09-30, 2025-06-30, 2025-03-31, and 2024-12-31. Current price data as of 2026-04-20 close. Data includes comprehensive financial statements and market pricing information.
Overview

IonQ, Inc. is a pre-revenue, growth-stage quantum computing company showing explosive revenue growth but deep losses. It maintains strong liquidity but operates in a capital-intensive sector with a business model predicated on long-term commercialization. The stock is currently priced at a significant premium based on speculative future potential rather than current fundamentals.

Valuation
1/10
Profitability
2/10
Financial health
6/10
Operation Advice
  • Sell the stock.
  • The current price of $48.32 implies an extremely high Price-to-Sales multiple of 136x, which prices in near-perfect execution of a distant and uncertain commercial opportunity.
  • The stock is fundamentally overvalued, with a speculative fundamental price range estimated around $30-$35.
  • This investment is suitable only for investors with very high risk tolerance and a long-term horizon willing to accept a high probability of capital loss.

Valuation

P/E TTM
-10.45
P/E LYR
-46.19
P/B MRQ
6.19
P/S TTM
--
AI Analysis
  • Valuation metrics are extreme, reflecting market pricing based on future potential rather than current fundamentals. The stock is significantly overvalued based on conventional metrics like Price-to-Sales (136.26x) and Price-to-Book (6.19x). The current price exceeds a reasonable speculative fundamental price range.
  • Price-to-Sales (PS-TTM) is 136.26x, an extremely high multiple indicating the stock is valued at a massive premium relative to its current revenue.
  • Price-to-Book (PB) is 6.19x, trading at a significant premium to its book value, suggesting the market places high value on intangible assets not fully captured on the balance sheet.
  • Price-to-Earnings (PE-TTM) is -10.45 and Forward PE is -46.19, confirming the company's lack of earnings and making these ratios meaningless for valuation.
  • The current price is $48.32 as of 2026-04-20 close, with high volatility shown in 60-day trading data ranging from $25.89 to $48.56.
  • Based on conventional fundamental metrics (PS, PB), IonQ's stock is significantly overvalued.
  • The price reflects speculative, long-dated growth expectations rather than any traditional financial anchor.
  • A reasonable fundamental price range is challenging to define, but a PS ratio even at a very generous 50x on TTM sales of $130M would suggest a market cap of ~$6.5B.
  • With approximately 211M shares outstanding, this implies a speculative fundamental price range of around $30-$35.
  • The current price of $48.32 exceeds this reasonable speculative range.
Valuation trend

Profitability

ROE TTM
-24.40%
Net margin
-393.89%
Gross margin
40.40%
Total revenue
130.02M
AI Analysis
  • IonQ is currently unprofitable, which is expected for a company at this stage in a frontier technology sector. It shows strong revenue growth (201.85% year-over-year) and achieves gross profit with a 40.40% margin, but net losses are deep and widening with a net margin of -393.89%.
  • IonQ is currently unprofitable, which is expected for a company at this stage in a frontier technology sector.
  • Annual revenue for 2025 grew 201.85% year-over-year to $130.02M, demonstrating strong commercial traction and adoption of its access model.
  • The company achieves a gross profit of $52.53M (40.40% margin) for FY2025, indicating its core service delivery can be done at a positive contribution margin after direct costs.
  • Net loss for FY2025 was -$510.38M, a 53.89% increase from the prior year.
  • The net margin was -393.89%.
  • Quarterly data shows extreme volatility in losses (e.g., Q3 2025 net loss of -$1.26B), which may be influenced by one-time charges or accounting treatments for stock-based compensation.
  • Return on Equity (ROE) is -24.40% and Return on Assets (ROA) is -14.42%, confirming that the company is not currently generating positive returns on its invested capital.
Profitability
2024Q42025Q12025Q22025Q32025Q4
ROE TTM---5.61%-27.06%-95.14%-24.40%
Earnings
2024Q42025Q12025Q22025Q32025Q4
Total revenue43.07M7.57M28.26M68.13M130.02M

Financial health

Debt/Asset
41.96%
Current ratio
15.50
Quick ratio
--
Cash ratio
15.50
AI Analysis
  • The company's financial health shows a mixed picture typical of a growth-stage tech firm with strong liquidity (current ratio of 15.50) and moderate leverage (debt-to-asset ratio of 41.96%), but significant cash burn from consistent and substantial net losses.
  • The current ratio of 15.50 is exceptionally high, indicating more than sufficient short-term assets to cover short-term liabilities.
  • This suggests a strong cash position, likely from equity fundraising, which provides a buffer to fund operations without immediate solvency concerns.
  • The debt-to-asset ratio of 41.96% indicates a balanced capital structure.
  • The company uses a mix of equity and debt, but is not overly leveraged, which is prudent for a company in a high-burn phase.
  • The consistent and substantial net losses reported in every period confirm that the company is in a heavy investment phase, consuming cash to fund R&D, growth, and operations.
  • The high liquidity is essential to sustain this burn rate.
Leverage
2024Q42025Q12025Q22025Q32025Q4
Debt/Asset24.49%10.00%12.49%47.03%41.96%
Liquidity
2024Q42025Q12025Q22025Q32025Q4
Current ratio10.5013.177.768.7315.50