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 AnalystHold
Overall Rating3.7/10
Generated at:2026-06-04 17:40:48
Analysis based on 5 financial reports from 2025-03-31 to 2026-03-31. Data includes quarterly financial statements and market price data as of 2026-06-04. The analysis uses real financial data from the specified periods, with note that Q1 2026 contains an anomalous profit likely from non-cash accounting adjustments.
Overview

IonQ, Inc. is a quantum computing company in a high-growth, capital-intensive, and speculative phase. It shows explosive revenue growth and strong liquidity from equity fundraising, but is deeply unprofitable with extreme valuation multiples detached from traditional metrics. The stock is driven by sentiment and long-term potential rather than current financials, representing a high-risk/high-reward investment.

Valuation
2/10
Profitability
3/10
Financial health
6/10
Operation Advice
  • Hold existing positions but do not add new capital at the current elevated price of $65.66.
  • New investors should wait for a more attractive entry point during a market downturn or consolidation phase.
  • The stock carries substantial risk of a sharp pullback following its significant run-up and high volatility.

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, with a PS-TTM of 130.98 indicating investors are pricing in decades of future growth. Traditional metrics like P/E are not meaningful due to lack of earnings. The valuation is entirely driven by future potential, market sentiment, and technological hype, with price ranges suggested from $40-50 (bear-case) to $70-75 (bull-case).
  • Price-to-Sales (PS-TTM) is 130.98, an astronomically high ratio implying investors are paying over $130 for every $1 of current annual revenue.
  • Price-to-Book (PB) is 6.19, indicating the stock trades at a significant premium to its book value.
  • PE-TTM is -10.45 and Forward PE is -46.19, with negative P/E ratios confirming lack of current earnings and making them not meaningful for valuation.
  • The current price is $65.66 with extreme volatility, ranging from ~$26 to above $72 in under three months (~180% swing).
  • Traditional valuation metrics (P/E, P/B, P/S) are not applicable in a standard sense.
  • Valuation is entirely driven by future potential, market sentiment, and technological hype.
  • A reasonable bear-case price range could be $40 - $50 based on reversion to pre-surge levels.
  • A reasonable base-case range could be $55 - $70 assuming growth continues as projected.
  • A bull-case range could see the stock retest recent highs near $70 - $75.
  • Deriving a fundamental DCF or earnings-based target is not feasible with current data; a 12-month speculative target price based on sustained high growth could be $80 but carries enormous risk.
Valuation trend

Profitability

ROE TTM
-0.43%
Net margin
1244.22%
Gross margin
23.84%
Total revenue
64.67M
AI Analysis
  • Profitability metrics are volatile with explosive revenue growth (754.72% YoY increase in Q1 2026) but deeply unprofitable core operations. Gross margin dropped significantly to 23.84% in Q1 2026, and net margin is wildly inconsistent with an anomalous Q1 profit not from core operations.
  • Revenue growth is explosive, with Q1 2026 revenue of $64.67M representing a 754.72% year-over-year increase.
  • TTM revenue growth is also very strong, indicating successful commercial adoption and contract scaling.
  • Gross margin for Q1 2026 was 23.84%, a significant drop from the 40-55% range seen in previous quarters.
  • The gross margin drop could indicate a shift in revenue mix, increased cost of revenue, or one-time factors.
  • Net margin is wildly inconsistent, ranging from -1857.43% to +1244.22% in Q1 2026.
  • The Q1 2026 net profit of $805.36M is an extreme outlier and is not from core operations (likely due to a large, non-cash accounting gain).
  • The core business remains deeply unprofitable.
  • ROE-TTM is -0.43% and ROA-TTM is 2.47%.
  • The positive ROA is distorted by the anomalous Q1 profit; historically these metrics have been deeply negative.
  • The company does not yet generate a return on its invested capital.
Profitability
2025Q12025Q22025Q32025Q42026Q1
ROE TTM---27.06%-95.14%-24.40%-0.43%
Earnings
2025Q12025Q22025Q32025Q42026Q1
Total revenue7.57M28.26M68.13M130.02M64.67M

Financial health

Debt/Asset
25.46%
Current ratio
14.05
Quick ratio
--
Cash ratio
14.05
AI Analysis
  • Financial health shows strong liquidity with a current ratio of 14.05 but significant ongoing losses. The company has a moderate debt-to-asset ratio of 25.46% and is in a cash-burn phase, investing heavily in growth and R&D.
  • The current ratio of 14.05 is exceptionally high, indicating more than sufficient short-term assets to cover short-term liabilities.
  • This suggests a strong balance sheet with ample cash reserves, likely from equity fundraising.
  • The company can fund operations without immediate solvency concerns.
  • The debt-to-asset ratio of 25.46% indicates a moderate level of leverage.
  • The capital structure relies more on equity than debt, which is common for pre-profitability tech companies.
  • This approach helps avoid interest burdens.
  • Despite strong liquidity, the company shows consistent negative net income across recent quarters (except for an anomalous profit in Q1 2026).
  • This confirms the company is in a cash-burn phase.
  • The company is investing heavily in growth and R&D.
Leverage
2025Q12025Q22025Q32025Q42026Q1
Debt/Asset10.00%12.49%47.03%41.96%25.46%
Liquidity
2025Q12025Q22025Q32025Q42026Q1
Current ratio13.177.768.7315.5014.05