IonQ (IONQ) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

IonQ

NYSE•Technology•Computer Hardware

$36.84-0.21(-0.01%)Pre-market

Market Cap

$14.39B

P/S

58.4x

P/B

4.3x

IonQ, Inc. develops quantum computing systems in the United States, Switzerland, and Internationally. It sells access to quantum computers of various qubit capacities. The company also makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS), Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. The company engages in quantum-safe communications and quantum detection systems. It provides contracts associated with the design, development, construction, and sale of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems. In addition, it provides semiconductor manufacturing services. The company has a collaboration agreement with University of Chicago. The company was founded in 2015 and is headquartered in College Park, Maryland.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Growth (16/25); weakest: Cash & Earnings Quality (2/25).

Profitability8/25

Growth16/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality2/25

Strengths

Growing revenueLong cash runwayInterest easily coveredConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 29.2x5y range 29.2x – 29.2x

P/S · 58.4x5y range 47.7x – 237.1x

Currently below its 17-quarter median.

P/B · 4.3x5y range 1.2x – 25.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $14.39B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $246.47M
Q. Revenue: $80.05M
TTM EBITDA: $-852.15M
TTM Op. Income: $-1.01B
Q. Op. Income: $-337.24M
TTM Net Income: $-1.36B
Q. Net Income: $-1.87B
EPS: $-5.08
Shares Out.: $367.66M

$246.47M in TTM revenue grew 370.6% YoY, reaching $80.05M last quarter. TTM EBITDA of $-852.15M and TTM operating income of $-1.01B show growth is flowing through to the bottom line. However, net income is negative at $1.36B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -363.7%
Op. Margin: -421.3%
Net Margin: -2333.2%

Op. margin of -421.3% is up 354.7% YoY — cost efficiency is improving. Net margin at -2333.2% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 58.4x
P/B Ratio: 4.3x

P/S of 58.4x and P/B of 4.3x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.78B
Cash: $1.24B
Long-Term Debt: N/A
Book Value: $3.33B
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-103.76M
TTM Free Cash Flow: $-483.87M
FCF Margin: -196.3%
FCF / Net Income: 0.4

TTM FCF of $-483.87M on $-103.76M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.