IonQ, Inc.IONQ
NYSE•Technology•Computer Hardware
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. The company has a collaboration agreement with University of Chicago. The company was founded in 2015 and is headquartered in College Park, Maryland.
IonQ, Inc. (IONQ) reported trailing twelve months revenue of $187.12M as of March 2026, a 334.6% increase year-over-year. Quarterly revenue reached $64.67M, reflecting continued top-line momentum.
IonQ, Inc. generated $327.23M in TTM net income, with quarterly EBITDA of $-228.38M. The operating margin expanded from -1000.3% to -419.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-419.8%) and net margin (1245.4%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -426.3% a year ago, signaling stronger bottom-line efficiency.
IONQ trades at a P/E of 29.2x (in line with broad market averages) and a P/S of 51.0x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-159.39M, indicating cash consumption over the period. The balance sheet shows $6.69B in total assets with no in long-term debt against $4.98B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -563.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~499.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 69.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation