IONQ Inc

IONQ · NYSE · Quantum Computing

IonQ, Inc. is a quantum computing company focused on building and commercialising trapped-ion quantum systems.

Current price

$31.24

▼ −$3.49 (10.05%) today

Share price

Live market data

▼ -50.85 (-61.94%)2025-10-13 — 2026-10-14

Add to my portfolio Add to watchlist Compare →

ET&A View

Last reviewed 15 September 2026

Accumulate

ET&A likes the company but would prefer investors to build exposure gradually.

Fair Value

Members

12M Price Target

Members

Preferred Entry

Members

ET&A Score

7.5/ 10Strong overall

Members see what we think IONQ Inc is worth today, our 12-month Price Target, the price we would prefer to buy at and the return we expect. See membership

IonQ is one of the most compelling pure-play exposures to quantum computing, combining trapped-ion hardware with an expanding platform across quantum networking, cybersecurity and increasingly semiconductor manufacturing…

Is it expensive?

Read our full view

Why we like it

Sales are growing quickly (+202% a year).
Holds more cash than debt.

Members see every catalyst in our research. See membership

What worries us

The company is currently losing money.
Spends more cash than it brings in.
The share price has been weak recently.

Business Health

Is the business financially healthy?

Mixed

Revenue and the balance sheet stand out. Watch earnings, margins and cash generation.

Overall

Average

Revenue
$246m · ↑ +202% last year
Growth Excellent
Earnings
−$1.4bn · Loss-making
Growth Weak
Margins
Losing money on its sales
Weak
Cash generation
Uses more cash than it brings in
Weak
Balance sheet
More cash than debt
Excellent

Financial and earnings trends

Investor View

More on IONQ Inc

Open a section for the detail behind the quick view.

Our full viewET&A's complete thesis — why we hold the view we do.Members

Insight

The complete ET&A view

See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.

Our View in full
What could drive it higher / go wrong
Fair Value & Preferred Entry
How our view has changed

Explore Insight →Included with Insight

What could drive it higher — and what could go wrongThe catalysts and risks we are watching.Members

Members see every catalyst and risk we are watching. See membership

Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.Members

Members see where the price sits against our valuation, its history and its peers. See membership

Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.

Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.

Year	Revenue	Growth	Operating margin	Net income	EPS	Free cash flow
FY2025	$130m	+201.9%	−487.4%	−$510m	−$1.82	−$300m
FY2024	$43m	+95.4%	−539.7%	−$332m	−$1.56	−$124m
FY2023	$22m	+98.0%	−715.7%	−$158m	−$0.78	−$93m
FY2022	$11m	—	−770.3%	−$49m	−$0.25	−$57m

Next earningsWed, 4 Nov 2026Earnings calendar →

Who it suitsStrategy suitability and investment style.

Long-term growth investors

Also suits: Adventurous investors comfortable with big swings

Investment styleGrowthET&A strategies: Growth, Aggressive Growth · what these mean

How it compares with peersOther companies we cover in Quantum Computing.

We don’t cover another company in this sector yet.

Compare IONQ Inc with any company → The model’s own peer calculations are in the Research View.

What the company doesThe full company profile.

IonQ, Inc. is a quantum computing company focused on building and commercialising trapped-ion quantum systems. Its technology uses individual charged atoms as qubits, controlled using lasers and electromagnetic fields, with the aim of solving complex problems that are difficult or impossible for classical computers to handle. The company provides access to its quantum computers through cloud platforms, direct enterprise relationships, and its own expanding quantum technology ecosystem.

IonQ sits in one of the most speculative but potentially transformative areas of technology. Its long-term opportunity is tied to the development of practical quantum computing for industries such as drug discovery, materials science, financial modelling, logistics, cybersecurity, artificial intelligence, and defence. While the commercial market for quantum computing is still early, IonQ is positioned as one of the more prominent pure-play companies attempting to turn quantum research into usable computing infrastructure.

Quantum Computing · USA

Research ViewOpen the full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.Open

For detailed analysis. Each section opens on its own.

Financial statementsEvery published figure with its source, the market snapshot and connected sheets.

Income

Revenue: $246mMarket data
Gross profit: $76mMarket data
EBITDA: −$793mMarket data
Operating profit (EBIT): −$634mMarket data
Net income: −$1.4bnMarket data
Earnings per share (EPS): −$3.43Market data

Growth

Revenue growth, latest year: Excellent201.9%Calculated
Revenue growth, 3-year average: Excellent126.9%Calculated
Revenue growth, latest quarter vs a year earlier: 286.8%Market data

Margins & returns

Gross margin: Good30.9%Market data
EBITDA margin: 0.0%Market data
Operating margin: Weak−408.2%Market data
Net margin: Below Average0.0%Market data
Return on equity (ROE): Weak−60.5%Market data
Return on assets (ROA): −14.5%Market data

Cash flow

Operating cash flow: −$452mMarket data
Free cash flow: −$300mMarket data
Free-cash-flow margin: Weak−121.6%Calculated

Balance sheet

Cash: $2.1bnMarket data
Total debt: $54mMarket data
Net cash (more cash than debt): $2.1bnMarket data
Debt ÷ equity: 0.0×Market data
Current ratio: 10.7×Market data

Shares & dividends

Shares outstanding: 405.1mMarket data
Market capitalisation: $12.7bnMarket data
Dividend per share: $0.00Market data
Dividend yield: Weak0.0%Market data
Payout ratio: 0.0%Market data

Market data — the live feed (Yahoo Finance)
Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology

Other published figures

Price / Sales: Members
EV / EBITDA: Members
Price / Book: Members
Forward P/E: Members

Valuation ratios (P/E, P/S, P/B, EV/EBITDA) are part of ET&A membership — view plans.

Market data

Live

Price$31.24

Day−$3.49 (−10.05%)

52-week range$26.59 – $77.55

vs 52-week low+17.49%

vs 52-week high−59.72%

As of 14 October 2026

Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members

Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.

Measure	Today	Source
P/E	Members
Forward P/E	Members
EV/EBITDA	Members
Price/Sales	Members
FCF Yield	Members

Valuation ratios are part of ET&A membership.

Other published measures

Price / Book: Members

Historical dataValuation history, how our view has changed, and the share-price history.

Valuation history

Members see how the valuation compares with its history. See membership

Share-price history

Use the 5Y and Max ranges on the price chart at the top of the page.

ForecastsWhat analysts expect — market consensus, not ET&A estimates.

Forecasts

Forward EPS (next year, consensus): −$1.29Market data
Expected EPS growth, next year: Weak−106.4%Market data
Expected revenue growth, next year: 250.0%Market data

Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.

MethodologyHow ET&A values a company and reaches a view.

How we value IONQ Inc

1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.

Read the full ET&A methodology →

How we reach a view

The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.

Business quality
Financial performance
Growth outlook
Debt and financial strength
Valuation
Risk
What could drive it higher

Buy: ET&A sees significant upside from the current price with an attractive risk/reward profile.
Accumulate: ET&A likes the company but would prefer investors to build exposure gradually.
Hold: ET&A sees limited reason to buy aggressively or sell at the current price.
Reduce: ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
Sell: ET&A believes the downside risk materially outweighs the potential return at the current price.

ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.

Scoring calculationsBehind the ET&A Score and the Business Health ratings.

Behind the ET&A Score

The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →

ET&A Quant Score

Weak

Unprofitable · Strong balance sheet · Weak

Profitability & margins · Unprofitable0.5

Balance sheet · Strong balance sheet9.0

Price momentum · Weak0.0

Context — not part of the score

Valuation multiplesPriced on the high side
Share-price steadinessVery high volatility
IncomeNo dividend

Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.

Annualised volatility: Members
Max drawdown (1y): Members
12-month return: Members
3-month return: Members
Price / Sales: Members
EBITDA margin: Members
Dividend yield: Members

The detailed figures behind these scores — price swings, past falls, returns, valuation and margins — are part of ET&A membership. View plans

Based on the factors that could be measured (45% of the model).

Business Health ratings

Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.

Area	Based on	Score	Rating
Revenue	Revenue growth, 3-year average 126.9% → 10.0 Rated on 3-year average revenue growth, on ET&A's growth scale.	10.0 / 10	Excellent
Earnings	Net income −$1.4bn → 1.0 A loss-making company is always rated Weak for earnings.	1.0 / 10	Weak
Margins	Operating margin −408.2% → 1.0 Net margin 0.0% → 3.0 The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak).	2.0 / 10	Weak
Cash generation	Free-cash-flow margin −121.6% → 2.0 Free cash flow as a share of sales, on ET&A's cash-generation scale.	2.0 / 10	Weak
Balance sheet	Net cash More cash than debt → 8.5 Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale.	8.5 / 10	Excellent
Overall	Average of the 5 rated areas	4.7 / 10	Average

ET&A's scales

Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.

Measure	Excellent	Strong	Good	Average	Below Average	Weak
GrowthStructural Growth (Fundamental Conviction)	18%+	10%+	5.0%+	1.7%+	−2.5%+	below −2.5%
Operating marginCompetitive Position (Fundamental Conviction)	29%+	20%+	13%+	7.5%+	0%+	below 0% (loss)
Net marginEarnings Durability (Fundamental Conviction)	23%+	15%+	9.8%+	6.0%+	0%+	below 0% (loss)
Free-cash-flow marginCapital Allocation (Fundamental Conviction)	15%+	8.5%+	3.8%+	1.3%+	−2.5%+	below −2.5%
Net debt ÷ EBITDAStructural Risk (Fundamental Conviction)	net cash	≤ 1.5×	≤ 2.8×	≤ 3.6×	≤ 5.0×	above 5.0×
Return on equity (banks & insurers)Bank and insurer quality	16%+	12%+	9.0%+	6.7%+	2.7%+	below 2.7%
Equity ÷ assetsBank capital	7.5%+	6.0%+	4.7%+	4.0%+	any	—
Dividend yieldIncome factor (ET&A Quant Score)	5.8%+	4.0%+	2.5%+	1.8%+	1.0%+	below 1.0%

Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.

Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.Members

Members see how we calculate the Fair Value and Preferred Entry. See membership

Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.Members

Members see the peer set behind our valuation. See membership

Detailed assumptionsEvery input the valuation model used, with its source.Members

Members see the assumptions behind our valuation. See membership

Research notesNo research notes published yet.

No research notes have been published for IONQ Inc yet.

Need deeper analysis on IONQ Inc? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.

Explore Professional →Commission research