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IonQ
(NYSE:IONQ)
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Rating:52Neutral
Price Target:
$43.00
▼(-6.70% Downside)
Action:Reiterated
Date:06/27/26
The score is held back most by weak underlying profitability and significant cash burn, despite a strong balance sheet. Technicals also reflect negative near-term momentum. These risks are partially offset by a constructive earnings-call outlook—raised revenue guidance and rapidly growing RPO/backlog—but valuation provides minimal support given the extremely high P/E and no dividend yield.
Positive Factors
Balance-sheet strength
Extremely low leverage and substantial equity provide durable financial flexibility. This lets IonQ fund high R&D and manufacturing scale, absorb execution hiccups, and pursue strategic deals without immediate refinancing pressure, supporting multi-quarter investment programs.
Negative Factors
Negative operating cash flow
Persistent cash burn requires ongoing financing or drawdown of reserves, which can pressure strategic flexibility over multiple quarters. Even with a strong balance sheet, sustained negative cash flow raises dilution or capital-allocation risk and limits self-funded scale until operating cash generation turns positive.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Extremely low leverage and substantial equity provide durable financial flexibility. This lets IonQ fund high R&D and manufacturing scale, absorb execution hiccups, and pursue strategic deals without immediate refinancing pressure, supporting multi-quarter investment programs.
Read all positive factors
IonQ Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Data provided by:
The Fly
The FlyIonQ (IONQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.71B
Dividend YieldN/A
Average Volume (3M)25.27M
Price to Earnings (P/E)480.7
Beta (1Y)3.09
Revenue Growth334.58%
EPS GrowthN/A
CountryUS
Employees1,132
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)0.09
Shares Outstanding373,269,960
10 Day Avg. Volume20,534,702
30 Day Avg. Volume25,270,678
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)3.31
Price to Sales (P/S)96.75
P/FCF Ratio-41.99
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue106.62
Enterprise Value/Gross Profit280.01
Enterprise Value/Ebitda50.85
Forecast
1Y Price Target
$69.31Price Target Upside50.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.35
Revenue Forecast (FY)$265.68M
IonQ Business Overview & Revenue Model
Company Description
IonQ, Inc. specializes in the creation of advanced, general-purpose quantum computing systems. The company provides customers with access to its 20-qubit quantum computers. This access is facilitated through prominent third-party cloud platforms, ...
How the Company Makes Money
IonQ primarily makes money by selling access to its quantum computers and related services, with revenue generally falling into two main streams: (1) Quantum computing access (QCaaS): IonQ earns revenue when customers run workloads on IonQ quantum...
IonQ Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and commercial picture: record revenue, massive YoY growth, materially increased RPO/backlog, expanded commercial and international traction, large cash reserves, and clear technical milestones (256‑qubit presale, tapeouts, validated benchmarks, published fault‑tolerance blueprint). Offsetting factors are sizable near‑term losses (adjusted EBITDA negative), very high R&D spend, some gross‑margin pressure and one‑time expenses tied to the SkyWater arrangement, and execution/regulatory risks around scaling and the SkyWater acquisition. On balance, the scale of revenue, backlog, cash runway, and technical/commercial momentum outweigh the near‑term profitability and execution challenges.Positive Updates
Record Quarterly Revenue and Strong YoY Growth
GAAP revenue of $64.7M in Q1 2026 — the largest quarter in company history, representing ~755% year‑over‑year growth (more than 8x vs. Q1 2025) and the fourth consecutive quarter of record results.
Negative Updates
Substantial Adjusted EBITDA Loss
Q1 adjusted EBITDA loss of $96.8M. Management reaffirmed full‑year 2026 adjusted EBITDA guidance of negative $310M to negative $330M, indicating continued heavy investment and negative operating cash flow expectations in 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong YoY Growth
GAAP revenue of $64.7M in Q1 2026 — the largest quarter in company history, representing ~755% year‑over‑year growth (more than 8x vs. Q1 2025) and the fourth consecutive quarter of record results.
Read all positive updates
Company Guidance
On the call IonQ raised full‑year 2026 revenue guidance to $260–$270 million (with $270M at the high end), guided Q2 revenue of $65–$68 million, and reaffirmed full‑year adjusted EBITDA of negative $310M to negative $330M, while forecasting 100% organic revenue growth for 2026 (even the low end of the guide would double 2025 revenue). Management highlighted Q1 results that underpin the outlook: GAAP revenue of $64.7M (+755% YoY; beat guidance by >30%), Q1 adjusted EBITDA loss of $96.8M (≈$85M excluding ~$12M SkyWater expense), GAAP net income of $805.4M driven by a ~$1.1B warrant mark‑to‑market, cash and investments of $3.1B, Q1 R&D of $125.7M (+215% YoY), remaining performance obligations (RPOs) of $470M (+554% YoY from $72M) with roughly $2.50 of RPO added for every $1 of recognized revenue, and a Q1 revenue mix of ~60% commercial, ~35% international and >33% multiproduct.IonQ Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
78
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 187.12M | 130.02M | 43.07M | 22.04M | 11.13M | 2.10M |
| Gross Profit | 71.25M | 52.53M | 22.48M | 13.93M | 2.58M | -1.49M |
| EBITDA | 392.35M | -474.69M | -312.93M | -147.35M | -42.91M | -103.64M |
| Net Income | 277.09M | -510.38M | -331.65M | -157.77M | -48.51M | -106.19M |
Balance Sheet | ||||||
| Total Assets | 6.69B | 6.57B | 508.39M | 553.58M | 597.99M | 642.03M |
| Cash, Cash Equivalents and Short-Term Investments | 2.03B | 2.39B | 340.29M | 355.44M | 355.80M | 522.47M |
| Total Debt | 30.44M | 30.02M | 17.73M | 8.11M | 4.05M | 4.21M |
| Total Liabilities | 1.70B | 2.76B | 124.53M | 68.59M | 29.78M | 50.80M |
| Stockholders Equity | 4.98B | 3.80B | 383.86M | 484.99M | 568.21M | 591.23M |
Cash Flow | ||||||
| Free Cash Flow | -424.75M | -299.60M | -129.25M | -98.36M | -57.26M | -36.56M |
| Operating Cash Flow | -401.19M | -283.19M | -105.68M | -78.81M | -44.70M | -26.54M |
| Investing Cash Flow | -2.26B | -2.10B | 82.73M | 68.77M | -309.06M | -213.78M |
| Financing Cash Flow | 3.00B | 3.36B | 41.69M | 1.76M | 1.10M | 603.23M |
IonQ Technical Analysis
Negative
46.09
Price Trends
55.08
Negative
45.05
Negative
49.04
Negative
Market Momentum
-3.29
Positive
33.66
Neutral
8.37
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONQ, the sentiment is Negative. The current price of 46.09 is below the 20-day moving average (MA) of 52.43, below the 50-day MA of 55.08, and below the 200-day MA of 49.04, indicating a bearish trend. The MACD of -3.29 indicates Positive momentum. The RSI at 33.66 is Neutral, neither overbought nor oversold. The STOCH value of 8.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONQ.
IonQ Risk Analysis
IonQ disclosed 64 risk factors in its most recent earnings report. IonQ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IonQ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $5.62B | ― | -43.94% | ― | 8.75% | -4.39% | |
53 Neutral | $2.06B | ― | -3.55% | ― | 1025.71% | 42.03% | |
52 Neutral | $16.71B | 480.65 | 9.08% | ― | 334.58% | ― | |
51 Neutral | $7.84B | -17.46 | -44.05% | ― | -41.75% | -87.41% |
* Technology Sector Average
IONQ
IonQ
42.86
1.05
2.51%
QUBT
Quantum Computing
8.66
-8.77
-50.32%
QBTS
D-Wave Quantum
20.09
5.28
35.65%
RGTI
Rigetti Computing
16.54
4.36
35.80%
IonQ Corporate Events
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
IonQ Faces Extended FTC Review of SkyWater Merger
Neutral
Apr 24, 2026
IonQ and semiconductor foundry SkyWater Technology entered into a merger agreement on January 25, 2026, under which SkyWater will become a wholly owned subsidiary of IonQ through a two-step merger structure. The deal is intended to deepen IonQR...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.