IonQ Inc. Common Stock (IONQ)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn consistent profits, generate cash, and sell at a sensible price. IonQ fails the first tests. In fiscal 2025, the year ended 2025-12-31, revenue was $130.0 million, but net income was -$510.4 million. In fiscal 2024, the year ended 2024-12-31, revenue was $43.1 million and net loss $331.6 million; in fiscal 2023, the year ended 2023-12-31, revenue was $22.0 million and net loss $157.8 million. The top line is growing, but the company has lost money in each of the last four years, which is why the Lynch category is none. The latest filed quarter, fiscal Q2 2026, the quarter ended 2026-06-30, showed revenue of $80.0 million and a net loss of $1.9 billion. Quarterly results are wildly uneven: fiscal Q1 2026, the quarter ended 2026-03-31, had net income of $805.4 million, then fiscal Q2 2026 swung to a huge loss. Trailing free cash flow was -$483.9 million, a -3.7% FCF yield, per FairStock. Debt is low with D/E 0.02, but Piotroski is 3/9 and Altman 2.08, not signs of financial strength. At the 2026-10-13 close of $34.73, market cap is $13.2 billion against $130.0 million of fiscal 2025 revenue—roughly 100 times sales. On FairStock’s calculations, P/B is 3.98, P/E is negative, ROE is -60.48%, and beta is 3.29. The cloud partnerships and quantum technology could matter someday, but a durable moat and pricing power are unproven. Graham would demand a margin of safety from earnings and assets; here the asset base and cash generation do not support the price. I see a speculative growth story, not a value investment.

In plain English: IonQ builds quantum computers and sells access to them, including through cloud services. Revenue is growing quickly, but the company still loses large amounts of money and burns cash. At recent prices, the stock looks expensive compared with its current sales and lack of profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer