NYSE · IONQ

IonQ, Inc.

Technology · Computer Hardware

$36.75▼ 0.24% ($0.09)at close

After hours$36.89▲ 0.38%7:18 PM ET

52-week

$25.89$84.64

Market cap

$13.72B

P/E

-8.57

Volume

15.27M

Shares outstanding

373.27M

Corporate event

Recent acquisition on record

Event dated Mar 20, 2026

IonQ, Inc. has a recent acquisition record for SkyWater Technology, Inc.. Reported results and multi-period comparisons may mix pre- and post-transaction periods, so review the reference filing before leaning on valuation outputs.

Open reference filing

What the market price implies · Reverse DCF

Historical revenue grew by 180.54%/yr over the past 4 years.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$36.75

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

9 of 10 projected years produce negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Reported operating earnings and the comparable cash-flow estimate differ substantially; the model retains the reported-margin anchor.

Year 1 growth 40% · Ending margin 0% · Discount rate 18.73%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 11, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 9:49 PM UTC · cache

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -21.89%Revenue (TTM): 370.64%FCF (TTM): -202.7%P/S: 25th pct

What changed

The stock fell 21.89% over the last year. Revenue grew 370.64% over the trailing twelve months. Operating margin moved from -673.69% to -413.96%. Free cash flow declined 202.7% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price. The market appears to be discounting durability, risk, or trust rather than just the latest reported numbers.

What would invalidate this read

This read changes if operating margin (currently -413.96%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

IonQ, Inc. specializes in the creation of advanced, general-purpose quantum computing systems.

CEONiccolo Mcleod De Masi

SectorTechnology

IndustryComputer Hardware

Employees1,132

IPO dateJan 4, 2021

https://www.ionq.com

Market multiples

Forward P/E—

EV/EBITDA-24.39

Enterprise value$11.58B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth286.83%

Gross margin (FY2025)40.4%▼11.8ppvs FY2024

Operating margin (FY2025)-487.41%▲52.3ppvs FY2024

ROE-62.99%▼38.6ppvs FY2025

Analyst consensus

RatingBuy

Target price$62.75▲70.75%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 4, 2026

Q4 FY26 · EPS est -$0.37 · Revenue est $142.34M

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