Latest Ratios: P/E Ratio -26.9x · EV/EBITDA N/A · ROE -24.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.9B | $12.6B | $8.9B | $2.5B | $682M | $3.2B | — | — |
| Enterprise Value | $16.9B | $11.6B | $8.9B | $2.5B | $642M | $2.8B | — | — |
| P/E Ratio → | -26.85 | — | — | — | — | — | — | — |
| P/S Ratio | 137.81 | 96.75 | 206.58 | 113.87 | 61.28 | 1543.96 | — | — |
| P/B Ratio | 3.59 | 3.30 | 23.18 | 5.18 | 1.20 | 5.48 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 89.05 | 205.73 | 112.62 | 57.66 | 1355.86 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4% | 40.4% | 8.9% | 63.2% | 23.2% | -70.9% | — | 56.0% |
| Operating Margin | -487.4% | -487.4% | -536.2% | -715.7% | -770.3% | -1843.1% | — | -4627.5% |
| Net Profit Margin | -392.6% | -392.6% | -770.0% | -715.8% | -435.8% | -5058.9% | — | -4467.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -24.3% | -24.3% | -76.3% | -30.0% | -8.4% | -32.9% | -26.2% | -14.0% |
| ROA | -14.4% | -14.4% | -62.5% | -27.4% | -7.8% | -30.2% | -24.5% | -13.7% |
| ROIC | -30.1% | -30.1% | -43.1% | -24.0% | -17.8% | -26.6% | -87.4% | — |
| ROCE | -18.4% | -18.4% | -46.7% | -28.8% | -14.2% | -11.2% | -25.6% | -14.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.05 | 0.02 | 0.01 | 0.01 | 0.08 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.26 | -0.10 | -0.06 | -0.07 | -0.67 | -0.59 | -0.92 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($1.0B) exceeds total debt ($30M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.50 | 15.50 | 10.50 | 10.49 | 18.43 | 54.65 | 20.51 | 74.77 |
| Quick Ratio | 15.50 | 15.50 | 9.98 | 10.16 | 18.18 | 54.65 | 20.51 | 74.77 |
| Cash Ratio | 14.34 | 14.34 | 9.43 | 9.56 | 17.65 | 53.91 | 19.20 | 73.67 |
| Asset Turnover | — | 0.02 | 0.08 | 0.04 | 0.02 | 0.00 | — | 0.00 |
| Inventory Turnover | — | — | 2.10 | 0.65 | 1.66 | — | — | — |
| Days Sales Outstanding | — | 186.78 | 105.15 | 224.81 | 107.95 | 122.94 | — | 182.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $280M | $213M | $203M | $198M | $194M | $192M | $4M |
High R&D Burn Rate
Based on reported figures, IonQ trades at a P/S multiple of 139.05, a valuation that appears to price in significant future commercial success rather than current operational output, especially when compared to the more modest multiples observed in broader industrial technology sectors or even direct quantum peers.
The extreme P/S ratio suggests that investors are assigning a high probability to IonQ achieving a dominant market position in the quantum computing stack. This valuation implies that the market expects a rapid transition from current R&D-heavy revenue to high-margin, scalable software-like recurring revenue, which remains an unproven hypothesis.
As reported in financial statements, IonQ's gross margin has fluctuated between -43.7% and 56.5% over the last ten quarters, indicating that the company has yet to achieve the manufacturing consistency required to stabilize its unit economics in the nascent quantum hardware market.
The volatility in gross margins suggests that the company is still refining its production processes and hardware assembly, which prevents a clear view of its long-term earning power. Investors should monitor whether the recent 23.8% gross margin in 2026Q1 represents a sustainable floor or merely a temporary benefit from specific high-margin contract recognition.
According to recent SEC filings, IonQ's ROIC has remained consistently negative, ranging from -5.5% to -14.8% over the past ten quarters, which highlights the company's current inability to generate a return on the massive capital investments required to build its trapped-ion infrastructure.
The persistent negative ROIC indicates that the company is currently in a value-destructive phase of its lifecycle, which is typical for deep-tech firms but warrants caution. Until the company can demonstrate a path toward positive returns, the focus remains on the efficacy of its R&D spend rather than traditional capital allocation metrics.
Based on the reported figures, IonQ's cash conversion cycle has been highly erratic, with the CCC reaching as high as 473 days in 2024Q3, suggesting significant inefficiencies in managing inventory and collecting payments from its specialized, long-cycle government and enterprise customer base.
The high DSO and fluctuating DIO metrics imply that the company faces structural challenges in converting its quantum service offerings into cash. This inefficiency suggests that the company's operational leverage is currently constrained by the long lead times inherent in bespoke quantum hardware deployments.
The P/E ratio is the most commonly misapplied metric for IonQ, as the company's current negative earnings and heavy reliance on non-cash stock-based compensation render traditional price-to-earnings analysis entirely meaningless for assessing the company's true commercial viability or intrinsic value.
Using P/E to evaluate a pre-profit deep-tech company obscures the massive R&D burn and the non-cash nature of its current financial results. Analysts should instead focus on metrics like #AQ (Algorithmic Qubits) growth and the burn rate relative to the cash runway to better understand the company's progress toward commercialization.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IONQ stock.
IonQ, Inc.'s current P/E ratio is -26.9x. This places it at the 50th percentile of its historical range.
IonQ, Inc.'s return on equity (ROE) is -24.3%. The historical average is -30.3%.
Based on historical data, IonQ, Inc. is trading at a P/E of -26.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IonQ, Inc. has 40.4% gross margin and -487.4% operating margin.