IonQ, Inc. (IONQ) intrinsic value & 10-year financials
IonQ, Inc. (IONQ) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 180.5% a year to $130.0M, with an average return on invested capital of -23.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $31.28
- Market cap
- $8.8B
- Revenue (FY2025)
- $130.0M
- Revenue growth (7-yr CAGR)
- 180.5%
- ROIC (10-yr avg)
- -23.2%
- Free cash flow (FY2025)
- -$299.6M
IONQ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $130.0M | -$510.4M | -$1.82 | -$299.6M | -487.4% | -37.2% |
| FY2024 | $43.1M | -$331.6M | -$1.56 | -$123.7M | -539.7% | -58.1% |
| FY2023 | $22.0M | -$157.8M | -$0.78 | -$92.5M | -715.7% | -32.1% |
| FY2022 | $11.1M | -$48.5M | -$0.25 | -$54.0M | -770.3% | -23.7% |
| FY2021 | $2.1M | -$106.2M | -$0.77 | -$34.3M | -1843.1% | -45.9% |
| FY2020 | $0 | -$15.4M | — | -$22.0M | — | 57.5% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IonQ, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
IonQ, Inc. has historically struggled to out-earn its cost of capital, averaging just -23.2% ROIC.
IonQ, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, IonQ, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-60.45 per share.