IonQ, Inc.

IONQ

Price: $28.88Market Cap: $13.4B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

All 13 investors flag IONQ's valuation

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #2410 (Top 77.8%)	PASS	FAIL	PASS	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-25 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Buffett and Marks object
LT Debt vs Net Current AssetsLT Debt $56.8M vs NCA $1.2B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest Coverage
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.01
✓Lynch< 0.33
Cash - Long-term Debt$152.7M
✓LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.24
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.01
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.01
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDA
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.01
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0131; #671/4210 (top 15.9%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Valuation0% pass✗ 28▾
All 13 investors flag IONQ's valuation
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio2.8x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-9.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-9.6%, ROC=-69.3%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Price / Book Value per Share2.8x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-4.2%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=-2.2%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=2.8x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low131% of trailing low ($22.07)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+1.90%; #2756/6340 (top 43.5%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.3718; #3380/6449 (top 52.4%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share9.80x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0283; #4708/5247 (top 89.7%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-5.13%; #2988/4519 (top 66.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-59.93%; #5397/6202 (top 87.0%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-444.8M
✗BuffettPositive and growing
FCF Positive and Growing$-688.5M
✗LynchPositive and growing
Operating Cash Flow$-283.2M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-4.31%, ROA=-7.77%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=-2.2%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/6 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-6.6%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency0/6 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-688.5M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-5.13%; #2988/4519 (top 66.1%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 307.4% vs Rev: 376.5%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth95.4%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 63.2% -> 40.4%, operating margin -715.7% -> -487.4%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability6% pass✓ 6✗ 29▾
15 of 16 flag IONQ's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)0/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-31.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-487.4% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-444.8M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE5.1%
✗Lynch> 15%
EBIT / Enterprise Value-9.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-9.6%, ROC=-69.3%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-7.77%
✗PiotroskiROA > 0
ROA Change YoY-65.24% -> -7.77% (delta: +57.47%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-4.31%, ROA=-7.77%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY52.2% -> 40.4%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue19.3%
✓Dreman>= 8%
Net Income / Shareholders' Equity5.1%
✗Dreman> 12%
Margin of SafetyP/B=2.8x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-44.1% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-333.9%
✗Ackman>= 15%
Net Income / Shareholders Equity5.1%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-715.7% (2023) -> -487.4% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 63.2% -> 40.4%, operating margin -715.7% -> -487.4%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+1.90%; #2756/6340 (top 43.5%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+0.80%; #3367/3702 (top 91.0%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+5.11%; #2443/5226 (top 46.7%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2138; #4293/5884 (top 73.0%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/6 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts19% pass✓ 3✗ 13▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #2410✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1798/2370 (Top 75.9%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag IONQ's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.24
✓Graham>= 2.0
ROIC (3-5 yr avg)-70.6%
✗Buffett> 10%
ROIC - WACC-80.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-69.3%
✗Greenblatt> 25%
Current Ratio Change YoY10.50 -> 15.50
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.08x -> 0.02x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities4.24
✓Dreman> 1.5
Return on Invested Capital-19.9%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Large Cap($13.4B)

Revenue: $130.0M+201.9% YoY

Net Income: $510.4M-53.9% YoY

Financial Snapshot

Operating Margin-487.4%

Return on Equity-13.4%

Debt / Equity--

Current Ratio15.50

EPS (Diluted)$-1.82

Similar Companies

No peer companies found in this industry.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-25 10-Q · 2026-05-07 10-Q · 2026-08-10 10-Q · 2026-11-05 Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-05 Derived from cumulative filings: operating cash flow, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-10 Derived from cumulative filings: operating cash flow, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-07	FY 2025 Sources 10-K · 2026-02-25	FY 2024 Sources 10-K · 2025-02-26	FY 2023 Sources 10-K · 2024-02-28	FY 2022 Sources 10-K · 2023-03-30	FY 2021 Sources 10-K · 2022-03-28
Market Cap	$13.4Bcurrent	--	--	--	$14.5Best.	$8.8Best.	$2.1Best.	$894.9Mest.	$2.3Best.
Revenue	$380.4M↑377%	$173.8M↑336%	$80.0M↑287%	$64.7M↑755%	$130.0M↑202%	$43.1M↑95%	$22.0M↓98%	$1.2B↑58738%	$2.1M
Operating Income	-$1.3B↓163%	-$433.1M↓157%	-$337.2M↓110%	-$271.5M↓259%	-$633.7M↓173%	-$232.5M↓47%	-$157.8M↓84%	-$85.7M↓122%	-$38.7M
Net Income	$255.2M↑117%	$564.0M↑153%	-$1.9B↓956%	$805.4M↑2597%	-$510.4M↓54%	-$331.6M↓110%	-$157.8M↓225%	-$48.5M↑54%	-$106.2M
EPS (Diluted)	--	$1.35↑138%	$-5.08↓626%	$2.07↑1579%	$-1.82↓17%	$-1.56↓100%	$-0.78↓212%	$-0.25↑68%	$-0.77
Gross Margin	—	—	—	—	40.4%↓23%	52.2%↓17%	63.2%↓37%	99.8%↑98%	50.5%
Operating Margin	-333.9%↑45%	-249.1%↑41%	-421.3%↑46%	-419.8%↑58%	-487.4%↑10%	-539.7%↑25%	-715.7%↓10208%	-6.9%↑100%	-1843.1%
ROE	5.1%↑108%	—	—	—	-13.4%↑84%	-86.4%↓166%	-32.5%↓281%	-8.5%↑52%	-18.0%
Total Debt	$65.6M	$65.6M	--	--	--	--	--	--	--
Shareholders' Equity	$5.0B↑120%	$5.0B↑120%	$3.3B↑186%	$5.0B↑550%	$3.8B↑890%	$383.9M↓21%	$485.0M↓15%	$568.2M↓4%	$591.2M
Current Ratio	4.24↓51%	4.24↓51%	10.66↑37%	14.05↑7%	15.50↑48%	10.50	10.49↓43%	18.43↓66%	54.65
Debt / Equity	0.01	0.01	—	—	—	—	—	—	—
Operating Cash Flow	-$644.8M↓160%	-$315.5M↓156%	-$103.8M↓97%	-$151.0M↓357%	-$283.2M↓168%	-$105.7M↓34%	-$78.8M↓76%	-$44.7M↓68%	-$26.5M
Free Cash Flow	-$688.5M↓166%	-$331.9M↓161%	-$114.0M↓112%	-$159.4M↓351%	-$299.6M↓142%	-$123.7M↓34%	-$92.5M↓71%	-$54.0M↓57%	-$34.3M