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Institutional ownership roughly stable: -0.37% change quarter-over-quarter.
Data as of Q1 2026
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How management deployed cash over 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $130.0M 100.0% | $43.1M 100.0% | $22.0M 100.0% | $1.24B 100.0% | $2.1M 100.0% | $0 |
| Research & Development | $305.7M 235.1% | $136.8M 317.7% | $92.3M 418.8% | $44.0M 3.6% | $20.2M 963.7% | $10.2M |
| Selling, General & Admin | $245.1M 188.5% | $71.1M 165.0% | $50.7M 230.1% | $36.0M 2.9% | $13.7M 654.5% | $3.5M |
| Operating Income | -$633.7M -487.4% | -$232.5M -539.7% | -$157.8M -715.7% | -$85.7M -6.9% | -$38.7M -1843.1% | -$15.7M |
| Other Income (Expense), net | $29K 0.0% | -$275K -0.6% | -$85K -0.4% | $6K 0.0% | $28K 1.3% | — |
| Pretax Income | -$556.7M -428.2% | -$331.6M -769.8% | -$157.7M -715.6% | -$48.5M -3.9% | -$106.2M -5058.9% | -$15.4M |
| Income Tax Expense | -$44.6M -34.3% | $59K 0.1% | $48K 0.2% | $0 0.0% | $0 0.0% | $0 |
| Net Income | -$510.0M -392.3% | -$332.0M -770.8% | -$158.0M -716.8% | -$49.0M -4.0% | -$106.0M -5050.0% | -$15.4M |
| Per Share | ||||||
| EPS (Basic) | $-1.82 | $-1.56 | $-0.78 | $-0.25 | $-0.77 | — |
| EPS (Diluted) | $-1.82 | $-1.56 | $-0.78 | $-0.25 | $-0.77 | — |
| Weighted Avg Shares (Basic) | 280.3M | 213.0M | 202.6M | 197.7M | 137.6M | — |
| Weighted Avg Shares (Diluted) | 280.3M | 213.0M | 202.6M | 197.7M | 137.6M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$300M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| R&D | — | 963.7 | 3.6 | 418.8 | 317.7 | 235.1 |
| SG&A | — | 654.5 | 2.9 | 230.1 | 165.0 | 188.5 |
| Operating Income | — | -1843.1 | -6.9 | -715.7 | -539.7 | -487.4 |
| Income Tax | — | 0.0 | 0.0 | 0.2 | 0.1 | -34.3 |
| Net Income | — | -5050.0 | -4.0 | -716.8 | -770.8 | -392.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IONQ-WT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.