IonQ, Inc.
IONQ Technology Computer Hardware
IonQ, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $130.0 million, up 201.9% from fiscal 2024. In the quarter to June 2026, revenue grew 286.8%, EPS fell 625.7% and free cash flow fell 110.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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IonQ, Inc. (IONQ) Altman Z-score
IonQ, Inc.'s Altman Z-score for fiscal 2025 is 2.63, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.63 | (37.75) |
| FY2024 | 40.38 | 19.44 |
| FY2023 | 20.93 | 7.39 |
| FY2022 | 13.54 | (14.06) |
| FY2021 | 27.60 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (0.18) | — | −0.25 | |
| EBIT / total assets | (0.10) | — | −0.32 | |
| Market value of equity / total liabilities | 4.56 | — | 2.74 | |
| Sales / total assets | 0.02 | — | 0.02 | |
| Altman Z-score | Grey zone | 2.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.63 | ||
Z and Z″ put IonQ, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| QBTS D-Wave Quantum Inc. compare | 78.6× |
| RGTI Rigetti Computing, Inc. compare | 33.0× |
| WDC Western Digital Corporation compare | 29.6× |
| LOGI Logitech International S.A. compare | 8.6× |
| P Everpure, Inc. compare | 5.1× |
| SMCI Super Micro Computer, Inc. compare | 3.4× |
| IONQ IonQ, Inc. | 2.6× |
| HPQ HP Inc. compare | 1.7× |
| QUBT Quantum Computing Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets