IonQ, Inc. (IONQ) vs D-Wave Quantum Inc. (QBTS)

IonQ, Inc. and D-Wave Quantum Inc. are both Computer Hardware companies. IonQ, Inc. is the larger, with a market value of $18.2B against $6.7B — 2.7× the size. IonQ, Inc. grew revenue faster over the last twelve months: 370.6% against −44.2%. IonQ, Inc. has the higher net margin (−553.3% vs −2,001.6%) and the lower return on invested capital (−51.5% vs −18.6%). Across the 17 metrics below, IonQ, Inc. leads on 10 and D-Wave Quantum Inc. on 7.

Valuation

Metric IONQ QBTS Computer Hardware median
P/E n/m n/m 20.64
P/S 68.01 519.62 2.95
P/B 5.02 5.96 2.78
Price to free cash flow n/m n/m 25.64
EV/EBITDA n/m n/m 20.51
EV/Sales 59.41 478.48 3.48
Earnings yield (9.52%) (4.08%) (4.08%)
Free cash flow yield (2.90%) (1.86%) (2.90%)

Profitability

Metric IONQ QBTS Computer Hardware median
Gross margin 29.32% 64.19% 37.84%
Operating margin (408.24%) (1,372.88%) (0.80%)
Net margin (553.27%) (2,001.59%) (14.15%)
Free cash flow margin (196.32%) (963.82%) 0.00%
Return on equity (60.37%) (27.98%) (2.10%)
Return on assets (33.57%) (24.84%) (0.42%)
Return on invested capital (51.52%) (18.64%) 0.00%

Growth

Metric IONQ QBTS Computer Hardware median
Revenue growth (TTM) 370.64% (44.22%) 27.21%
EPS growth (last fiscal year) (16.67%) (48.00%) —
Revenue growth, 5-year CAGR — 36.65% 0.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IONQ QBTS Computer Hardware median
Debt to equity 0.00 0.03 0.00
Current ratio 10.66 20.55 2.76
Net debt to EBITDA 4.27 8.65 0.46

Dividend

Metric IONQ QBTS Computer Hardware median
Dividend yield — — 2.47%
Payout ratio 0.00 0.00 0.00

Size

Metric IONQ QBTS Computer Hardware median
Market cap 18.18b 6.66b 462.08m

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