IonQ, Inc. (IONQ) vs Western Digital Corporation (WDC)

IonQ, Inc. and Western Digital Corporation are both Computer Hardware companies. Western Digital Corporation is the larger, with a market value of $165.5B against $18.2B — 9.1× the size. IonQ, Inc. has negative trailing earnings, so its P/E is not meaningful; Western Digital Corporation trades at 16.9×. IonQ, Inc. grew revenue faster over the last twelve months: 370.6% against 35.7%. Western Digital Corporation has the higher net margin (73.0% vs −553.3%) and the higher return on invested capital (33.4% vs −51.5%). Across the 18 metrics below, Western Digital Corporation leads on 14 and IonQ, Inc. on 4.

Valuation

Metric IONQ WDC Computer Hardware median
P/E n/m 16.89 20.64
P/S 68.01 12.18 2.95
P/B 5.02 17.75 2.78
Price to free cash flow n/m 44.82 25.64
EV/EBITDA n/m 32.99 20.51
EV/Sales 59.41 12.33 3.48
Earnings yield (9.52%) 5.92% (4.08%)
Free cash flow yield (2.90%) 2.23% (2.90%)

Profitability

Metric IONQ WDC Computer Hardware median
Gross margin 29.32% 48.85% 37.84%
Operating margin (408.24%) 34.47% (0.80%)
Net margin (553.27%) 72.95% (14.15%)
Free cash flow margin (196.32%) 27.18% 0.00%
Return on equity (60.37%) 132.97% (2.10%)
Return on assets (33.57%) 67.65% (0.42%)
Return on invested capital (51.52%) 33.38% 0.00%

Growth

Metric IONQ WDC Computer Hardware median
Revenue growth (TTM) 370.64% 35.70% 27.21%
EPS growth (last fiscal year) (16.67%) 373.29% —
Revenue growth, 5-year CAGR — (5.26%) 0.81%
Net income growth, 5-year CAGR 0.00% 62.92% 0.00%

Health

Metric IONQ WDC Computer Hardware median
Debt to equity 0.00 0.12 0.00
Current ratio 10.66 1.33 2.76
Net debt to EBITDA 4.27 (0.11) 0.46

Dividend

Metric IONQ WDC Computer Hardware median
Dividend yield — 0.03% 2.47%
Payout ratio 0.00 0.00 0.00

Size

Metric IONQ WDC Computer Hardware median
Market cap 18.18b 165.48b 462.08m

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