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IonQ IONQ Return on invested capital

Return on invested capital at other companies

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26.8%-8.0pp
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9.9%-0.2pp
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Other financials

Income statement

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Revenue$64.7M+755%
Gross profit$15.4M+374%
Operating income-$271.5M-259%
Net income$805.4M+2,597%
EPS (diluted)$2.07+1,579%

Balance sheet

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Cash & equivalents$501.4M+209%
Total debt$30.4M+75.4%
Total equity$5.0B+550%
Total assets$6.7B+687%

Cash flow

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Operating cash flow-$151.0M-357%
CapEx$8.4M+263%
Free cash flow-$159.4M-351%

Valuation

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Market cap$21.11B+100%
Enterprise value$20.64B+97.0%
P/S112.8×-132×

Profitability

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Gross margin34.6%-15.5pp
Operating margin-443.3%-89.3pp
Net margin-1,836.3%-2,750pp

Returns & leverage

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Return on equity-108.2%-223pp
Debt / equity0.0×
Current ratio14.1×+0.9×

Where this comes from

Calculated from IonQ’s reported figures.

Based on trailing twelve months.

The official record: IonQ’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is IonQ's return on invested capital?
IonQ (IONQ) reported return on invested capital of -32.4% in Q1 2026.
How has IonQ's return on invested capital changed year-over-year?
IonQ's return on invested capital increased by 33.2% year-over-year, from -48.5% to -32.4%.
What is the long-term trend for IonQ's return on invested capital?
Over 2 years (2023 to 2025), IonQ's return on invested capital has grown at a 35.8% compound annual growth rate (CAGR), from -97.3% to -179.4%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.