Forensic Analysis · Software & SaaS · as of Nov 8, 2026

IonQ, Inc. (IONQ)

A forensic read on IonQ, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

2.6

Distress distance

Forensic signals

-24.4%

ROE

201.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

IonQ, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.6, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+17.6%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +38% over the last 2 years to FY2025 (+17.6%/yr). The count is growing — 202.6M shares in FY2023, 280.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~17.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~28%.

240% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 240% of revenue in FY2025 — about $1.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 17.6% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

Key fundamentals

Latest Revenue$130.0M

Revenue Growth YoY+201.9%

Revenue CAGR (2yr)+142.9%

Net Margin-392.6%

Free Cash Flow-$299.6M

Return on Equity-24.4%

Debt / Equity0.00x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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