Ionq, Inc. (IONQ) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
7.3
Distress distance
Watch
Earnings quality
4
Forensic signals
-9.1
P / E (ttm)
-13.4%
ROE
$16.2B
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 7.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+157.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +157.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +553% against revenue +202% and PP&E up +128% against revenue +202%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 15% of net operating assets, against an accruals ratio of 157.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+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: 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 18.4% a year 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)+142.7%
Net Margin-392.6%
Free Cash Flow-$299.6M
Return on Equity-13.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ionq, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
187d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 86 to 187 days FY2024→FY2025 (receivables +553% vs revenue +202%). Across FY2023–FY2025 the day count ran 190 → 86 → 187 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue grew +294% over the same period, which accounts for part of the balance but not for a day count that widened against the same quarters a year earlier. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 5 consecutive quarters (Jun 2025 +21, Sep 2025 +54, Dec 2025 +19, Mar 2026 +24, Jun 2026 +36 days). In the latest of them the receivable balance grew +454% against sales +287%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.