IonQ, Inc. — Earnings Quality Grade F
IONQ · Technology
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 40 days (55 → 95)
AR growth 418.2% exceeds revenue growth 201.9%
Revenue grew 201.9% but CFFO declined -168.0%
Expense Quality
Inventory 227.3% vs COGS 276.2%. Normal
CapEx growth -8.8% vs revenue 201.9%. Normal
SG&A/Gross Profit = 568.3%, exceeds 70%
Gross margin swung -11.8pp (52.2% → 40.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.3B)
Accruals ratio = -3.5%. Low accruals
Cash $2.4B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $2.7B = 72% of equity. Over 50%
Debt/EBITDA = -0.1x. Healthy
Other assets grew 3627.5% vs revenue 201.9%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 6836% YoY
Manipulation Score
M-Score = 1.52 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25