IONQ — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($38.34)
DCF	$-559583.99	-1459630.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$21.78M

Near-term growth (yrs 1–5)(%)Rev: 428.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 18.57%

Computed WACC: 18.57%

Cost of equity (Re)18.61%(Rf 4.30% + β 2.60 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)99.79%

Debt weight (D/V)0.21%

Results

Intrinsic Value / share$-111373.91

Current Price$38.34

Upside / Downside-290590.1%

Net Debt (used)-$2.36B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	420.5%	424.5%	428.5%	432.5%	436.5%
7.0%	$-876952.76	$-911171.05	$-946449.25	$-982811.77	$-1020283.44
8.0%	$-663069.83	$-688942.49	$-715616.53	$-743110.45	$-771442.99
9.0%	$-518903.37	$-539150.70	$-560025.18	$-581541.27	$-603713.64
10.0%	$-416250.77	$-432492.64	$-449237.58	$-466497.21	$-484283.29
11.0%	$-340209.57	$-353484.34	$-367170.29	$-381276.89	$-395813.77

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $-5.84

Book Value / share($)Yahoo: $10.48

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$38.34

Margin of Safety—

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 18.57%

Terminal growth rate(%)

Computed WACC: 18.57%

Cost of equity (Re)18.61%(Rf 4.30% + β 2.60 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)99.79%

Debt weight (D/V)0.21%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$38.34

Implied Near-term FCF Growth—

Historical Revenue Growth428.5%

Historical Earnings Growth—

Base FCF (TTM)-$21.78M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$38.34

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$508.21M

Target EV/EBITDA multipleCurrent: -23.1×

Net Debt($B)Default: -$2.36B

Results

Implied Equity Value / share$39.19

Current Price$38.34

Upside / Downside+2.2%

Implied EV$11.72B

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