IONQ vs. ON: A Head-to-Head Stock Comparison

Updated June 18, 2025

Here’s a clear look at IONQ and ON, comparing key factors like historical performance, profitability, financial strength, growth, dividend, and valuation.

Company Overview

ON’s market capitalization of 22.57 billion USD is significantly greater than IONQ’s 9.74 billion USD, highlighting its more substantial market valuation.

IONQ’s beta of 2.59 points to significantly higher volatility compared to ON (beta: 1.38), suggesting IONQ has greater potential for both gains and losses relative to market movements.

Symbol	IONQ	ON
Company Name	IonQ, Inc.	ON Semiconductor Corporation
Country	US	US
Sector	Technology	Technology
Industry	Computer Hardware	Semiconductors
CEO	Mr. Niccolo Mcleod de Masi	Mr. Hassane S. El-Khoury
Price	37.235 USD	54 USD
Market Cap	9.74 billion USD	22.57 billion USD
Beta	2.59	1.38
Exchange	NYSE	NASDAQ
IPO Date	January 4, 2021	May 2, 2000
ADR	No	No

Historical Performance

This chart compares the performance of IONQ and ON over the past year by tracking the growth of an initial $10,000 investment in each (starting one year ago).

Data is adjusted for dividends and splits.

Profitability

Return on Equity

IONQ

-63.35%

Computer Hardware Industry

Max: 123.03%
Q3: 14.27%
Median: -13.70%
Q1: -95.10%
Min: -239.22%

IONQ has a negative Return on Equity of -63.35%. This indicates the company is generating a loss for its shareholders, which can be a result of unprofitability or negative shareholder equity and is often a sign of financial distress.

ON

7.51%

Semiconductors Industry

Max: 66.71%
Q3: 13.28%
Median: 1.53%
Q1: -24.38%
Min: -73.76%

ON’s Return on Equity of 7.51% is on par with the norm for the Semiconductors industry, indicating its profitability relative to shareholder equity is typical for the sector.

IONQ vs. ON: A comparison of their ROE against their respective Computer Hardware and Semiconductors industry benchmarks.

Return on Invested Capital

IONQ

-31.70%

Computer Hardware Industry

Max: 30.37%
Q3: 6.70%
Median: -8.86%
Q1: -29.24%
Min: -60.84%

IONQ has a negative Return on Invested Capital of -31.70%. This indicates that its operations are failing to generate a profit on the total capital invested, signaling significant inefficiency or value destruction.

ON

4.06%

Semiconductors Industry

Max: 50.69%
Q3: 9.39%
Median: 0.37%
Q1: -18.37%
Min: -53.67%

ON’s Return on Invested Capital of 4.06% is in line with the benchmark for the Semiconductors industry, reflecting a standard level of efficiency in generating profits from its capital base.

IONQ vs. ON: A comparison of their ROIC against their respective Computer Hardware and Semiconductors industry benchmarks.

Net Profit Margin

IONQ

-753.20%

Computer Hardware Industry

Max: 40.72%
Q3: 4.75%
Median: -19.25%
Q1: -166.38%
Min: -230.16%

IONQ has a negative Net Profit Margin of -753.20%, indicating the company is operating at a net loss as its expenses exceed revenues.

ON

9.51%

Semiconductors Industry

Max: 76.59%
Q3: 17.18%
Median: -0.07%
Q1: -39.23%
Min: -91.73%

ON’s Net Profit Margin of 9.51% is within the central 50% of the Semiconductors industry, indicating its ability to convert sales into profit is typical for the sector.

IONQ vs. ON: A comparison of their Net Profit Margin against their respective Computer Hardware and Semiconductors industry benchmarks.

Operating Profit Margin

IONQ

-592.84%

Computer Hardware Industry

Max: 42.27%
Q3: 4.60%
Median: -13.04%
Q1: -112.39%
Min: -179.63%

IONQ has a negative Operating Profit Margin of -592.84%. This signifies the company is unprofitable at the operational level, as its core business expenses exceed its revenue.

ON

11.14%

Semiconductors Industry

Max: 61.81%
Q3: 18.95%
Median: 0.06%
Q1: -36.21%
Min: -99.16%

ON’s Operating Profit Margin of 11.14% hovers around the midpoint for the Semiconductors industry, indicating that its efficiency in managing core business operations is characteristic of the sector.

IONQ vs. ON: A comparison of their Operating Margin against their respective Computer Hardware and Semiconductors industry benchmarks.

Profitability at a Glance

Symbol	IONQ	ON
Return on Equity (TTM)	-63.35%	7.51%
Return on Assets (TTM)	-38.15%	4.78%
Return on Invested Capital (TTM)	-31.70%	4.06%
Net Profit Margin (TTM)	-753.20%	9.51%
Operating Profit Margin (TTM)	-592.84%	11.14%
Gross Profit Margin (TTM)	50.07%	39.67%

Financial Strength

Current Ratio

IONQ

13.17

Computer Hardware Industry

Max: 3.93
Q3: 3.42
Median: 2.00
Q1: 1.37
Min: 0.20

IONQ’s Current Ratio of 13.17 is exceptionally high, placing it well outside the typical range for the Computer Hardware industry. While this points to a very strong liquidity position, it may also suggest that the company is not using its assets efficiently to generate profits.

ON

4.95

Semiconductors Industry

Max: 9.43
Q3: 5.20
Median: 3.13
Q1: 2.22
Min: 0.05

ON’s Current Ratio of 4.95 aligns with the median group of the Semiconductors industry, indicating that its short-term liquidity is in line with its sector peers.

IONQ vs. ON: A comparison of their Current Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Debt-to-Equity Ratio

IONQ

0.02

Computer Hardware Industry

Max: 1.36
Q3: 0.64
Median: 0.34
Q1: 0.03
Min: 0.00

IONQ’s Debt-to-Equity Ratio of 0.02 is in the lower quartile for the Computer Hardware industry. This points to a conservative financing strategy with low reliance on debt, resulting in lower financial risk but potentially limiting the scale of its strategic investments compared to more leveraged competitors.

ON

0.42

Semiconductors Industry

Max: 1.08
Q3: 0.48
Median: 0.21
Q1: 0.05
Min: 0.00

ON’s Debt-to-Equity Ratio of 0.42 is typical for the Semiconductors industry, indicating its use of leverage is in line with the sector norm. This suggests a balanced approach to its capital structure.

IONQ vs. ON: A comparison of their D/E Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Interest Coverage Ratio

IONQ

Computer Hardware Industry

Max: 32.50
Q3: 7.36
Median: -2.47
Q1: -15.72
Min: -34.24

Interest Coverage Ratio data for IONQ is currently unavailable.

ON

25.86

Semiconductors Industry

Max: 36.25
Q3: 18.18
Median: 1.08
Q1: -19.16
Min: -46.75

ON’s Interest Coverage Ratio of 25.86 is in the upper quartile for the Semiconductors industry, signifying a strong and healthy capacity to meet its interest payments out of operating profits.

IONQ vs. ON: A comparison of their Interest Coverage against their respective Computer Hardware and Semiconductors industry benchmarks.

Financial Strength at a Glance

Symbol	IONQ	ON
Current Ratio (TTM)	13.17	4.95
Quick Ratio (TTM)	12.67	3.32
Debt-to-Equity Ratio (TTM)	0.02	0.42
Debt-to-Asset Ratio (TTM)	0.02	0.25
Net Debt-to-EBITDA Ratio (TTM)	0.61	0.47
Interest Coverage Ratio (TTM)	--	25.86

Growth

The following charts compare key year-over-year (YoY) growth metrics for IONQ and ON. These metrics are based on the companies’ annual financial reports.

Revenue Growth (YoY)

IONQ vs. ON: A comparison of their annual year-over-year Revenue Growth.

EPS Growth (YoY)

IONQ vs. ON: A comparison of their annual year-over-year EPS (Earnings Per Share) Growth.

Free Cash Flow Growth (YoY)

IONQ vs. ON: A comparison of their annual year-over-year Free Cash Flow Growth.

Dividend

Dividend Yield

IONQ

0.00%

Computer Hardware Industry

Max: 4.61%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

IONQ currently does not pay a dividend, resulting in a yield of 0%. This is a common strategy for growth-focused companies that prioritize reinvesting all earnings back into the business, though it may be less typical in mature, income-oriented sectors.

ON

0.00%

Semiconductors Industry

Max: 0.87%
Q3: 0.37%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON currently does not pay a dividend, resulting in a yield of 0%. This is a common strategy for growth-focused companies that prioritize reinvesting all earnings back into the business, though it may be less typical in mature, income-oriented sectors.

IONQ vs. ON: A comparison of their Dividend Yield against their respective Computer Hardware and Semiconductors industry benchmarks.

Dividend Payout Ratio

IONQ

-0.01%

Computer Hardware Industry

Max: 85.84%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

IONQ has a negative Dividend Payout Ratio of -0.01%. This indicates the company paid a dividend despite having a net loss, making the ratio a potential sign of financial stress rather than a meaningful measure of its dividend policy.

ON

0.00%

Semiconductors Industry

Max: 29.71%
Q3: 13.42%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON has a Dividend Payout Ratio of 0%, indicating it does not currently pay a dividend. This typically means all profits are being reinvested for growth.

IONQ vs. ON: A comparison of their Payout Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Dividend at a Glance

Symbol	IONQ	ON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	-0.01%	0.00%

Valuation

Price-to-Earnings Ratio

IONQ

-26.26

Computer Hardware Industry

Max: 40.25
Q3: 22.14
Median: 17.68
Q1: 9.87
Min: 1.01

IONQ has a negative P/E Ratio of -26.26, indicating it has a net loss. A negative P/E is not a reliable indicator for valuation comparisons.

ON

35.90

Semiconductors Industry

Max: 63.20
Q3: 38.31
Median: 27.74
Q1: 17.82
Min: 0.74

ON’s P/E Ratio of 35.90 is comparable to the norm for the Semiconductors industry, suggesting its valuation is neither at a significant premium nor a discount to its peers.

IONQ vs. ON: A comparison of their P/E Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Forward P/E to Growth Ratio

IONQ

11.47

Computer Hardware Industry

Max: 5.92
Q3: 2.63
Median: 1.28
Q1: 0.22
Min: 0.00

IONQ’s Forward PEG Ratio of 11.47 is well above the typical range for the Computer Hardware industry. This suggests its stock price is high relative to its expected earnings growth, which could indicate overvaluation or reflect very high market expectations for its future.

ON

1.04

Semiconductors Industry

Max: 4.44
Q3: 1.92
Median: 0.83
Q1: 0.21
Min: 0.00

ON’s Forward PEG Ratio of 1.04 is typical for the Semiconductors industry, suggesting its valuation is reasonably aligned with its growth prospects, consistent with sector norms.

IONQ vs. ON: A comparison of their Forward PEG Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Price-to-Book Ratio

IONQ

11.13

Computer Hardware Industry

Max: 21.98
Q3: 10.75
Median: 1.77
Q1: 0.82
Min: 0.01

IONQ’s P/B Ratio of 11.13 is in the upper quartile for the Computer Hardware industry, indicating investors assign a premium valuation to its asset base compared to most of its peers.

ON

2.83

Semiconductors Industry

Max: 12.36
Q3: 6.09
Median: 2.77
Q1: 1.49
Min: 0.05

ON’s P/B Ratio of 2.83 reflects the benchmark for the Semiconductors industry, indicating that its market valuation relative to its book value is standard for the sector.

IONQ vs. ON: A comparison of their P/B Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Price-to-Sales Ratio

IONQ

226.26

Computer Hardware Industry

Max: 5.78
Q3: 3.24
Median: 1.22
Q1: 0.55
Min: 0.06

IONQ’s P/S Ratio of 226.26 is exceptionally high, placing it well beyond the typical range for the Computer Hardware industry. This reflects a significant premium on its sales, likely driven by strong investor expectations for future growth and market share gains.

ON

3.39

Semiconductors Industry

Max: 20.43
Q3: 9.15
Median: 3.67
Q1: 1.56
Min: 0.18

ON’s P/S Ratio of 3.39 is valued in line with its peers in the Semiconductors industry, suggesting the market’s valuation of its sales is typical for the sector.

IONQ vs. ON: A comparison of their P/S Ratio against their respective Computer Hardware and Semiconductors industry benchmarks.

Valuation at a Glance

Symbol	IONQ	ON
Price-to-Earnings Ratio (P/E, TTM)	-26.26	35.90
Forward PEG Ratio (TTM)	11.47	1.04
Price-to-Sales Ratio (P/S, TTM)	226.26	3.39
Price-to-Book Ratio (P/B, TTM)	11.13	2.83
Price-to-Free Cash Flow Ratio (P/FCF, TTM)	-49.73	14.56
EV-to-EBITDA (TTM)	-41.02	17.78
EV-to-Sales (TTM)	222.95	3.48