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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Ramaco Resources, Inc. is the larger business by last-quarter revenue ($121.0M vs $61.9M, roughly 2.0× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -11.0%, a 1228.8% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -27.7%). Ramaco Resources, Inc. produced more free cash flow last quarter ($-17.5M vs $-83.3M).
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
IONQ vs METC — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $121.0M |
| Net Profit | $753.7M | $-13.3M |
| Gross Margin | — | 15.8% |
| Operating Margin | -369.4% | -12.0% |
| Net Margin | 1217.8% | -11.0% |
| Revenue YoY | 428.5% | -27.7% |
| Net Profit YoY | 473.1% | -5468.2% |
| EPS (diluted) | $2.60 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $61.9M | — | ||
| Q3 25 | $39.9M | $121.0M | ||
| Q2 25 | $20.7M | $153.0M | ||
| Q1 25 | — | $134.7M | ||
| Q4 24 | $11.7M | $170.9M | ||
| Q3 24 | $12.4M | $167.4M | ||
| Q2 24 | $11.4M | $155.3M | ||
| Q1 24 | — | $172.7M |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | $-13.3M | ||
| Q2 25 | $-176.8M | $-14.0M | ||
| Q1 25 | — | $-9.5M | ||
| Q4 24 | $-202.0M | $3.9M | ||
| Q3 24 | $-52.5M | $-239.0K | ||
| Q2 24 | $-37.6M | $5.5M | ||
| Q1 24 | — | $2.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
| Q4 25 | -369.4% | — | ||
| Q3 25 | -423.5% | -12.0% | ||
| Q2 25 | -776.0% | -9.1% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | -661.9% | 3.7% | ||
| Q3 24 | -428.5% | 1.0% | ||
| Q2 24 | -430.0% | 3.5% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | -11.0% | ||
| Q2 25 | -854.5% | -9.1% | ||
| Q1 25 | — | -7.0% | ||
| Q4 24 | -1725.0% | 2.3% | ||
| Q3 24 | -423.4% | -0.1% | ||
| Q2 24 | -330.0% | 3.6% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | $2.60 | — | ||
| Q3 25 | $-3.58 | — | ||
| Q2 25 | $-0.70 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.95 | $0.06 | ||
| Q3 24 | $-0.24 | $-0.03 | ||
| Q2 24 | $-0.18 | $0.08 | ||
| Q1 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $3.8B | $526.9M |
| Total Assets | $6.6B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.1B | $193.8M | ||
| Q2 25 | $546.9M | $28.1M | ||
| Q1 25 | — | $43.5M | ||
| Q4 24 | $340.3M | $33.0M | ||
| Q3 24 | $365.7M | $22.9M | ||
| Q2 24 | $369.8M | $27.6M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $2.3B | $526.9M | ||
| Q2 25 | $1.2B | $347.4M | ||
| Q1 25 | — | $355.2M | ||
| Q4 24 | $383.9M | $362.8M | ||
| Q3 24 | $435.7M | $361.8M | ||
| Q2 24 | $463.3M | $366.1M | ||
| Q1 24 | — | $372.3M |
| Q4 25 | $6.6B | — | ||
| Q3 25 | $4.3B | $849.7M | ||
| Q2 25 | $1.3B | $674.6M | ||
| Q1 25 | — | $685.7M | ||
| Q4 24 | $508.4M | $674.7M | ||
| Q3 24 | $497.9M | $645.4M | ||
| Q2 24 | $517.4M | $659.2M | ||
| Q1 24 | — | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-74.5M | $-1.4M |
| Free Cash FlowOCF − Capex | $-83.3M | $-17.5M |
| FCF MarginFCF / Revenue | -134.6% | -14.5% |
| Capex IntensityCapex / Revenue | 14.2% | 13.3% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | — | ||
| Q3 25 | $-123.1M | $-1.4M | ||
| Q2 25 | $-52.6M | $-4.3M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | $-39.4M | $15.7M | ||
| Q3 24 | $-19.2M | $37.4M | ||
| Q2 24 | $-26.6M | $34.4M | ||
| Q1 24 | — | $25.2M |
| Q4 25 | $-83.3M | — | ||
| Q3 25 | $-127.2M | $-17.5M | ||
| Q2 25 | $-53.8M | $-19.8M | ||
| Q1 25 | — | $7.6M | ||
| Q4 24 | $-43.0M | $5.1M | ||
| Q3 24 | $-23.0M | $25.6M | ||
| Q2 24 | $-34.1M | $20.3M | ||
| Q1 24 | — | $6.5M |
| Q4 25 | -134.6% | — | ||
| Q3 25 | -319.1% | -14.5% | ||
| Q2 25 | -259.8% | -13.0% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | -367.4% | 3.0% | ||
| Q3 24 | -185.3% | 15.3% | ||
| Q2 24 | -299.3% | 13.1% | ||
| Q1 24 | — | 3.7% |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 10.4% | 13.3% | ||
| Q2 25 | 5.8% | 10.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 30.7% | 6.2% | ||
| Q3 24 | 30.4% | 7.0% | ||
| Q2 24 | 65.8% | 9.1% | ||
| Q1 24 | — | 10.8% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.21× | ||
| Q1 24 | — | 12.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
