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Side-by-side financial comparison of IonQ, Inc. (IONQ) and MARAVAI LIFESCIENCES HOLDINGS, INC. (MRVI). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $49.9M, roughly 1.2× MARAVAI LIFESCIENCES HOLDINGS, INC.). IonQ, Inc. runs the higher net margin — 1217.8% vs -71.6%, a 1289.3% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs -11.8%). MARAVAI LIFESCIENCES HOLDINGS, INC. produced more free cash flow last quarter ($-24.9M 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.
Maravai LifeSciences Holdings is a global life sciences firm developing critical reagents, diagnostic products, and tech solutions to support biopharma research, drug development, clinical diagnostics, and cell/gene therapy manufacturing. It serves biotech, pharma, research bodies and labs worldwide across three core segments.
IONQ vs MRVI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $49.9M |
| Net Profit | $753.7M | $-35.7M |
| Gross Margin | — | 25.8% |
| Operating Margin | -369.4% | -117.9% |
| Net Margin | 1217.8% | -71.6% |
| Revenue YoY | 428.5% | -11.8% |
| Net Profit YoY | 473.1% | -37.7% |
| EPS (diluted) | $2.60 | $-0.24 |
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 | $49.9M | ||
| Q3 25 | $39.9M | $41.6M | ||
| Q2 25 | $20.7M | $47.4M | ||
| Q1 25 | — | $46.9M | ||
| Q4 24 | $11.7M | $56.6M | ||
| Q3 24 | $12.4M | $69.0M | ||
| Q2 24 | $11.4M | $69.4M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | $753.7M | $-35.7M | ||
| Q3 25 | $-1.1B | $-25.6M | ||
| Q2 25 | $-176.8M | $-39.6M | ||
| Q1 25 | — | $-29.9M | ||
| Q4 24 | $-202.0M | $-25.9M | ||
| Q3 24 | $-52.5M | $-97.1M | ||
| Q2 24 | $-37.6M | $-9.8M | ||
| Q1 24 | — | $-12.1M |
| Q4 25 | — | 25.8% | ||
| Q3 25 | — | 13.6% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 34.3% | ||
| Q3 24 | — | 46.7% | ||
| Q2 24 | — | 44.4% | ||
| Q1 24 | — | 40.3% |
| Q4 25 | -369.4% | -117.9% | ||
| Q3 25 | -423.5% | -98.6% | ||
| Q2 25 | -776.0% | -139.8% | ||
| Q1 25 | — | -104.9% | ||
| Q4 24 | -661.9% | -66.7% | ||
| Q3 24 | -428.5% | -239.9% | ||
| Q2 24 | -430.0% | -19.4% | ||
| Q1 24 | — | -29.4% |
| Q4 25 | 1217.8% | -71.6% | ||
| Q3 25 | -2646.3% | -61.4% | ||
| Q2 25 | -854.5% | -83.5% | ||
| Q1 25 | — | -63.9% | ||
| Q4 24 | -1725.0% | -45.8% | ||
| Q3 24 | -423.4% | -140.6% | ||
| Q2 24 | -330.0% | -14.1% | ||
| Q1 24 | — | -18.8% |
| Q4 25 | $2.60 | $-0.24 | ||
| Q3 25 | $-3.58 | $-0.18 | ||
| Q2 25 | $-0.70 | $-0.27 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | $-0.95 | $-0.21 | ||
| Q3 24 | $-0.24 | $-0.68 | ||
| Q2 24 | $-0.18 | $-0.07 | ||
| Q1 24 | — | $-0.09 |
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 | $216.9M |
| Total DebtLower is stronger | — | $291.8M |
| Stockholders' EquityBook value | $3.8B | $212.4M |
| Total Assets | $6.6B | $770.6M |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $216.9M | ||
| Q3 25 | $1.1B | $243.6M | ||
| Q2 25 | $546.9M | $269.9M | ||
| Q1 25 | — | $285.1M | ||
| Q4 24 | $340.3M | $322.4M | ||
| Q3 24 | $365.7M | $578.2M | ||
| Q2 24 | $369.8M | $573.2M | ||
| Q1 24 | — | $561.7M |
| Q4 25 | — | $291.8M | ||
| Q3 25 | — | $292.8M | ||
| Q2 25 | — | $293.9M | ||
| Q1 25 | — | $294.9M | ||
| Q4 24 | — | $295.9M | ||
| Q3 24 | — | $521.7M | ||
| Q2 24 | — | $522.5M | ||
| Q1 24 | — | $523.3M |
| Q4 25 | $3.8B | $212.4M | ||
| Q3 25 | $2.3B | $245.4M | ||
| Q2 25 | $1.2B | $265.9M | ||
| Q1 25 | — | $300.6M | ||
| Q4 24 | $383.9M | $325.3M | ||
| Q3 24 | $435.7M | $344.9M | ||
| Q2 24 | $463.3M | $434.7M | ||
| Q1 24 | — | $410.7M |
| Q4 25 | $6.6B | $770.6M | ||
| Q3 25 | $4.3B | $849.2M | ||
| Q2 25 | $1.3B | $897.0M | ||
| Q1 25 | — | $959.8M | ||
| Q4 24 | $508.4M | $1.0B | ||
| Q3 24 | $497.9M | $1.3B | ||
| Q2 24 | $517.4M | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.27× |
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 | $-22.8M |
| Free Cash FlowOCF − Capex | $-83.3M | $-24.9M |
| FCF MarginFCF / Revenue | -134.6% | -49.9% |
| Capex IntensityCapex / Revenue | 14.2% | 4.2% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-70.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $-22.8M | ||
| Q3 25 | $-123.1M | $-15.2M | ||
| Q2 25 | $-52.6M | $-10.3M | ||
| Q1 25 | — | $-9.4M | ||
| Q4 24 | $-39.4M | $-14.6M | ||
| Q3 24 | $-19.2M | $13.1M | ||
| Q2 24 | $-26.6M | $17.4M | ||
| Q1 24 | — | $-8.5M |
| Q4 25 | $-83.3M | $-24.9M | ||
| Q3 25 | $-127.2M | $-18.1M | ||
| Q2 25 | $-53.8M | $-13.1M | ||
| Q1 25 | — | $-14.6M | ||
| Q4 24 | $-43.0M | $-20.5M | ||
| Q3 24 | $-23.0M | $4.5M | ||
| Q2 24 | $-34.1M | $7.9M | ||
| Q1 24 | — | $-14.1M |
| Q4 25 | -134.6% | -49.9% | ||
| Q3 25 | -319.1% | -43.4% | ||
| Q2 25 | -259.8% | -27.7% | ||
| Q1 25 | — | -31.2% | ||
| Q4 24 | -367.4% | -36.2% | ||
| Q3 24 | -185.3% | 6.6% | ||
| Q2 24 | -299.3% | 11.4% | ||
| Q1 24 | — | -22.0% |
| Q4 25 | 14.2% | 4.2% | ||
| Q3 25 | 10.4% | 7.0% | ||
| Q2 25 | 5.8% | 6.1% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | 30.7% | 10.3% | ||
| Q3 24 | 30.4% | 12.4% | ||
| Q2 24 | 65.8% | 13.8% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
MRVI
| Cygnus Segment | $27.2M | 54% |
| Other | $18.4M | 37% |
| Shipping And Handling | $4.3M | 9% |
