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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $61.9M, roughly 1.6× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -7.0%, a 1224.8% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
IONQ vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $100.0M |
| Net Profit | $753.7M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -369.4% | -10.7% |
| Net Margin | 1217.8% | -7.0% |
| Revenue YoY | 428.5% | 14.5% |
| Net Profit YoY | 473.1% | 76.0% |
| EPS (diluted) | $2.60 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $39.9M | $161.9M | ||
| Q2 25 | $20.7M | $172.6M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | $11.7M | $87.3M | ||
| Q3 24 | $12.4M | $150.5M | ||
| Q2 24 | $11.4M | $160.1M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $753.7M | $-7.0M | ||
| Q3 25 | $-1.1B | $8.1M | ||
| Q2 25 | $-176.8M | $16.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $-202.0M | $-29.2M | ||
| Q3 24 | $-52.5M | $5.9M | ||
| Q2 24 | $-37.6M | $13.3M | ||
| Q1 24 | — | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | -369.4% | -10.7% | ||
| Q3 25 | -423.5% | 13.3% | ||
| Q2 25 | -776.0% | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | -661.9% | -14.9% | ||
| Q3 24 | -428.5% | 8.9% | ||
| Q2 24 | -430.0% | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | 1217.8% | -7.0% | ||
| Q3 25 | -2646.3% | 5.0% | ||
| Q2 25 | -854.5% | 9.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | -1725.0% | -33.4% | ||
| Q3 24 | -423.4% | 3.9% | ||
| Q2 24 | -330.0% | 8.3% | ||
| Q1 24 | — | -7.1% |
| Q4 25 | $2.60 | $-0.06 | ||
| Q3 25 | $-3.58 | $0.07 | ||
| Q2 25 | $-0.70 | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | $-0.95 | $-0.24 | ||
| Q3 24 | $-0.24 | $0.05 | ||
| Q2 24 | $-0.18 | $0.11 | ||
| Q1 24 | — | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $3.8B | $405.9M |
| Total Assets | $6.6B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $546.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $340.3M | — | ||
| Q3 24 | $365.7M | — | ||
| Q2 24 | $369.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $3.8B | $405.9M | ||
| Q3 25 | $2.3B | $408.4M | ||
| Q2 25 | $1.2B | $398.4M | ||
| Q1 25 | — | $381.1M | ||
| Q4 24 | $383.9M | $387.2M | ||
| Q3 24 | $435.7M | $416.6M | ||
| Q2 24 | $463.3M | $408.1M | ||
| Q1 24 | — | $391.8M |
| Q4 25 | $6.6B | $823.2M | ||
| Q3 25 | $4.3B | $844.4M | ||
| Q2 25 | $1.3B | $822.1M | ||
| Q1 25 | — | $824.6M | ||
| Q4 24 | $508.4M | $794.2M | ||
| Q3 24 | $497.9M | $853.4M | ||
| Q2 24 | $517.4M | $830.0M | ||
| Q1 24 | — | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-83.3M | $14.1M |
| FCF MarginFCF / Revenue | -134.6% | 14.1% |
| Capex IntensityCapex / Revenue | 14.2% | 9.2% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $23.3M | ||
| Q3 25 | $-123.1M | $51.0M | ||
| Q2 25 | $-52.6M | $36.0M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | $-39.4M | $6.2M | ||
| Q3 24 | $-19.2M | $37.2M | ||
| Q2 24 | $-26.6M | $52.4M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | $-83.3M | $14.1M | ||
| Q3 25 | $-127.2M | $45.2M | ||
| Q2 25 | $-53.8M | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | $-43.0M | $-98.0K | ||
| Q3 24 | $-23.0M | $33.2M | ||
| Q2 24 | $-34.1M | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | -134.6% | 14.1% | ||
| Q3 25 | -319.1% | 27.9% | ||
| Q2 25 | -259.8% | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | -367.4% | -0.1% | ||
| Q3 24 | -185.3% | 22.1% | ||
| Q2 24 | -299.3% | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | 14.2% | 9.2% | ||
| Q3 25 | 10.4% | 3.6% | ||
| Q2 25 | 5.8% | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 30.7% | 7.2% | ||
| Q3 24 | 30.4% | 2.7% | ||
| Q2 24 | 65.8% | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
