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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $61.9M, roughly 1.2× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -20.3%, a 1238.1% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 22.0%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
IONQ vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $73.5M |
| Net Profit | $753.7M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -369.4% | -22.9% |
| Net Margin | 1217.8% | -20.3% |
| Revenue YoY | 428.5% | 22.0% |
| Net Profit YoY | 473.1% | -219.1% |
| EPS (diluted) | $2.60 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $39.9M | $91.6M | ||
| Q2 25 | $20.7M | $54.9M | ||
| Q1 25 | — | $54.9M | ||
| Q4 24 | $11.7M | $60.2M | ||
| Q3 24 | $12.4M | $65.8M | ||
| Q2 24 | $11.4M | $67.5M | ||
| Q1 24 | — | $72.4M |
| Q4 25 | $753.7M | $-14.9M | ||
| Q3 25 | $-1.1B | $-795.0K | ||
| Q2 25 | $-176.8M | $-14.9M | ||
| Q1 25 | — | $-6.5M | ||
| Q4 24 | $-202.0M | $12.5M | ||
| Q3 24 | $-52.5M | $20.0M | ||
| Q2 24 | $-37.6M | $18.4M | ||
| Q1 24 | — | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | -369.4% | -22.9% | ||
| Q3 25 | -423.5% | 0.1% | ||
| Q2 25 | -776.0% | -30.8% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | -661.9% | 34.5% | ||
| Q3 24 | -428.5% | 42.5% | ||
| Q2 24 | -430.0% | 43.8% | ||
| Q1 24 | — | 42.0% |
| Q4 25 | 1217.8% | -20.3% | ||
| Q3 25 | -2646.3% | -0.9% | ||
| Q2 25 | -854.5% | -27.2% | ||
| Q1 25 | — | -11.8% | ||
| Q4 24 | -1725.0% | 20.8% | ||
| Q3 24 | -423.4% | 30.4% | ||
| Q2 24 | -330.0% | 27.2% | ||
| Q1 24 | — | 28.2% |
| Q4 25 | $2.60 | $-0.14 | ||
| Q3 25 | $-3.58 | $-0.01 | ||
| Q2 25 | $-0.70 | $-0.15 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | $-0.95 | $0.12 | ||
| Q3 24 | $-0.24 | $0.20 | ||
| Q2 24 | $-0.18 | $0.18 | ||
| Q1 24 | — | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $3.8B | $389.3M |
| Total Assets | $6.6B | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $8.3M | ||
| Q3 25 | $1.1B | $30.4M | ||
| Q2 25 | $546.9M | $19.2M | ||
| Q1 25 | — | $34.5M | ||
| Q4 24 | $340.3M | $190.7M | ||
| Q3 24 | $365.7M | $177.7M | ||
| Q2 24 | $369.8M | $154.3M | ||
| Q1 24 | — | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $3.8B | $389.3M | ||
| Q3 25 | $2.3B | $402.4M | ||
| Q2 25 | $1.2B | $401.3M | ||
| Q1 25 | — | $415.3M | ||
| Q4 24 | $383.9M | $421.1M | ||
| Q3 24 | $435.7M | $417.6M | ||
| Q2 24 | $463.3M | $397.2M | ||
| Q1 24 | — | $375.5M |
| Q4 25 | $6.6B | $530.2M | ||
| Q3 25 | $4.3B | $541.2M | ||
| Q2 25 | $1.3B | $533.7M | ||
| Q1 25 | — | $562.5M | ||
| Q4 24 | $508.4M | $725.8M | ||
| Q3 24 | $497.9M | $709.8M | ||
| Q2 24 | $517.4M | $697.0M | ||
| Q1 24 | — | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-83.3M | — |
| FCF MarginFCF / Revenue | -134.6% | — |
| Capex IntensityCapex / Revenue | 14.2% | — |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $5.7M | ||
| Q3 25 | $-123.1M | $53.4M | ||
| Q2 25 | $-52.6M | $11.1M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | $-39.4M | $30.6M | ||
| Q3 24 | $-19.2M | $31.4M | ||
| Q2 24 | $-26.6M | $39.1M | ||
| Q1 24 | — | $50.6M |
| Q4 25 | $-83.3M | — | ||
| Q3 25 | $-127.2M | — | ||
| Q2 25 | $-53.8M | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | $-43.0M | — | ||
| Q3 24 | $-23.0M | — | ||
| Q2 24 | $-34.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | -134.6% | — | ||
| Q3 25 | -319.1% | — | ||
| Q2 25 | -259.8% | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | -367.4% | — | ||
| Q3 24 | -185.3% | — | ||
| Q2 24 | -299.3% | — | ||
| Q1 24 | — | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | 30.7% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 65.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
