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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $61.9M, roughly 1.5× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 25.0%, a 1192.7% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
IONQ vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $92.9M |
| Net Profit | $753.7M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -369.4% | 24.1% |
| Net Margin | 1217.8% | 25.0% |
| Revenue YoY | 428.5% | 23.3% |
| Net Profit YoY | 473.1% | 17.3% |
| EPS (diluted) | $2.60 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $39.9M | $67.5M | ||
| Q2 25 | $20.7M | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | $11.7M | $75.4M | ||
| Q3 24 | $12.4M | $57.9M | ||
| Q2 24 | $11.4M | $52.7M | ||
| Q1 24 | — | $51.3M |
| Q4 25 | $753.7M | $23.2M | ||
| Q3 25 | $-1.1B | $5.1M | ||
| Q2 25 | $-176.8M | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | $-202.0M | $19.8M | ||
| Q3 24 | $-52.5M | $-901.0K | ||
| Q2 24 | $-37.6M | $-4.7M | ||
| Q1 24 | — | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -369.4% | 24.1% | ||
| Q3 25 | -423.5% | 5.1% | ||
| Q2 25 | -776.0% | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | -661.9% | 24.5% | ||
| Q3 24 | -428.5% | -4.3% | ||
| Q2 24 | -430.0% | -11.5% | ||
| Q1 24 | — | -10.7% |
| Q4 25 | 1217.8% | 25.0% | ||
| Q3 25 | -2646.3% | 7.5% | ||
| Q2 25 | -854.5% | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | -1725.0% | 26.3% | ||
| Q3 24 | -423.4% | -1.6% | ||
| Q2 24 | -330.0% | -8.9% | ||
| Q1 24 | — | -7.5% |
| Q4 25 | $2.60 | $0.46 | ||
| Q3 25 | $-3.58 | $0.10 | ||
| Q2 25 | $-0.70 | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | $-0.95 | $0.40 | ||
| Q3 24 | $-0.24 | $-0.02 | ||
| Q2 24 | $-0.18 | $-0.10 | ||
| Q1 24 | — | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $354.6M |
| Total Assets | $6.6B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $137.5M | ||
| Q3 25 | $1.1B | $135.4M | ||
| Q2 25 | $546.9M | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $340.3M | $116.2M | ||
| Q3 24 | $365.7M | $101.7M | ||
| Q2 24 | $369.8M | $102.5M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | $3.8B | $354.6M | ||
| Q3 25 | $2.3B | $321.9M | ||
| Q2 25 | $1.2B | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | $383.9M | $292.0M | ||
| Q3 24 | $435.7M | $257.5M | ||
| Q2 24 | $463.3M | $243.0M | ||
| Q1 24 | — | $233.9M |
| Q4 25 | $6.6B | $488.0M | ||
| Q3 25 | $4.3B | $453.3M | ||
| Q2 25 | $1.3B | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | $508.4M | $432.7M | ||
| Q3 24 | $497.9M | $390.4M | ||
| Q2 24 | $517.4M | $376.8M | ||
| Q1 24 | — | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-83.3M | $12.8M |
| FCF MarginFCF / Revenue | -134.6% | 13.8% |
| Capex IntensityCapex / Revenue | 14.2% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.10× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $15.0M | ||
| Q3 25 | $-123.1M | $22.1M | ||
| Q2 25 | $-52.6M | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | $-39.4M | $22.2M | ||
| Q3 24 | $-19.2M | $10.2M | ||
| Q2 24 | $-26.6M | $18.5M | ||
| Q1 24 | — | $7.2M |
| Q4 25 | $-83.3M | $12.8M | ||
| Q3 25 | $-127.2M | $19.5M | ||
| Q2 25 | $-53.8M | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $-43.0M | $8.5M | ||
| Q3 24 | $-23.0M | $-9.2M | ||
| Q2 24 | $-34.1M | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | -134.6% | 13.8% | ||
| Q3 25 | -319.1% | 28.8% | ||
| Q2 25 | -259.8% | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | -367.4% | 11.2% | ||
| Q3 24 | -185.3% | -15.9% | ||
| Q2 24 | -299.3% | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | 14.2% | 2.4% | ||
| Q3 25 | 10.4% | 3.9% | ||
| Q2 25 | 5.8% | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 30.7% | 18.3% | ||
| Q3 24 | 30.4% | 33.5% | ||
| Q2 24 | 65.8% | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | -0.10× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
