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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $51.6M, roughly 1.2× Velocity Financial, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 67.3%, a 1150.4% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 32.8%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
IONQ vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $51.6M |
| Net Profit | $753.7M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 97.0% |
| Net Margin | 1217.8% | 67.3% |
| Revenue YoY | 428.5% | 32.8% |
| Net Profit YoY | 473.1% | 67.0% |
| EPS (diluted) | $2.60 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $39.9M | $49.1M | ||
| Q2 25 | $20.7M | $47.6M | ||
| Q1 25 | — | $37.5M | ||
| Q4 24 | $11.7M | $38.9M | ||
| Q3 24 | $12.4M | $35.1M | ||
| Q2 24 | $11.4M | $32.4M | ||
| Q1 24 | — | $29.5M |
| Q4 25 | $753.7M | $34.8M | ||
| Q3 25 | $-1.1B | $25.4M | ||
| Q2 25 | $-176.8M | $26.0M | ||
| Q1 25 | — | $18.9M | ||
| Q4 24 | $-202.0M | $20.8M | ||
| Q3 24 | $-52.5M | $15.8M | ||
| Q2 24 | $-37.6M | $14.8M | ||
| Q1 24 | — | $17.3M |
| Q4 25 | -369.4% | 97.0% | ||
| Q3 25 | -423.5% | 72.1% | ||
| Q2 25 | -776.0% | 71.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | -661.9% | 82.5% | ||
| Q3 24 | -428.5% | 60.6% | ||
| Q2 24 | -430.0% | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | 1217.8% | 67.3% | ||
| Q3 25 | -2646.3% | 51.7% | ||
| Q2 25 | -854.5% | 54.6% | ||
| Q1 25 | — | 50.4% | ||
| Q4 24 | -1725.0% | 53.5% | ||
| Q3 24 | -423.4% | 45.1% | ||
| Q2 24 | -330.0% | 45.6% | ||
| Q1 24 | — | 58.5% |
| Q4 25 | $2.60 | $0.90 | ||
| Q3 25 | $-3.58 | $0.65 | ||
| Q2 25 | $-0.70 | $0.69 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | $-0.95 | $0.56 | ||
| Q3 24 | $-0.24 | $0.44 | ||
| Q2 24 | $-0.18 | $0.42 | ||
| Q1 24 | — | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $672.5M |
| Total Assets | $6.6B | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $92.1M | ||
| Q3 25 | $1.1B | $99.0M | ||
| Q2 25 | $546.9M | $79.6M | ||
| Q1 25 | — | $51.7M | ||
| Q4 24 | $340.3M | $49.9M | ||
| Q3 24 | $365.7M | $44.1M | ||
| Q2 24 | $369.8M | $47.4M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | $3.8B | $672.5M | ||
| Q3 25 | $2.3B | $634.3M | ||
| Q2 25 | $1.2B | $597.9M | ||
| Q1 25 | — | $563.2M | ||
| Q4 24 | $383.9M | $516.9M | ||
| Q3 24 | $435.7M | $484.6M | ||
| Q2 24 | $463.3M | $471.3M | ||
| Q1 24 | — | $452.9M |
| Q4 25 | $6.6B | $7.4B | ||
| Q3 25 | $4.3B | $7.0B | ||
| Q2 25 | $1.3B | $6.5B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | $508.4M | $5.5B | ||
| Q3 24 | $497.9M | $5.2B | ||
| Q2 24 | $517.4M | $4.9B | ||
| Q1 24 | — | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | $-83.3M | $17.9M |
| FCF MarginFCF / Revenue | -134.6% | 34.6% |
| Capex IntensityCapex / Revenue | 14.2% | 0.5% |
| Cash ConversionOCF / Net Profit | -0.10× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $18.2M | ||
| Q3 25 | $-123.1M | $11.5M | ||
| Q2 25 | $-52.6M | $7.7M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $-39.4M | $37.8M | ||
| Q3 24 | $-19.2M | $-17.6M | ||
| Q2 24 | $-26.6M | $11.5M | ||
| Q1 24 | — | $10.6M |
| Q4 25 | $-83.3M | $17.9M | ||
| Q3 25 | $-127.2M | $11.4M | ||
| Q2 25 | $-53.8M | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | $-43.0M | $37.5M | ||
| Q3 24 | $-23.0M | $-17.6M | ||
| Q2 24 | $-34.1M | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | -134.6% | 34.6% | ||
| Q3 25 | -319.1% | 23.2% | ||
| Q2 25 | -259.8% | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | -367.4% | 96.4% | ||
| Q3 24 | -185.3% | -50.3% | ||
| Q2 24 | -299.3% | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | 14.2% | 0.5% | ||
| Q3 25 | 10.4% | 0.1% | ||
| Q2 25 | 5.8% | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 30.7% | 0.7% | ||
| Q3 24 | 30.4% | 0.2% | ||
| Q2 24 | 65.8% | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | -0.10× | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
