IonQ vs NetApp
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KIRAβs take AI analyst
I put IonQ and NetApp side by side, using each oneβs latest annual report. Here is what stands out:
- NetApp is the larger business, with $6.9B of revenue in fiscal 2026 against $130M for IonQ, about 53 times as much.
- IonQ grew revenue faster (201.9%, against 5.4%).
- NetApp kept more of each dollar of sales as operating profit (24.2% operating margin, against β487.4%).
- NetApp turned more of its sales into free cash flow (27.0% FCF margin, against β230.4%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
IonQ
IONQ
1/7
Revenue growth
NetApp
NTAP
6/7
Operating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | IONQ FY25 | NTAP FY26 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $44.4B |
| Revenue | $130M | $6.9B |
| Free cash flow | β$300M | $1.9B |
| Net income | β$510M | $1.3B |
| Growth | ||
| Revenue growth | 201.9% | 5.4% |
| 5-year growth | β | 3.8% |
| Share count change | 31.6% | β3.8% |
| Profitability | ||
| Gross margin | β | 70.7% |
| Operating margin | β487.4% | 24.2% |
| Net margin | β392.6% | 18.4% |
| FCF margin | β230.4% | 27.0% |
| Return on capital | β68.3% | β |
| Return on equity | β24.4% | 106.7% |
| Balance sheet | ||
| Net debt | β$2.4B | β$1.1B |
| Net debt / EBITDA | β | β0.6x |
| Dividends and buybacks | $0.0M | $1.4B |
| Valuation & quality | ||
| P/E | β | 31.3x |
| Piotroski F-score | 3 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.