IonQ vs Logitech
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The short version
- Logitech is the larger business, with $4.8B of revenue in fiscal 2026 against $130M for IonQ, about 37 times as much.
- IonQ grew revenue faster (201.9%, against 6.3%).
- Logitech kept more of each dollar of sales as operating profit (16.0% operating margin, against β487.4%).
- Logitech turned more of its sales into free cash flow (20.2% FCF margin, against β230.4%).
- Logitech earned a higher return on the capital invested in it (121.9%, against β68.3%).
| Latest fiscal year | IONQ Β· FY25 | LOGI Β· FY26 |
|---|---|---|
| Size | ||
| Market cap | $11.5B | $15.9B |
| Revenue | $130M | $4.8B |
| Free cash flow | β$300M | $976M |
| Net income | β$510M | $711M |
| Growth | ||
| Revenue growth | 201.9% | 6.3% |
| 5-year growth | β | β1.6% |
| Share count change | 31.6% | β3.0% |
| Profitability | ||
| Gross margin | β | 43.2% |
| Operating margin | β487.4% | 16.0% |
| Net margin | β392.6% | 14.7% |
| FCF margin | β230.4% | 20.2% |
| Return on capital | β68.3% | 121.9% |
| Return on equity | β24.4% | 32.8% |
| Balance sheet | ||
| Net debt | β$2.4B | β$1.7B |
| Net debt / EBITDA | β | β2.0x |
| Dividends and buybacks | $0.0M | $768M |
| Valuation & quality | ||
| P/E | β | 20.1x |
| Piotroski F-score | 3 | 7 |
Revenue
FY17
IONQ β
LOGI $2.2B
FY18
IONQ β
LOGI $2.6B
FY19
IONQ β
LOGI $2.8B
FY20
IONQ $0.0M
LOGI $3.0B
FY21
IONQ $2.1M
LOGI $5.3B
FY22
IONQ $1.2B
LOGI $5.5B
FY23
IONQ $22.0M
LOGI $4.5B
FY24
IONQ $43.1M
LOGI $4.3B
FY25
IONQ $130M
LOGI $4.6B
FY26
IONQ β
LOGI $4.8B
IONQ
LOGI
Operating margin
FY17
IONQ β
LOGI 9.5%
FY18
IONQ β
LOGI 9.0%
FY19
IONQ β
LOGI 9.4%
FY20
IONQ β
LOGI 9.3%
FY21
IONQ β1,843.1%
LOGI 21.9%
FY22
IONQ β6.9%
LOGI 14.1%
FY23
IONQ β715.7%
LOGI 10.1%
FY24
IONQ β539.7%
LOGI 13.7%
FY25
IONQ β487.4%
LOGI 14.4%
FY26
IONQ β
LOGI 16.0%
IONQ
LOGI
Free cash flow
FY17
IONQ β
LOGI $257M
FY18
IONQ β
LOGI $307M
FY19
IONQ β
LOGI $269M
FY20
IONQ β$22.0M
LOGI $386M
FY21
IONQ β$34.3M
LOGI $1.4B
FY22
IONQ β$54.0M
LOGI $209M
FY23
IONQ β$92.5M
LOGI $442M
FY24
IONQ β$124M
LOGI $1.1B
FY25
IONQ β$300M
LOGI $786M
FY26
IONQ β
LOGI $976M
IONQ
LOGI
Return on capital
FY17
IONQ β
LOGI 73.9%
FY18
IONQ β
LOGI 57.5%
FY19
IONQ β
LOGI 51.0%
FY20
IONQ β
LOGI 41.1%
FY21
IONQ β70.8%
LOGI 147.4%
FY22
IONQ β48.2%
LOGI 81.3%
FY23
IONQ β72.9%
LOGI 33.1%
FY24
IONQ β212.2%
LOGI 63.5%
FY25
IONQ β68.3%
LOGI 87.5%
FY26
IONQ β
LOGI 121.9%
IONQ
LOGI
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.