Rankings Tech hardware & optics IQM
IQM
43
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs peers and absolute level−29
- Margin−9
- Cash flow and runway−6
Strengths
- Net cash+3
- Order backlog+2
How the score is built
From 100 to 43, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.33 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−17 of −30
- −9MarginOperating result is −€85m TTM on revenue of €34.2m (operating margin about −250%), and −€60.5m in the first half on revenue of only €8.9m. Gross margin is 47%, better than Rigetti and Infleqtion. The loss counts here and not again under ROIC.
- −5Quality of growthRevenue comes from lumpy sales of on-premise systems to state-funded HPC centers and research institutes (26 sold, 17 delivered). Finland accounted for EUR 15.2m of 34.2m TTM (45%). The guidance of EUR 42-47m requires EUR 33-38m in the second half vs 8.9m in the first.
- −3Technology and competitionIQM builds superconducting qubits like IBM and Google, which have far larger budgets; the half-year report mentions error-correction codes (tile and barbell codes), but neither the number of logical qubits nor a year for fault tolerance.
Price
Today's multiples against the company's own history and its peers. · 1 finding−29 of −35
- −29Multiples vs peers and absolute levelP/S 50 and EV/Sales 48 TTM according to stockanalysis (before the SPAC cash); adjusted for cash of €309m, EV/Sales is approx. 41 TTM and approx. 31 on 2026 guidance. It is the cheapest pure quantum stock (IonQ approx. 63, Infleqtion approx. 48, Rigetti 322, Quantinuum 383), but still over 40 times revenue for a company with a −250% operating margin. P/B 9.4. No own history.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35
- −6Cash flow and runwayFCF was -€96m TTM (-€69m in 2025), and over €40m goes to its own factory. The CFO says that cash of €309.4m lasts 'well into the second quarter of 2028', so a new capital raise (dilution) is likely within two years.
- −3Warrants and share overhangSPAC warrants (IQMX WS) are exercisable at USD 11.50 per ADS, close to the share price of USD 10.23; a resale prospectus covers 12.5m shares and 3.9m private warrants, and lock-ups of up to one year can be released early at certain price levels.
- −1Liquidity and coverageOnly about 349,000 shares trade per day, institutions own 5.5%, and only 3 analysts follow the stock; the price has swung from $6.64 on the first trading day to over $10.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cashCash of €309.4m at 2/7 incl. SPAC and PIPE proceeds vs approx. €29m of debt, i.e. net cash approx. €280m (approx. $330m), approx. 17% of market cap.
- +2Order backlogThe order backlog rose from EUR 69.1m (30/6) to over 102.1m (3/8), approx. 2.3 times the guided revenue for 2026; the order intake target for 2026 is 65–75m, and the first US delivery went to Oak Ridge National Laboratory.
Caveats
What the score does not capture, or where the data is weak.
Finnish company (IQM Quantum Computers Oyj), listed on Nasdaq as ADS under IQMX since 2/7 2026 after a SPAC merger with Real Asset Acquisition Corp (RAAQ); reports in EUR. No own multiple history: T2 is based on peers and absolute level. Stockanalysis' balance sheet is from 30/6, before the SPAC proceeds (net 198.7 m €); EV is therefore adjusted with cash of 309.4 m € at 2/7. The forecast page on stockanalysis gives 404 (only 3 analysts). The actual SPAC redemption rate and exact lock-up terms have not been found. Insider trades have not been examined. Customer concentration is based on geographic distribution (Finland 45%).
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