IQM Quantum Computers IQMX.HE
FinlandTechnology · Computer HardwareNasdaq Helsinki · EUR
15.50 EUR (+65.2%)
3 analysts
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IQM Quantum Computers Oyj is a Finnish company that develops and manufactures quantum computers based on superconducting qubit technology, selling quantum hardware and computing solutions to enterprise and government clients.
Listed on Nasdaq Helsinki · Symbol IQMX.HE · HEL: IQMX · Currency EUR
Key points
from its scores- ✓Strong growth9.0
- ✕Demanding valuation0.3
- ✕Poor share-price trend0.3
- ✕Little or no dividend0.5
AI analysis
bottom line, main risk, context and newsOnly for investors with high risk tolerance and a very long horizon; the current valuation discounts near-perfect success in a market yet to be proven.
IQM is a quantum computing company in a growth phase with a healthy balance sheet (liquidity 3.12) and 27.7% revenue growth, but its valuation of 130x sales and -462% operating margin reflect a business still far from profitability, making it a very high-risk investment.
The main risk is technological and commercial execution: IQM needs to convert its technical leadership into recurring revenue and profitability before its funding runs out, in a sector where commercialization timelines are uncertain and competition from giants like IBM and Google is fierce.
Context and risks
IQM operates in a quantum hardware sector where funding and contracts depend heavily on government programs and venture capital investment, subject to political and budgetary cycles. Its domicile in Finland offers a stable institutional environment, but the company has yet to demonstrate a commercially sustainable business model, with a -462% operating margin and a 130x sales valuation reflecting very distant expectations.
Is IQM Quantum Computers stock cheap or expensive?
at the analysis dateOn Price / sales, it trades 2,367% above the Technology median.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| Price / book | 8.2 | 6.3 | +30% |
| Price / sales | 130.2 | 5.3 | +2,367% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 0.3 out of 10 (median for Technology: 5.3).
Average analyst target: 15.50 EUR, +65.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.1 (sector 6.4), Growth 9.0 (sector 7.5).
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- Forward P/E
- −19.3
- EV / EBITDA
- −18.4
- Price / book
- 8.2
- Price / sales
- 130.2
- Market cap
- 4.5B EUR
- Enterprise value
- 1.4B EUR
Profitability
- ROIC (approx.)
- −27.7%
- Gross margin
- 47.4%
- Operating margin
- −462.3%
- Net margin
- −277.2%
Solvency
- Total debt
- 28.6M EUR
- Net debt
- −90.3M EUR
- Cash
- 118.9M EUR
- EBITDA
- −76.6M EUR
- Net debt / EBITDA
- 1.18
- Debt / equity
- 15.69
- Current ratio
- 3.12
- Quick ratio
- 2.41
Growth
- Revenue growth
- +27.7%
- EPS (TTM)
- −1.66 EUR
- EPS (forward)
- −0.49 EUR
Dividend
- Dividend yield
- 0.0%
Risk and market
- Analyst consensus
- Strong buy (3)
- Target price
- 15.50 EUR
- 52-week range
- 7.85 – 20.00
Recent news
All IQMX.HE news →Compare it with its sector
All 283 in Technology →Frequently asked questions about IQM Quantum Computers
Is IQM Quantum Computers stock cheap or expensive?
On Price / sales, it trades 2,367% above the Technology median. Valuation score: 0.3 out of 10 (median for Technology: 5.3). Average analyst target: 15.50 EUR, +65.2% versus the price. This is not investment advice.
What score does IQM Quantum Computers get on MeridIAn Screener?
It scores 3.7 out of 10, rank 2,014 of 2,130 (better than 5% of the companies analysed). Its strongest category is Growth (9.0) and its weakest, Valuation (0.3). Analysis of 08/10/2026.
How much is IQM Quantum Computers worth on the stock market?
Its market capitalisation is 4.5B EUR and its enterprise value, debt included, is 1.4B EUR.
How much debt does IQM Quantum Computers have?
It has more cash than debt: net cash of 90.3M EUR.
Does IQM Quantum Computers pay a dividend?
It pays no dividend, or almost none.
How has IQM Quantum Computers stock performed over the last year?
It has fallen 44.8% over the last year, excluding dividends. Over the last 52 weeks it has traded between 7.85 and 20.00 EUR. Past performance does not guarantee future results.
What do analysts think of IQM Quantum Computers?
3 analysts cover it; their average recommendation is “Strong buy” and their average target is 15.50 EUR (+65.2% versus the price). It is an estimate, not market data.