Is IonQ, Inc. overvalued or undervalued?

As of 28 March 2022, IonQ, Inc. has moved from a status of not qualifying to a grade of risky. The company is currently overvalued, given its significant negative financial metrics. The price-to-book value stands at 12.64, while the EV to EBITDA ratio is a staggering -39.07, indicating substantial losses relative to its enterprise value. Additionally, the return on capital employed (ROCE) is at -140.68%, reflecting poor efficiency in generating returns from its capital.
In comparison to its peers, IonQ's P/E ratio is not applicable due to its loss-making status, while its EV to EBITDA ratio is worse than competitors like IBM, which has a more favorable EV to EBITDA of around 15. This valuation is further reinforced by IonQ's recent stock performance, where it has outperformed the S&P 500 over the past year with a return of 508.58%, but this does not mitigate the underlying financial concerns that suggest it is overvalued in the current market environment.