DAQO NEW ENERGY CORP. DQ

Technology SIC 3674 - Semiconductors & Related Devices NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing › Semiconductor and Related Device Manufacturing derived NYSE

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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.51

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $665.4M$1.03B$2.31B$4.61B$1.68B$675.6M$350.0M$301.6M$323.2M$196.2M
Cost of revenue $803.3M$1.24B$1.39B$1.20B$581.6M$441.6M$269.9M$203.5M$179.2M$118.4M
Gross profit -$137.9M-$212.9M$920.6M$3.41B$1.10B$234.0M$80.1M$98.1M$144.0M$77.8M
R&D $2.6M$4.6M$10.1M$10.0M$6.5M$6.9M$5.7M$2.7M$676.3K$3.9M
SG&A $118.2M$143.1M$213.2M$354.1M$39.9M$39.5M$32.5M$27.1M$16.0M$15.1M
Total operating expenses $132.4M$351.2M$137.2M$367.3M$45.8M$46.1M$32.6M$16.9M$13.2M$16.7M
Operating income -$270.2M-$564.1M$783.4M$3.04B$1.05B$187.9M$47.5M$81.2M$130.8M$61.1M
Interest expense $9.0M$30.2M$52.3M$14.5M$20.5M$25.7M$9.4M$10.8M$16.3M$12.7M
Pre-tax income -$237.1M-$518.1M$818.5M$3.06B$1.03B$162.1M$37.9M$73.5M$115.0M$48.6M
Income tax $21.0M$69.9M$165.6M$577.2M$170.1M$28.2M$9.6M$11.7M$17.3M$7.4M
Net income -$170.5M-$345.2M$429.5M$1.82B$748.9M$129.2M$29.5M$38.1M$92.8M$43.5M
EPS, basic -0.51-1.041.154.802.030.360.090.120.350.17
EPS, diluted -0.51-1.041.154.671.950.340.080.120.340.16
Shares, diluted (wtd. avg.) 336.8M330.8M374.8M386.5M383.8M375.0M350.0M325.5M272.9M264.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $856.1M$1.01B$3.04B$3.52B$724.0M$118.4M$115.3M$95.1M$72.7M$31.9M
Short-term investments ——$0$13.9M$280.3M$0—$21.8M$0—
Receivables ———$0$0$0$13.3K$1.2M$700.6K$4.8M
Inventory $169.1M$149.9M$173.3M$169.5M$327.8M$42.2M$36.4M$15.4M$15.7M$12.3M
Total current assets $2.70B$2.63B$3.58B$4.89B$1.74B$180.3M$174.3M$160.1M$142.4M$73.3M
Property, plant and equipment $3.40B$3.50B$3.63B$2.61B$1.56B$1.03B$995.0M$617.0M$485.5M$557.4M
Total assets $6.45B$6.42B$7.43B$7.59B$3.34B$1.24B$1.20B$854.9M$748.8M$656.7M
Accounts payable $26.6M$26.4M$92.9M$81.9M$81.5M$19.0M$12.7M$9.2M$19.3M$18.7M
Short-term debt ————$0$55.1M$49.5M$4.1M$30.0M$50.4M
Total current liabilities $501.6M$521.2M$836.4M$736.5M$550.5M$284.1M$445.1M$149.9M$216.5M$249.8M
Long-term debt ————$0$123.2M$151.5M$133.3M$111.4M$111.9M
Total liabilities $533.0M$560.4M$978.6M$989.5M$679.8M$440.2M$634.2M$329.8M$354.3M$385.0M
Retained earnings $2.81B$2.98B$3.33B$2.90B$1.08B$330.1M$200.9M$171.4M$133.3M$40.4M
Total equity $4.41B$4.36B$6.45B$6.60B$2.66B$798.9M$567.2M$525.1M$394.5M$271.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $49.7M-$435.4M$1.62B$2.46B$639.0M$209.7M$181.0M$95.6M$142.7M$98.7M
Depreciation and amortisation $236.7M$206.4M$148.9M$107.1M$77.4M$68.7M$47.4M$27.7M$27.8M$22.6M
Stock-based compensation $55.8M$71.8M$141.9M$307.4M$10.1M$17.9M$17.9M$13.8M$4.2M$2.7M
Capital expenditure $173.0M$358.8M$1.11B$1.21B$498.5M$118.3M$279.0M$143.1M$64.1M$66.5M
Investing cash flow -$134.2M-$1.48B-$1.20B-$998.4M-$781.9M-$118.5M-$261.8M-$164.7M-$67.9M-$68.1M
Financing cash flow -$850.0K-$47.4M-$795.4M$1.47B$736.2M-$95.5M$102.3M$86.7M-$37.4M-$30.3M
Buybacks —$5.0M$485.9M$124.9M——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-045134.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 196.2M Gross profit, FY2016: 77.8M Net income, FY2016: 43.5M Revenue, FY2017: 323.2M Gross profit, FY2017: 144M Net income, FY2017: 92.8M Revenue, FY2018: 301.6M Gross profit, FY2018: 98.1M Net income, FY2018: 38.1M Revenue, FY2019: 350M Gross profit, FY2019: 80.1M Net income, FY2019: 29.5M Revenue, FY2020: 675.6M Gross profit, FY2020: 234M Net income, FY2020: 129.2M Revenue, FY2021: 1.7B Gross profit, FY2021: 1.1B Net income, FY2021: 748.9M Revenue, FY2022: 4.6B Gross profit, FY2022: 3.4B Net income, FY2022: 1.8B Revenue, FY2023: 2.3B Gross profit, FY2023: 920.6M Net income, FY2023: 429.5M Revenue, FY2024: 1B Gross profit, FY2024: -212.9M Net income, FY2024: -345.2M Revenue, FY2025: 665.4M Gross profit, FY2025: -137.9M Net income, FY2025: -170.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $196.2M $323.2M $301.6M $350.0M $675.6M $1.68B $4.61B $2.31B $1.03B $665.4M
Gross profit $77.8M $144.0M $98.1M $80.1M $234.0M $1.10B $3.41B $920.6M -$212.9M -$137.9M
Net income $43.5M $92.8M $38.1M $29.5M $129.2M $748.9M $1.82B $429.5M -$345.2M -$170.5M

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