DAQO NEW ENERGY CORP. DQ
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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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -1.04 | 1.15 | 4.80 | 2.03 | 0.36 | 0.09 | 0.12 | 0.35 | 0.17 |
| EPS, diluted | -0.51 | -1.04 | 1.15 | 4.67 | 1.95 | 0.34 | 0.08 | 0.12 | 0.34 | 0.16 |
| Shares, diluted (wtd. avg.) | $336.8M | $330.8M | $374.8M | $386.5M | $383.8M | $375.0M | $350.0M | $325.5M | $272.9M | $264.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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