NYSE : DQ
Daqo New Energy Corp. — Financial statements
Technology · Semiconductor Equipment & Materials · China
Last price 11.26 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 761.92M
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Financial statements
Daqo New Energy Corp. (DQ) reported revenue of 505.24M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 505.24M | 665.41M | 1.03B | 2.31B | 4.61B | 1.68B |
| Cost of Revenue | 772.45M | 803.27M | 1.24B | 1.39B | 1.20B | 581.59M |
| Gross Profit | -267.21M | -137.85M | -212.93M | 920.65M | 3.41B | 1.10B |
| Selling, General & Admin | 62.99M | 118.22M | 143.09M | 213.24M | 354.07M | 39.90M |
| Research & Development | 5.78M | 2.58M | 4.56M | 10.12M | 10.04M | 6.50M |
| Other Operating Expenses | -8.36M | -9.21M | -9.10M | -90.52M | -5.72M | -609.00K |
| Operating Expenses | 78.91M | 130.10M | 156.62M | 132.84M | 358.39M | 45.79M |
| Operating Income | -346.12M | -267.95M | -369.55M | 787.81M | 3.05B | 1.05B |
| Interest Expense | -20.48M | |||||
| Interest & Investment Income | 28.24M | 33.09M | 48.41M | 52.41M | 15.58M | 4.01M |
| Currency Exchange Gain (Loss) | -13.00K | 31.00K | -2.38M | -17.37M | 680.00K | |
| EBT Excluding Unusual Items | -317.90M | -234.83M | -323.52M | 822.85M | 3.07B | 1.03B |
| Gain (Loss) on Sale of Assets | -2.29M | -2.29M | -18.91M | -4.38M | -8.90M | |
| Asset Writedown | -175.63M | |||||
| Pretax Income | -320.18M | -237.12M | -518.06M | 818.47M | 3.06B | 1.03B |
| Income Tax Expense | -3.19M | -21.03M | -69.91M | 165.59M | 577.25M | 170.10M |
| Earnings From Continuing Operations | -317.00M | -216.08M | -448.15M | 652.89M | 2.48B | 864.85M |
| Net Income to Company | -317.00M | -216.08M | -448.15M | 652.89M | 2.48B | 864.85M |
| Minority Interest in Earnings | 87.34M | 45.57M | 102.94M | -223.34M | -659.84M | -115.92M |
| Net Income | -229.65M | -170.51M | -345.21M | 429.55M | 1.82B | 748.92M |
| Net Income to Common | -229.65M | -170.51M | -345.21M | 429.55M | 1.82B | 748.92M |
| Shares Outstanding (Basic) | 67.67M | 67.35M | 66.16M | 74.72M | 75.87M | 73.87M |
| Shares Outstanding (Diluted) | 67.67M | 67.35M | 66.16M | 74.96M | 77.29M | 76.75M |
| EPS (Basic) | -3.39 | -2.53 | -5.22 | 5.75 | 23.98 | 10.14 |
| EPS (Diluted) | -3.40 | -2.55 | -5.22 | 5.73 | 23.34 | 9.75 |
| Free Cash Flow | -253.25M | -123.34M | -794.25M | 505.30M | 1.26B | 140.48M |
| Free Cash Flow Per Share | -3.74 | -1.83 | -12.01 | 6.74 | 16.27 | 1.83 |
| Gross Margin | -52.89% | -20.72% | -20.69% | 39.90% | 73.95% | 65.36% |
| Operating Margin | -68.51% | -40.27% | -35.91% | 34.14% | 66.17% | 62.63% |
| Profit Margin | -45.45% | -25.62% | -33.55% | 18.61% | 39.49% | 44.61% |
| Free Cash Flow Margin | -50.12% | -18.54% | -77.18% | 21.90% | 27.28% | 8.37% |
| EBITDA | -98.57M | -31.28M | -163.19M | 936.70M | 3.16B | 1.13B |
| EBITDA Margin | -19.51% | -4.70% | -15.86% | 40.59% | 68.50% | 67.24% |
| D&A For EBITDA | 247.55M | 236.67M | 206.36M | 148.89M | 107.10M | 77.37M |
| EBIT | -346.12M | -267.95M | -369.55M | 787.81M | 3.05B | 1.05B |
| EBIT Margin | -68.51% | -40.27% | -35.91% | 34.14% | 66.17% | 62.63% |
| Effective Tax Rate | 20.23% | 18.88% | 16.44% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 546.48M | 856.05M | 1.01B | 3.04B | 3.50B | 723.77M |
| Short-Term Investments | 1.23B | 1.09B | 1.10B | 13.93M | 280.25M | |
| Cash & Short-Term Investments | 1.78B | 1.94B | 2.10B | 3.04B | 3.51B | 1.00B |
| Accounts Receivable | 161.56M | 135.50M | 55.15M | 116.36M | 1.13B | 365.91M |
| Other Receivables | 15.00K | 34.00K | 18.00K | |||
| Receivables | 161.56M | 135.52M | 55.15M | 116.39M | 1.13B | 365.91M |
| Inventory | 392.14M | 169.10M | 149.94M | 173.27M | 169.52M | 327.77M |
| Prepaid Expenses | 303.06M | 280.88M | 224.65M | 52.93M | 41.68M | |
| Restricted Cash | 124.24M | 31.81M | 9.13M | 20.86M | 191.00K | |
| Other Current Assets | 410.52M | 21.87M | 10.40M | 14.31M | 852.00K | 3.40M |
| Total Current Assets | 2.74B | 2.70B | 2.63B | 3.58B | 4.89B | 1.74B |
| Property, Plant & Equipment | 3.38B | 3.40B | 3.50B | 3.63B | 2.61B | 1.56B |
| Long-Term Investments | 67.04M | 63.21M | 27.64M | 27.58M | ||
| Other Intangible Assets | 169.02M | 155.58M | 152.87M | 150.36M | 80.33M | 40.74M |
| Long-Term Deferred Tax Assets | 113.45M | 84.60M | 3.42M | 1.81M | ||
| Other Long-Term Assets | 140.22M | 21.85M | 22.39M | 42.50M | 17.60M | 820.00K |
| Total Assets | 6.50B | 6.45B | 6.42B | 7.43B | 7.59B | 3.34B |
| Accounts Payable | 188.68M | 129.66M | 33.27M | 95.72M | 103.17M | 81.70M |
| Accrued Expenses | 39.07M | 33.31M | 73.08M | 51.50M | 40.85M | |
| Current Income Taxes Payable | 12.00K | 511.00K | 89.80M | 221.63M | 71.47M | |
| Current Unearned Revenue | 140.09M | 48.79M | 37.19M | 148.98M | 121.99M | 202.96M |
| Other Current Liabilities | 275.79M | 284.09M | 416.95M | 428.84M | 238.24M | 153.52M |
| Total Current Liabilities | 604.56M | 501.62M | 521.24M | 836.43M | 736.54M | 550.50M |
| Long-Term Unearned Revenue | 15.32M | 30.87M | 38.60M | 132.00M | 172.41M | 112.60M |
| Long-Term Deferred Tax Liabilities | 519.00K | 544.00K | 10.15M | 80.54M | 16.73M | |
| Other Long-Term Liabilities | 18.91M | |||||
| Total Liabilities | 638.78M | 533.01M | 560.38M | 978.58M | 989.49M | 679.82M |
| Common Stock | 4.37B | 42.00K | 42.00K | 41.00K | 40.00K | 38.00K |
| Additional Paid-In Capital | 2.46B | 2.41B | 2.34B | 2.21B | 1.02B | |
| Retained Earnings | 2.81B | 2.98B | 3.33B | 2.90B | 1.08B | |
| Treasury Stock | -617.61M | -617.61M | -612.61M | -126.68M | -1.75M | |
| Comprehensive Income & Other | -252.91M | -413.21M | -294.00M | -176.03M | 67.77M | |
| Total Common Equity | 4.37B | 4.41B | 4.36B | 4.76B | 4.81B | 2.16B |
| Minority Interest | 1.49B | 1.51B | 1.50B | 1.69B | 1.80B | 501.87M |
| Shareholders' Equity | 5.86B | 5.92B | 5.86B | 6.45B | 6.60B | 2.66B |
| Total Liabilities & Equity | 6.50B | 6.45B | 6.42B | 7.43B | 7.59B | 3.34B |
| Net Cash (Debt) | 1.78B | 1.94B | 2.10B | 3.04B | 3.51B | 1.00B |
| Net Cash Per Share | 26.29 | 28.84 | 31.79 | 40.54 | 45.46 | 13.08 |
| Filing Date Shares Outstanding | 67.67M | 67.67M | 67.06M | 66.01M | 77.27M | 74.51M |
| Total Common Shares Outstanding | 67.67M | 67.67M | 66.75M | 65.70M | 78.20M | 74.51M |
| Working Capital | 2.14B | 2.19B | 2.11B | 2.74B | 4.15B | 1.19B |
| Book Value Per Share | 64.59 | 65.12 | 65.33 | 72.48 | 61.47 | 29.02 |
| Tangible Book Value | 4.20B | 4.25B | 4.21B | 4.61B | 4.73B | 2.12B |
| Tangible Book Value Per Share | 62.09 | 62.83 | 63.04 | 70.19 | 60.44 | 28.47 |
| Buildings | 1.27B | 1.22B | 906.29M | 555.71M | 468.31M | |
| Machinery | 3.25B | 3.10B | 2.15B | 1.18B | 970.79M | |
| Construction In Progress | 19.24M | 50.09M | 1.11B | 1.28B | 586.55M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -229.65M | -170.51M | -345.21M | 429.55M | 1.82B | 748.92M |
| Depreciation & Amortization | 247.55M | 236.67M | 206.36M | 148.89M | 107.10M | 77.37M |
| Other Amortization | 3.36M | 3.36M | 3.32M | 2.37M | 1.22M | 821.00K |
| Loss (Gain) From Sale of Assets | 2.29M | 2.29M | 18.91M | 4.38M | 8.90M | 2.75M |
| Asset Writedown & Restructuring Costs | 175.63M | |||||
| Loss (Gain) From Sale of Investments | -1.36M | -1.36M | -29.00K | -110.00K | -1.11M | -2.41M |
| Stock-Based Compensation | 55.82M | 55.82M | 71.79M | 141.92M | 307.45M | 10.08M |
| Provision & Write-off of Bad Debts | 18.50M | 18.50M | 18.07M | |||
| Other Operating Activities | -130.75M | -21.63M | -28.89M | 231.26M | 668.25M | 120.30M |
| Change in Inventory | -45.13M | -45.13M | -59.01M | -26.62M | 140.60M | -275.43M |
| Change in Accounts Payable | -863.00K | -863.00K | -64.83M | 13.37M | 7.00M | 61.07M |
| Change in Unearned Revenue | 556.00K | 556.00K | -191.85M | -7.88M | -4.62M | 243.13M |
| Change in Income Taxes | -508.00K | -508.00K | -88.12M | -126.12M | 160.06M | 47.45M |
| Change in Other Net Operating Assets | -10.25M | -2.61M | -59.60M | 875.13M | -817.05M | -408.03M |
| Operating Cash Flow | -115.36M | 49.67M | -435.42M | 1.62B | 2.46B | 638.99M |
| Capital Expenditures | -137.89M | -173.01M | -358.83M | -1.11B | -1.21B | -498.50M |
| Sale (Purchase) of Intangibles | -8.77M | -10.09M | -72.15M | -45.19M | -9.76M | |
| Investment in Securities | 225.94M | 38.78M | -1.11B | -13.07M | 252.10M | -273.63M |
| Investing Cash Flow | 79.28M | -134.23M | -1.48B | -1.20B | -998.42M | -781.89M |
| Short-Term Debt Issued | 140.00M | 178.75M | ||||
| Long-Term Debt Issued | 62.03M | |||||
| Total Debt Issued | 140.00M | 178.75M | 62.03M | |||
| Short-Term Debt Repaid | -140.00M | -178.75M | ||||
| Long-Term Debt Repaid | -262.91M | |||||
| Total Debt Repaid | -140.00M | -178.75M | -262.91M | |||
| Net Debt Issued (Repaid) | -200.87M | |||||
| Issuance of Common Stock | 57.00K | 4.00K | 995.00K | 2.14M | ||
| Repurchase of Common Stock | -5.00M | -485.93M | -124.93M | |||
| Other Financing Activities | -8.61M | -850.00K | -42.41M | -309.47M | 1.60B | 934.96M |
| Financing Cash Flow | -8.61M | -850.00K | -47.36M | -795.40M | 1.47B | 736.23M |
| Foreign Exchange Rate Adjustments | 39.60M | 27.36M | -46.05M | -97.08M | -139.94M | 12.24M |
| Net Cash Flow | -5.08M | -58.06M | -2.01B | -472.39M | 2.80B | 605.56M |
| Free Cash Flow | -253.25M | -123.34M | -794.25M | 505.30M | 1.26B | 140.48M |
| Free Cash Flow Margin | -50.12% | -18.54% | -77.18% | 21.90% | 27.28% | 8.37% |
| Free Cash Flow Per Share | -3.74 | -1.83 | -12.01 | 6.74 | 16.27 | 1.83 |
| Levered Free Cash Flow | -337.66M | -289.85M | -624.05M | 540.55M | 620.45M | -74.06M |
| Unlevered Free Cash Flow | -337.66M | -289.85M | -624.05M | 540.55M | 620.45M | -61.26M |
| Cash Interest Paid | 4.72M | 7.93M | 21.16M | |||
| Cash Income Tax Paid | 4.34M | 4.34M | 102.50M | 289.53M | 350.58M | 108.10M |
| Change in Working Capital | -81.10M | -73.46M | -555.37M | 657.80M | -448.95M | -318.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 728.76M | 1.98B | 1.28B | 2.06B | 2.89B | 2.96B |
| Enterprise Value | -1.05B | 1.45B | 588.23M | 386.09M | 1.40B | 2.35B |
| Last Close Price | 10.77 | 29.50 | 19.44 | 26.60 | 38.61 | 40.32 |
| PE Ratio | 4.79 | 1.59 | 3.96 | |||
| Forward PE | 5.78 | 5.78 | 4.96 | 1.80 | 3.43 | |
| PS Ratio | 1.44 | 2.97 | 1.25 | 0.89 | 0.63 | 1.77 |
| PB Ratio | 0.17 | 0.33 | 0.22 | 0.32 | 0.44 | 1.11 |
| P/TBV Ratio | 0.17 | 0.47 | 0.30 | 0.45 | 0.61 | 1.40 |
| P/FCF Ratio | 4.07 | 2.30 | 21.10 | |||
| P/OCF Ratio | 39.83 | 1.27 | 1.18 | 4.64 | ||
| PEG Ratio | 0.41 | 0.41 | 0.41 | 0.41 | 0.06 | |
| EV/Sales Ratio | 2.18 | 0.57 | 0.17 | 0.30 | 1.40 | |
| EV/EBITDA Ratio | 0.41 | 0.44 | 2.08 | |||
| EV/EBIT Ratio | 0.49 | 0.46 | 2.23 | |||
| EV/FCF Ratio | 0.76 | 1.11 | 16.69 | |||
| Net Debt / Equity Ratio | -0.30 | -0.33 | -0.36 | -0.47 | -0.53 | -0.38 |
| Net Debt / EBITDA Ratio | 18.05 | 62.10 | 12.89 | -3.24 | -1.11 | -0.89 |
| Net Debt / FCF Ratio | 7.02 | 15.75 | 2.65 | -6.01 | -2.79 | -7.15 |
| Asset Turnover | 0.08 | 0.10 | 0.15 | 0.31 | 0.84 | 0.73 |
| Inventory Turnover | 3.01 | 5.04 | 7.68 | 8.09 | 4.83 | 3.08 |
| Quick Ratio | 3.21 | 4.14 | 4.14 | 3.77 | 6.31 | 2.49 |
| Current Ratio | 4.54 | 5.38 | 5.05 | 4.28 | 6.64 | 3.17 |
| Return on Equity (ROE) | -5.42% | -3.67% | -7.28% | 10.00% | 53.51% | 49.95% |
| Return on Assets (ROA) | -3.37% | -2.60% | -3.34% | 6.56% | 34.85% | 28.68% |
| Return on Invested Capital (ROIC) | -8.43% | -6.93% | -10.32% | 19.33% | 104.13% | 68.22% |
| Return on Capital Employed (ROCE) | -5.90% | -4.50% | -6.30% | 12.00% | 44.50% | 37.60% |
| Earnings Yield | -31.60% | -8.62% | -26.90% | 20.90% | 62.86% | 25.27% |
| FCF Yield | -34.75% | -6.24% | -61.90% | 24.59% | 43.43% | 4.74% |
| Buyback Yield / Dilution | -0.86% | -1.80% | 11.74% | 3.01% | -0.70% | -2.33% |