NYSE : Q
Qnity Electronics, Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 122.66 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 25.66B
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Financial statements
Qnity Electronics, Inc. (Q) reported revenue of 5.21B 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 | |
|---|---|---|---|---|---|
| Revenue | 5.21B | 4.75B | 4.33B | 4.04B | 4.75B |
| Cost of Revenue | 2.80B | 2.56B | 2.34B | 2.28B | 2.60B |
| Gross Profit | 2.41B | 2.19B | 2.00B | 1.75B | 2.16B |
| Selling, General & Admin | 689.00M | 613.00M | 579.00M | 535.00M | 514.00M |
| Research & Development | 374.00M | 354.00M | 314.00M | 303.00M | 329.00M |
| Amortization of Goodwill & Intangibles | 204.00M | 207.00M | 232.00M | 262.00M | 276.00M |
| Operating Expenses | 1.27B | 1.17B | 1.12B | 1.10B | 1.12B |
| Operating Income | 1.14B | 1.02B | 871.00M | 655.00M | 1.04B |
| Interest Expense | -187.00M | -65.00M | |||
| Interest & Investment Income | 9.00M | 4.00M | |||
| Earnings From Equity Investments | 49.00M | 47.00M | 37.00M | 16.00M | 31.00M |
| Currency Exchange Gain (Loss) | -6.00M | -4.00M | 5.00M | -1.00M | 6.00M |
| Other Non Operating Income (Expenses) | -38.00M | 3.00M | 3.00M | 6.00M | 7.00M |
| EBT Excluding Unusual Items | 968.00M | 1.01B | 916.00M | 676.00M | 1.08B |
| Merger & Restructuring Charges | -96.00M | -45.00M | -8.00M | -52.00M | -130.00M |
| Gain (Loss) on Sale of Assets | 6.00M | 1.00M | 16.00M | 8.00M | |
| Legal Settlements | -23.00M | ||||
| Pretax Income | 878.00M | 962.00M | 901.00M | 632.00M | 952.00M |
| Income Tax Expense | 248.00M | 233.00M | 177.00M | 99.00M | 151.00M |
| Earnings From Continuing Operations | 630.00M | 729.00M | 724.00M | 533.00M | 801.00M |
| Minority Interest in Earnings | -44.00M | -37.00M | -31.00M | -26.00M | -27.00M |
| Net Income | 586.00M | 692.00M | 693.00M | 507.00M | 774.00M |
| Net Income to Common | 586.00M | 692.00M | 693.00M | 507.00M | 774.00M |
| Shares Outstanding (Basic) | 209.70M | 209.60M | 209.40M | 209.40M | |
| Shares Outstanding (Diluted) | 210.25M | 209.80M | 209.40M | 209.40M | |
| EPS (Basic) | 2.79 | 3.30 | 3.31 | 2.42 | |
| EPS (Diluted) | 2.79 | 3.30 | 3.31 | 2.42 | |
| Free Cash Flow | 825.00M | 988.00M | 861.00M | 651.00M | 951.00M |
| Free Cash Flow Per Share | 3.92 | 4.71 | 4.11 | 3.11 | |
| Dividend Per Share | 0.22 | 0.06 | |||
| Gross Margin | 46.22% | 46.17% | 46.04% | 43.49% | 45.36% |
| Operating Margin | 21.90% | 21.48% | 20.09% | 16.23% | 21.83% |
| Profit Margin | 11.25% | 14.56% | 15.99% | 12.57% | 16.28% |
| Free Cash Flow Margin | 15.83% | 20.78% | 19.86% | 16.13% | 20.00% |
| EBITDA | 1.53B | 1.40B | 1.26B | 1.06B | 1.45B |
| EBITDA Margin | 29.29% | 29.39% | 29.18% | 26.22% | 30.54% |
| D&A For EBITDA | 385.00M | 376.00M | 394.00M | 403.00M | 414.00M |
| EBIT | 1.14B | 1.02B | 871.00M | 655.00M | 1.04B |
| EBIT Margin | 21.90% | 21.48% | 20.09% | 16.23% | 21.83% |
| Effective Tax Rate | 28.25% | 24.22% | 19.65% | 15.67% | 15.86% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 961.00M | 915.00M | 166.00M | 139.00M | |
| Cash & Short-Term Investments | 961.00M | 915.00M | 166.00M | 139.00M | |
| Accounts Receivable | 772.00M | 656.00M | 580.00M | 561.00M | |
| Other Receivables | 336.00M | 102.00M | 96.00M | ||
| Receivables | 1.14B | 992.00M | 682.00M | 657.00M | |
| Inventory | 730.00M | 661.00M | 597.00M | 534.00M | |
| Prepaid Expenses | 67.00M | 70.00M | 38.00M | 34.00M | |
| Total Current Assets | 2.90B | 2.64B | 1.48B | 1.36B | |
| Property, Plant & Equipment | 2.27B | 2.19B | 1.68B | 1.71B | |
| Long-Term Investments | 427.00M | 402.00M | 394.00M | 399.00M | |
| Goodwill | 7.52B | 7.52B | 7.38B | 7.46B | |
| Other Intangible Assets | 1.01B | 1.11B | 1.29B | 1.54B | |
| Long-Term Deferred Tax Assets | 38.00M | 42.00M | 42.00M | 42.00M | |
| Long-Term Deferred Charges | 163.00M | 161.00M | 14.00M | ||
| Other Long-Term Assets | 13.00M | ||||
| Total Assets | 14.33B | 14.07B | 12.27B | 12.52B | |
| Accounts Payable | 790.00M | 680.00M | 528.00M | 432.00M | |
| Accrued Expenses | 149.00M | 162.00M | 93.00M | 30.00M | |
| Current Portion of Long-Term Debt | 23.00M | 24.00M | |||
| Current Portion of Leases | 44.00M | 43.00M | 30.00M | 32.00M | |
| Current Income Taxes Payable | 120.00M | 150.00M | 161.00M | 142.00M | |
| Other Current Liabilities | 313.00M | 297.00M | 27.00M | 41.00M | |
| Total Current Liabilities | 1.44B | 1.36B | 839.00M | 677.00M | |
| Long-Term Debt | 4.00B | 4.00B | |||
| Long-Term Leases | 463.00M | 455.00M | 100.00M | 137.00M | |
| Long-Term Unearned Revenue | 44.00M | 46.00M | 35.00M | 21.00M | |
| Pension & Post-Retirement Benefits | 80.00M | 80.00M | 65.00M | 73.00M | |
| Long-Term Deferred Tax Liabilities | 228.00M | 273.00M | 259.00M | 341.00M | |
| Other Long-Term Liabilities | 531.00M | 491.00M | 79.00M | 83.00M | |
| Total Liabilities | 6.79B | 6.70B | 1.38B | 1.33B | |
| Common Stock | 2.00M | 2.00M | 11.06B | 11.18B | |
| Additional Paid-In Capital | 7.27B | 7.29B | |||
| Retained Earnings | 260.00M | 18.00M | |||
| Comprehensive Income & Other | -269.00M | -213.00M | -414.00M | -245.00M | |
| Total Common Equity | 7.26B | 7.09B | 10.64B | 10.94B | |
| Minority Interest | 285.00M | 271.00M | 252.00M | 246.00M | |
| Shareholders' Equity | 7.55B | 7.37B | 10.90B | 11.18B | |
| Total Liabilities & Equity | 14.33B | 14.07B | 12.27B | 12.52B | |
| Total Debt | 4.53B | 4.53B | 130.00M | 169.00M | |
| Net Cash (Debt) | -3.57B | -3.61B | 36.00M | -30.00M | |
| Net Cash Per Share | -16.96 | -17.21 | 0.17 | -0.14 | |
| Filing Date Shares Outstanding | 209.21M | 209.66M | 209.40M | 209.40M | |
| Total Common Shares Outstanding | 209.33M | 209.48M | 209.40M | 209.40M | |
| Working Capital | 1.45B | 1.28B | 644.00M | 687.00M | |
| Book Value Per Share | 34.68 | 33.86 | 50.83 | ||
| Tangible Book Value | -1.27B | -1.54B | 1.98B | 1.95B | |
| Tangible Book Value Per Share | -6.09 | -7.35 | 9.45 | ||
| Land | 73.00M | 71.00M | 73.00M | ||
| Buildings | 679.00M | 596.00M | 594.00M | ||
| Machinery | 2.21B | 1.81B | 1.76B | ||
| Construction In Progress | 188.00M | 194.00M | 159.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 586.00M | 692.00M | 693.00M | 507.00M | 774.00M |
| Depreciation & Amortization | 385.00M | 376.00M | 394.00M | 403.00M | 414.00M |
| Loss (Gain) From Sale of Assets | -6.00M | -1.00M | -16.00M | -8.00M | |
| Asset Writedown & Restructuring Costs | 1.00M | 20.00M | 8.00M | 52.00M | 119.00M |
| Loss (Gain) on Equity Investments | -7.00M | -5.00M | 4.00M | 11.00M | 11.00M |
| Stock-Based Compensation | 37.00M | 20.00M | 13.00M | 13.00M | 12.00M |
| Other Operating Activities | -25.00M | -43.00M | -49.00M | -53.00M | -101.00M |
| Change in Accounts Receivable | -136.00M | -12.00M | -53.00M | 12.00M | 20.00M |
| Change in Inventory | -87.00M | -51.00M | -84.00M | 86.00M | -90.00M |
| Change in Accounts Payable | 205.00M | 119.00M | 78.00M | -54.00M | -70.00M |
| Change in Income Taxes | 81.00M | 60.00M | 28.00M | -14.00M | 140.00M |
| Change in Other Net Operating Assets | 135.00M | 98.00M | 45.00M | -73.00M | -76.00M |
| Operating Cash Flow | 1.17B | 1.27B | 1.06B | 882.00M | 1.15B |
| Capital Expenditures | -344.00M | -285.00M | -200.00M | -231.00M | -202.00M |
| Sale of Property, Plant & Equipment | 6.00M | 15.00M | 5.00M | ||
| Other Investing Activities | 1.00M | 13.00M | |||
| Investing Cash Flow | -337.00M | -285.00M | -172.00M | -226.00M | -202.00M |
| Long-Term Debt Issued | 4.10B | ||||
| Net Debt Issued (Repaid) | 4.09B | 4.10B | |||
| Issuance of Common Stock | 1.00M | 1.00M | |||
| Common Dividends Paid | -47.00M | -13.00M | |||
| Other Financing Activities | -4.01B | -4.34B | -848.00M | -628.00M | -932.00M |
| Financing Cash Flow | -27.00M | -248.00M | -848.00M | -628.00M | -932.00M |
| Foreign Exchange Rate Adjustments | -23.00M | 9.00M | -14.00M | -4.00M | -10.00M |
| Net Cash Flow | 782.00M | 749.00M | 27.00M | 24.00M | 9.00M |
| Free Cash Flow | 825.00M | 988.00M | 861.00M | 651.00M | 951.00M |
| Free Cash Flow Margin | 15.83% | 20.78% | 19.86% | 16.13% | 20.00% |
| Free Cash Flow Per Share | 3.92 | 4.71 | 4.11 | 3.11 | |
| Levered Free Cash Flow | 772.25M | 776.50M | 823.38M | ||
| Unlevered Free Cash Flow | 889.12M | 817.12M | 823.38M | ||
| Cash Income Tax Paid | 94.00M | 94.00M | 62.00M | 80.00M | 58.00M |
| Change in Working Capital | 198.00M | 214.00M | 14.00M | -43.00M | -76.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 24.41B | 17.10B | |||
| Enterprise Value | 27.97B | 19.09B | |||
| Last Close Price | 116.67 | 81.50 | |||
| PE Ratio | 41.81 | 24.71 | |||
| Forward PE | 23.84 | 28.14 | |||
| PS Ratio | 4.68 | 3.60 | |||
| PB Ratio | 3.36 | 2.32 | |||
| P/FCF Ratio | 29.59 | 17.31 | |||
| P/OCF Ratio | 20.88 | 13.44 | |||
| PEG Ratio | 1.26 | 2.09 | |||
| EV/Sales Ratio | 5.37 | 4.01 | |||
| EV/EBITDA Ratio | 18.33 | 13.66 | |||
| EV/EBIT Ratio | 24.52 | 18.69 | |||
| EV/FCF Ratio | 33.91 | 19.32 | |||
| Debt / Equity Ratio | 0.60 | 0.61 | 0.01 | 0.01 | |
| Debt / EBITDA Ratio | 2.88 | 3.13 | 0.10 | 0.15 | |
| Debt / FCF Ratio | 5.49 | 4.58 | 0.15 | 0.26 | |
| Net Debt / Equity Ratio | 0.47 | 0.49 | -0.00 | 0.00 | |
| Net Debt / EBITDA Ratio | 2.34 | 2.58 | -0.03 | 0.03 | |
| Net Debt / FCF Ratio | 4.32 | 3.65 | -0.04 | 0.05 | |
| Asset Turnover | 0.39 | 0.36 | 0.35 | ||
| Inventory Turnover | 4.03 | 4.07 | 4.14 | ||
| Quick Ratio | 1.20 | 1.41 | 1.01 | 1.18 | |
| Current Ratio | 2.01 | 1.95 | 1.77 | 2.02 | |
| Return on Equity (ROE) | 6.72% | 7.98% | 6.56% | ||
| Return on Assets (ROA) | 5.30% | 4.84% | 4.39% | ||
| Return on Invested Capital (ROIC) | 7.36% | 7.09% | 6.34% | 4.93% | |
| Return on Capital Employed (ROCE) | 8.90% | 8.00% | 7.60% | 5.50% | |
| Earnings Yield | 2.39% | 4.05% | |||
| FCF Yield | 3.38% | 5.78% | |||
| Dividend Yield | 0.27% | 0.07% | |||
| Payout Ratio | 11.47% | 1.88% | |||
| Buyback Yield / Dilution | -0.41% | -0.19% | |||
| Total Shareholder Return | -0.13% | -0.12% |