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DAQO New Energy Corp.

DQ Technology Solar

DAQO New Energy Corp.’s revenue for fiscal 2025 (year ended December 2025) was $665.4 million, down 35.3% from fiscal 2024.

Revenue
−20.6%
EPS
−391.1%
Free cash flow
+36.0%

Quarter to September 2026, against a year earlier

12.43 0.55 +4.63%
Market cap
$803.9M
P/E
0.0×
Fwd P/E
−3.0×
Dividend yield
—
F-score
5/9
Altman Z
3.22
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.20%

Capital & Financial Ratios $m

Size
Market Cap 803.92
Revenue ttm 505.24
Net income ttm (317.00)
Free cash flow ttm (253.25)
Net debt Q (1,830.31)
Valuation
P/E 0.00
Forward P/E (2.95) (negative: loss-making)
Price / sales 1.59
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.14
Financial health
Current ratio Q 4.54 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1.61
Growth
Revenue growth Q −20.62% (below 0%: shrinking)
Operating income growth Q −287.27% (below 0%: shrinking)
EPS, this year −71.47% (below 0%: weak)
EPS, next year A +47.65% (at or above 15%: strong)
Revenue, next year A −24.20% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +56.68% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −1.6×, against a ten-year median of 1.5×; over the ten years it ranged from −1.8× in 2026 to 11.1× in 2021.
P/S against its own 10 years 58.16%
10-year low 10-year high
P/B against its own 10 years 1.50%
10-year low 10-year high
EV/FCF against its own 10 years 39.69%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,048 2,135 2,067 1,830
Receivables 0 55 0 162
Inventory 173 150 169 392
Other 14 10 22 359
3,577 2,632 2,696 2,743
2023 2024 2025 Q'26
Payables 93 26 27 189
ST’ Debt — — — —
Other 149 37 49 200
836 521 502 605

Compound Annual Growth %

10y 5y 3y
Sales 13.84% (0.30%) (47.54%)
Cash Flow (2.87%) (25.03%) (72.78%)
Earnings 0.00% 0.00% 0.00%
Book Value 37.68% 49.25% (3.60%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate −0.21 Actual −0.78

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 −0.04 −0.11 Miss by 0.07
Mar 2026 −0.13 −1.31 Miss by 1.18
Jun 2026 −0.28 −1.20 Miss by 0.92
Sep 2026 −0.21 −0.78 Miss by 0.57
Dec 2026 −0.15 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (1.31) (1.20) (1.08) — —
’25 (1.07) (1.14) (0.22) (0.11) (2.53)
’24 0.24 (1.81) (0.92) (2.71) (5.22)
’23 3.52 1.34 (0.09) 0.76 5.73
’22 6.99 8.18 4.18 4.71 23.86
’21 1.08 3.03 3.81 1.94 9.85
’20 0.45 0.03 0.27 0.96 1.72
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 27 63 194 — —
’25 124 75 245 222 665
’24 415 220 198 195 1,029
’23 710 637 485 476 2,308
’22 1,280 1,244 1,220 864 4,608
’21 256 441 586 396 1,679
’20 169 134 126 248 676
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (148) (129) 61 — —
’25 (39) (67) 55 100 50
’24 (116) (163) (98) (59) (435)
’23 807 (21) 711 119 1,616
’22 231 897 568 766 2,463
’21 159 283 211 (14) 639
’20 31 16 24 139 210
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (176) (155) 31 — —
’25 (97) (97) 23 47 (123)
’24 (306) (274) (132) (92) (804)
’23 530 (250) 253 (99) 433
’22 130 897 568 (485) 1,212
’21 87 100 (233) (522) 131
’20 18 (31) 4 100 91
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 229 323 302 350 676 1,679 4,608 2,308 1,029 665 505 +12.6% 504 656 976 +13.6%
Gross margin, % 35.11 44.57 32.53 22.89 34.63 65.36 73.95 39.89 (20.69) (20.72) (52.89) (55.8) pt
EBT 51 115 74 38 162 1,035 3,057 818 (518) (237) (320) n/m
EBT margin, % 22.38 35.67 24.37 10.82 24.00 61.65 66.33 35.47 (50.34) (35.63) (63.37) (58.0) pt
Net income 44 98 62 28 134 865 2,480 653 (448) (216) (317) n/m
Per share, $
Per share, $ Revenue 4.38 6.10 4.84 5.15 9.51 22.73 60.74 30.89 15.55 9.88 7.47 +9.5%
Earnings 0.83 1.75 0.61 0.43 1.82 10.24 24.51 5.75 (5.22) (2.53) (3.70) n/m
Cash flow 1.88 2.69 1.53 2.67 2.95 8.65 32.46 21.63 (6.58) 0.74 (1.70) (9.9%)
Capex (1.29) (1.21) (2.29) (4.21) (1.67) (6.88) (16.48) (15.83) (5.58) (2.57) (2.04) +8.0%
Free cash flow 0.60 1.48 (0.76) (1.54) 1.29 1.77 15.98 5.80 (12.16) (1.83) (3.74) n/m
Book value 5.19 7.44 8.42 8.35 11.25 36.06 87.05 86.30 88.54 87.84 86.55 +36.9%
Shares, m 52 53 62 68 71 74 76 75 66 67 68 +2.8%
Valuation, ×
Valuation, × P/E 4.77 7.13 6.80 23.70 31.73 3.94 1.62 4.51 0.00 0.00 0.00 8.4
P/S 0.91 2.05 0.97 1.99 6.03 1.77 0.66 0.82 1.25 2.99 1.59 1.9
P/B 0.76 1.68 0.56 1.23 5.10 1.12 0.46 0.29 0.22 0.34 0.14 1.2
EV/Sales 1.72 2.43 1.15 2.46 6.14 1.27 (0.09) (0.41) (0.62) 0.20 (1.61) 1.4
EV/FCF 12.63 9.98 (7.31) (8.78) 45.39 (3.68) (2.70) (2.46) 0.79 (0.98) 3.09 4.3
Cash, $m
Cash, $m Operating cash flow 99 143 96 181 210 639 2,463 1,616 (435) 50 (115) (7.3%)
Capex (67) (64) (143) (286) (118) (508) (1,251) (1,183) (369) (173) (138) +11.0%
Free cash flow 31 79 (48) (105) 91 131 1,212 433 (804) (123) (253) n/m
Balance, $m
Balance, $m Working capital (176) (74) 10 (271) (104) 1,192 4,153 2,740 2,110 2,195 2,138 n/m
Net debt 186 122 56 166 75 (1,004) (3,534) (3,048) (2,135) (2,067) (1,830) n/m
Shareholders’ equity 272 395 525 567 799 2,664 6,605 6,448 5,858 5,916 5,857 +40.8%
Returns, %
Returns, % ROA 6.60 13.21 4.75 2.87 10.59 32.68 33.28 5.72 (4.99) (2.65) (3.58) (9.2) pt
ROIC 8.96 15.88 8.74 4.05 13.43 39.60 61.90 14.40 (6.52) (4.39) (5.41) (13.4) pt
ROE 16.94 27.87 8.29 5.41 18.91 43.26 39.27 6.58 (5.61) (2.90) 0.00 (19.8) pt
People
People Employees 1,813 1,702 1,518 1,892 1,896 2,399 4,099 5,765 4,749 3,842 — +8.7%
Revenue/emp, $m 0.13 0.19 0.20 0.18 0.36 0.70 1.12 0.40 0.22 0.17 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

DAQO New Energy Corp. vs peers in Solar (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ENPH Enphase Energy, Inc. $3.8B 42.5× 82.4× −28.53% (below 0%: shrinking) −65.31% (below 0%: shrinking) −293.17% (below 0%: shrinking) 43.34% 2.20% Compare
RUN Sunrun Inc. $2.4B 4.4× 5.4× +51.75% (above 0%: growing) +814.29% (above 0%: growing) +134.84% (above 0%: growing) 0.00% 13.96% Compare
SEDG SolarEdge Technologies, Inc. $1.6B — (loss-making) — (loss-making) −4.15% (below 0%: shrinking) n/m −84.40% (below 0%: shrinking) 33.19% (0.58%) Compare
SHLS Shoals Technologies Group, Inc. $1.5B 40.0× 28.7× +43.82% (above 0%: growing) +51.57% (above 0%: growing) +190.08% (above 0%: growing) 31.95% 14.83% Compare
ARRY Array Technologies, Inc. $816.2M — (loss-making) 18.1× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16% Compare
DQ DAQO New Energy Corp. $803.9M — (loss-making) — (loss-making) −20.62% (below 0%: shrinking) n/m +35.96% (above 0%: growing) (31.20%) (40.50%)
JKS Jinko Holdings Limited - Unsponsored ADR $517.2M — (loss-making) — (loss-making) −27.48% (below 0%: shrinking) n/m +78.73% (above 0%: growing) 4.15% (11.62%) Compare
TOYO TOYO Co., Ltd. $211.9M 4.3× 2.4× — +666.67% (above 0%: growing) +139.07% (above 0%: growing) 31.28% 19.08% Compare
SPWR CSLM Acquisition Corp. $78.6M — (loss-making) — (loss-making) −17.03% (below 0%: shrinking) n/m −499.66% (below 0%: shrinking) 45.50% (42.76%) Compare
Median of peers $1.2B 22.2× 18.1× −5.57% +51.57% +106.79% 31.62% 6.18%

All 24 Solar stocks →

DAQO New Energy Corp. (DQ) Latest News

28 Oct

Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · MarketBeat
Impact 4 · · PR Newswire

4 Oct

Impact 4 · · Simply Wall St.

27 Aug

Impact 4 ·

25 Aug

Impact 3 ·

20 Aug

Impact 4 ·
Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

27 Jun

Impact 4 ·

3 Jun

Impact 4 · · PR Newswire

11 May

Impact 4 · · Simply Wall St.

9 May

Impact 4 · · Insider Monkey

4 May

Impact 3 · · Simply Wall St.

3 May

Impact 4 · · Insider Monkey

30 Apr

Impact 4 · · MarketBeat

29 Apr

Impact 4 · · PR Newswire
Impact 3 · · Zacks

28 Feb

Impact 4 · · MarketBeat
Impact 3 ·

26 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Simply Wall St.
Impact 4 · · Associated Press Finance
Impact 4 · · PR Newswire
Impact 3 · · Zacks

26 Jan

Impact 4 · · Simply Wall St.

17 Jan

Impact 3 · · Simply Wall St.

16 Jan

Impact 3 · · Simply Wall St.
stockrow.com/DQ · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com