Saturday 17 October 2026
Export DQ’s income statement to Excel — free account
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. In the quarter to June 2026, revenue fell 16.7%, EPS fell 5.26% and free cash flow fell 60.4%, each against the same quarter a year earlier.
10.23
0.42
−3.94%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
7 | 8 | 4 | 4 | 8 | 7 | 8 | 5 | 3 | 5 |
P/E ratio |
4.77 | 7.13 | 6.80 | 23.70 | 31.73 | 3.94 | 1.62 | 4.61 | 0.00 | 0.00 |
P/S ratio |
0.91 | 2.05 | 0.97 | 1.99 | 6.03 | 1.77 | 0.66 | 0.82 | 1.25 | 2.99 |
Altman Z-Score |
0.76 | 2.21 | 1.49 | 1.04 | 6.87 | 5.05 | 4.90 | 2.95 | 2.38 | 3.22 |
P/FCF ratio |
6.66 | 8.44 | 0.00 | 0.00 | 44.56 | 0.00 | 19.92 | 4.85 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
(0.15) | 2.28 | 3.04 | 0.27 | 3.24 | 9.62 | 14.53 | 11.51 | 14.24 | 15.03 |
P/Operating CF |
7.50 | 14.97 | 9.13 | 8.76 | 29.39 | (211.53) | 3.96 | 15.86 | (21.82) | 19.93 |
Beneish M-Score |
(3.55) | (1.98) | (0.87) | (4.08) | (0.86) | 1,048.53 | (2.10) | (0.10) | — | — |
P/B ratio |
0.76 | 1.68 | 0.56 | 1.23 | 5.10 | 1.12 | 0.46 | 0.29 | 0.22 | 0.34 |
Price to Tangible BV |
0.76 | 1.68 | 0.56 | 1.23 | 5.10 | 1.12 | 0.46 | 0.29 | 0.22 | 0.34 |
EV/Sales |
1.72 | 2.43 | 1.15 | 2.46 | 6.14 | 1.27 | (0.09) | (0.41) | (0.62) | 0.20 |
EV/EBITDA |
3.96 | 4.95 | 3.19 | 15.31 | 22.09 | 2.03 | 0.00 | 0.00 | 1.64 | 0.00 |
EV/Operating CF |
3.99 | 5.50 | 3.64 | 4.76 | 19.78 | 3.33 | (0.17) | (0.59) | 1.47 | 2.64 |
EV/FCF |
12.63 | 9.98 | (7.31) | (8.78) | 45.39 | (3.68) | (2.70) | (2.46) | 0.79 | (0.98) |
Quick Ratio |
0.15 | 0.30 | 0.79 | 0.26 | 0.42 | 2.49 | 4.80 | 3.64 | 4.20 | 4.12 |
Current Ratio |
0.29 | 0.66 | 1.07 | 0.39 | 0.63 | 3.17 | 6.64 | 4.28 | 5.05 | 5.37 |
Net Debt/EBITDA |
1.87 | 0.77 | 0.51 | 1.75 | 0.29 | (0.89) | (1.12) | (3.27) | 11.94 | 68.42 |
Debt/Assets |
33.19% | 24.74% | 20.06% | 23.32% | 15.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.80 | 0.47 | 0.33 | 0.49 | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.35 | 0.46 | 0.38 | 0.34 | 0.55 | 0.73 | 0.84 | 0.31 | 0.15 | 0.10 |
Operating CF/Net income |
2.27 | 1.54 | 2.51 | 6.13 | 1.62 | 0.85 | 1.35 | 3.76 | 1.26 | (0.29) |
Capex/Depreciation |
(2.00) | (2.32) | (5.16) | (6.03) | (1.72) | (6.57) | (11.68) | (7.94) | (1.76) | (0.72) |
Interest Coverage |
4.51 | 8.06 | 7.55 | 4.57 | 7.30 | 51.33 | (210.09) | (14.98) | — | — |
| 16.94% | 27.87% | 8.29% | 5.41% | 18.91% | 43.26% | 39.27% | 6.58% | (5.61%) | (2.90%) | |
| 6.60% | 13.21% | 4.75% | 2.87% | 10.59% | 32.68% | 33.28% | 5.72% | (4.99%) | (2.65%) | |
ROIC |
8.96% | 15.88% | 8.74% | 4.05% | 13.43% | 39.60% | 61.90% | 14.40% | (6.52%) | (4.39%) |
Return on Tangible Assets |
11.42% | 22.57% | 6.08% | 4.08% | 13.99% | 27.22% | 26.93% | 6.75% | (6.15%) | (3.05%) |
Average Days of Receivables |
10.14 | 0.80 | 2.42 | 0.03 | 0.07 | 79.58 | 0.00 | 0.01 | 19.57 | 0.01 |
Research and Development Expense of Revenue |
1.75% | 0.21% | 0.91% | 1.63% | 1.01% | 0.39% | 0.22% | 0.44% | 0.44% | 0.39% |
Selling, General and Administrative Expense of Revenue |
7.03% | 4.96% | 8.98% | 9.27% | 5.84% | 2.38% | 7.68% | 9.24% | 13.90% | 17.77% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
1.18% | 1.30% | 4.57% | 5.11% | 2.65% | 0.60% | 6.67% | 6.15% | 6.98% | 8.39% |
Graham Net Nets |
(1.50) | (0.32) | (0.58) | (0.66) | (0.06) | 0.36 | 1.29 | 1.38 | 1.61 | 1.09 |
Graham Number |
9.86 | 17.14 | 11.42 | 9.01 | 21.39 | 91.11 | 219.46 | 102.97 | 0.00 | 0.00 |
Earnings Yield |
20.96% | 14.02% | 14.70% | 4.22% | 3.15% | 25.37% | 61.55% | 21.68% | (26.75%) | (8.61%) |
Free Cash Flow Yield |
15.01% | 11.85% | (16.28%) | (14.10%) | 2.24% | (19.46%) | 5.02% | 20.62% | (62.54%) | (6.72%) |
Revenue per Share |
4.38 | 6.10 | 4.84 | 5.15 | 9.51 | 22.73 | 60.74 | 30.89 | 15.55 | 9.88 |
Operating CF per Share |
1.88 | 2.69 | 1.53 | 2.67 | 2.95 | 8.65 | 32.46 | 21.63 | (6.58) | 0.74 |
Capex per Share |
(1.29) | (1.21) | (2.29) | (4.21) | (1.67) | (6.88) | (16.48) | (15.83) | (5.58) | (2.57) |
Free Cash Flow per Share |
0.60 | 1.48 | (0.76) | (1.54) | 1.29 | 1.77 | 15.98 | 5.80 | (12.16) | (1.83) |
Cash per Share |
0.61 | 1.20 | 1.86 | 1.69 | 1.67 | 13.59 | 46.58 | 40.79 | 32.27 | 30.68 |
Shareholders Equity per Share |
5.19 | 7.44 | 8.42 | 8.35 | 11.25 | 36.06 | 87.05 | 86.30 | 88.54 | 87.84 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
5.19 | 7.44 | 8.42 | 8.35 | 11.25 | 36.06 | 87.05 | 86.30 | 88.54 | 87.84 |
Free Cash Flow |
31.19 | 78.62 | (47.51) | (104.65) | 91.41 | 130.73 | 1,212.13 | 433.16 | (804.34) | (123.34) |
Working Capital |
(176.45) | (74.15) | 10.21 | (270.82) | (103.86) | 1,192.48 | 4,152.62 | 2,740.15 | 2,110.31 | 2,194.56 |
Capital Expenditures |
(67.48) | (64.08) | (143.06) | (285.64) | (118.29) | (508.26) | (1,250.52) | (1,182.88) | (368.92) | (173.01) |
Net Current Asset Value |
(311.68) | (211.89) | (169.73) | (459.87) | (259.96) | 1,063.16 | 3,899.67 | 2,598.00 | 2,071.17 | 2,163.17 |
EV/EBIT |
6.00 | 5.99 | 4.28 | 18.13 | 22.09 | 2.03 | 0.00 | 0.00 | 1.64 | 0.00 |
Capex to Sales |
0.29 | 0.20 | 0.47 | 0.82 | 0.18 | 0.30 | 0.27 | 0.51 | 0.36 | 0.26 |
Price to Operating Income |
3.17 | 5.06 | 3.59 | 14.65 | 21.68 | 2.83 | 1.00 | 2.40 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.06 | 0.06 | 0.04 | 0.05 | 0.07 | 0.05 | 0.04 | 0.04 | 0.06 | 0.07 |
Cash ROIC |
5.98% | 12.22% | (5.85%) | (10.88%) | 8.23% | 3.56% | 11.96% | 4.56% | (10.06%) | (1.55%) |
Accounts Receivable Turnover |
17.29 | 91.41 | 223.24 | 345.57 | 8,498.14 | 9.17 | 25.18 | 88,757.50 | 37.28 | 24.12 |
Accounts Payable Turnover |
8.21 | 9.41 | 14.28 | 24.64 | 27.89 | 11.58 | 14.70 | 15.87 | 20.82 | 30.27 |
Inventory Turnover |
12.93 | 12.81 | 13.07 | 10.41 | 11.24 | 3.14 | 4.83 | 8.09 | 7.69 | 5.04 |
Average Days of Payables |
46.02 | 39.35 | 16.49 | 17.19 | 15.67 | 51.13 | 24.89 | 24.44 | 7.77 | 12.10 |
Days of Inventory on Hand |
30.15 | 31.95 | 27.71 | 49.22 | 34.85 | 205.71 | 51.54 | 45.60 | 44.06 | 76.84 |
Average Receivables |
13.25 | 3.54 | 1.35 | 1.01 | 0.08 | 183.06 | 183.01 | 0.03 | 27.60 | 27.59 |
Average Payables |
18.12 | 19.03 | 14.25 | 10.95 | 15.83 | 50.21 | 81.67 | 87.38 | 59.66 | 26.54 |
Average Inventory |
11.50 | 13.98 | 15.57 | 25.92 | 39.28 | 184.97 | 248.64 | 171.39 | 161.61 | 159.52 |
Average Assets |
658.78 | 702.74 | 801.86 | 1,028.14 | 1,220.25 | 2,291.40 | 5,468.87 | 7,510.48 | 6,922.55 | 6,433.78 |
Average Common Equity |
256.69 | 333.13 | 459.83 | 546.14 | 683.04 | 1,731.37 | 4,634.22 | 6,526.44 | 6,153.08 | 5,887.09 |
Columns are period end dates