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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%
Market cap
$720.7M
P/E
0.0×
Fwd P/E
−9.7×
Dividend yield
—
F-score
5/9
Altman Z
3.22
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 720.69
Revenue 555.69
Net Income (258.74)
Free Cash Flow (261.49)
Net Debt (1,785.13)
Current Ratio 5.81 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (9.66) (negative: loss-making)
P/S ratio 0.25
P/B ratio 0.02
Past 5Y EPS Growth —
This Y EPS Growth (70.10%) (below 0%: weak)
Next Y EPS Growth 39.49% (at or above 15%: strong)
Next Y revenue growth (58.52%) (below 0%: weak)
Next 5Y EPS Growth 70.94% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −2.6×, against a ten-year median of 1.5×; over the ten years it ranged from −2.6× in 2025 to 11.1× in 2021.
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 0.04%
10-year low 10-year high
EV/FCF against its own 10 years 44.64%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,048 2,135 2,067 1,785
Receivables 0 55 0 72
Inventory 173 150 169 363
Other 14 10 22 365
3,577 2,632 2,696 2,585
2023 2024 2025 Q'26
Payables 93 26 27 131
ST’ Debt — — — —
Other 149 37 49 81
836 521 502 445

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 27 63 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (1.31) (1.20) — — —
’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) 0.64 5.62
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.31 3.60 4.07 4.51 8.32 36.45 32.20 21.48 13.62 12.41

Analyst estimates 2026–2028

Powerpack
High 5.52 12.79 14.50 10.70 68.81 130.33 77.18 55.60 30.85 36.59
People
People Employees 1,813 1,702 1,518 1,892 1,896 2,399 4,099 5,765 4,749 3,842
Revenue/emp, $m 0.13 0.19 0.20 0.18 0.36 0.70 1.12 0.40 0.22 0.17
Income, $m
Income, $m Revenue 229 323 302 350 676 1,679 4,608 2,308 1,029 665
Gross margin, % 35.11 44.57 32.53 22.89 34.63 65.36 73.95 39.89 (20.69) (20.72)
EBT 51 115 74 38 162 1,035 3,057 818 (518) (237)
EBT margin, % 22.38 35.67 24.37 10.82 24.00 61.65 66.33 35.47 (50.34) (35.63)
Net income 44 98 62 28 134 865 2,480 653 (448) (216)
Depreciation 34 28 28 47 69 77 107 149 210 240
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
Earnings 0.83 1.75 0.61 0.43 1.82 10.24 24.51 5.64 (5.22) (2.53)
Cash flow 1.88 2.69 1.53 2.67 2.95 8.65 32.46 21.63 (6.58) 0.74
Capex (1.29) (1.21) (2.29) (4.21) (1.67) (6.88) (16.48) (15.83) (5.58) (2.57)
Free cash flow 0.60 1.48 (0.76) (1.54) 1.29 1.77 15.98 5.80 (12.16) (1.83)
Book value 5.19 7.44 8.42 8.35 11.25 36.06 87.05 86.30 88.54 87.84
Shares, m 52 53 62 68 71 74 76 75 66 67
Valuation, ×
Valuation, × P/E 4.77 7.13 6.80 23.70 31.73 3.94 1.62 4.61 0.00 0.00
P/S 0.91 2.05 0.97 1.99 6.03 1.77 0.66 0.82 1.25 2.99
P/B 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/FCF 12.63 9.98 (7.31) (8.78) 45.39 (3.68) (2.70) (2.46) 0.79 (0.98)
Cash, $m
Cash, $m Operating cash flow 99 143 96 181 210 639 2,463 1,616 (435) 50
Capex (67) (64) (143) (286) (118) (508) (1,251) (1,183) (369) (173)
Free cash flow 31 79 (48) (105) 91 131 1,212 433 (804) (123)
Balance, $m
Balance, $m Working capital (176) (74) 10 (271) (104) 1,192 4,153 2,740 2,110 2,195
Total debt 218 185 172 280 194 — 21 — — —
Net debt 186 122 56 166 75 (1,004) (3,534) (3,048) (2,135) (2,067)
Shareholders’ equity 272 395 525 567 799 2,664 6,605 6,448 5,858 5,916
Returns, %
Returns, % ROA 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)
ROE 16.94 27.87 8.29 5.41 18.91 43.26 39.27 6.58 (5.61) (2.90)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $4.1B 30.0× 194× −19.63% (below 0%: shrinking) −3.57% (below 0%: shrinking) +41.15% (above 0%: growing) 59.97% 17.65% Compare
SEDG SolarEdge Technologies, Inc. $1.9B — (loss-making) — (loss-making) +19.63% (above 0%: growing) n/m +196.82% (above 0%: growing) 27.48% (4.63%) Compare
RUN Sunrun Inc. $1.8B 4.3× 10.8× +52.81% (above 0%: growing) −60.66% (below 0%: shrinking) +37.10% (above 0%: growing) 37.73% 4.00% Compare
SHLS Shoals Technologies Group, Inc. $1.3B 38.1× 42.0× +47.39% (above 0%: growing) −12.50% (below 0%: shrinking) +99.01% (above 0%: growing) 30.31% 11.46% Compare
DQ DAQO New Energy Corp. $720.7M — (loss-making) — (loss-making) −16.67% (below 0%: shrinking) n/m −60.43% (below 0%: shrinking) (132.00%) (156.53%)
ARRY Array Technologies, Inc. $549.8M — (loss-making) 43.9× −5.57% (below 0%: shrinking) −73.68% (below 0%: shrinking) +205.42% (above 0%: growing) 29.12% 10.16% Compare
JKS JinkoSolar Holding Company Limited $420.2M — (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. $176.0M 3.5× 6.7× — +666.67% (above 0%: growing) +139.07% (above 0%: growing) 31.28% 19.08% Compare
SPWR CSLM Acquisition Corp. $84.2M — (loss-making) — (loss-making) −17.03% (below 0%: shrinking) n/m −499.66% (below 0%: shrinking) 45.50% (42.76%) Compare
Median of peers $929.9M 17.1× 42.0× −5.57% −12.50% +88.87% 30.80% 7.08%

All 26 Solar stocks →

DAQO New Energy Corp. (DQ) key facts

  • Concern: DAQO New Energy Corp.’s revenue for fiscal 2025 (year ended December 2025) was $665.4 million, down 35.3% from fiscal 2024.
  • DAQO New Energy Corp. (DQ) is a Solar company in the Technology sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, DQ traded at $10.23, a market capitalization of $720.7 million.
  • Return on equity was −2.90% and debt-to-equity 0.00.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.22 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

DAQO New Energy Corp. (DQ) Latest News

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stockrow.com/DQ · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com