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Friday 6 November 2026
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Qnity Electronics, Inc.
Q Technology Semiconductor Equipment & Materials
Qnity Electronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, up 9.67% from fiscal 2024.
- Revenue
- +21.9%
- EPS
- −7.33%
- Free cash flow
- −19.9%
- Total debt
- +133.4%
Quarter to September 2026, against a year earlier
115.05
5.01
+4.55%
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Target Price Range
Analyst price targets
Free accountTen 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 | — | — | — | — | — | — | — | 4,035 | 4,335 | 4,754 | 5,490 | +8.5% | 5,640 | 6,324 | 6,792 | +12.6% | |
| Gross margin, % | — | — | — | — | — | — | — | 43.49 | 46.04 | 46.17 | 46.92 | +2.7 pt | ||||||
| EBT | — | — | — | — | — | — | — | 632 | 901 | 962 | 853 | +23.4% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 15.66 | 20.78 | 20.24 | 15.54 | +4.6 pt | ||||||
| Net income | — | — | — | — | — | — | — | 533 | 724 | 729 | 603 | +16.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 19.27 | 20.70 | 22.68 | 26.22 | +8.5% | |||||
| Earnings | — | — | — | — | — | — | — | 2.42 | 3.46 | 3.30 | 2.73 | +16.8% | ||||||
| Cash flow | — | — | — | — | — | — | — | 4.21 | 5.07 | 6.07 | 5.43 | +20.1% | ||||||
| Capex | — | — | — | — | — | — | — | (1.08) | (0.88) | (1.36) | (1.70) | +12.2% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 3.13 | 4.18 | 4.71 | 3.74 | +22.7% | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 52.03 | 35.14 | 37.67 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 209 | 209 | 210 | 210 | 0.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 24.75 | 24.75 | 24.44 | 40.63 | 24.6 | |||||
| P/S | — | — | — | — | — | — | — | 4.23 | 4.23 | 3.60 | 4.22 | 4.0 | ||||||
| P/B | — | — | — | — | — | — | — | 2.12 | 2.12 | 2.32 | 2.94 | 2.2 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 4.57 | 4.57 | 4.25 | 4.75 | 4.5 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 26.79 | 26.79 | 20.47 | 33.32 | 24.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 882 | 1,061 | 1,273 | 1,138 | +20.1% | |||||
| Capex | — | — | — | — | — | — | — | (226) | (185) | (285) | (355) | +12.3% | ||||||
| Free cash flow | — | — | — | — | — | — | — | 656 | 876 | 988 | 783 | +22.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 644 | 1,282 | 1,676 | +99.1% | |||||
| Net debt | — | — | — | — | — | — | — | — | (166) | 3,112 | 2,895 | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 10,896 | 7,366 | 7,889 | (32.4%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 11.29 | 5.25 | 4.10 | +5.3 pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 4.89 | 5.78 | 6.36 | +5.8 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | 7.58 | 6.46 | +7.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 10,000 | 10,000 | — | 0.0% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 0.43 | 0.48 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Semiconductor Technologies | 2,642 | 55.57% |
|---|---|---|
| Interconnect Solutions | 2,112 | 44.43% |
| Gross margin | 46.17% | |
| Operating margin | 20.38% | |
| Pre-tax margin | 20.24% |
Qnity Electronics, Inc. vs peers in Semiconductor Equipment & Materials (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 |
|---|---|---|---|---|---|---|---|---|---|
| TER Teradyne, Inc. | $33.2B | 24.8× | 29.6× | +69.78% (above 0%: growing) | +192.00% (above 0%: growing) | +9,539.10% (above 0%: growing) | 59.06% | 30.78% | Compare |
| Q Qnity Electronics, Inc. | $23.0B | 40.6× | 32.1× | +21.94% (above 0%: growing) | −7.33% (below 0%: shrinking) | −19.92% (below 0%: shrinking) | 47.75% | 21.53% | |
| ENTG Entegris, Inc. | $19.1B | 49.6× | 46.0× | +24.61% (above 0%: growing) | +124.07% (above 0%: growing) | +22.32% (above 0%: growing) | 49.74% | 22.93% | Compare |
| NVMI Nova Ltd. | $8.9B | 32.4× | 32.9× | +15.90% (above 0%: growing) | +1.72% (above 0%: growing) | −10.48% (below 0%: shrinking) | 56.54% | 29.88% | Compare |
| ONTO Onto Innovation Inc. | $7.7B | 58.7× | 33.2× | +35.30% (above 0%: growing) | +76.81% (above 0%: growing) | +30.97% (above 0%: growing) | 53.41% | 18.52% | Compare |
| AMKR Amkor Technology, Inc. | $7.6B | 12.4× | 15.8× | +0.18% (above 0%: growing) | +50.94% (above 0%: growing) | +20.66% (above 0%: growing) | 18.26% | 11.29% | Compare |
| FORM FormFactor, Inc. | $5.6B | 32.8× | 31.9× | +38.42% (above 0%: growing) | +370.00% (above 0%: growing) | +233.17% (above 0%: growing) | 54.68% | 29.08% | Compare |
| CAMT Camtek Ltd. | $4.3B | 122× | 37.8× | +12.31% (above 0%: growing) | −33.33% (below 0%: shrinking) | +952.40% (above 0%: growing) | 50.06% | 20.43% | Compare |
| KLIC Kulicke and Soffa Industries, Inc. | $3.1B | 27.4× | 22.1× | +122.63% (above 0%: growing) | n/m | +856.72% (above 0%: growing) | 47.80% | 20.66% | Compare |
| Median of peers | $7.6B | 32.6× | 32.4× | +29.96% | +76.81% | +132.07% | 51.74% | 21.80% |
From the latest earnings call
- CEO Jon Kemp said Qnity has secured process-of-record wins in advanced nodes, packaging and thermal management, with wins for 2-nanometer and HBM4 technologies entering production.
- CFO Ken Risby said Qnity raised its full-year outlook and expects approximately 26% fourth-quarter net sales growth at the guidance midpoint.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
77.03%
Held by the ten largest
37.45%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 26.07m | 12.46% | −357.30k |
| BlackRock | 16.06m | 7.67% | +159.07k |
| State Street | 9.36m | 4.48% | +308.03k |
| Geode Capital Management | 5.59m | 2.67% | +109.45k |
| Durable Capital Partners LP | 4.55m | 2.18% | −534.69k |
| Allspring Global Investments Holdings, LLC | 4.35m | 2.08% | −25.17k |
| Invesco | 4.06m | 1.94% | +538.84k |
| Morgan Stanley | 3.37m | 1.61% | +198.86k |
| Jane Street | 2.51m | 1.20% | +766.10k |
| UBS | 2.42m | 1.16% | +287.60k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 20.65m | 15.89m | 84.24 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group(e)
13.10%
BlackRock, Inc.(f)
6.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Qnity Electronics, Inc. (Q) Latest News
5 Nov
4 Nov
21 Oct
6 Oct
31 Aug
5 Aug
Q metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share
Qnity Electronics supplies materials used to make semiconductors and electronic devices. Its customers include chip manufacturers and foundries, equipment providers, circuit-board manufacturers and electronics companies. Jon Kemp is chief executive officer.
The company operates in two segments. Semiconductor Technologies sells materials used at several stages of chipmaking. These include polishing pads and liquids that smooth wafer surfaces, light-sensitive materials that help transfer circuit patterns, and chemicals that clean wafers between processing steps. It also supplies specialized seals used in equipment and materials for displays.