DAQO New Energy Corp. (DQ) vs CSLM Acquisition Corp. (SPWR)

DAQO New Energy Corp. and CSLM Acquisition Corp. are both Solar companies. DAQO New Energy Corp. is the larger, with a market value of $774.8M against $99.3M — 7.8× the size. CSLM Acquisition Corp. grew revenue faster over the last twelve months: 18.6% against −6.28%. CSLM Acquisition Corp. has the higher net margin (−3.77% vs −34.5%) and the lower return on invested capital (−38.2% vs −4.45%). Across the 16 metrics below, CSLM Acquisition Corp. leads on 10 and DAQO New Energy Corp. on 6.

Valuation

Metric DQ SPWR Solar median
P/E n/m n/m 10.93
P/S 0.28 0.16 0.54
P/B 0.03 n/m 1.44
Price to free cash flow n/m n/m 9.91
EV/EBITDA 4.89 n/m 9.90
EV/Sales (2.55) 0.59 0.74
Earnings yield (24.76%) (61.97%) 0.00%
Free cash flow yield (174.96%) (133.02%) 0.00%

Profitability

Metric DQ SPWR Solar median
Gross margin (35.45%) 52.17% 31.92%
Operating margin (52.20%) (20.11%) (9.70%)
Net margin (34.50%) (3.77%) (8.48%)
Free cash flow margin (47.06%) (21.35%) (2.95%)
Return on equity 0.00% 15.27% 5.34%
Return on assets (3.04%) (5.36%) (5.36%)
Return on invested capital (4.45%) (38.19%) (5.27%)

Growth

Metric DQ SPWR Solar median
Revenue growth (TTM) (6.28%) 18.59% 16.97%
EPS growth (last fiscal year) 51.53% 30.18% —
Revenue growth, 5-year CAGR (0.30%) — 14.00%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DQ SPWR Solar median
Debt to equity 0.00 (4.70) 0.09
Current ratio 5.81 0.82 1.33
Net debt to EBITDA 68.42 (60.25) 0.03

Dividend

Metric DQ SPWR Solar median
Dividend yield 1.15% — —
Payout ratio 0.00 0.00 0.00

Size

Metric DQ SPWR Solar median
Market cap 774.82m 99.26m 43.46m

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