Daqo New Energy Corp.
DQ NYSE Semiconductors & Related Devices Financials FY2016–FY2025
Last close · Oct 23, 2026
$10.20
1.2%
Revenue
Total sales reported in the income statement.
$665M
35.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−40.6%
14.2 pts
Net income
Profit after all expenses, interest and tax.
−$171M
Free cash flow
Cash from operations minus capital spending.
−$123M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Daqo New Energy Corp. does
No business description yet.
- Legal name
- DAQO NEW ENERGY CORP.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 20, 2026
- Accession · CIK
- 0001104659-26-045134
0001477641
Revenue and margins
Daqo New Energy Corp. had $665M of revenue in fiscal 2025, down 35.3% on the year before.
FY16
Revenue $196M
FY17
Revenue $323M
FY18
Revenue $302M
FY19
Revenue $350M
FY20
Revenue $676M
FY21
Revenue $1.7B
FY22
Revenue $4.6B
FY23
Revenue $2.3B
FY24
Revenue $1.0B
FY25
Revenue $665M
Q4 '13
Revenue $37.0M
Q4 '14
Revenue $49.5M
FY16
Gross 39.7%
Operating 31.2%
Net 22.2%
FCF 16.4%
FY17
Gross 44.6%
Operating 40.5%
Net 28.7%
FCF 24.3%
FY18
Gross 32.5%
Operating 26.9%
Net 12.6%
FCF −15.8%
FY19
Gross 22.9%
Operating 13.6%
Net 8.4%
FCF −28.0%
FY20
Gross 34.6%
Operating 27.8%
Net 19.1%
FCF 13.5%
FY21
Gross 65.4%
Operating 62.6%
Net 44.6%
FCF 8.4%
FY22
Gross 74.0%
Operating 66.0%
Net 39.5%
FCF 27.3%
FY23
Gross 39.9%
Operating 33.9%
Net 18.6%
FCF 21.9%
FY24
Gross −20.7%
Operating −54.8%
Net −33.5%
FCF −77.2%
FY25
Gross −20.7%
Operating −40.6%
Net −25.6%
FCF −18.5%
Gross
Operating
Net
FCF
Q4 '13
Gross 2.6%
Operating −11.0%
Net −21.6%
FCF −48.7%
Q4 '14
Gross 25.4%
Operating 15.4%
Net 7.3%
FCF −13.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $43.5M
FY17
Net income $92.8M
FY18
Net income $38.1M
FY19
Net income $29.5M
FY20
Net income $129M
FY21
Net income $749M
FY22
Net income $1.8B
FY23
Net income $430M
FY24
Net income −$345M
FY25
Net income −$171M
Q4 '13
Net income −$8.0M
Q4 '14
Net income $3.6M
FY16
Diluted EPS $0.16
FY17
Diluted EPS $0.34
FY18
Diluted EPS $0.12
FY19
Diluted EPS $0.08
FY20
Diluted EPS $0.34
FY21
Diluted EPS $1.95
FY22
Diluted EPS $4.67
FY23
Diluted EPS $1.15
FY24
Diluted EPS −$1.04
FY25
Diluted EPS −$0.51
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 9.9%
Return on equity 16.1%
Return on assets 6.6%
FY17
Return on capital 20.2%
Return on equity 28.1%
Return on assets 13.2%
FY18
Return on capital 11.1%
Return on equity 8.3%
Return on assets 4.8%
FY19
Return on capital 4.2%
Return on equity 5.4%
Return on assets 2.9%
FY20
Return on capital 20.4%
Return on equity 19.4%
Return on assets 10.6%
FY21
Return on capital 75.9%
Return on equity 51.1%
Return on assets 32.7%
FY22
Return on capital —
Return on equity 52.2%
Return on assets 33.3%
FY23
Return on capital —
Return on equity 9.0%
Return on assets 5.7%
FY24
Return on capital —
Return on equity −7.6%
Return on assets −5.0%
FY25
Return on capital —
Return on equity −3.9%
Return on assets −2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$123M in fiscal 2025, −18.5% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $32.2M
FY17
Free cash flow $78.6M
FY18
Free cash flow −$47.5M
FY19
Free cash flow −$98.1M
FY20
Free cash flow $91.4M
FY21
Free cash flow $140M
FY22
Free cash flow $1.3B
FY23
Free cash flow $505M
FY24
Free cash flow −$794M
FY25
Free cash flow −$123M
Q4 '13
Free cash flow −$18.0M
Q4 '14
Free cash flow −$6.8M
FY16
Cash from operations $98.7M
Capital spending $66.5M
FY17
Cash from operations $143M
Capital spending $64.1M
FY18
Cash from operations $95.6M
Capital spending $143M
FY19
Cash from operations $181M
Capital spending $279M
FY20
Cash from operations $210M
Capital spending $118M
FY21
Cash from operations $639M
Capital spending $499M
FY22
Cash from operations $2.5B
Capital spending $1.2B
FY23
Cash from operations $1.6B
Capital spending $1.1B
FY24
Cash from operations −$435M
Capital spending $359M
FY25
Cash from operations $49.7M
Capital spending $173M
Cash from operations
Capital spending
Q4 '13
Cash from operations $0.3M
Capital spending $18.4M
Q4 '14
Cash from operations −$2.0M
Capital spending $4.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Daqo New Energy Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 1.8%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $125M
FY23
Dividends —
Buybacks $486M
FY24
Dividends —
Buybacks $5.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.26B
FY17
Diluted shares 0.27B
FY18
Diluted shares 0.33B
FY19
Diluted shares 0.35B
FY20
Diluted shares 0.38B
FY21
Diluted shares 0.38B
FY22
Diluted shares 0.39B
FY23
Diluted shares 0.37B
FY24
Diluted shares 0.33B
FY25
Diluted shares 0.34B
Balance sheet
Cash, debt and the ratios that show how comfortably Daqo New Energy Corp. can carry it.
FY16
Cash $16.0M
Debt $268M
FY17
Cash $60.7M
Debt $218M
FY18
Cash $88.2M
Debt $176M
FY19
Cash $52.7M
Debt $330M
FY20
Cash $76.6M
Debt $70.6M
FY21
Cash $1.0B
Debt $0.0M
FY22
Cash $3.5B
Debt —
FY23
Cash $3.0B
Debt —
FY24
Cash $1.0B
Debt —
FY25
Cash $856M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $3.5B | $3.0B | $1.0B | $856M |
| Debt incl. finance leases | $0.0M | — | — | — | — |
| Net debt / EBITDA | −0.9x | — | — | — | — |
| Debt / equity | 0.0x | — | — | — | — |
| Interest coverage | 51.3x | — | — | — | — |
| Current ratio | 3.2x | 6.6x | 4.3x | 5.0x | 5.4x |
| Quick ratio | 2.6x | 6.4x | 4.1x | 4.8x | 5.0x |
| Total assets | $3.3B | $7.6B | $7.4B | $6.4B | $6.4B |
| Total liabilities | $680M | $989M | $979M | $560M | $533M |
| Shareholders' equity | $2.2B | $4.8B | $4.8B | $4.4B | $4.4B |
| Net debt (− = net cash) | −$1.0B | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✓ | — | — | — | — |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 8 / 9 | 5 / 9 | 3 / 9 | 8 / 9 | 6 / 9 | 7 / 8 | 4 / 8 | 2 / 8 | 4 / 8 |
| Accruals ratio | −8.4% | −7.1% | −7.2% | −14.7% | −6.6% | 4.8% | −11.8% | −15.8% | 1.3% | −3.4% |
| Altman Z'' | −0.20 | 2.27 | 3.04 | 0.27 | 3.17 | 8.84 | 12.62 | 9.70 | 11.25 | 12.05 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $196M | $323M | $302M | $350M | $676M | $1.7B | $4.6B | $2.3B | $1.0B | $665M |
| Net interest income | — | — | — | — | −$25.7M | −$20.5M | $14.5M | $52.3M | $30.2M | $9.0M |
| Gross profit | $77.8M | $144M | $98.1M | $80.1M | $234M | $1.1B | $3.4B | $921M | −$213M | −$138M |
| Research and development | $3.9M | $0.7M | $2.7M | $5.7M | $6.9M | $6.5M | $10.0M | $10.1M | $4.6M | $2.6M |
| Operating income | $61.1M | $131M | $81.2M | $47.5M | $188M | $1.1B | $3.0B | $783M | −$564M | −$270M |
| Interest expense | $12.7M | $16.3M | $10.8M | $9.4M | $25.7M | $20.5M | — | — | — | — |
| Pretax income | $48.6M | $115M | $73.5M | $37.9M | $162M | $1.0B | $3.1B | $818M | −$518M | −$237M |
| Income tax | $7.4M | $17.3M | $11.7M | $9.6M | $28.2M | $170M | $577M | $166M | −$69.9M | −$21.0M |
| Net income | $43.5M | $92.8M | $38.1M | $29.5M | $129M | $749M | $1.8B | $430M | −$345M | −$171M |
| Net income to common | — | — | — | — | $129M | $749M | $1.8B | — | — | — |
| Diluted EPS | $0.16 | $0.34 | $0.12 | $0.08 | $0.34 | $1.95 | $4.67 | $1.15 | −$1.04 | −$0.51 |
| Diluted shares | 0.26B | 0.27B | 0.33B | 0.35B | 0.38B | 0.38B | 0.39B | 0.37B | 0.33B | 0.34B |
| Cash flow | ||||||||||
| Cash from operations | $98.7M | $143M | $95.6M | $181M | $210M | $639M | $2.5B | $1.6B | −$435M | $49.7M |
| Capital expenditure | $66.5M | $64.1M | $143M | $279M | $118M | $499M | $1.2B | $1.1B | $359M | $173M |
| Free cash flow | $32.2M | $78.6M | −$47.5M | −$98.1M | $91.4M | $140M | $1.3B | $505M | −$794M | −$123M |
| Depreciation and amortization | $22.6M | $27.8M | $27.7M | $47.4M | $68.7M | $77.4M | $107M | $149M | $206M | $237M |
| Stock-based compensation | $2.7M | $4.2M | $13.8M | $17.9M | $17.9M | $10.1M | $307M | $142M | $71.8M | $55.8M |
| Share buybacks | — | — | — | — | — | — | $125M | $486M | $5.0M | — |
| Dividends and buybacks | — | — | — | — | — | — | $125M | $486M | $5.0M | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $16.0M | $60.7M | $88.2M | $52.7M | $76.6M | $1.0B | $3.5B | $3.0B | $1.0B | $856M |
| Total debt | $268M | $218M | $176M | $330M | $70.6M | $0.0M | — | — | — | — |
| Current assets | $73.3M | $142M | $160M | $174M | $180M | $1.7B | $4.9B | $3.6B | $2.6B | $2.7B |
| Current liabilities | $250M | $217M | $150M | $445M | $284M | $550M | $737M | $836M | $521M | $502M |
| Inventory | $12.3M | $15.7M | $15.4M | $36.4M | $42.2M | $328M | $170M | $173M | $150M | $169M |
| Property and equipment, net | $557M | $485M | $617M | $995M | $1.0B | $1.6B | $2.6B | $3.6B | $3.5B | $3.4B |
| Total assets | $657M | $749M | $855M | $1.2B | $1.2B | $3.3B | $7.6B | $7.4B | $6.4B | $6.4B |
| Total liabilities | $385M | $354M | $330M | $634M | $440M | $680M | $989M | $979M | $560M | $533M |
| Shareholders' equity | $270M | $392M | $525M | $567M | $767M | $2.2B | $4.8B | $4.8B | $4.4B | $4.4B |
| Margins | ||||||||||
| Gross margin | 39.7% | 44.6% | 32.5% | 22.9% | 34.6% | 65.4% | 74.0% | 39.9% | −20.7% | −20.7% |
| Operating margin | 31.2% | 40.5% | 26.9% | 13.6% | 27.8% | 62.6% | 66.0% | 33.9% | −54.8% | −40.6% |
| EBITDA margin | 42.7% | 49.1% | 36.1% | 27.1% | 38.0% | 67.2% | 68.3% | 40.4% | −34.8% | −5.0% |
| Net margin | 22.2% | 28.7% | 12.6% | 8.4% | 19.1% | 44.6% | 39.5% | 18.6% | −33.5% | −25.6% |
| FCF margin | 16.4% | 24.3% | −15.8% | −28.0% | 13.5% | 8.4% | 27.3% | 21.9% | −77.2% | −18.5% |
| Net interest share of revenue | — | — | — | — | −3.8% | −1.2% | 0.3% | 2.3% | 2.9% | 1.4% |
| Returns | ||||||||||
| Return on capital | 9.9% | 20.2% | 11.1% | 4.2% | 20.4% | 75.9% | — | — | — | — |
| Return on capital employed | 15.0% | 24.6% | 11.5% | 6.3% | 19.7% | 37.6% | 44.3% | 11.9% | −9.6% | −4.5% |
| Return on equity | 16.1% | 28.1% | 8.3% | 5.4% | 19.4% | 51.1% | 52.2% | 9.0% | −7.6% | −3.9% |
| Return on assets | 6.6% | 13.2% | 4.8% | 2.9% | 10.6% | 32.7% | 33.3% | 5.7% | −5.0% | −2.7% |
| Return on tangible equity | 16.1% | 23.7% | 7.3% | 5.2% | 16.8% | 34.6% | 37.9% | 9.0% | −7.9% | −3.9% |
| Growth | ||||||||||
| Revenue growth | — | 64.7% | −6.7% | 16.0% | 93.0% | 148.5% | 174.5% | −49.9% | −55.4% | −35.3% |
| Net income growth | — | 113.5% | −58.9% | −22.6% | 337.6% | 479.7% | 143.0% | −76.4% | −180.4% | — |
| EPS growth | — | 112.5% | −64.7% | −33.3% | 325.0% | 473.5% | 139.5% | −75.4% | −190.4% | — |
| FCF growth | — | 144.4% | −160.4% | — | — | 53.7% | 795.0% | −59.8% | −257.2% | — |
| Share count change | — | 3.1% | 19.3% | 7.5% | 7.2% | 2.3% | 0.7% | −3.0% | −11.7% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.0x | 1.0x | 0.8x | 2.9x | −0.0x | −0.9x | — | — | — | — |
| Debt / equity | 1.0x | 0.6x | 0.3x | 0.6x | 0.1x | 0.0x | — | — | — | — |
| Interest coverage | 4.8x | 8.0x | 7.5x | 5.0x | 7.3x | 51.3x | — | — | — | — |
| Current ratio | 0.3x | 0.7x | 1.1x | 0.4x | 0.6x | 3.2x | 6.6x | 4.3x | 5.0x | 5.4x |
| Quick ratio | 0.2x | 0.6x | 1.0x | 0.3x | 0.5x | 2.6x | 6.4x | 4.1x | 4.8x | 5.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 33.9% | 19.8% | 47.4% | 79.7% | 17.5% | 29.7% | 26.2% | 48.1% | 34.9% | 26.0% |
| Stock comp / revenue | 1.4% | 1.3% | 4.6% | 5.1% | 2.7% | 0.6% | 6.7% | 6.1% | 7.0% | 8.4% |
| Payouts / FCF | — | — | — | — | — | — | 9.9% | 96.2% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 8.0 | 5.0 | 3.0 | 8.0 | 6.0 | 7.0 | 4.0 | 2.0 | 4.0 |
| Altman Z'' | −0.2 | 2.3 | 3.0 | 0.3 | 3.2 | 8.8 | 12.6 | 9.7 | 11.3 | 12.1 |
| Accruals ratio | −8.4% | −7.1% | −7.2% | −14.7% | −6.6% | 4.8% | −11.8% | −15.8% | 1.3% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001477641). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only — not investment advice. Check the original filings before relying on any figure.