Qnity Electronics
Q NYSE Semiconductor Materials & Equipment Financials FY2023–FY2025
Qnity Electronics' revenue rose 9.7% to $4.8 billion in fiscal 2025. Its net margin was 15.3%, down from 16.7% a year earlier. Free cash flow was $988 million, up 14.8%. It paid out $13 million in dividends and buybacks, 1% of free cash flow. The diluted share count rose 0.2%.
What Qnity Electronics does
No business description yet.
- Legal name
- QNITY ELECTRONICS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0002058873-26-000010
0002058873
Revenue and margins
Qnity Electronics had $4.8B of revenue in fiscal 2025, up 9.7% on the year before.
Net income and earnings per share
From fiscal 2023 to 2025, diluted EPS grew 16.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $988M in fiscal 2025, 20.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Qnity Electronics returned $13.0M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count rose 0.2%.
Value Qnity Electronics yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.2B and divides by 209.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 33.3x · peers 53.8x · sector 33.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Qnity Electronics can carry it.
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | — | $166M | $915M |
| Debt incl. finance leases | — | $0.0M | $4.1B |
| Net debt / EBITDA | — | −0.1x | 2.3x |
| Debt / equity | — | 0.0x | 0.6x |
| Interest coverage | — | — | 15.8x |
| Current ratio | — | 1.8x | 2.0x |
| Quick ratio | — | 1.1x | 1.5x |
| Total assets | — | $12.3B | $14.1B |
| Total liabilities | — | $1.4B | $6.7B |
| Shareholders' equity | $11.2B | $10.6B | $7.1B |
| Net debt (− = net cash) | — | −$166M | $3.2B |
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
$0.5M
3 insiders
Sold, 12 months
$1.0M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Bondt Karin DeDirector | Bought | 1,000 | $138.14 | $0.1M | Form 4 |
| Jun 5, 2026 | Steven SterinDirector | Sold | 400 | $148.35 | $0.1M | Form 4 |
| May 26, 2026 | Steven SterinDirector | Sold | 511 | $161.97 | $0.1M | Form 4 |
| Dec 11, 2025 | Jon D. KempChief Executive Officer, Director | Sold | 5,655 | $85.01 | $0.5M | Form 4 |
| Dec 11, 2025 | Michael G. GossVP & Controller | Sold | 1,895 | $84.79 | $0.2M | Form 4 |
| Nov 21, 2025 | Anne P NoonanDirector | Bought | 3,240 | $77.30 | $0.3M | Form 4 |
| Nov 21, 2025 | Anne P NoonanDirector | Sold | 7 | $76.30 | $0.0M | Form 4 |
| Nov 21, 2025 | Sang Ho KangPresident, Semiconductor | Sold | 2,500 | $74.50 | $0.2M | Form 4 |
| Nov 19, 2025 | Byron GreenDirector | Bought | 1,000 | $79.12 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | 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 | — / 9 | — / 9 |
| Accruals ratio | — | −4.1% |
| Altman Z'' | 9.15 | 2.25 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Qnity Electronics Q | $23.1B | 9.7% | — | 20.8% | 7.3% | 33.3x | — | |
| MKS Instruments MKSI | $14.3B | 9.6% | 13.4% | 12.6% | 7.9% | 31.3x | 6 | Compare → |
| Entegris ENTG | $20.7B | −1.4% | 14.3% | 12.4% | 5.8% | 67.3x | 6 | Compare → |
| Teradyne TER | $49.3B | 13.1% | 20.4% | 14.1% | 23.0% | 89.0x | 5 | Compare → |
| Advanced Energy AEIS | $9.2B | 21.4% | 9.3% | 7.0% | 13.6% | 40.3x | 6 | Compare → |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $4.0B | $4.3B | $4.8B |
| Gross profit | $1.8B | $2.0B | $2.2B |
| Research and development | $303M | $314M | $354M |
| Interest expense | $0.0M | $0.0M | $65.0M |
| Pretax income | $632M | $901M | $962M |
| Income tax | $99.0M | $177M | $233M |
| Net income | $533M | $724M | $729M |
| Diluted EPS | $2.42 | $3.31 | $3.30 |
| Diluted shares | 0.21B | 0.21B | 0.21B |
| Cash flow | |||
| Cash from operations | $882M | $1.1B | $1.3B |
| Capital expenditure | $231M | $200M | $285M |
| Free cash flow | $651M | $861M | $988M |
| Depreciation and amortization | $403M | $394M | $376M |
| Stock-based compensation | $13.0M | $13.0M | $20.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $13.0M |
| Dividends and buybacks | $0.0M | $0.0M | $13.0M |
| Balance sheet | |||
| Cash and short-term investments | — | $166M | $915M |
| Total debt | — | $0.0M | $4.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M |
| Current assets | — | $1.5B | $2.6B |
| Current liabilities | — | $839M | $1.4B |
| Inventory | $0.0M | $597M | $661M |
| Property and equipment, net | — | $1.5B | $1.7B |
| Total assets | — | $12.3B | $14.1B |
| Total liabilities | — | $1.4B | $6.7B |
| Shareholders' equity | $11.2B | $10.6B | $7.1B |
| Margins | |||
| Gross margin | 43.5% | 46.0% | 46.2% |
| EBITDA margin | 25.7% | 29.9% | 29.5% |
| Net margin | 13.2% | 16.7% | 15.3% |
| FCF margin | 16.1% | 19.9% | 20.8% |
| Returns | |||
| Return on capital | — | — | 7.3% |
| Return on capital employed | — | — | 8.5% |
| Return on equity | — | — | 8.2% |
| Return on assets | — | — | 5.5% |
| Growth | |||
| Revenue growth | — | 7.4% | 9.7% |
| Net income growth | — | 35.8% | 0.7% |
| EPS growth | — | 36.8% | −0.3% |
| FCF growth | — | 32.3% | 14.8% |
| Share count change | — | 0.0% | 0.2% |
| Financial health | |||
| Net debt / EBITDA | — | −0.1x | 2.3x |
| Debt / equity | — | 0.0x | 0.6x |
| Interest coverage | — | — | 15.8x |
| Current ratio | — | 1.8x | 2.0x |
| Quick ratio | — | 1.1x | 1.5x |
| Capital allocation | |||
| Capex / revenue | 5.7% | 4.6% | 6.0% |
| Stock comp / revenue | 0.3% | 0.3% | 0.4% |
| Payouts / FCF | 0.0% | 0.0% | 1.3% |
| Quality scores | |||
| Altman Z'' | — | 9.2 | 2.3 |
| Accruals ratio | — | — | −4.1% |
Source: SEC EDGAR XBRL filings (CIK 0002058873). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.