1.Sales and profit
See section →- Qnity Electronics had $4.8B of revenue in fiscal 2025, up 9.7% on the year before.
- Qnity Electronics made $729M of net profit in fiscal 2025. From fiscal 2023 to 2025, diluted EPS grew 16.8% a year.
Qnity Electronics
Q NYSE Semiconductor Materials & Equipment Financials FY2023–FY2025
Qnity Electronics had $4.8B of revenue in fiscal 2025, up 9.7% on the year before.
Download report
3-page PDF: the company, its results and charts with peers.
KIRA’s summary AI analyst
Hi! I read Qnity Electronics’s latest annual report (fiscal 2025). Here is what stands out:
3 strengths
2.Cash and shareholders
See section →- Free cash flow was $988M in fiscal 2025, 20.8% of revenue.
- Qnity Electronics returned $13.0M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count rose 0.2%.
- In the last 12 months, insiders bought $0.5M and sold $1.0M of shares on the open market.
3.Financial health
See section →- Qnity Electronics owes $3.2B more than it holds in cash, about 2.3 years of operating profit.
- Its return on capital was 7.3%: every 100 invested in the business earned about 7 in a year.
4.Price and value
See section →- At $109.83 a share, the company is worth $23.1B.
- Qnity Electronics grew sales faster than 2 of its 4 similar companies.
Qnity Electronics in 30 seconds
Good So-so Weak
Good
Are sales growing?
+9.7%
Yes. Sales grew 9.7% last year.
Good
Does it make a profit?
15.3%
Yes. It keeps 15.3% of every sale as profit.
Good
Does profit turn into cash?
20.8%
Yes. 20.8% of sales ends up as free cash.
So-so
Is debt under control?
2.3x
Keep an eye on it. Repaying its debt would take 2.3 years of operating profit.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$23.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Qnity Electronics did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday · in 9 days
- Time
- Before the market opens
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $1.18
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 4, 2026 | Period ended Jun 30, 2026 | Before the market opens | 8-K ↗ |
| May 12, 2026 | Period ended Mar 31, 2026 | Before the market opens | 8-K ↗ |
| Jan 12, 2026 | Period ended Dec 31, 2025 | Time not announced | 8-K ↗ |
| Nov 6, 2025 | Period ended Sep 30, 2025 | After the market closes | 8-K ↗ |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA · Qnity Electronics had $4.8B of revenue in fiscal 2025, up 9.7% on the year before.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY23
Revenue $4.0B
FY24
Revenue $4.3B
FY25
Revenue $4.8B
Margins, % of revenue
FY23
Gross 43.5%
Operating —
Net 13.2%
FCF 16.1%
FY24
Gross 46.0%
Operating —
Net 16.7%
FCF 19.9%
FY25
Gross 46.2%
Operating —
Net 15.3%
FCF 20.8%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA · Qnity Electronics made $729M of net profit in fiscal 2025. From fiscal 2023 to 2025, diluted EPS grew 16.8% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY23
Net income $533M
FY24
Net income $724M
FY25
Net income $729M
Diluted EPS
FY23
Diluted EPS $2.42
FY24
Diluted EPS $3.31
FY25
Diluted EPS $3.30
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA · Free cash flow was $988M in fiscal 2025, 20.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY23
Free cash flow $651M
FY24
Free cash flow $861M
FY25
Free cash flow $988M
Cash from operations vs capital spending
FY23
Cash from operations $882M
Capital spending $231M
FY24
Cash from operations $1.1B
Capital spending $200M
FY25
Cash from operations $1.3B
Capital spending $285M
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA · Qnity Electronics returned $13.0M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count rose 0.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $13.0M
Buybacks $0.0M
Dividends
Buybacks
Diluted shares outstanding (annual)
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.21B
Insider trades
KIRA · In the last 12 months, insiders bought $0.5M and sold $1.0M of shares on the open market.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
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 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA · Qnity Electronics owes $3.2B more than it holds in cash, about 2.3 years of operating profit.
Cash, debt and the ratios that show how comfortably Qnity Electronics can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY23
Cash —
Debt —
FY24
Cash $166M
Debt $0.0M
FY25
Cash $915M
Debt $4.1B
Cash
Debt
| 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 |
Returns on capital
KIRA · Its return on capital was 7.3%: every 100 invested in the business earned about 7 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets —
FY25
Return on capital 7.3%
Return on equity 8.2%
Return on assets 5.5%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is 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 |
Price and value
What does the share cost, and how does it compare?
Value Qnity Electronics yourself
KIRA · At $109.83 a share, the company is worth $23.1B.
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
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.
Similar companies
KIRA · Qnity Electronics grew sales faster than 2 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Qnity Electronics Q | $23.1B | 9.7% | — | 20.8% | 7.3% | — | — | |
| 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% | — | 5 | Compare → |
| Advanced Energy AEIS | $9.2B | 21.4% | 9.3% | 7.0% | 13.6% | 40.3x | 6 | Compare → |
All figures
Every number, year by year.
3 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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.