Sector: Polysilicon
Geography: China
COMM_DQ
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: yahoo_fundamentals_timeseries/DQ
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 26.7 y/y -78.5% | -150.8 y/y — | 0.0 y/y -100.0% | -150.8 y/y — | -88.4 y/y — | -147.5 | -28.7 | 6339.3 y/y 0.5% | 4392.6 y/y 1.5% | -8.0% | — | Link |
| 2025-12-31 | FY 2025 (12M) | PARTIAL | — y/y -35.3% | — y/y — | — y/y 13.5% | — y/y — | — y/y — | — | — | 6449.3 y/y 0.5% | 4406.7 y/y 1.0% | -3.9% | -849.2 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 244.9 y/y 23.4% | -23.2 y/y — | 60.7 y/y — | 37.4 y/y — | -14.9 y/y — | 55.6 | -32.5 | 6342.2 y/y -10.0% | 4354.0 y/y -7.5% | -0.5% | -551.6 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 75.5 y/y -65.7% | -114.7 y/y — | 60.5 y/y 34.5% | -54.3 y/y — | -76.7 y/y — | -66.8 | -30.4 | 6290.1 y/y -9.4% | 4325.3 y/y -5.8% | -7.1% | -598.6 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 124.0 y/y -70.1% | -114.1 y/y -455.2% | 59.1 y/y 26.5% | -55.0 y/y -169.8% | -71.8 y/y -564.3% | -38.9 | -57.6 | 6310.7 y/y -12.9% | 4329.2 y/y -8.2% | -6.6% | -635.0 | Link |
| 2024-12-31 | Q4 2024 (3M) | OK | 195.4 y/y -59.0% | -125.3 y/y -250.5% | 0.0 y/y — | -125.3 y/y -159.0% | -180.2 y/y -188.0% | -58.9 | -33.3 | 6418.2 y/y -13.6% | 4361.2 y/y -8.4% | -7.6% | -999.7 | Link |
| 2024-09-30 | Q3 2024 (3M) | OK | 198.5 y/y -59.1% | -98.0 y/y -536.3% | 0.0 y/y — | -98.0 y/y -536.3% | -60.7 y/y — | -97.8 | -33.7 | 7048.7 y/y -3.4% | 4705.8 y/y -0.6% | -1.7% | -853.4 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 219.9 y/y -65.5% | -198.5 y/y -192.8% | 45.0 y/y 128.1% | -153.6 y/y -165.7% | -119.8 y/y -215.5% | -162.7 | -111.4 | 6940.5 y/y -5.2% | 4593.0 y/y -5.6% | -10.3% | -997.5 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 415.3 y/y -41.5% | 32.1 y/y -93.1% | 46.7 y/y — | 78.8 y/y -83.0% | 15.5 y/y -96.1% | -115.9 | -190.5 | 7247.8 y/y -11.5% | 4716.4 y/y -6.9% | 1.3% | -2689.3 | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 476.3 y/y — | 83.3 y/y — | — y/y — | 212.5 y/y — | -62.6 y/y — | 118.6 | -632.7 | 7426.9 y/y — | 4761.9 y/y — | 9.0% | -3038.8 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 484.8 y/y — | 22.5 y/y — | — y/y — | 22.5 y/y — | -6.3 y/y — | 711.1 | 0.0 | 7295.6 y/y — | 4733.2 y/y — | -0.2% | -2988.3 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 636.7 y/y — | 213.9 y/y — | 19.7 y/y — | 233.6 y/y — | 103.7 y/y — | -20.7 | -277.1 | 7325.0 y/y — | 4866.5 y/y — | 8.4% | -2913.4 | Link |
| 2023-03-31 | Q1 2023 (3M) | OK | 709.8 y/y — | 463.8 y/y — | — y/y — | 463.8 y/y — | 394.7 y/y — | 807.0 | -277.1 | 8190.2 y/y — | 5063.5 y/y — | — | -3990.5 | Link |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Physical operating metrics — supplementary, not part of the financial statements
Semiconductor Equipment and Materials
| Year | Production, mln metric tons | per day |
|---|---|---|
| 2026 | 0.04 * (3M) +75.0% | 475.0 |
| 2025 | 0.12 −39.7% | 339.0 |
| 2024 | 0.21 +3.7% | 562.0 |
| 2023 | 0.20 +47.8% | 542.0 |
| 2022 | 0.13 +53.1% | 367.0 |
| 2021 | 0.09 | 239.0 |
| 2020 | 0.02 * (3M) | 202.0 |
* partial year
EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)
Current 8spot vs LTM -15%
EI1 PHP analysis (Wd_Strategy_Results_Comm.Potential_min3y) — the production commodity re-rating upside.
Upside: -379.2%
Main driver: N Mono Grade PolySilicon in China -15% vs LTM; revenue ×0.85 vs costs ×1.02; EBITDA -34→-147; at 9.9× EV/EBITDA → -379%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| N Mono Grade PolySilicon in China (rev) | +100% | 8.31 | 9.72 | 10.49 | -15% | +8% |
| Electricity Spot (cost) | -30% | 57.80 | 58.56 | 52.39 | -1% | -11% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 665 |
| LTM EBITDA | -34 |
| LTM cash costs (revenue − EBITDA) | 699 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.855 (-15%) |
| = Spot revenue | 569 |
| Revenue multiplier — 3y price | ×1.079 (+8%) |
| = 3-year-price revenue | 718 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.024 (+2%) |
| = Spot cash costs | 716 |
| Cost multiplier — 3y price | ×0.996 (-0%) |
| = 3-year-price cash costs | 696 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | -147 |
| = 3-year-price EBITDA | 21 |
| Conservative EBITDA = min(spot, avg) | -147 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 9.9x |
| Target EV = EV/EBITDA × conservative EBITDA | -1 452 |
| Net debt | -849 |
| Target market cap = EV − net debt | -602 |
| Current market cap | 882 |
Upside = target market cap ÷ current − 1 = -379.2%
Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2023 Q2 | 637 | 557 | +14.3% | 234 | 292 | -20.0% |
| 2023 Q3 | 485 | 322 | +50.4% | 19 | 21 | -5.4% |
| 2023 Q4 | 476 | 327 | +45.6% | 215 | 61 | +255.4% |
| 2024 Q1 | 415 | 383 | +8.6% | 79 | 44 | +78.8% |
| 2024 Q2 | 220 | 344 | -36.1% | -154 | -41 | — |
| 2024 Q3 | 198 | 311 | -36.2% | -98 | -57 | — |
| 2024 Q4 | 195 | 286 | -31.6% | -125 | -50 | — |
| 2025 Q1 | 124 | 239 | -48.1% | -55 | -111 | — |
| 2025 Q2 | 75 | 170 | -55.7% | -54 | -140 | — |
| 2025 Q3 | 245 | 154 | +59.1% | 37 | -90 | — |
| 2025 Q4 | 221 | 178 | +24.2% | 38 | -49 | — |
| 2026 Q1 | 27 | 180 | -85.2% | -151 | -1 | — |
Projected EV/EBITDA 0.6x · target 75th pct (3y) 9.9x · LTM avg 2.0x
No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Daqo New Energy (DQ) — from primary filings.
Daqo New Energy Corp. manufactures polysilicon, a raw material used in the production of photovoltaic products such as ingots, wafers, cells, and modules for solar power solutions. The company sells its ready-to-use polysilicon to photovoltaic product manufacturers in the People's Republic of China.