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Daqo New Energy USD

Update

Sector: Polysilicon

Geography: China

COMM_DQ

Price chart

15.71 USDDay 1.81%

Key metrics

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.

Market

Price
15.71 USD · 1.81%
Market cap
1.1 bn USD

Growth

Δ revenue y/y
-35.3%
Δ EBITDA y/y
90.6%

Multiples

P/E (LTM)
—
P/B (FY)
0.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
1.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-14.2%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-57.3%
↓ details

Liquidity

Daily turnover (listing)
10.7 mln USD

Shares: yahoo_fundamentals_timeseries/DQ

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 1 / Warn: 9 / Err: 4 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 2
2023-09-30 Q3⚠Warn 2
2023-12-31 FY⚠Warn 3
2023-12-31 Q4✓OK
2024-03-31 Q1✗Errors 1Warn 2
2024-06-30 Q2✗Errors 1Warn 1
2024-09-30 Q3⚠Warn 2
2024-12-31 FY✗Errors 1Warn 2
2024-12-31 Q4⚠Warn 1
2025-03-31 Q1✗Errors 1
2025-06-30 Q2⚠Warn 2
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31FY 2025 (12M)PARTIAL665.4
y/y -35.3%
-270.2
y/y —
236.7
y/y 13.5%
-33.6
y/y —
-170.5
y/y —
49.7-173.06449.3
y/y 0.5%
4406.7
y/y 1.0%
-3.9%-849.2Link
2025-09-30Q3 2025 (3M)OK244.9
y/y 23.4%
-23.2
y/y —
60.7
y/y —
37.4
y/y —
-14.9
y/y —
55.6-32.56342.2
y/y -10.0%
4354.0
y/y -7.5%
-0.5%-551.6—
2025-06-30Q2 2025 (3M)OK75.5
y/y -65.7%
-114.7
y/y —
60.5
y/y 34.5%
-54.3
y/y —
-76.7
y/y —
-66.8-30.46290.1
y/y -9.4%
4325.3
y/y -5.8%
—-598.6—
2025-03-31Q1 2025 (3M)OK124.0
y/y -70.1%
—
y/y —
—
y/y —
-55.0
y/y -169.8%
—
y/y —
———
y/y —
—
y/y —
—-635.0—
2024-12-31Q4 2024 (3M)PARTIAL195.4
y/y -59.0%
-299.6
y/y -459.8%
117.0
y/y —
-182.7
y/y -186.0%
-180.2
y/y -188.0%
-59.2-23.46418.2
y/y -13.6%
4361.2
y/y -8.4%
-7.6%-999.7—
2024-09-30Q3 2024 (3M)OK198.5
y/y -59.1%
-98.0
y/y -536.3%
0.0
y/y —
-98.0
y/y -536.3%
-60.7
y/y —
-97.8-33.77048.7
y/y -3.4%
4705.8
y/y -0.6%
-1.7%-853.4—
2024-06-30Q2 2024 (3M)OK219.9
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%
-162.7-111.46940.5
y/y -5.2%
4593.0
y/y -5.6%
-10.3%-997.5—
2024-03-31Q1 2024 (3M)OK415.3
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%
-115.9-190.57247.8
y/y -11.5%
4716.4
y/y -6.9%
1.3%-2689.3—
2023-12-31Q4 2023 (3M)PARTIAL476.3
y/y —
83.3
y/y —
148.9
y/y —
212.5
y/y —
-62.6
y/y —
118.6-632.77426.9
y/y —
4761.9
y/y —
9.0%-3038.8—
2023-09-30Q3 2023 (3M)OK484.8
y/y —
22.5
y/y —
—
y/y —
22.5
y/y —
-6.3
y/y —
711.10.07295.6
y/y —
4733.2
y/y —
-0.2%-2988.3—
2023-06-30Q2 2023 (3M)OK636.7
y/y —
213.9
y/y —
19.7
y/y —
233.6
y/y —
103.7
y/y —
-20.7-277.17325.0
y/y —
4866.5
y/y —
8.4%-2913.4—
2023-03-31Q1 2023 (3M)OK709.8
y/y —
463.8
y/y —
—
y/y —
463.8
y/y —
394.7
y/y —
807.0-277.18190.2
y/y —
5063.5
y/y —
—-3990.5—
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Semiconductor Equipment and Materials

Annual production
0.12 mln metric tons
2025

Production, mln metric tons

0.0220200.0920210.1320220.2020230.2120240.122025

Production

YearProduction, mln metric tonsper day
20250.12
−39.7%		339.0
20240.21
+3.7%		562.0
20230.20
+47.8%		542.0
20220.13
+53.1%		367.0
20210.09239.0
20200.02 *50.0

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-300%-200%-100%0%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50005002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-3 000-2 000-1 00002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Key-commodity price — N Mono Grade PolySilicon in China

Current 8spot vs LTM -13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -57.3%

Main driver: N Mono Grade PolySilicon in China -13% vs LTM; revenue ×0.87 vs costs ×1.02; EBITDA -34→-136; at 2.6× EV/EBITDA → -57%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
N Mono Grade PolySilicon in China (rev)+100%8.509.7610.64-13%+9%
Electricity Spot (cost)-30%57.8058.5652.39-1%-11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue665
LTM EBITDA-34
LTM cash costs (revenue − EBITDA)699
2 · Revenue projection
Revenue multiplier — spot×0.871 (-13%)
= Spot revenue580
Revenue multiplier — 3y price×1.090 (+9%)
= 3-year-price revenue725
3 · Costs projection
Cost multiplier — spot×1.024 (+2%)
= Spot cash costs716
Cost multiplier — 3y price×0.996 (-0%)
= 3-year-price cash costs696
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-136
= 3-year-price EBITDA29
Conservative EBITDA = min(spot, avg)-136
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.6x
Target EV = EV/EBITDA × conservative EBITDA-352
Net debt-849
Target market cap = EV − net debt497
Current market cap1 163

Upside = target market cap ÷ current − 1 = -57.3%

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.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q1710871-18.5%464499-7.0%
2023 Q2637557+14.3%234243-3.9%
2023 Q3485322+50.4%19-31—
2023 Q4477327+45.9%1294—
2024 Q1415383+8.5%7923+246.7%
2024 Q2220344-36.1%-154-64—
2024 Q3198311-36.2%-98-80—
2024 Q4195286-31.8%-240-73—
2025 Q1124239-48.1%-55-141—
2025 Q275170-55.6%-54-170—
2025 Q3245154+59.2%37-120—
2025 Q4221178+24.3%38-80—

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 0.8x · target 75th pct (3y) 2.6x · LTM avg 2.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

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)