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Daqo New Energy (DQ) USD

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.

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-17% y/y, Q2 2026)✗Loss-making last FY✗Margins compressing (-72%→-157%, Q2 2026)

Sector: Polysilicon

Geography: China

COMM_DQ

Price chart

12.11 USDDay -3.00%

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
12.11 USD · -3.00%
Market cap
815 mln USD

Growth

Δ revenue y/y
-17.0%
Δ EBITDA y/y
—

Multiples

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

Cash return

Dividend yield
—
FCF yield (LTM)
-5.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
-98.8%
↓ details

Liquidity

Daily turnover (listing)
4 mln USD

Shares: yahoo_fundamentals_timeseries/DQ

Financial results

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
2026-06-30Q2 2026 (3M)OK62.7
y/y -17.0%
-98.1
y/y —
0.0
y/y -100.0%
-98.1
y/y —
-81.2
y/y —
-128.7-26.56341.1
y/y 0.8%
4373.9
y/y 1.1%
-7.4%≈ -849.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK26.7
y/y -78.5%
-150.8
y/y —
0.0
y/y -100.0%
-150.8
y/y —
-88.4
y/y —
-147.5-28.76339.3
y/y 0.5%
4392.6
y/y 1.5%
-8.0%≈ -849.2Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL221.0
y/y 13.1%
-18.2
y/y 85.5%
56.5
y/y —
38.2
y/y 130.5%
-7.0
y/y 96.1%
99.8-52.56449.3
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%-551.6Yahoo Finance
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%
-7.1%-598.6Yahoo Finance
2025-03-31Q1 2025 (3M)OK124.0
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%
-38.9-57.66310.7
y/y -12.9%
4329.2
y/y -8.2%
-6.6%-635.0Yahoo Finance
2024-12-31Q4 2024 (3M)OK195.4
y/y -59.0%
-125.3
y/y -250.5%
0.0
y/y -100.0%
-125.3
y/y -158.2%
-180.2
y/y -188.0%
-58.9-33.36418.2
y/y -13.6%
4361.2
y/y -8.4%
-7.6%-999.7Yahoo Finance
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%-853.4Yahoo Finance
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%-997.5Yahoo Finance
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%-2689.3Yahoo Finance
2023-12-31Q4 2023 (3M)OK476.3
y/y —
83.3
y/y —
132.2
y/y —
215.5
y/y —
-62.6
y/y —
118.6-632.77426.9
y/y —
4761.9
y/y —
9.0%-3038.8Yahoo Finance
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%-2988.3Yahoo Finance
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%-2913.4Yahoo Finance
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 —
—-3990.5Yahoo Finance

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)0
− Cash & equivalents856
Net debt-849

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-150%-100%-50%0%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.36x of reported net profit; after capex, 0.67x. Loss years (2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.85x1.36x3.76x——
accruals, % of assets3.3%-8.5%-16.0%1.4%-3.4%
capex 4.5x of depreciation · share count -3.2% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

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

0.0920210.1320220.2020230.2120240.122025

Production

YearProduction, mln metric tonsper day, mln metric tons
20260.09 * (6M)
+71.5%		0.00
20250.12
−39.7%		0.00
20240.21
+3.7%		0.00
20230.20
+47.8%		0.00
20220.13
+53.1%		0.00
20210.090.00
20200.02 * (3M)0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — N Mono Grade PolySilicon in China

Current 9spot vs LTM -8%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -241.3%

Main driver: N Mono Grade PolySilicon in China -8% vs LTM; revenue ×0.92 vs costs ×1.01; EBITDA -173→-224; at 9.6× EV/EBITDA → -241%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
N Mono Grade PolySilicon in China (rev)+100%8.959.7510.29-8%+6%
Electricity Spot (cost)-30%57.8062.1952.40-7%-16%

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

1 · Reported baseline (LTM)
LTM revenue555
LTM EBITDA-173
LTM cash costs (revenue − EBITDA)729
2 · Revenue projection
Revenue multiplier — spot×0.918 (-8%)
= Spot revenue510
Revenue multiplier — 3y price×1.056 (+6%)
= 3-year-price revenue586
3 · Costs projection
Cost multiplier — spot×1.007 (+1%)
= Spot cash costs733
Cost multiplier — 3y price×0.981 (-2%)
= 3-year-price cash costs715
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-224
= 3-year-price EBITDA-128
Conservative EBITDA = min(spot, avg)-224
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.6x
Target EV = EV/EBITDA × conservative EBITDA-2 155
Net debt-849
Target market cap = EV − net debt-1 305
Current market cap924

Upside = target market cap ÷ current − 1 = -241.3%

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 Q3485322+50.4%1921-5.4%
2023 Q4476327+45.6%21561+255.4%
2024 Q1415383+8.6%7944+78.8%
2024 Q2220344-36.1%-154-41—
2024 Q3198311-36.2%-98-57—
2024 Q4195286-31.6%-125-50—
2025 Q1124239-48.1%-55-111—
2025 Q275170-55.7%-54-140—
2025 Q3245154+59.1%37-90—
2025 Q4221178+24.2%38-49—
2026 Q127180-85.2%-151-1—
2026 Q263125-49.9%-98-54—

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -35% vs -55% the year before — a +20.1 pp move. 3-year CAGR -48%.
revenue growth by year: 2023 -50% · 2024 -55% · 2025 -35%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 1.1x · target 75th pct (3y) 9.6x · LTM avg 2.0x

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Daqo New Energy (DQ) — from primary filings.

Frequently asked questions

What is Daqo New Energy (DQ)'s EV/EBITDA?
Daqo New Energy (DQ) trades at 0.2x EV/EBITDA.
What is Daqo New Energy (DQ)'s P/B ratio?
Daqo New Energy (DQ) trades at a P/B of 0.2x.
What is Daqo New Energy (DQ)'s return on equity (ROE)?
Daqo New Energy (DQ)'s ROE is -7.4%.
What is Daqo New Energy (DQ)'s market capitalization?
Daqo New Energy (DQ)'s market cap is 815 mln USD.

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