DQ

MKT CAP:$2B

Daqo New Energy Corp.

Market Cap

$2B

Technology·Semiconductors·🇨🇳 China·NYSE

Technology·Semiconductors·🇨🇳·NYSE

Stock Price

$21.86-$7.80 (-26.30%)

Apr 17, 2026

Company Details

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power so...

CEO

Xiang Xu

IPO Date

Oct 7, 2010

Website

www.dqsolar.com

Key Metrics TTM

Revenue

$666M

-63.0% YoY

Net Income

-$171M

EPS (Diluted)

-$2.57

Free Cash Flow

-$124M

Revenue / Share

$9.86

Gross Margin

-20.7%

Operating Margin

-41.0%

Net Margin

-25.6%

FCF Margin

-18.6%

P/S

2.3x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Dec 31, 2025

$665M-35.3%EPS -$2.55

Q4 2025

Mar 2, 2026

$222M+13.5%EPS -$0.11

Q3 2025

Oct 27, 2025

$245MEPS -$0.22

Q2 2025

Aug 26, 2025

$75MEPS -$1.15

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$134M	$23M	$11M
Q3 20	$126M	$45M	$33M
Q1 21	$256M	$119M	$109M
Q2 21	$441M	$303M	$292M
Q3 21	$586M	$435M	$422M
Q4 21	$396M	$240M	$228M
Q1 22	$1.3B	$815M	$797M
Q4 22	$864M	$669M	$623M
Q1 23	$710M	$507M	$464M
Q4 23	$480M	$88M	$45M
Q1 24	$415M	$72M	$32M
Q4 24	$195M	-$65M	-$301M
Q1 25	$124M	-$82M	-$114M
Q2 25	$75M	-$82M	-$115M
Q3 25	$245M	$10M	-$23M
Q4 25	$222M	$15M	-$21M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q1 21	—	—
Q2 21	5.1x	14.4x
Q3 21	2.9x	6.4x
Q4 21	1.9x	4.2x
Q1 22	1.2x	2.8x
Q4 22	1.0x	2.4x
Q1 23	1.1x	2.7x
Q4 23	0.5x	1.3x
Q1 24	0.7x	2.8x
Q4 24	0.7x	8.1x
Q1 25	1.0x	—
Q2 25	1.2x	—
Q3 25	3.0x	—
Q4 25	3.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$16M	$29M
Q3 20	$24M	-$56M
Q1 21	$159M	$87M
Q2 21	$283M	$363M
Q3 21	$211M	$0
Q4 21	-$14M	-$513M
Q1 22	$231M	$130M
Q4 22	$766M	-$440M
Q1 23	$807M	$530M
Q4 23	$119M	-$992M
Q1 24	-$116M	-$296M
Q4 24	-$61M	-$92M
Q1 25	-$39M	-$97M
Q2 25	-$67M	-$97M
Q3 25	$56M	$23M
Q4 25	$106M	$47M

Capital Expenditures

Quarter	CapEx
Q2 20	$13M
Q3 20	$80M
Q1 21	$72M
Q2 21	$80M
Q3 21	$211M
Q4 21	$499M
Q1 22	$101M
Q4 22	$1.2B
Q1 23	$277M
Q4 23	$1.1B
Q1 24	$180M
Q4 24	$31M
Q1 25	$58M
Q2 25	$30M
Q3 25	$33M
Q4 25	$59M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+338.7%	+33.6%
Q4 21	+215.1%	+81.6%
Q1 22	+401.6%	+229.7%
Q4 22	+95.8%	+61.9%
Q1 23	+21.2%	+50.0%
Q4 23	+21.5%	+159.9%
Q1 24	-67.7%	-21.1%
Q4 24	-77.4%	+105.8%
Q1 25	-82.5%	-3.3%
Q2 25	-84.3%	-56.3%
Q3 25	-40.9%	-29.9%
Q4 25	+13.5%	-51.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$4M	3.4%
Q3 20	$4M	3.6%
Q1 21	$0	0.0%
Q2 21	$2M	0.5%
Q3 21	$0	0.0%
Q4 21	$2M	0.6%
Q1 22	$0	0.0%
Q4 22	$45M	5.2%
Q1 23	$31M	4.4%
Q4 23	$0	0.0%
Q1 24	$21M	5.0%
Q4 24	$20M	10.4%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 20	$2M	$10M
Q3 20	$2M	$9M
Q1 21	$1M	$9M
Q2 21	$2M	$9M
Q3 21	$2M	$11M
Q4 21	$1M	$10M
Q1 22	$2M	$16M
Q4 22	$3M	$44M
Q1 23	$2M	$41M
Q4 23	$3M	$39M
Q1 24	$2M	$38M
Q4 24	$372.0K	$47M
Q1 25	$507.0K	$35M
Q2 25	$798.8K	$32M
Q3 25	$559.7K	$32M
Q4 25	$722.0K	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.1B	$10M	$1.1B
Q2 22	$3.3B	$11M	$3.3B
Q3 22	$3.1B	$32M	$3.1B
Q4 22	$3.5B	$14M	$3.5B
Q1 23	$4.1B	$6M	$4.1B
Q2 23	$3.2B	$3M	$3.2B
Q3 23	$3.3B	$3M	$3.3B
Q4 23	$3.0B	$0	$3.0B
Q1 24	$2.7B	$0	$2.7B
Q2 24	$997M	$219M	$1.2B
Q3 24	$853M	$1.5B	$2.3B
Q4 24	$1.0B	$1.1B	$2.1B
Q1 25	$792M	$1.3B	$2.1B
Q2 25	$599M	$1.4B	$2.0B
Q3 25	$552M	$431M	$983M
Q4 25	$980M	$1.1B	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	76M	—	—
Q3 20	77M	+0.5%	—
Q1 21	77M	+0.2%	—
Q2 21	77M	-0.1%	—
Q3 21	77M	-0.0%	+0.5%
Q4 21	77M	+0.0%	+0.1%
Q1 22	77M	-0.1%	-0.1%
Q4 22	83M	+8.9%	+8.8%
Q1 23	79M	-5.5%	+2.8%
Q4 23	70M	-11.3%	-8.9%
Q1 24	66M	-6.0%	-14.2%
Q4 24	67M	+1.4%	-20.2%
Q1 25	66M	-0.7%	-16.1%
Q2 25	67M	+1.6%	-3.8%
Q3 25	68M	+0.5%	+2.8%
Q4 25	68M	0.0%	+1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$70.6K	2K
Q3 20	$66.3K	2K
Q1 21	$134.8K	2K
Q2 21	$232.8K	2K
Q3 21	$309.0K	2K
Q4 21	$164.9K	2K
Q1 22	$534.4K	2K
Q4 22	$210.8K	4K
Q1 23	$173.2K	4K
Q4 23	$83.3K	6K
Q1 24	$71.9K	6K
Q4 24	$41.1K	5K
Q1 25	$26.1K	5K
Q2 25	$15.9K	5K
Q3 25	$51.6K	5K
Q4 25	$46.7K	5K

Revenue / Employee