DQ (Daqo New Energy Corp.) Stock Financials & Earnings | Market Cap Arena

DQ (Daqo New Energy Corp.) Stock Financials & Earnings | Market Cap Arena

DQDaqo New Energy Corp.

Mkt Cap$2B

Technology·Semiconductors·🇨🇳 China·NYSE

Revenue (TTM)$666M

Net Income (TTM)-$171M

EPS (TTM)-$2.57

Free Cash Flow (TTM)-$124M

Gross Margin-20.7%

Op. Margin-41.0%

Net Margin-25.6%

FCF Margin-18.6%

P/S Ratio (TTM)2.3x

P/E Ratio (TTM)—

YoY Rev Growth-35.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$710M	$507M	$464M
Q2 23	$630M	$256M	$211M
Q3 23	$485M	$68M	-$25M
Q4 23	$480M	$88M	$45M
Q1 24	$415M	$72M	$32M
Q2 24	$220M	-$159M	-$198M
Q3 24	$198M	-$61M	-$98M
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
Q1 23	0.4x	1.0x
Q2 23	0.5x	1.5x
Q3 23	0.6x	2.2x
Q4 23	0.7x	3.7x
Q1 24	0.8x	9.9x
Q2 24	1.0x	—
Q3 24	1.2x	—
Q4 24	1.5x	—
Q1 25	2.1x	—
Q2 25	2.6x	—
Q3 25	2.4x	—
Q4 25	2.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$807M	$530M
Q2 23	-$21M	$256M
Q3 23	$711M	$711M
Q4 23	$119M	-$992M
Q1 24	-$116M	-$296M
Q2 24	-$163M	-$274M
Q3 24	-$98M	-$132M
Q4 24	-$61M	-$92M
Q1 25	-$39M	-$97M
Q2 25	-$67M	-$97M
Q3 25	$56M	$23M
Q4 25	$106M	$47M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$277M
Q2 23	$277M
Q3 23	$0
Q4 23	$1.1B
Q1 24	$180M
Q2 24	$111M
Q3 24	$34M
Q4 24	$31M
Q1 25	$58M
Q2 25	$30M
Q3 25	$33M
Q4 25	$59M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-44.6%	-49.3%
Q2 23	-49.4%	+32.3%
Q3 23	-60.2%	-3.3%
Q4 23	-44.4%	+80.4%
Q1 24	-41.6%	+55.5%
Q2 24	-65.1%	-0.2%
Q3 24	-59.1%	-41.8%
Q4 24	-59.3%	+14.0%
Q1 25	-70.1%	-37.8%
Q2 25	-65.7%	-54.5%
Q3 25	+23.4%	-9.6%
Q4 25	+13.5%	-51.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$31M	4.4%
Q2 23	$31M	4.9%
Q3 23	$50M	10.4%
Q4 23	$0	0.0%
Q1 24	$21M	5.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
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
Q1 23	$2M	$41M
Q2 23	$2M	$43M
Q3 23	$3M	$90M
Q4 23	$3M	$39M
Q1 24	$2M	$38M
Q2 24	$2M	$37M
Q3 24	$813K	$38M
Q4 24	$372K	$47M
Q1 25	$507K	$35M
Q2 25	$799K	$32M
Q3 25	$560K	$32M
Q4 25	$722K	$38M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	79M	-5.5%
Q2 23	77M	-2.3%
Q3 23	74M	-3.9%
Q4 23	70M	-5.6%
Q1 24	66M	-6.0%
Q2 24	66M	+0.4%
Q3 24	66M	+0.5%
Q4 24	67M	+0.5%
Q1 25	66M	-0.7%
Q2 25	67M	+1.6%
Q3 25	68M	+0.5%
Q4 25	68M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$130K	1K
FY 15	$112K	2K
FY 16	$126K	2K
FY 17	$207K	2K
FY 18	$199K	2K
FY 19	$185K	2K
FY 20	$356K	2K
FY 21	$700K	2K
FY 22	$1M	4K
FY 23	$400K	6K
FY 24	$217K	5K
FY 25	$140K	5K