DQNYSESemiconductors & Related DevicesFiscal year ends December 31
DAQO NEW ENERGY CORP.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 20, 2026
$10.11−0.12 (-1.17%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
-20.7%−55.4 pts over 5 years
Operating margin
-40.6%−68.4 pts over 5 years
Net margin
-25.6%−44.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -35.3% | -47.5% | -0.3% | +13.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 17.0% | 19.4% | -3.9% | |
| Return on assets | 6.6% | 10.6% | -2.7% | |
| Current ratio | 0.29 | 0.63 | 5.37 | |
| Debt to equity | 0.81 | 0.32 | – | |
| Interest coverage | 4.8× | 7.3× | – | |
| Inventory turnover | 10.3× | 11.2× | 5.0× | |
| Capex to revenue | 33.9% | 17.5% | 26.0% | |
| Diluted shares | 265M | 375M | 337M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Daqo New Energy generated $5.20B from operations and spent $3.96B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
$5.20B
Used
$3.96B
Capital expenditure$3.35B84%Dividends$00%Share buybacks$615.86M16%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-25.6%
×Asset turnover0.10×
×Equity multiplier1.47×
=Return on equity, FY2025-3.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -25.6% | 0.10× | 1.47× | -3.9% |
| FY2024 | -33.5% | 0.15× | 1.52× | -7.6% |
| FY2023 | 18.6% | 0.31× | 1.57× | 9.0% |
| FY2022 | 39.5% | 0.84× | 1.57× | 52.2% |
| FY2021 | 44.6% | 0.73× | 1.56× | 51.1% |
| FY2020 | 19.1% | 0.55× | 1.83× | 19.4% |
| FY2019 | 8.4% | 0.34× | 1.88× | 5.4% |
| FY2018 | 12.6% | 0.38× | 1.75× | 8.3% |
| FY2017 | 28.7% | 0.46× | 2.12× | 28.1% |
| FY2016 | 22.2% | 0.30× | 2.58× | 17.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$170.51M
- Cash generatingOperating cash flow above zero$49.67M
- Return on assets improvedROA up on the prior year-4.6% → -2.7%
- Earnings backed by cashOperating cash flow above net income$49.67M vs -$170.51M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.05 → 5.37
- No dilutionShare count did not rise331M → 337M
- Gross margin improvedGross margin up on the prior year-20.69% → -20.72%
- More efficientAsset turnover rose0.14 → 0.10