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Stocks · Technology · Semiconductors & Related Devices

DAQO NEW ENERGY CORP.

DQ Clue Score37
Cayman Islands Fiscal year ends December CIK 0001477641
$10.95 -0.45% Close, 12 Oct 2026
Alert on the numbers Alert on insider trades
Price $10.95 −83.32% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue196.2Operating income61.1Net income43.5EPS, diluted0.16Fiscal year 2017Revenue323.2 +64.7%Operating income130.8Net income92.8 +113.5%EPS, diluted0.34 +112.5%Fiscal year 2018Revenue301.6 −6.7%Operating income81.2Net income38.1 −58.9%EPS, diluted0.12 −64.7%Fiscal year 2019Revenue350.0 +16.0%Operating income47.5Net income29.5 −22.6%EPS, diluted0.08 −33.3%Fiscal year 2020Revenue675.6 +93.0%Operating income187.9Net income129.2 +337.6%EPS, diluted0.34 +325.0%Fiscal year 2021Revenue1,678.8 +148.5%Operating income1,051.4Net income748.9 +479.7%EPS, diluted1.95 +473.5%Fiscal year 2022Revenue4,608.4 +174.5%Operating income3,040.6Net income1,819.8 +143.0%EPS, diluted4.67 +139.5%Fiscal year 2023Revenue2,307.7 −49.9%Operating income783.4Net income429.5 −76.4%EPS, diluted1.15 −75.4%Fiscal year 2024Revenue1,029.1 −55.4%Operating income−564.1Net income−345.2 −180.4%EPS, diluted−1.04 −190.4%Fiscal year 2025Revenue665.4 −35.3%Operating income−270.2Net income−170.5EPS, diluted−0.51
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 196.2 323.2 301.6 350.0 675.6 1,678.8 4,608.4 2,307.7 1,029.1 665.4
Growth +64.7% −6.7% +16.0% +93.0% +148.5% +174.5% −49.9% −55.4% −35.3%
Operating income 61.1 130.8 81.2 47.5 187.9 1,051.4 3,040.6 783.4 −564.1 −270.2
Net income 43.5 92.8 38.1 29.5 129.2 748.9 1,819.8 429.5 −345.2 −170.5
Growth +113.5% −58.9% −22.6% +337.6% +479.7% +143.0% −76.4% −180.4%
EPS, diluted 0.16 0.34 0.12 0.08 0.34 1.95 4.67 1.15 −1.04 −0.51
Growth +112.5% −64.7% −33.3% +325.0% +473.5% +139.5% −75.4% −190.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin39.7%Operating margin31.2%Net margin22.2%Free cash flow margin16.4%Fiscal year 2017Gross margin44.6%Operating margin40.5%Net margin28.7%Free cash flow margin24.3%Fiscal year 2018Gross margin32.5%Operating margin26.9%Net margin12.6%Free cash flow margin−15.8%Fiscal year 2019Gross margin22.9%Operating margin13.6%Net margin8.4%Free cash flow margin−28.0%Fiscal year 2020Gross margin34.6%Operating margin27.8%Net margin19.1%Free cash flow margin13.5%Fiscal year 2021Gross margin65.4%Operating margin62.6%Net margin44.6%Free cash flow margin8.4%Fiscal year 2022Gross margin74.0%Operating margin66.0%Net margin39.5%Free cash flow margin27.3%Fiscal year 2023Gross margin39.9%Operating margin33.9%Net margin18.6%Free cash flow margin21.9%Fiscal year 2024Gross margin−20.7%Operating margin−54.8%Net margin−33.5%Free cash flow margin−77.2%Fiscal year 2025Gross margin−20.7%Operating margin−40.6%Net margin−25.6%Free cash flow margin−18.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 39.7% 44.6% 32.5% 22.9% 34.6% 65.4% 74.0% 39.9% −20.7% −20.7%
Operating margin 31.2% 40.5% 26.9% 13.6% 27.8% 62.6% 66.0% 33.9% −54.8% −40.6%
Net margin 22.2% 28.7% 12.6% 8.4% 19.1% 44.6% 39.5% 18.6% −33.5% −25.6%
Free cash flow margin 16.4% 24.3% −15.8% −28.0% 13.5% 8.4% 27.3% 21.9% −77.2% −18.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow98.7Capital expenditure−66.5Free cash flow32.2Fiscal year 2017Operating cash flow142.7Capital expenditure−64.1Free cash flow78.6 +144.4%Fiscal year 2018Operating cash flow95.6Capital expenditure−143.1Free cash flow−47.5 −160.4%Fiscal year 2019Operating cash flow181.0Capital expenditure−279.0Free cash flow−98.1Fiscal year 2020Operating cash flow209.7Capital expenditure−118.3Free cash flow91.4Fiscal year 2021Operating cash flow639.0Capital expenditure−498.5Free cash flow140.5 +53.7%Fiscal year 2022Operating cash flow2,462.7Capital expenditure−1,205.3Free cash flow1,257.3 +795.0%Buybacks−124.9Fiscal year 2023Operating cash flow1,616.0Capital expenditure−1,110.7Free cash flow505.3 −59.8%Buybacks−485.9Fiscal year 2024Operating cash flow−435.4Capital expenditure−358.8Free cash flow−794.3 −257.2%Buybacks−5.0Fiscal year 2025Operating cash flow49.7Capital expenditure−173.0Free cash flow−123.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 98.7 142.7 95.6 181.0 209.7 639.0 2,462.7 1,616.0 −435.4 49.7
Capital expenditure −66.5 −64.1 −143.1 −279.0 −118.3 −498.5 −1,205.3 −1,110.7 −358.8 −173.0
Free cash flow 32.2 78.6 −47.5 −98.1 91.4 140.5 1,257.3 505.3 −794.3 −123.3
Growth +144.4% −160.4% +53.7% +795.0% −59.8% −257.2%
Buybacks n/a n/a n/a n/a n/a n/a −124.9 −485.9 −5.0 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash16.0Total debt162.3Net cash (debt)−146.4Shareholders’ equity270.1Debt to equity0.60Fiscal year 2017Cash60.7Total debt141.4Net cash (debt)−80.7Shareholders’ equity391.7Debt to equity0.36Fiscal year 2018Cash66.4Total debt137.4Net cash (debt)−71.0Shareholders’ equity525.1Debt to equity0.26Fiscal year 2019Cash52.7Total debt201.1Net cash (debt)−148.4Shareholders’ equity566.6Debt to equity0.35Fiscal year 2020Cash76.6Total debt178.3Net cash (debt)−101.7Shareholders’ equity767.1Debt to equity0.23Fiscal year 2021Cash723.8Total debt0.0Net cash (debt)723.8Shareholders’ equity2,162.0Debt to equity0.00Fiscal year 2022Cash3,499.5Shareholders’ equity4,807.4Fiscal year 2023Cash3,038.8Shareholders’ equity4,761.9Fiscal year 2024Cash1,006.5Shareholders’ equity4,361.2Fiscal year 2025Cash856.1Shareholders’ equity4,406.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 16.0 60.7 66.4 52.7 76.6 723.8 3,499.5 3,038.8 1,006.5 856.1
Total debt 162.3 141.4 137.4 201.1 178.3 0.0 n/a n/a n/a n/a
Net cash (debt) −146.4 −80.7 −71.0 −148.4 −101.7 723.8 n/a n/a n/a n/a
Shareholders’ equity 270.1 391.7 525.1 566.6 767.1 2,162.0 4,807.4 4,761.9 4,361.2 4,406.7
Debt to equity 0.60 0.36 0.26 0.35 0.23 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
16.0 60.7 66.4 52.7 76.6 723.8 3,499.5 3,038.8 1,006.5 856.1
4.8 0.7 1.2 0.0 0.0 0.0 0.0 n/a n/a n/a
12.3 15.7 15.4 36.4 42.2 327.8 169.5 173.3 149.9 169.1
557.4 485.5 617.0 995.0 1,027.1 1,559.1 2,605.2 3,626.4 3,499.2 3,399.1
656.7 748.8 854.9 1,201.4 1,239.1 3,343.7 7,594.1 7,426.9 6,418.2 6,449.3
Growth +14.0% +14.2% +40.5% +3.1% +169.8% +127.1% −2.2% −13.6% +0.5%
Liabilities
50.4 30.0 4.1 49.5 55.1 0.0 n/a n/a n/a n/a
111.9 111.4 133.3 151.5 123.2 0.0 n/a n/a n/a n/a
calc 162.3 141.4 137.4 201.1 178.3 0.0 n/a n/a n/a n/a
385.0 354.3 329.8 634.2 440.2 679.8 989.5 978.6 560.4 533.0
Equity
40.4 133.3 171.4 200.9 330.1 1,079.0 2,898.8 3,328.4 2,983.2 2,812.7
270.1 391.7 525.1 566.6 767.1 2,162.0 4,807.4 4,761.9 4,361.2 4,406.7
Growth +45.0% +34.1% +7.9% +35.4% +181.8% +122.4% −0.9% −8.4% +1.0%
Per share and net cash
calc −146.4 −80.7 −71.0 −148.4 −101.7 723.8 n/a n/a n/a n/a
263.0 270.9 332.0 347.4 365.2 372.5 391.0 328.5 333.8 338.3
calc 1.03 1.45 1.58 1.63 2.10 5.80 12.29 14.50 13.07 13.02

Lines marked calc are worked out here from filed figures; point at one for how.