Daqo New Energy Corp. (DQ) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DQ SEC filings page.
Daqo New Energy Corp. (DQ) reported $665.4M in revenue for fiscal year 2025, down 35.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Daqo's profit engine has reversed: falling sales now sit below production costs, while the balance sheet remains comparatively liquid.
The 2025 return to positive operating cash flow alongside a net loss is consistent with$237M of depreciation offsetting a$171M loss. That accounting-to-cash improvement still did not fund$173M of capital spending, leaving free cash flow at-$123M and showing that reported cash generation remains investment-dependent.
Gross margin fell from
FY2025's 5.4x current ratio and 0.5x debt-to-equity indicate substantial short-term asset coverage and moderate balance-sheet leverage. That cushion coexists with shrinking scale: revenue fell from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Daqo New Energy Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Daqo New Energy Corp. has an operating margin of -40.6%, meaning the company loses $41 on every $100 of revenue. This results in a profitability score of 10/100. This is up from -54.8% the prior year.
Daqo New Energy Corp.'s revenue declined 35.3% year-over-year, from $1.0B to $665.4M. This contraction results in a growth score of 1/100.
Daqo New Energy Corp. has a moderate D/E ratio of 0.46. This balance of debt and equity financing earns a leverage score of 62/100.
With a current ratio of 5.37, Daqo New Energy Corp. holds $5.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
While Daqo New Energy Corp. generated $49.7M in operating cash flow, capex of $173.0M consumed most of it, leaving -$123.3M in free cash flow. This results in a low score of 7/100, reflecting heavy capital investment rather than weak cash generation.
Daqo New Energy Corp. posts a -3.9% return on equity (ROE), meaning it loses $4 for every $100 of shareholders' equity. This results in a returns score of 26/100. This is up from -7.9% the prior year.
Daqo New Energy Corp. scores 1.20, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Daqo New Energy Corp. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Daqo New Energy Corp. reported a net loss of $170.5M while generating $49.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Daqo New Energy Corp. reported an operating loss of $270.2M against $9.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Daqo New Energy Corp. held $856.1M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
DQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
DQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.4B+0.5% | $6.4B-13.6% | $7.4B-2.2% | $7.6B+127.1% | $3.3B+169.8% | $1.2B+3.1% | $1.2B+40.5% | $854.9M+14.2% |
| Current Assets | $2.7B+2.5% | $2.6B-26.4% | $3.6B-26.8% | $4.9B+180.5% | $1.7B+866.9% | $180.3M+3.4% | $174.3M+8.9% | $160.1M+12.4% |
| Cash & Equivalents | $856.1M-15.0% | $1.0B-66.9% | $3.0B-13.2% | $3.5B+383.5% | $723.8M+844.9% | $76.6M+45.4% | $52.7M-20.7% | $66.4M+9.4% |
| Short-Term Investments | $0 | $0 | $0-100.0% | $13.9M-95.0% | $280.3M | $0 | $0-100.0% | $21.8M |
| Inventory | $169.1M+12.8% | $149.9M-13.5% | $173.3M+2.2% | $169.5M-48.3% | $327.8M+677.5% | $42.2M+15.9% | $36.4M+135.6% | $15.4M-1.5% |
| Accounts Receivable | N/A | N/A | N/A | $0 | $0 | $0-100.0% | $13K-98.9% | $1.2M+68.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.0B-0.7% | $2.1B-22.8% | $2.7B-4.4% | $2.8B+309.9% | $679.8M+54.4% | $440.2M-30.6% | $634.2M+92.3% | $329.8M-6.9% |
| Current Liabilities | $501.6M-3.8% | $521.2M-37.7% | $836.4M+13.6% | $736.5M+33.8% | $550.5M+93.7% | $284.1M-36.2% | $445.1M+197.1% | $149.9M-30.8% |
| Non-Current Liabilities | $1.5B+0.3% | $1.5B-16.0% | $1.8B-10.8% | $2.1B+1485.3% | $129.3M-17.2% | $156.1M-17.4% | $189.1M+5.1% | $179.9M+30.6% |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0-100.0% | $123.2M-18.7% | $151.5M+13.7% | $133.3M+19.6% |
| Total Equity | $4.4B+1.0% | $4.4B-8.4% | $4.8B-0.9% | $4.8B+122.4% | $2.2B+181.8% | $767.1M+35.4% | $566.6M+7.9% | $525.1M+34.1% |
| Retained Earnings | $2.8B-5.7% | $3.0B-10.4% | $3.3B+14.8% | $2.9B+168.6% | $1.1B+226.9% | $330.1M+64.3% | $200.9M+17.2% | $171.4M+28.6% |
Not reported in any period shown, so not listed: Goodwill.
DQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
DQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Daqo New Energy Corp. DQ | FY2025 | $665.4M | -$170.5M | -25.6% | $737.6M | 33/100 |
| Veeco Instruments Inc VECO | FY2025 | $664.3M | $35.4M | 5.3% | $3.3B | 57/100 |
| ACM Research, Inc. ACMR | FY2025 | $901.3M | $94.1M | 10.4% | $5.1B | 71/100 |
| Photronics Inc PLAB | FY2025 | $849.3M | $136.4M | 16.1% | $1.8B | 75/100 |
| Ultra Clean Holdings, Inc. UCTT | FY2025 | $2.1B | -$181.2M | -8.8% | $3.2B | 47/100 |
| Cohu Inc COHU | FY2025 | $453.0M | -$74.3M | -16.4% | $3.4B | 40/100 |
Where Daqo New Energy Corp. Ranks
Frequently Asked Questions
What is Daqo New Energy Corp.'s annual revenue?
Daqo New Energy Corp. (DQ) reported $665.4M in total revenue for fiscal year 2025. This represents a -35.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Daqo New Energy Corp.'s revenue growing?
Daqo New Energy Corp. (DQ) revenue declined by 35.3% year-over-year, from $1.0B to $665.4M in fiscal year 2025.
Is Daqo New Energy Corp. profitable?
No, Daqo New Energy Corp. (DQ) reported a net income of -$170.5M in fiscal year 2025, with a net profit margin of -25.6%.
What is Daqo New Energy Corp.'s EBITDA?
Daqo New Energy Corp. (DQ) had EBITDA of -$33.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Daqo New Energy Corp.'s gross margin?
Daqo New Energy Corp. (DQ) had a gross margin of -20.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Daqo New Energy Corp.'s operating margin?
Daqo New Energy Corp. (DQ) had an operating margin of -40.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Daqo New Energy Corp.'s net profit margin?
Daqo New Energy Corp. (DQ) had a net profit margin of -25.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Daqo New Energy Corp.'s return on equity (ROE)?
Daqo New Energy Corp. (DQ) has a return on equity of -3.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Daqo New Energy Corp.'s free cash flow?
Daqo New Energy Corp. (DQ) recorded an outflow of $123.3M in free cash flow during fiscal year 2025. This represents a 84.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Daqo New Energy Corp.'s operating cash flow?
Daqo New Energy Corp. (DQ) generated $49.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Daqo New Energy Corp.'s total assets?
Daqo New Energy Corp. (DQ) had $6.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Daqo New Energy Corp.'s capital expenditures?
Daqo New Energy Corp. (DQ) invested $173.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Daqo New Energy Corp. spend on research and development?
Daqo New Energy Corp. (DQ) invested $2.6M in research and development during fiscal year 2025.
What is Daqo New Energy Corp.'s current ratio?
Daqo New Energy Corp. (DQ) had a current ratio of 5.37 as of fiscal year 2025, which is generally considered healthy.
What is Daqo New Energy Corp.'s debt-to-equity ratio?
Daqo New Energy Corp. (DQ) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Daqo New Energy Corp.'s return on assets (ROA)?
Daqo New Energy Corp. (DQ) had a return on assets of -2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Daqo New Energy Corp.'s P/E ratio?
Daqo New Energy Corp. (DQ) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $737.6M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Daqo New Energy Corp.'s price-to-sales ratio?
Daqo New Energy Corp. (DQ) trades at 1.1x sales, its market capitalization divided by revenue of $665.4M revenue, FY2025. The market capitalization is $737.6M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Daqo New Energy Corp.'s Altman Z-Score?
Daqo New Energy Corp. (DQ) has an Altman Z-Score of 1.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Daqo New Energy Corp.'s Piotroski F-Score?
Daqo New Energy Corp. (DQ) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Daqo New Energy Corp.'s earnings high quality?
Daqo New Energy Corp. (DQ) reported a net loss of $170.5M while generating $49.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Daqo New Energy Corp. cover its interest payments?
Daqo New Energy Corp. (DQ) reported an operating loss of $270.2M against $9.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Daqo New Energy Corp.?
Daqo New Energy Corp. (DQ) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.