Daqo New Energy Corp. (DQ) 10-Year Financial Performance & Capital Metrics

DQ • • Industrial / General

TechnologySemiconductorsSemiconductor Materials & SubstratesWafer & Substrate Materials

AboutDaqo 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 solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp. in August 2009. Daqo New Energy Corp. was founded in 2006 and is based in Shanghai, the People's Republic of China.Show more

Revenue $1.03B -55.4%
EBITDA -$356M -138.1%
Net Income -$345M -180.4%
EPS (Diluted) -5.20 -190.4%
Gross Margin -20.69% -151.9%
EBITDA Margin -34.55% -185.5%
Operating Margin -54.82% -261.5%
Net Margin -33.55% -280.2%
ROE -5.61% -185.2%
ROIC -10.23% -156.9%
Debt/Equity 0.00
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 24.1%
✓Share count reduced 11.7% through buybacks
✓Healthy 5Y average net margin of 17.7%
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.88%

5Y24.07%

3Y-15.05%

TTM-51.29%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-187.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM-185.64%

ROCE

10Y Avg21.48%

5Y Avg28.74%

3Y Avg21.88%

Latest-9.03%

Peer Comparison

Wafer & Substrate Materials

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLABPhotronics, Inc.	2.02B	34.22	16.37	-2.82%	12.67%	7.05%	6.46%	0.02
WOLFWolfspeed, Inc.	515.78M	19.92	-1.75	-6.14%	-259.39%	-7.4%
DQDaqo New Energy Corp.	1.72B	25.59	-4.92	-55.41%	-53.73%	-5.88%		0.00
AXTIAXT, Inc.	1.39B	25.72	-95.26	31.09%	-25.22%	-9.48%		0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	182.04M	229.1M	352.85M	301.6M	349.99M	675.6M	1.68B	4.61B	2.31B	1.03B
Revenue Growth %	-0%	0.26%	0.54%	-0.15%	0.16%	0.93%	1.48%	1.75%	-0.5%	-0.55%
Cost of Goods Sold+	144.49M	148.67M	209.38M	203.49M	269.89M	441.61M	581.59M	1.2B	1.39B	1.24B
COGS % of Revenue	0.79%	0.65%	0.59%	0.67%	0.77%	0.65%	0.35%	0.26%	0.6%	1.21%
Gross Profit+	37.55M	80.43M	143.47M	98.11M	80.1M	233.99M	1.1B	3.41B	920.65M	-212.93M
Gross Margin %	0.21%	0.35%	0.41%	0.33%	0.23%	0.35%	0.65%	0.74%	0.4%	-0.21%
Gross Profit Growth %	-0.13%	1.14%	0.78%	-0.32%	-0.18%	1.92%	3.69%	2.11%	-0.73%	-1.23%
Operating Expenses+	9.7M	14.78M	11.78M	16.64M	32.62M	46.14M	45.79M	367.3M	137.22M	351.16M
OpEx % of Revenue	0.05%	0.06%	0.03%	0.06%	0.09%	0.07%	0.03%	0.08%	0.06%	0.34%
Selling, General & Admin	12.6M	16.1M	17.66M	27.08M	32.91M	39.47M	39.9M	354.07M	213.24M	161.16M
SG&A % of Revenue	0.07%	0.07%	0.05%	0.09%	0.09%	0.06%	0.02%	0.08%	0.09%	0.16%
Research & Development	924K	4M	881K	2.74M	5.26M	6.86M	6.5M	10.04M	10.12M	4.56M
R&D % of Revenue	0.01%	0.02%	0%	0.01%	0.02%	0.01%	0%	0%	0%	0%
Other Operating Expenses	-3.82M	-5.33M	-6.77M	-13.18M	-5.55M	-191K	-609K	3.18M	-86.14M	185.44M
Operating Income+	26.22M	65.45M	128.71M	81.48M	47.48M	187.85M	1.05B	3.04B	783.43M	-564.09M
Operating Margin %	0.14%	0.29%	0.36%	0.27%	0.14%	0.28%	0.63%	0.66%	0.34%	-0.55%
Operating Income Growth %	-0.18%	1.5%	0.97%	-0.37%	-0.42%	2.96%	4.6%	1.89%	-0.74%	-1.72%
EBITDA+	57.59M	99.25M	156.29M	104.1M	94.91M	256.54M	1.13B	3.15B	932.32M	-355.51M
EBITDA Margin %	0.32%	0.43%	0.44%	0.35%	0.27%	0.38%	0.67%	0.68%	0.4%	-0.35%
EBITDA Growth %	-0.04%	0.72%	0.57%	-0.33%	-0.09%	1.7%	3.4%	1.79%	-0.7%	-1.38%
D&A (Non-Cash Add-back)	31.36M	33.8M	27.58M	22.62M	47.42M	68.69M	77.37M	107.1M	148.89M	208.59M
EBIT	27.36M	61.29M	128.55M	84.55M	47.48M	187.85M	1.05B	3.04B	783.43M	-388.47M
Net Interest Income+	-12.68M	-12.57M	-15.8M	-9.53M	-9.41M	-25.73M	-20.48M	14.47M	52.3M	30.22M
Interest Income	494K	149.26K	464.51K	1.24M	983K	907K	0	14.47M	52.3M	30.22M
Interest Expense	13.17M	12.72M	16.26M	10.76M	10.4M	26.63M	20.48M	0	0	0
Other Income/Expense	-12.04M	-12.56M	-15.8M	-7.69M	-9.6M	-25.73M	-23.77M	-23.87M	35.04M	46.03M
Pretax Income+	14.19M	51.28M	111.19M	73.79M	37.89M	162.13M	1.03B	3.02B	818.47M	-518.06M
Pretax Margin %	0.08%	0.22%	0.32%	0.24%	0.11%	0.24%	0.61%	0.65%	0.35%	-0.5%
Income Tax+	1.14M	7.36M	17.33M	11.72M	9.62M	28.18M	162.81M	537.11M	165.59M	-69.91M
Effective Tax Rate %	0.91%	0.85%	0.83%	0.52%	0.78%	0.8%	0.73%	0.6%	0.52%	0.67%
Net Income+	12.96M	43.49M	92.84M	38.13M	29.52M	129.19M	748.92M	1.82B	429.55M	-345.21M
Net Margin %	0.07%	0.19%	0.26%	0.13%	0.08%	0.19%	0.45%	0.39%	0.19%	-0.34%
Net Income Growth %	-0.22%	2.36%	1.13%	-0.59%	-0.23%	3.38%	4.8%	1.43%	-0.76%	-1.8%
Net Income (Continuing)	13.05M	41.21M	97.68M	61.8M	28.26M	133.95M	864.85M	2.48B	652.89M	-448.15M
Discontinued Operations	0	2.71M	0	0	1.26M	-141K	0	0	0	0
Minority Interest	1.3M	1.63M	2.79M	0	515K	31.79M	501.87M	1.8B	1.69B	1.5B
EPS (Diluted)+	0.25	0.80	1.70	0.60	0.42	1.70	9.75	23.55	5.75	-5.20
EPS Growth %	-0.36%	2.2%	1.13%	-0.65%	-0.3%	3.05%	4.74%	1.42%	-0.76%	-1.9%
EPS (Basic)	0.25	0.85	1.75	0.60	0.43	1.80	10.15	24.00	5.75	-5.20
Diluted Shares Outstanding	52.28M	52.96M	54.59M	65.1M	69.99M	75M	76.75M	77.29M	74.96M	66.16M
Basic Shares Outstanding	51.6M	52.35M	53.01M	62.34M	67.91M	71.02M	73.87M	75.87M	74.72M	66.13M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	88.78M	73.3M	142.36M	160.07M	174.33M	180.27M	1.74B	4.89B	3.58B	2.63B
Cash & Short-Term Investments	14.49M	15.99M	60.68M	87.23M	51.84M	76.6M	1B	3.51B	3.04B	2.1B
Cash Only	14.49M	15.99M	60.68M	65.42M	51.84M	76.6M	723.77M	3.5B	3.04B	1.01B
Short-Term Investments	0	0	0	21.81M	0	0	280.25M	13.93M	0	1.1B
Accounts Receivable	31.19M	19.39M	21.49M	10.11M	5.67M	282K	365.91M	1.13B	116.39M	55.17M
Days Sales Outstanding	62.54	30.89	22.22	12.23	5.92	0.15	79.56	89.63	18.41	19.57
Inventory	10.72M	12.28M	19.6M	15.45M	39.3M	49.24M	327.77M	169.52M	173.27M	149.94M
Days Inventory Outstanding	27.07	30.15	34.17	27.71	53.16	40.69	205.71	51.54	45.6	44.06
Other Current Assets	32.03M	19.73M	45.51M	42.94M	64.44M	44.58M	41.88M	73.8M	224.65M	323.07M
Total Non-Current Assets+	572.08M	583.41M	606.42M	694.86M	1.03B	1.06B	1.6B	2.7B	3.85B	3.79B
Property, Plant & Equipment	544.33M	557.43M	579.13M	611.62M	995.22M	1.03B	1.56B	2.61B	3.63B	3.5B
Fixed Asset Turnover	0.33x	0.41x	0.61x	0.49x	0.35x	0.66x	1.08x	1.77x	0.64x	0.29x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	27.12M	24.81M	25.89M	22.25M	29.59M	30.83M	40.74M	80.33M	150.36M	152.87M
Long-Term Investments	0	582K	687K	650K	642K	685K	0	0	25.03M	27.64M
Other Non-Current Assets	0	0	0	59.52M	217K	272K	820K	17.6M	45.05M	106.98M
Total Assets+	660.85M	656.71M	748.78M	854.93M	1.2B	1.24B	3.34B	7.59B	7.43B	6.42B
Asset Turnover	0.28x	0.35x	0.47x	0.35x	0.29x	0.55x	0.50x	0.61x	0.31x	0.16x
Asset Growth %	-0.07%	-0.01%	0.14%	0.14%	0.41%	0.03%	1.7%	1.27%	-0.02%	-0.14%
Total Current Liabilities+	275.39M	249.75M	216.51M	149.85M	445.15M	284.13M	550.5M	736.54M	836.43M	521.24M
Accounts Payable	17.49M	18.75M	19.31M	9.2M	12.71M	18.95M	81.47M	81.88M	92.88M	26.45M
Days Payables Outstanding	44.18	46.02	33.67	16.49	17.19	15.67	51.13	24.89	24.44	7.77
Short-Term Debt	164.51M	131.71M	73.78M	67.42M	229.78M	119.79M	0	20.69M	0	6.82M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	66.46M	67.19M	99.4M	36.09M	5.04M	4.44M	0	0	518.91M	2K
Current Ratio	0.32x	0.29x	0.66x	1.07x	0.39x	0.63x	3.17x	6.64x	4.28x	5.05x
Quick Ratio	0.28x	0.24x	0.57x	0.97x	0.30x	0.46x	2.57x	6.41x	4.07x	4.76x
Cash Conversion Cycle	45.42	15.02	22.73	23.45	41.88	25.18	234.13	116.27	39.56	55.86
Total Non-Current Liabilities+	143.8M	135.23M	137.74M	179.94M	189.05M	156.09M	129.32M	252.95M	142.15M	39.14M
Long-Term Debt	118.55M	111.95M	111.44M	133.31M	151.52M	123.22M	0	0	0	0
Capital Lease Obligations	0	0	0	175	77K	0	0	0	0	0
Deferred Tax Liabilities	626.97M	-23.28M	-24.15M	1.19M	6.37M	3.46M	16.73M	80.54M	10.15M	544K
Other Non-Current Liabilities	0	0	3M	16.72M	7.9M	4.24M	0	0	18.15M	0
Total Liabilities	419.2M	384.98M	354.25M	329.8M	634.2M	440.23M	679.82M	989.49M	978.58M	560.38M
Total Debt+	262.64M	243.66M	229.76M	200.73M	381.46M	243.09M	0	20.69M	0	6.82M
Net Debt	248.15M	227.67M	169.09M	135.31M	329.62M	166.49M	-723.77M	-3.48B	-3.04B	-999.71M
Debt / Equity	1.09x	0.90x	0.58x	0.38x	0.67x	0.30x	-	0.00x	-	0.00x
Debt / EBITDA	4.56x	2.45x	1.47x	1.93x	4.02x	0.95x	-	0.01x	-	-
Net Debt / EBITDA	4.31x	2.29x	1.08x	1.30x	3.47x	0.65x	-0.64x	-1.11x	-3.26x	-
Interest Coverage	1.99x	5.15x	7.91x	7.57x	4.57x	7.05x	51.33x	-	-	-
Total Equity+	241.66M	271.73M	394.53M	525.13M	567.16M	798.91M	2.66B	6.6B	6.45B	5.86B
Equity Growth %	0.17%	0.12%	0.45%	0.33%	0.08%	0.41%	2.33%	1.48%	-0.02%	-0.09%
Book Value per Share	4.62	5.13	7.23	8.07	8.10	10.65	34.71	85.45	86.02	88.54
Total Shareholders' Equity	240.35M	270.1M	391.74M	525.13M	566.64M	767.12M	2.16B	4.81B	4.76B	4.36B
Common Stock	26K	27K	27K	33K	35K	37K	38K	40K	41K	42K
Retained Earnings	-3.06M	40.43M	133.27M	171.4M	200.92M	330.12M	1.08B	2.9B	3.33B	2.98B
Treasury Stock	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-126.68M	-612.61M	-617.61M
Accumulated OCI	8.78M	-8.72M	13.11M	-13.23M	-19.94M	26.27M	67.77M	-176.03M	-294M	-413.21M
Minority Interest	1.3M	1.63M	2.79M	0	515K	31.79M	501.87M	1.8B	1.69B	1.5B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	66.42M	98.67M	142.71M	95.55M	102.78M	209.7M	638.99M	2.47B	1.62B	-435.64M
Operating CF Margin %	0.36%	0.43%	0.4%	0.32%	0.29%	0.31%	0.38%	0.54%	0.7%	-0.42%
Operating CF Growth %	0.46%	0.49%	0.45%	-0.33%	0.08%	1.04%	2.05%	2.86%	-0.34%	-1.27%
Net Income	13.05M	43.92M	93.86M	62.07M	28.31M	133.95M	864.85M	2.52B	429.55M	-345.39M
Depreciation & Amortization	31.36M	33.82M	38.82M	27.49M	47.5M	68.69M	77.37M	107.1M	148.89M	206.46M
Stock-Based Compensation	3.69M	2.7M	4.2M	13.79M	0	17.91M	10.08M	307.45M	149.76M	0
Deferred Taxes	-627K	445	-85K	-152K	4.7M	0	0	65.06M	0	-92.01M
Other Non-Cash Items	-176K	-673.45K	3.14M	17.99M	19.27M	3.63M	5.54M	-40.11M	39.34M	258.93M
Working Capital Changes	19.13M	18.9M	2.77M	-25.64M	3M	-14.46M	-318.84M	-492.34M	848.51M	-463.64M
Change in Receivables	-10.4M	14.89M	2.11M	-540K	3.56M	5.47M	-360.14M	-816.24M	987.39M	58.95M
Change in Inventory	-1.62M	-2.26M	-6.25M	-641K	-19.91M	-5.13M	-280.19M	138.26M	-26.62M	-59.04M
Change in Payables	1.45M	2.39M	2.31M	-9.45M	3.67M	4.56M	61.07M	7M	13.37M	-64.86M
Cash from Investing+	-74.13M	-66.12M	-63.11M	-164.72M	-261.76M	-118.49M	-781.89M	-1B	-1.2B	-1.48B
Capital Expenditures	-81.36M	-67.48M	-67.84M	-143.06M	-286.13M	-118.29M	-498.5M	-1.25B	-1.11B	-369.1M
CapEx % of Revenue	0.45%	0.29%	0.19%	0.47%	0.82%	0.18%	0.3%	0.27%	0.48%	0.36%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.12M	1.94M	4.79M	617K	1.46M	-195K	-9.76M	-4.28M	-72.15M	-1.1B
Cash from Financing+	15.24M	-30.28M	-37.35M	86.71M	180.51M	-95.47M	736.23M	1.47B	-795.4M	-47.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-29.86M	-32.66M	-6.5M	-23.01M	-2.66M	28.67M	937.1M	1.6B	-303.66M	-35.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-14.94M	31.2M	74.87M	-47.51M	-176.74M	91.41M	130.73M	1.22B	429.2M	-794.65M
FCF Margin %	-0.08%	0.14%	0.21%	-0.16%	-0.5%	0.14%	0.08%	0.26%	0.19%	-0.77%
FCF Growth %	0.52%	3.09%	1.4%	-1.63%	-2.72%	1.52%	0.43%	8.3%	-0.65%	-2.85%
FCF per Share	-0.29	0.59	1.37	-0.73	-2.53	1.22	1.70	15.74	5.73	-12.01
FCF Conversion (FCF/Net Income)	5.13x	2.27x	1.54x	2.51x	3.48x	1.62x	0.85x	1.36x	3.76x	1.26x
Interest Paid	13.28M	12.35M	16.31M	10.79M	0	24.7M	21.16M	7.93M	4.72M	0
Taxes Paid	2.73M	3M	9.53M	19.45M	0	12.81M	108.1M	350.58M	289.53M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.78%	16.94%	27.87%	8.29%	5.41%	18.91%	43.26%	39.27%	6.58%	-5.61%
Return on Invested Capital (ROIC)	4.03%	9.92%	18.16%	9.98%	4.57%	15.13%	54.28%	90.03%	17.98%	-10.23%
Gross Margin	20.63%	35.11%	40.66%	32.53%	22.89%	34.63%	65.36%	73.95%	39.89%	-20.69%
Net Margin	7.12%	18.98%	26.31%	12.64%	8.44%	19.12%	44.61%	39.49%	18.61%	-33.55%
Debt / Equity	1.09x	0.90x	0.58x	0.38x	0.67x	0.30x	-	0.00x	-	0.00x
Interest Coverage	1.99x	5.15x	7.91x	7.57x	4.57x	7.05x	51.33x	-	-	-
FCF Conversion	5.13x	2.27x	1.54x	2.51x	3.48x	1.62x	0.85x	1.36x	3.76x	1.26x
Revenue Growth	-0.29%	25.85%	54.02%	-14.53%	16.04%	93.03%	148.49%	174.5%	-49.92%	-55.41%

Revenue by Segment

	2013	2014	2015	2016	2017
Product	-	174.1M	176.01M	-	352.85M
Product Growth	-	-	1.10%	-	-
Service	-	8.47M	6.03M	293.94K	-
Service Growth	-	-	-28.86%	-95.12%	-
Polysilicon	76.72M	-	-	-	-
Polysilicon Growth	-	-	-	-	-
Wafer	32.28M	-	-	-	-
Wafer Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Daqo New Energy Corp. (DQ) reported $639.7M in revenue for fiscal year 2024. This represents a 150% increase from $255.8M in 2011.

Daqo New Energy Corp. (DQ) saw revenue decline by 55.4% over the past year.

Daqo New Energy Corp. (DQ) reported a net loss of $343.7M for fiscal year 2024.

Dividend & Returns

Daqo New Energy Corp. (DQ) has a return on equity (ROE) of -5.6%. Negative ROE indicates the company is unprofitable.

Daqo New Energy Corp. (DQ) had negative free cash flow of $263.1M in fiscal year 2024, likely due to heavy capital investments.

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Daqo New Energy Corp. (DQ) 10-Year Financial Performance & Capital Metrics

DQ • • Industrial / General

TechnologySemiconductorsSemiconductor Materials & SubstratesWafer & Substrate Materials

Revenue $1.03B -55.4%
EBITDA -$356M -138.1%
Net Income -$345M -180.4%
EPS (Diluted) -5.20 -190.4%
Gross Margin -20.69% -151.9%
EBITDA Margin -34.55% -185.5%
Operating Margin -54.82% -261.5%
Net Margin -33.55% -280.2%
ROE -5.61% -185.2%
ROIC -10.23% -156.9%
Debt/Equity 0.00
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 24.1%
✓Share count reduced 11.7% through buybacks
✓Healthy 5Y average net margin of 17.7%
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.88%

5Y24.07%

3Y-15.05%

TTM-51.29%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-187.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM-185.64%

ROCE

10Y Avg21.48%

5Y Avg28.74%

3Y Avg21.88%

Latest-9.03%

Peer Comparison

Wafer & Substrate Materials

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLABPhotronics, Inc.	2.02B	34.22	16.37	-2.82%	12.67%	7.05%	6.46%	0.02
WOLFWolfspeed, Inc.	515.78M	19.92	-1.75	-6.14%	-259.39%	-7.4%
DQDaqo New Energy Corp.	1.72B	25.59	-4.92	-55.41%	-53.73%	-5.88%		0.00
AXTIAXT, Inc.	1.39B	25.72	-95.26	31.09%	-25.22%	-9.48%		0.20

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	182.04M	229.1M	352.85M	301.6M	349.99M	675.6M	1.68B	4.61B	2.31B	1.03B
Revenue Growth %	-0%	0.26%	0.54%	-0.15%	0.16%	0.93%	1.48%	1.75%	-0.5%	-0.55%
Cost of Goods Sold+	144.49M	148.67M	209.38M	203.49M	269.89M	441.61M	581.59M	1.2B	1.39B	1.24B
COGS % of Revenue	0.79%	0.65%	0.59%	0.67%	0.77%	0.65%	0.35%	0.26%	0.6%	1.21%
Gross Profit+	37.55M	80.43M	143.47M	98.11M	80.1M	233.99M	1.1B	3.41B	920.65M	-212.93M
Gross Margin %	0.21%	0.35%	0.41%	0.33%	0.23%	0.35%	0.65%	0.74%	0.4%	-0.21%
Gross Profit Growth %	-0.13%	1.14%	0.78%	-0.32%	-0.18%	1.92%	3.69%	2.11%	-0.73%	-1.23%
Operating Expenses+	9.7M	14.78M	11.78M	16.64M	32.62M	46.14M	45.79M	367.3M	137.22M	351.16M
OpEx % of Revenue	0.05%	0.06%	0.03%	0.06%	0.09%	0.07%	0.03%	0.08%	0.06%	0.34%
Selling, General & Admin	12.6M	16.1M	17.66M	27.08M	32.91M	39.47M	39.9M	354.07M	213.24M	161.16M
SG&A % of Revenue	0.07%	0.07%	0.05%	0.09%	0.09%	0.06%	0.02%	0.08%	0.09%	0.16%
Research & Development	924K	4M	881K	2.74M	5.26M	6.86M	6.5M	10.04M	10.12M	4.56M
R&D % of Revenue	0.01%	0.02%	0%	0.01%	0.02%	0.01%	0%	0%	0%	0%
Other Operating Expenses	-3.82M	-5.33M	-6.77M	-13.18M	-5.55M	-191K	-609K	3.18M	-86.14M	185.44M
Operating Income+	26.22M	65.45M	128.71M	81.48M	47.48M	187.85M	1.05B	3.04B	783.43M	-564.09M
Operating Margin %	0.14%	0.29%	0.36%	0.27%	0.14%	0.28%	0.63%	0.66%	0.34%	-0.55%
Operating Income Growth %	-0.18%	1.5%	0.97%	-0.37%	-0.42%	2.96%	4.6%	1.89%	-0.74%	-1.72%
EBITDA+	57.59M	99.25M	156.29M	104.1M	94.91M	256.54M	1.13B	3.15B	932.32M	-355.51M
EBITDA Margin %	0.32%	0.43%	0.44%	0.35%	0.27%	0.38%	0.67%	0.68%	0.4%	-0.35%
EBITDA Growth %	-0.04%	0.72%	0.57%	-0.33%	-0.09%	1.7%	3.4%	1.79%	-0.7%	-1.38%
D&A (Non-Cash Add-back)	31.36M	33.8M	27.58M	22.62M	47.42M	68.69M	77.37M	107.1M	148.89M	208.59M
EBIT	27.36M	61.29M	128.55M	84.55M	47.48M	187.85M	1.05B	3.04B	783.43M	-388.47M
Net Interest Income+	-12.68M	-12.57M	-15.8M	-9.53M	-9.41M	-25.73M	-20.48M	14.47M	52.3M	30.22M
Interest Income	494K	149.26K	464.51K	1.24M	983K	907K	0	14.47M	52.3M	30.22M
Interest Expense	13.17M	12.72M	16.26M	10.76M	10.4M	26.63M	20.48M	0	0	0
Other Income/Expense	-12.04M	-12.56M	-15.8M	-7.69M	-9.6M	-25.73M	-23.77M	-23.87M	35.04M	46.03M
Pretax Income+	14.19M	51.28M	111.19M	73.79M	37.89M	162.13M	1.03B	3.02B	818.47M	-518.06M
Pretax Margin %	0.08%	0.22%	0.32%	0.24%	0.11%	0.24%	0.61%	0.65%	0.35%	-0.5%
Income Tax+	1.14M	7.36M	17.33M	11.72M	9.62M	28.18M	162.81M	537.11M	165.59M	-69.91M
Effective Tax Rate %	0.91%	0.85%	0.83%	0.52%	0.78%	0.8%	0.73%	0.6%	0.52%	0.67%
Net Income+	12.96M	43.49M	92.84M	38.13M	29.52M	129.19M	748.92M	1.82B	429.55M	-345.21M
Net Margin %	0.07%	0.19%	0.26%	0.13%	0.08%	0.19%	0.45%	0.39%	0.19%	-0.34%
Net Income Growth %	-0.22%	2.36%	1.13%	-0.59%	-0.23%	3.38%	4.8%	1.43%	-0.76%	-1.8%
Net Income (Continuing)	13.05M	41.21M	97.68M	61.8M	28.26M	133.95M	864.85M	2.48B	652.89M	-448.15M
Discontinued Operations	0	2.71M	0	0	1.26M	-141K	0	0	0	0
Minority Interest	1.3M	1.63M	2.79M	0	515K	31.79M	501.87M	1.8B	1.69B	1.5B
EPS (Diluted)+	0.25	0.80	1.70	0.60	0.42	1.70	9.75	23.55	5.75	-5.20
EPS Growth %	-0.36%	2.2%	1.13%	-0.65%	-0.3%	3.05%	4.74%	1.42%	-0.76%	-1.9%
EPS (Basic)	0.25	0.85	1.75	0.60	0.43	1.80	10.15	24.00	5.75	-5.20
Diluted Shares Outstanding	52.28M	52.96M	54.59M	65.1M	69.99M	75M	76.75M	77.29M	74.96M	66.16M
Basic Shares Outstanding	51.6M	52.35M	53.01M	62.34M	67.91M	71.02M	73.87M	75.87M	74.72M	66.13M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	88.78M	73.3M	142.36M	160.07M	174.33M	180.27M	1.74B	4.89B	3.58B	2.63B
Cash & Short-Term Investments	14.49M	15.99M	60.68M	87.23M	51.84M	76.6M	1B	3.51B	3.04B	2.1B
Cash Only	14.49M	15.99M	60.68M	65.42M	51.84M	76.6M	723.77M	3.5B	3.04B	1.01B
Short-Term Investments	0	0	0	21.81M	0	0	280.25M	13.93M	0	1.1B
Accounts Receivable	31.19M	19.39M	21.49M	10.11M	5.67M	282K	365.91M	1.13B	116.39M	55.17M
Days Sales Outstanding	62.54	30.89	22.22	12.23	5.92	0.15	79.56	89.63	18.41	19.57
Inventory	10.72M	12.28M	19.6M	15.45M	39.3M	49.24M	327.77M	169.52M	173.27M	149.94M
Days Inventory Outstanding	27.07	30.15	34.17	27.71	53.16	40.69	205.71	51.54	45.6	44.06
Other Current Assets	32.03M	19.73M	45.51M	42.94M	64.44M	44.58M	41.88M	73.8M	224.65M	323.07M
Total Non-Current Assets+	572.08M	583.41M	606.42M	694.86M	1.03B	1.06B	1.6B	2.7B	3.85B	3.79B
Property, Plant & Equipment	544.33M	557.43M	579.13M	611.62M	995.22M	1.03B	1.56B	2.61B	3.63B	3.5B
Fixed Asset Turnover	0.33x	0.41x	0.61x	0.49x	0.35x	0.66x	1.08x	1.77x	0.64x	0.29x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	27.12M	24.81M	25.89M	22.25M	29.59M	30.83M	40.74M	80.33M	150.36M	152.87M
Long-Term Investments	0	582K	687K	650K	642K	685K	0	0	25.03M	27.64M
Other Non-Current Assets	0	0	0	59.52M	217K	272K	820K	17.6M	45.05M	106.98M
Total Assets+	660.85M	656.71M	748.78M	854.93M	1.2B	1.24B	3.34B	7.59B	7.43B	6.42B
Asset Turnover	0.28x	0.35x	0.47x	0.35x	0.29x	0.55x	0.50x	0.61x	0.31x	0.16x
Asset Growth %	-0.07%	-0.01%	0.14%	0.14%	0.41%	0.03%	1.7%	1.27%	-0.02%	-0.14%
Total Current Liabilities+	275.39M	249.75M	216.51M	149.85M	445.15M	284.13M	550.5M	736.54M	836.43M	521.24M
Accounts Payable	17.49M	18.75M	19.31M	9.2M	12.71M	18.95M	81.47M	81.88M	92.88M	26.45M
Days Payables Outstanding	44.18	46.02	33.67	16.49	17.19	15.67	51.13	24.89	24.44	7.77
Short-Term Debt	164.51M	131.71M	73.78M	67.42M	229.78M	119.79M	0	20.69M	0	6.82M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	66.46M	67.19M	99.4M	36.09M	5.04M	4.44M	0	0	518.91M	2K
Current Ratio	0.32x	0.29x	0.66x	1.07x	0.39x	0.63x	3.17x	6.64x	4.28x	5.05x
Quick Ratio	0.28x	0.24x	0.57x	0.97x	0.30x	0.46x	2.57x	6.41x	4.07x	4.76x
Cash Conversion Cycle	45.42	15.02	22.73	23.45	41.88	25.18	234.13	116.27	39.56	55.86
Total Non-Current Liabilities+	143.8M	135.23M	137.74M	179.94M	189.05M	156.09M	129.32M	252.95M	142.15M	39.14M
Long-Term Debt	118.55M	111.95M	111.44M	133.31M	151.52M	123.22M	0	0	0	0
Capital Lease Obligations	0	0	0	175	77K	0	0	0	0	0
Deferred Tax Liabilities	626.97M	-23.28M	-24.15M	1.19M	6.37M	3.46M	16.73M	80.54M	10.15M	544K
Other Non-Current Liabilities	0	0	3M	16.72M	7.9M	4.24M	0	0	18.15M	0
Total Liabilities	419.2M	384.98M	354.25M	329.8M	634.2M	440.23M	679.82M	989.49M	978.58M	560.38M
Total Debt+	262.64M	243.66M	229.76M	200.73M	381.46M	243.09M	0	20.69M	0	6.82M
Net Debt	248.15M	227.67M	169.09M	135.31M	329.62M	166.49M	-723.77M	-3.48B	-3.04B	-999.71M
Debt / Equity	1.09x	0.90x	0.58x	0.38x	0.67x	0.30x	-	0.00x	-	0.00x
Debt / EBITDA	4.56x	2.45x	1.47x	1.93x	4.02x	0.95x	-	0.01x	-	-
Net Debt / EBITDA	4.31x	2.29x	1.08x	1.30x	3.47x	0.65x	-0.64x	-1.11x	-3.26x	-
Interest Coverage	1.99x	5.15x	7.91x	7.57x	4.57x	7.05x	51.33x	-	-	-
Total Equity+	241.66M	271.73M	394.53M	525.13M	567.16M	798.91M	2.66B	6.6B	6.45B	5.86B
Equity Growth %	0.17%	0.12%	0.45%	0.33%	0.08%	0.41%	2.33%	1.48%	-0.02%	-0.09%
Book Value per Share	4.62	5.13	7.23	8.07	8.10	10.65	34.71	85.45	86.02	88.54
Total Shareholders' Equity	240.35M	270.1M	391.74M	525.13M	566.64M	767.12M	2.16B	4.81B	4.76B	4.36B
Common Stock	26K	27K	27K	33K	35K	37K	38K	40K	41K	42K
Retained Earnings	-3.06M	40.43M	133.27M	171.4M	200.92M	330.12M	1.08B	2.9B	3.33B	2.98B
Treasury Stock	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-1.75M	-126.68M	-612.61M	-617.61M
Accumulated OCI	8.78M	-8.72M	13.11M	-13.23M	-19.94M	26.27M	67.77M	-176.03M	-294M	-413.21M
Minority Interest	1.3M	1.63M	2.79M	0	515K	31.79M	501.87M	1.8B	1.69B	1.5B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	66.42M	98.67M	142.71M	95.55M	102.78M	209.7M	638.99M	2.47B	1.62B	-435.64M
Operating CF Margin %	0.36%	0.43%	0.4%	0.32%	0.29%	0.31%	0.38%	0.54%	0.7%	-0.42%
Operating CF Growth %	0.46%	0.49%	0.45%	-0.33%	0.08%	1.04%	2.05%	2.86%	-0.34%	-1.27%
Net Income	13.05M	43.92M	93.86M	62.07M	28.31M	133.95M	864.85M	2.52B	429.55M	-345.39M
Depreciation & Amortization	31.36M	33.82M	38.82M	27.49M	47.5M	68.69M	77.37M	107.1M	148.89M	206.46M
Stock-Based Compensation	3.69M	2.7M	4.2M	13.79M	0	17.91M	10.08M	307.45M	149.76M	0
Deferred Taxes	-627K	445	-85K	-152K	4.7M	0	0	65.06M	0	-92.01M
Other Non-Cash Items	-176K	-673.45K	3.14M	17.99M	19.27M	3.63M	5.54M	-40.11M	39.34M	258.93M
Working Capital Changes	19.13M	18.9M	2.77M	-25.64M	3M	-14.46M	-318.84M	-492.34M	848.51M	-463.64M
Change in Receivables	-10.4M	14.89M	2.11M	-540K	3.56M	5.47M	-360.14M	-816.24M	987.39M	58.95M
Change in Inventory	-1.62M	-2.26M	-6.25M	-641K	-19.91M	-5.13M	-280.19M	138.26M	-26.62M	-59.04M
Change in Payables	1.45M	2.39M	2.31M	-9.45M	3.67M	4.56M	61.07M	7M	13.37M	-64.86M
Cash from Investing+	-74.13M	-66.12M	-63.11M	-164.72M	-261.76M	-118.49M	-781.89M	-1B	-1.2B	-1.48B
Capital Expenditures	-81.36M	-67.48M	-67.84M	-143.06M	-286.13M	-118.29M	-498.5M	-1.25B	-1.11B	-369.1M
CapEx % of Revenue	0.45%	0.29%	0.19%	0.47%	0.82%	0.18%	0.3%	0.27%	0.48%	0.36%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.12M	1.94M	4.79M	617K	1.46M	-195K	-9.76M	-4.28M	-72.15M	-1.1B
Cash from Financing+	15.24M	-30.28M	-37.35M	86.71M	180.51M	-95.47M	736.23M	1.47B	-795.4M	-47.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-29.86M	-32.66M	-6.5M	-23.01M	-2.66M	28.67M	937.1M	1.6B	-303.66M	-35.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-14.94M	31.2M	74.87M	-47.51M	-176.74M	91.41M	130.73M	1.22B	429.2M	-794.65M
FCF Margin %	-0.08%	0.14%	0.21%	-0.16%	-0.5%	0.14%	0.08%	0.26%	0.19%	-0.77%
FCF Growth %	0.52%	3.09%	1.4%	-1.63%	-2.72%	1.52%	0.43%	8.3%	-0.65%	-2.85%
FCF per Share	-0.29	0.59	1.37	-0.73	-2.53	1.22	1.70	15.74	5.73	-12.01
FCF Conversion (FCF/Net Income)	5.13x	2.27x	1.54x	2.51x	3.48x	1.62x	0.85x	1.36x	3.76x	1.26x
Interest Paid	13.28M	12.35M	16.31M	10.79M	0	24.7M	21.16M	7.93M	4.72M	0
Taxes Paid	2.73M	3M	9.53M	19.45M	0	12.81M	108.1M	350.58M	289.53M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.78%	16.94%	27.87%	8.29%	5.41%	18.91%	43.26%	39.27%	6.58%	-5.61%
Return on Invested Capital (ROIC)	4.03%	9.92%	18.16%	9.98%	4.57%	15.13%	54.28%	90.03%	17.98%	-10.23%
Gross Margin	20.63%	35.11%	40.66%	32.53%	22.89%	34.63%	65.36%	73.95%	39.89%	-20.69%
Net Margin	7.12%	18.98%	26.31%	12.64%	8.44%	19.12%	44.61%	39.49%	18.61%	-33.55%
Debt / Equity	1.09x	0.90x	0.58x	0.38x	0.67x	0.30x	-	0.00x	-	0.00x
Interest Coverage	1.99x	5.15x	7.91x	7.57x	4.57x	7.05x	51.33x	-	-	-
FCF Conversion	5.13x	2.27x	1.54x	2.51x	3.48x	1.62x	0.85x	1.36x	3.76x	1.26x
Revenue Growth	-0.29%	25.85%	54.02%	-14.53%	16.04%	93.03%	148.49%	174.5%	-49.92%	-55.41%

Revenue by Segment

	2013	2014	2015	2016	2017
Product	-	174.1M	176.01M	-	352.85M
Product Growth	-	-	1.10%	-	-
Service	-	8.47M	6.03M	293.94K	-
Service Growth	-	-	-28.86%	-95.12%	-
Polysilicon	76.72M	-	-	-	-
Polysilicon Growth	-	-	-	-	-
Wafer	32.28M	-	-	-	-
Wafer Growth	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Daqo New Energy Corp. (DQ) reported $639.7M in revenue for fiscal year 2024. This represents a 150% increase from $255.8M in 2011.

Daqo New Energy Corp. (DQ) saw revenue decline by 55.4% over the past year.

Daqo New Energy Corp. (DQ) reported a net loss of $343.7M for fiscal year 2024.

Dividend & Returns

Daqo New Energy Corp. (DQ) has a return on equity (ROE) of -5.6%. Negative ROE indicates the company is unprofitable.

Daqo New Energy Corp. (DQ) had negative free cash flow of $263.1M in fiscal year 2024, likely due to heavy capital investments.