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Daqo New Energy Corp.

Daqo New Energy Corp.

NYSE•DQ
CEO: Mr. Xiang Xu
Sector: Technology
Industry: Semiconductors
Listing Date: 2010-10-07
Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers 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.
Contact Information
Huadu Mansion, 29th Floor 838 Zhangyang Road Pudong New District, Shanghai, 200122, China
86-21-5075-2918
www.dqsolar.com
Market Cap
$1.74B
P/E (TTM)
-5.2
33.7
Dividend Yield
--
52W High
$36.59
52W Low
$12.41
52W Range
56%
Rank29Top 17.8%
5.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$244.92M+23.39%
4-Quarter Trend

EPS

-$0.22-75.56%
4-Quarter Trend

FCF

$23.06M-117.53%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Polysilicon Capacity Reaches 305,000 MT Annual nameplate capacity increased to 305,000 MT by Q3 2024 following Phase 5B completion, showing aggressive expansion plans.
Production Cost Reduction Achieved Polysilicon production cost decreased to $6.44/kg in 2024, benefiting from efficiency gains and older line shutdowns.
High-Quality N-type Polysilicon Focus Over 99% of polysilicon sold to mono-wafer applications in 2024; N-type product reached 70% of total output.

Risk Factors

Polysilicon ASPs Plummeted Gross margin turned negative at -20.7% in 2024 due to ASP decrease to $5.66/kg amid market oversupply.
Operating Cash Flow Negative Net cash used in operating activities was $435.4M in 2024; cash reserves decreased by $2.01B year-over-year.
US-China Regulatory Listing Risk Continued uncertainty exists regarding HFCA Act compliance and potential NYSE delisting of ADSs.
Significant Contract Dispute Pending Retrial pending for a contract dispute where plaintiffs seek RMB 742.7M compensation; final verdict uncertain.

Outlook

Focus on Core Polysilicon Business Plan to continue focusing on polysilicon production, improving efficiency, cost structure, and product quality moving forward.
Share Repurchase Program Approved Board approved a $100M share repurchase program effective until June 30, 2025, dependent on market conditions.
Semiconductor Polysilicon Production Started 1,000 MT polysilicon project for the semiconductor industry commenced production in May 2024.

Peer Comparison

Revenue (TTM)

Applied Materials, Inc.AMAT
$28.37B
+4.4%
Lam Research CorporationLRCX
$19.59B
+25.7%
KLA CorporationKLAC
$12.52B
+22.2%

Gross Margin (Latest Quarter)

KLA CorporationKLAC
61.3%
+1.7pp
Teradyne, Inc.TER
58.4%
-0.8pp
Onto Innovation Inc.ONTO
50.7%
-3.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LRCX$269.27B48.060.6%20.5%
AMAT$242.87B34.936.1%19.4%
KLAC$189.44B44.498.2%36.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
7.8%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 26, 2026
|
EPS:-$0.04
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 29, 2025|
    Revenue: $1.03B-55.4%
    |
    EPS: $-5.20-190.4%
    Miss

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 29, 2024|
    Revenue: $2.31B-49.9%
    |
    EPS: $5.75-76.0%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 27, 2023|
    Revenue: $4.61B+174.5%
    |
    EPS: $24.00+136.5%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 30, 2022|
    Revenue: $1.68B+148.5%
    |
    EPS: $10.15+463.9%
    Miss

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 22, 2021|
    Revenue: $675.60M+93.0%
    |
    EPS: $1.80+318.6%
    Miss