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Daqo NEW Energy Corp. DQ

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$665.4M
▼ 35.3% YoY
$-170.5M
$-123.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Daqo New Energy Corp. manufactures and sells high-purity polysilicon to photovoltaic product manufacturers, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. It uses the chemical vapor deposition process, known as the modified Siemens process, with upgraded Hydrochlorination technology to produce polysilicon, and has implemented a closed loop production system. Its annual production capacity for polysilicon is 305,000 MT, including 105,000 MT of production capacity in Xinjiang and 200,000 MT of production capacity in Inner Mongolia. Its top three customers in aggregate accounted for 64.4%, 53.8% and 63.5% of its continuing operations' total revenues in 2023, 2024 and 2025, respectively. As of December 31, 2025, it held 510 patents and had 179 additional pending patent applications covering different aspects of the polysilicon and wafer manufacturing process. Its research and development team consisted of 968 researchers and engineers.

Written from the business description in DAQO NEW ENERGY CORP.'s annual report to the U.S. Securities and Exchange Commission, filed 20 April 2026. Every sentence was checked against that document before publication.

Growth

USD 665.4M
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 0.7 · Net income -0.2
2B4B
2009201220152018202120242025
Compound annual growth
−47.5%
−0.3%
+13.8%
+6.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −0.3% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−32 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -40.6% · Net -32.5%
20%40%60%-100%-200%
200920172025
ROE
FY2025 · ROE -3.9%
20%40%-20%-40%
200920172025
Three returns, three denominators.

Each USD of equity lost 4 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -0.1
0.5B1.0B-0.3B-0.6B
200920172025
Net buybacks $M Dividends $M
FY2024 · Dividends · · Net buybacks 4.9
200M400M
20122015202220232024

Total assetsUSD 6.4B
EquityUSD 4.4B
CashUSD 856.1M
Current ratio5.37×

Equity funds 68% of total assets.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
DQ, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.71.02.34.61.70.70.30.30.30.20.20.20.10.10.20.30.1
Operating income $B−0.3−0.60.83.01.10.20.00.10.10.10.00.0−0.2−0.10.10.10.0
EBITDA $B−0.0−0.40.93.11.10.30.10.10.20.10.10.1−0.1−0.10.10.10.1
Income tax $B−0.0−0.10.20.60.20.00.00.00.00.00.0◌0.00.00.00.00.0
Net income $B−0.2−0.30.41.80.70.10.00.00.10.00.00.0−0.1−0.10.00.10.0
Free cash flow $B−0.1−0.80.51.30.10.1−0.1−0.00.10.0−0.0−0.0−0.0−0.1−0.20.1−0.1
EPS, diluted $−0.51−1.041.154.671.950.340.080.120.340.160.050.08−0.41−0.640.190.460.29
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %−3.9−7.69.052.251.119.45.48.328.117.05.89.7−41.8−43.611.626.0◌
Shares out B0.340.330.330.390.370.370.350.330.270.260.260.220.170.170.180.18◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySemiconductors & Related Devices
Listed onNYSE
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2009

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