DAQO NEW ENERGY CORP. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DAQO NEW ENERGY CORP. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	196	323	302	350	676	1,679	4,608	2,308	1,029	665
Cost of revenue	118	179	203	270	442	582	1,200	1,387	1,242	803
Gross profit	77.8	144	98.1	80.1	234	1,097	3,408	921	-213	-138
Research and development	3.88	0.68	2.74	5.71	6.86	6.5	10	10.1	4.56	2.58
Selling, general and administrative	15.1	16	27.1	32.5	39.5	39.9	354	213	143	118
Operating expenses	16.7	13.2	16.9	32.6	46.1	45.8	367	137	351	132
Operating income	61.1	131	81.2	47.5	188	1,051	3,041	783	-564	-270
Interest expense	12.7	16.3	10.8	9.41	25.7	20.5
Interest income	0.15	0.46	1.24	0.98	0.91
Pre-tax income	48.6	115	73.5	37.9	162	1,035	3,057	818	-518	-237
Income tax	7.36	17.3	11.7	9.62	28.2	170	577	166	-69.9	-21
Income from continuing operations	40.8	96.7	61.2	28.3	129	749	1,820	430	-345	-171
Net income to minority interests	0.43	1.01	0.64	-0	4.61	116	660	223	-103	-45.6
Net income	43.5	92.8	38.1	29.5	129	749	1,820	430	-345	-171
EBITDA	83.8	159	109	94.9	257	1,129	3,148	932	-358	-33.6
EPS, basic	0.17	0.35	0.12	0.09	0.36	2.03	4.80	1.15	-1.04	-0.51
EPS, diluted	0.16	0.34	0.12	0.08	0.34	1.95	4.67	1.15	-1.04	-0.51
Shares, basic (weighted)	262	265	312	340	355	369	379	374	331	337
Shares, diluted (weighted)	265	273	326	350	375	384	386	375	331	337

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16	60.7	66.4	52.7	76.6	724	3,499	3,039	1,007	856
Short-term investments		0	21.8		0	280	13.9	0
Receivables	4.84	0.7	1.18	0.01	0	0	0
Inventory	12.3	15.7	15.4	36.4	42.2	328	170	173	150	169
Other current assets	0.23	0.81	0.4	0.91	2.77	0.92	52.9	225	281	303
Total current assets	73.3	142	160	174	180	1,743	4,889	3,577	2,632	2,696
Property, plant and equipment	557	485	617	995	1,027	1,559	2,605	3,626	3,499	3,399
Lease right-of-use assets			0	0.2	0.12
Other non-current assets				0	0.96	0.82	0.74	17.5	21.8	21.8
Total assets	657	749	855	1,201	1,239	3,344	7,594	7,427	6,418	6,449
Accounts payable	18.7	19.3	9.2	12.7	19	81.5	81.9	92.9	26.4	26.6
Accrued liabilities	3.8	4.32	6.53	6.97	10.1	20.6
Deferred revenue		16.4	10.2	33	37.8	203	122	149	37.2	48.8
Short-term debt	106	73.8	38.2	49.5	55.1	0
Total current liabilities	250	217	150	445	284	550	737	836	521	502
Long-term debt	112	111	133	152	123	0
Lease liabilities			0	0.08	0
Total liabilities	385	354	330	634	440	680	989	979	560	533
Total debt	162	144	137	201	0.18	0
Paid-in capital	240	247	369	387	412	1,017	2,211	2,340	2,409	2,465
Retained earnings	40.4	133	171	201	330	1,079	2,899	3,328	2,983	2,813
Treasury stock	-1.75	-1.75	-1.75	-1.75	-1.75	-1.75	-127	-613	-618	-618
Other comprehensive income	-8.72	13.1	-13.2	-19.9	26.3	67.8	-176	-294	-413	-253
Shareholders' equity	270	392	525	567	767	2,162	4,807	4,762	4,361	4,407
Minority interests	1.63	2.79	0	0.52	31.8	502	1,797	1,686	1,497	1,510
Total equity	272	395	525	567	799	2,664	6,605	6,448	5,858	5,916
Total liabilities and equity	657	749	855	1,201	1,239	3,344	7,594	7,427	6,418	6,449
Shares outstanding	263	271	332	347	365	373	391	329	334	338

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	43.9	93.9	38.8	29.5	134	865	2,480	653	-448	-216
Depreciation and amortization	22.6	27.8	27.7	47.4	68.7	77.4	107	149	206	237
Stock-based compensation	2.7	4.2	13.8	17.9	17.9	10.1	307	142	71.8	55.8
Deferred income tax	0	-0.09	-0.15	4.68	-1.25	13.2	76.5	7.89	-83.1	-24.9
Change in receivables	13.8	1.17	-0.54	1.16	0.01
Change in inventory	-1.6	-7.92	-0.64	-21.6	-5.13	-280	138	-13.1	-62.6	-34.3
Change in payables	3.1	4.04	-9.45
Cash from operations	98.7	143	95.6	181	210	639	2,463	1,616	-435	49.7
Capital expenditures	-66.5	-64.1	-143	-279	-118	-499	-1,205	-1,111	-359	-173
Purchases of investments	-0.58	-0.06	-37.9			-501	-46.2		-2,082	-2,796
Cash from investing	-68.1	-67.9	-165	-262	-118	-782	-998	-1,196	-1,481	-134
Stock issued	1.05	2.24	114	0.79	0.58	935	1	0	0.06
Share buybacks							-125	-486	-5
Cash from financing	-30.3	-37.4	86.7	102	-95.5	736	1,472	-795	-47.4	-0.85
Exchange rate effect	-2	3.34	4.91	-1.32	7.37	12.2
Net change in cash	-1.67	40.8	22.5	20.2	3.11	606	2,796	-472	-2,010	-58.1
Free cash flow	32.2	78.6	-47.5	-98.1	91.4	140	1,257	505	-794	-123
Interest paid	12.4	16.3	10.8	10.2	24.7	21.2	7.93	4.72
Income taxes paid	3	9.53	19.5	5.55	12.8	108	351	290	102	4.34

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $11.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	-20.7%	Gross profit / revenue.
Operating margin	-40.6%	Operating income / revenue.
EBITDA margin	-5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-35.6%	Pre-tax income / revenue.
Net margin	-25.6%	Net income / revenue.
FCF margin	-18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.5%	Cash from operations / revenue.
Return on equity (ROE)	-3.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.7%	Net income / average total assets.
Return on invested capital (ROIC)	-6.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	17.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	8.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	26.0%	Capital expenditures / revenue.
D&A / revenue	35.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-35.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-47.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-72.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-25.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	41.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	39.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.37x	Current assets / current liabilities.
Quick ratio	1.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.71x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	8.3%	Total liabilities / total assets.
Working capital	$2.19B	Current assets - current liabilities.
Tangible book value	$4.41B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.
Fixed asset turnover	0.19x	Revenue / average property, plant and equipment.
Inventory turnover	5.04x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	348.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.51	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.98	Revenue / diluted weighted shares.
FCF per share	-$0.37	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.15	Cash from operations / diluted weighted shares.
Book value per share	$13.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.02	Tangible book value / shares outstanding.
Cash per share	$2.53	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$776.1M	Share price x shares outstanding.
Enterprise value	-$79.9M	Market cap + total debt - cash - short-term investments.
P/S	1.17x	Market cap / revenue.
P/B	0.18x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.18x	Market cap / tangible book value, when positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
FCF yield	-15.9%	Free cash flow / market cap.
Earnings yield	-22.0%	Net income / market cap (the inverse of P/E).

What was DAQO NEW ENERGY CORP.'s revenue in fiscal 2025?

DAQO NEW ENERGY CORP. reported revenue of $665.4M for fiscal 2025, 35.3% lower than the year before.

Was DAQO NEW ENERGY CORP. profitable in fiscal 2025?

No. It reported a net loss of $170.5M.

How much free cash flow did DAQO NEW ENERGY CORP. generate in fiscal 2025?

Cash from operations of $49.7M minus capital expenditures of $173.0M left free cash flow of -$123.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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