Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Qnity Electronics, Inc. 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
FY2023
FY2025
FY2025
Revenue
4,035
4,335
4,754
Cost of revenue
2,280
2,339
2,559
Gross profit
1,755
1,996
2,195
Research and development
303
314
354
Selling, general and administrative
533
603
620
Interest expense
0
0
65
Interest income
0
0
4
Other non-operating income
11
25
11
Pre-tax income
632
901
962
Income tax
99
177
233
Net income to minority interests
26
31
37
Net income
507
693
692
EPS, basic
2.42
3.31
3.30
EPS, diluted
2.42
3.31
3.30
Shares, basic (weighted)
209
209
210
Shares, diluted (weighted)
209
209
210
Dividend per share
0.14
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
166
915
Receivables
580
656
Inventory
597
661
Other current assets
38
70
Total current assets
1,483
2,638
Property, plant and equipment
1,548
1,701
Lease right-of-use assets
127
493
Goodwill
7,456
7,379
7,522
Intangible assets
1,286
1,111
Other non-current assets
141
654
Total assets
12,273
14,070
Accounts payable
528
680
Accrued liabilities
150
502
Deferred revenue
1
1
Short-term debt
0
24
Total current liabilities
839
1,356
Long-term debt
0
4,003
Lease liabilities
100
455
Other non-current liabilities
214
992
Total liabilities
1,377
6,704
Total debt
0
4,100
Paid-in capital
0
7,286
Retained earnings
0
18
Other comprehensive income
-414
-213
Shareholders' equity
10,644
7,095
Minority interests
252
271
Total equity
11,184
10,896
7,366
Total liabilities and equity
12,273
14,070
Cash flow statement
FY2023
FY2025
FY2025
Net income
533
724
729
Depreciation and amortization
403
394
376
Stock-based compensation
13
13
20
Deferred income tax
-79
-81
-79
Change in payables
-54
78
119
Cash from operations
882
1,061
1,273
Capital expenditures
-231
-200
-285
Cash from investing
-226
-172
-285
Debt issued
0
0
4,100
Stock issued
0
0
1
Dividends paid
0
0
-13
Cash from financing
-628
-848
-248
Net change in cash
24
27
749
Free cash flow
651
861
988
Income taxes paid
94
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $124.69 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
46.2%
Gross profit / revenue.
Pre-tax margin
16.9%
Pre-tax income / revenue.
Net margin
11.2%
Net income / revenue.
FCF margin
15.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
22.4%
Cash from operations / revenue.
Effective tax rate
28.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
8.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
4.1%
Net income / average total assets.
R&D / revenue
7.2%
Research and development expense / revenue.
SG&A / revenue
13.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
0.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
6.6%
Capital expenditures / revenue.
D&A / revenue
7.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
9.7%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
10.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-0.1%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-0.3%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
20.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
14.8%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-33.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
14.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
0.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.01x
Current assets / current liabilities.
Quick ratio
1.46x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.67x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.55x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
27.9%
Total debt / total assets.
Liabilities / assets
47.3%
Total liabilities / total assets.
Net debt
$3.04B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
FCF conversion
140.8%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
29.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.79
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.
Revenue per share
$24.79
Revenue / diluted weighted shares.
FCF per share
$3.92
Free cash flow / diluted weighted shares.
Operating cash flow per share
$5.56
Cash from operations / diluted weighted shares.
Book value per share
$34.54
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
44.5x
Market cap / net income. Only when net income is positive.
P/S
5.01x
Market cap / revenue.
P/B
3.59x
Market cap / shareholders' equity. Only when equity is positive.
P/FCF
31.6x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
22.3x
Market cap / cash from operations, when positive.
EV/Sales
5.59x
Enterprise value / revenue.
EV/FCF
35.3x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.2%
Free cash flow / market cap.
Earnings yield
2.2%
Net income / market cap (the inverse of P/E).
What was Qnity Electronics, Inc.'s revenue in fiscal 2025?
Qnity Electronics, Inc. reported revenue of $4.75B for fiscal 2025, 9.7% higher than the year before.
Was Qnity Electronics, Inc. profitable in fiscal 2025?
Yes. Net income was $692.0M, a net margin of 14.6%.
How much free cash flow did Qnity Electronics, Inc. generate in fiscal 2025?
Cash from operations of $1.27B minus capital expenditures of $285.0M left free cash flow of $988.0M.
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.