Daqo New Energy Corp. (DQ) Key Metrics
DQ valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $692.2M
- Enterprise value
- −$1.03B
- P/E (TTM)
- — 10-yr median 5.8
- Forward P/E
- 21.4
- PEG ratio
- 0.17
- Price / sales
- 1.2 10-yr median 1.5
- Price / book
- 0.2 10-yr median 0.7
- EV / EBITDA
- 6.7 10-yr median 4.9
- Dividend yield
- —
- Beta
- 0.67
DQ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDQ valuation Price multiples at each fiscal year-end price.
Price / sales+139.6%
3.0
2025 · hover or tap a bar for each year
20162025
Price / book+53.3%
0.5
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+55.6 pts
−6.2%
2025 · hover or tap a bar for each year
20162025
DQ returns How much profit the business earns on the capital it uses.
Return on equity+3.7 pts
−3.9%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+12.6 pts
−9.3%
2025 · hover or tap a bar for each year
20162025
Return on assets+2.3 pts
−2.7%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+58.7 pts
−18.5%
2025 · hover or tap a bar for each year
20162025
Asset turnover−30.4%
0.10
2025 · hover or tap a bar for each year
20162025
DQ per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−36.7%
$9.85
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$2.52
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$1.83
2025 · hover or tap a bar for each year
20162025
Book value per share−1.0%
$65.24
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.1%
67.5M
2025 · hover or tap a bar for each year
20162025
DQ financial health Debt, liquidity and how easily interest is covered.
Net debt+$29.9M
−$2.07B
2025 · hover or tap a bar for each year
20162025
Current ratio+7.1%
5.41
2025 · hover or tap a bar for each year
20162025
DQ efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+22 days
52 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+25 days
72 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+18 days
35 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+29 days
89 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−7.9 pts
27.0%
2025 · hover or tap a bar for each year
20162025
DQ valuation history
Fiscal year-endToday10-year median
DQ returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DQ debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DQ cash returned to shareholders
DividendsBuybacksFree cash flow
DQ price vs earnings per share
Share price at year-endEPS (right axis)
DQ key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.99B | $1.29B | $1.99B | $2.98B | $3.09B | $4.30B | $716.7M | $304.7M | $648.9M | $204.4M |
| Enterprise value | −$74.0M | −$810.4M | −$955.0M | −$508.5M | $2.23B | $4.47B | $1.05B | $418.2M | $818.0M | $432.1M |
| P/E ratio | — | — | 4.6 | 1.6 | 4.1 | 33.3 | 24.3 | 8.0 | 7.0 | 4.7 |
| Price / sales | 3.0 | 1.2 | 0.9 | 0.6 | 1.8 | 6.4 | 2.0 | 1.0 | 1.8 | 0.9 |
| Price / book | 0.5 | 0.3 | 0.4 | 0.6 | 1.4 | 5.6 | 1.3 | 0.6 | 1.7 | 0.8 |
| Price / free cash flow | — | — | 4.6 | 2.5 | 23.7 | 47.1 | — | — | 8.7 | 6.6 |
| Price / operating cash flow | 35.5 | — | 1.2 | 1.2 | 4.8 | 20.5 | 7.0 | 3.2 | 4.5 | 2.1 |
| EV / sales | -0.1 | -0.8 | -0.4 | -0.1 | 1.3 | 6.6 | 3.0 | 1.4 | 2.3 | 1.9 |
| EV / EBITDA | — | — | — | — | 2.4 | 17.4 | 11.0 | 3.7 | 5.2 | 4.5 |
| EV / free cash flow | — | — | — | — | 17.1 | 48.9 | — | — | 10.9 | 13.9 |
| Earnings yield | −8.6% | −26.8% | 21.5% | 61.0% | 24.4% | 3.0% | 4.1% | 12.5% | 14.3% | 21.3% |
| Free cash flow yield | −6.2% | −61.8% | 21.5% | 40.8% | 4.2% | 2.1% | −24.7% | −15.6% | 11.5% | 15.3% |
| Dividend yield | — | — | — | 0.0% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 1.0% | 26.2% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $29.50 | $19.44 | $26.60 | $38.61 | $40.32 | $57.36 | $10.24 | $4.68 | $11.89 | $3.86 |
| Per share | ||||||||||
| Revenue per share | $9.85 | $15.55 | $30.78 | $59.62 | $21.87 | $9.01 | $5.00 | $4.63 | $6.46 | $4.33 |
| Earnings per share | −$2.52 | −$5.22 | $5.73 | $23.54 | $9.85 | $1.72 | $0.42 | $0.59 | $1.70 | $0.82 |
| Operating cash flow per share | $0.83 | −$6.58 | $21.56 | $31.92 | $8.33 | $2.80 | $1.47 | $1.47 | $2.61 | $1.86 |
| Free cash flow per share | −$1.83 | −$12.01 | $5.73 | $15.74 | $1.70 | $1.22 | −$2.53 | −$0.73 | $1.37 | $0.59 |
| Cash per share | $30.60 | $31.79 | $40.54 | $45.46 | $13.08 | $1.02 | $0.74 | $1.34 | $1.11 | $0.30 |
| Book value per share | $65.24 | $65.92 | $63.52 | $62.20 | $28.17 | $10.23 | $8.10 | $8.07 | $7.18 | $5.10 |
| Tangible book value per share | $62.94 | $63.61 | $61.52 | $61.16 | $27.64 | $9.82 | $7.67 | $7.72 | $6.70 | $4.63 |
| Dividends per share | — | — | — | $0.01 | — | — | — | — | — | — |
| Capex per share | $2.66 | $5.43 | $15.83 | $16.18 | $6.62 | $1.58 | $3.99 | $2.20 | $1.24 | $1.27 |
| Debt per share | — | $0.10 | $1.20 | $0.27 | $1.86 | $3.24 | $5.45 | $3.08 | $4.21 | $4.60 |
| Shares outstanding | 67.5M | 66.2M | 75.0M | 77.3M | 76.8M | 75.0M | 70.0M | 65.1M | 54.6M | 53.0M |
| Change in shares outstanding | +2.1% | −11.7% | −3.0% | +0.7% | +2.3% | +7.2% | +7.5% | +19.3% | +3.1% | +1.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −3.9% | −7.6% | 9.0% | 52.2% | 51.6% | 19.4% | 5.4% | 8.3% | 28.1% | 17.0% |
| Return on invested capital (ROIC) | −9.3% | −21.9% | 40.0% | 191.1% | 79.3% | 17.0% | 4.6% | 11.4% | 20.5% | 11.4% |
| Return on assets (ROA) | −2.7% | −5.0% | 5.7% | 33.3% | 33.0% | 10.6% | 2.9% | 4.8% | 13.2% | 6.6% |
| Return on tangible assets | −2.7% | −5.5% | 5.9% | 24.2% | 22.9% | 10.7% | 2.5% | 4.6% | 12.8% | 6.9% |
| Free cash flow margin | −18.5% | −77.2% | 18.6% | 26.4% | 7.8% | 13.5% | −50.5% | −15.8% | 21.2% | 13.6% |
| Income quality (OCF / net income) | — | — | 3.76 | 1.36 | 0.84 | 1.62 | 3.48 | 2.51 | 1.54 | 2.27 |
| Financial health | ||||||||||
| Total debt | — | $6.8M | $89.8M | $20.7M | $142.9M | $243.1M | $381.5M | $200.7M | $229.8M | $243.7M |
| Cash & short-term investments | $2.07B | $2.10B | $3.04B | $3.51B | $1.00B | $76.6M | $51.8M | $87.2M | $60.7M | $16.0M |
| Net debt | −$2.07B | −$2.10B | −$2.95B | −$3.49B | −$861.1M | $166.5M | $329.6M | $113.5M | $169.1M | $227.7M |
| Debt / equity | — | 0.00 | 0.02 | 0.00 | 0.07 | 0.32 | 0.67 | 0.38 | 0.59 | 0.90 |
| Debt / assets | — | 0.00 | 0.01 | 0.00 | 0.04 | 0.20 | 0.32 | 0.23 | 0.31 | 0.37 |
| Net debt / EBITDA | — | — | −3.05 | −1.12 | −0.92 | 0.65 | 3.47 | 1.01 | 1.08 | 2.40 |
| Current ratio | 5.41 | 5.05 | 4.28 | 6.64 | 3.17 | 0.63 | 0.39 | 1.07 | 0.66 | 0.29 |
| Quick ratio | 5.07 | 4.76 | 4.07 | 6.41 | 2.57 | 0.46 | 0.30 | 0.97 | 0.57 | 0.24 |
| Interest coverage | — | — | — | 210.1 | 51.3 | 7.1 | 4.6 | 7.6 | 7.9 | 5.1 |
| Working capital | $2.19B | $2.11B | $2.74B | $4.15B | $1.19B | −$103.9M | −$270.8M | $10.2M | −$74.1M | −$176.4M |
| Invested capital | $2.34B | $2.26B | $1.81B | $1.31B | $1.30B | $933.6M | $896.3M | $638.6M | $560.8M | $497.8M |
| Tangible asset value | $5.76B | $5.70B | $6.30B | $6.52B | $2.62B | $768.1M | $537.6M | $502.9M | $368.6M | $246.9M |
| Net current asset value | $2.16B | $2.07B | $2.60B | $3.90B | $1.06B | −$260.0M | −$459.9M | −$169.7M | −$211.9M | −$311.7M |
| Graham number | — | — | $90.50 | $181.52 | $79.02 | $19.91 | $8.77 | $10.31 | $16.57 | $9.71 |
| Graham net-net per share | $25.52 | $25.08 | $29.80 | $44.73 | $9.93 | −$4.52 | −$7.98 | −$3.49 | −$4.90 | −$6.58 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $995,000 | — | — | — | — | — | — |
| Share buybacks (net) | $852,248 | $12.7M | $522.1M | $124.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | 0.1% | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | — | 121.7% | 10.4% | 0.0% | 0.0% | — | — | 0.0% | 0.0% |
| Capex / revenue | 27.0% | 34.9% | 51.4% | 27.1% | 30.3% | 17.5% | 79.9% | 47.4% | 19.2% | 29.5% |
| Capex / operating cash flow | 319.8% | — | 73.4% | 50.7% | 79.5% | 56.4% | 272.0% | 149.7% | 47.5% | 68.4% |
| Capex / depreciation | 0.76 | 1.74 | 7.97 | 11.68 | 6.57 | 1.72 | 5.90 | 5.16 | 2.44 | 2.00 |
| Stock-based compensation / revenue | — | 7.0% | 6.5% | 6.7% | 0.6% | 2.7% | 5.1% | 4.6% | 1.2% | 1.2% |
| R&D / revenue | 0.4% | 0.4% | 0.4% | 0.2% | 0.4% | 1.0% | 1.5% | 0.9% | 0.2% | 1.7% |
| SG&A / revenue | 20.7% | 13.9% | 9.2% | 7.7% | 2.4% | 5.8% | 9.3% | 9.0% | 5.0% | 7.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 52.3 | 30.4 | 98.7 | 59.3 | 39.8 | 1.6 | 8.2 | 19.1 | 21.1 | 40.3 |
| Days of inventory on hand | 72.5 | 47.5 | 45.1 | 75.6 | 118.3 | 36.6 | 37.0 | 31.4 | 27.8 | 28.2 |
| Days payables outstanding | 35.5 | 17.5 | 23.0 | 24.8 | 31.5 | 13.1 | 14.8 | 25.6 | 33.2 | 44.5 |
| Cash conversion cycle (days) | 89.3 | 60.4 | 120.8 | 110.1 | 126.6 | 25.1 | 30.4 | 25.0 | 15.8 | 24.1 |
| Receivables turnover | 6.98 | 12.00 | 3.70 | 6.15 | 9.17 | 226.86 | 44.36 | 19.09 | 17.26 | 9.05 |
| Payables turnover | 10.29 | 20.82 | 15.87 | 14.70 | 11.58 | 27.89 | 24.64 | 14.28 | 11.00 | 8.21 |
| Inventory turnover | 5.04 | 7.69 | 8.09 | 4.83 | 3.09 | 9.98 | 9.86 | 11.61 | 13.13 | 12.93 |
| Asset turnover | 0.10 | 0.15 | 0.31 | 0.84 | 0.73 | 0.55 | 0.34 | 0.38 | 0.50 | 0.35 |
| Average receivables | $95.3M | $85.8M | $624.0M | $748.7M | $183.1M | $3.0M | $7.9M | $15.8M | $20.4M | $25.3M |
| Average payables | $78.1M | $59.7M | $87.4M | $81.7M | $50.2M | $15.8M | $11.0M | $14.3M | $19.0M | $18.1M |
| Average inventory | $159.5M | $161.6M | $171.4M | $248.6M | $188.5M | $44.3M | $27.4M | $17.5M | $15.9M | $11.5M |
| Intangibles / total assets | 2.4% | 2.4% | 2.0% | 1.1% | 1.2% | 2.5% | 2.5% | 2.6% | 3.5% | 3.8% |
Computed from DQ's annual financial statements (latest annual report filed April 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DQ valuation and financial ratios
Daqo New Energy earned a return on equity of −3.9% and a return on invested capital of −9.3% in fiscal 2025. It returned $0.9 million to shareholders: $0 in dividends and $0.9 million in share buybacks. The share count rose 27.5% from 53.0M to 67.5M over 9 years.
See the DQ income statement, the DQ chart for price history, or the DQ stock overview for the latest quote and news.
DQ key metrics FAQ
What is Daqo New Energy's return on equity?
Daqo New Energy's return on equity (ROE) was −3.9% in fiscal 2025: net income of -$170.5 million on average shareholders' equity of $4.4 billion.
What is Daqo New Energy's ROIC?
Daqo New Energy's return on invested capital was −9.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
Does Daqo New Energy buy back its shares?
Yes. Daqo New Energy spent $0.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +2.1% over the year, to 67.5M..
What is Daqo New Energy's free cash flow yield?
Daqo New Energy generated -$123.3 million of free cash flow in fiscal 2025, a free cash flow yield of −6.2% on its market value at year-end ($2.0 billion).
What is Daqo New Energy's current ratio?
Daqo New Energy's current ratio was 5.41 at the end of fiscal 2025: current assets were 5.41 times current liabilities.