Daqo New Energy Corp ADR (DQ) financial statements
Daqo New Energy Corp ADR reported revenue of $665M in fiscal 2025, up 14.5% a year over 9 years.
Net income was -$171M and the operating margin -40.6%, against 31.2% in 2016.
Free cash flow was -$123M.
The diluted share count rose 27% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Daqo New Energy Corp ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $196M | $323M | $302M | $350M | $676M | $1.7B | $4.6B | $2.3B | $1.0B | $665M |
| Cost of revenue | $118M | $179M | $203M | $270M | $442M | $582M | $1.2B | $1.4B | $1.2B | $803M |
| Gross profit | $78M | $144M | $98M | $80M | $234M | $1.1B | $3.4B | $921M | -$213M | -$138M |
| Research and development | $4M | $676,323 | $3M | $6M | $7M | $6M | $10M | $10M | $5M | $3M |
| Selling, general and admin | $15M | $16M | $27M | $32M | $39M | $40M | $354M | $213M | $143M | $118M |
| Operating income | $61M | $131M | $81M | $47M | $188M | $1.1B | $3.0B | $783M | -$564M | -$270M |
| Interest expense | $13M | $16M | $11M | $9M | $26M | $20M | — | — | — | — |
| Pre-tax income | $49M | $115M | $74M | $38M | $162M | $1.0B | $3.1B | $818M | -$518M | -$237M |
| Income tax | $7M | $17M | $12M | $10M | $28M | $170M | $577M | $166M | -$70M | -$21M |
| Net income | $43M | $93M | $38M | $30M | $129M | $749M | $1.8B | $430M | -$345M | -$171M |
| EPS (diluted) | $0.16 | $0.34 | $0.12 | $0.08 | $0.34 | $1.95 | $4.67 | $1.15 | -$1.04 | -$0.51 |
| Diluted shares | 265M | 273M | 326M | 350M | 375M | 384M | 386M | 375M | 331M | 337M |
| Gross margin | 39.7% | 44.6% | 32.5% | 22.9% | 34.6% | 65.4% | 74.0% | 39.9% | -20.7% | -20.7% |
| Operating margin | 31.2% | 40.5% | 26.9% | 13.6% | 27.8% | 62.6% | 66.0% | 33.9% | -54.8% | -40.6% |
| Net margin | 22.2% | 28.7% | 12.6% | 8.4% | 19.1% | 44.6% | 39.5% | 18.6% | -33.5% | -25.6% |
Balance sheet
Fiscal years, from Daqo New Energy Corp ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $61M | $88M | $53M | $77M | $1.0B | $3.5B | $3.0B | $1.0B | $856M |
| Receivables | $5M | $700,558 | $1M | $13,300 | $0 | $0 | $0 | — | — | — |
| Inventory | $12M | $16M | $15M | $36M | $42M | $328M | $170M | $173M | $150M | $169M |
| Total current assets | $73M | $142M | $160M | $174M | $180M | $1.7B | $4.9B | $3.6B | $2.6B | $2.7B |
| Property, plant and equipment | $557M | $485M | $617M | $995M | $1.0B | $1.6B | $2.6B | $3.6B | $3.5B | $3.4B |
| Total assets | $657M | $749M | $855M | $1.2B | $1.2B | $3.3B | $7.6B | $7.4B | $6.4B | $6.4B |
| Total current liabilities | $250M | $217M | $150M | $445M | $284M | $550M | $737M | $836M | $521M | $502M |
| Long-term debt | $112M | $111M | $133M | $152M | $123M | $0 | — | — | — | — |
| Total liabilities | $385M | $354M | $330M | $634M | $440M | $680M | $989M | $979M | $560M | $533M |
| Shareholders' equity | $270M | $392M | $525M | $567M | $767M | $2.2B | $4.8B | $4.8B | $4.4B | $4.4B |
| Net debt | $146M | $81M | $71M | $148M | $102M | -$724M | -$3.5B | -$3.0B | -$1.0B | -$856M |
Cash flow
Fiscal years, from Daqo New Energy Corp ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $99M | $143M | $96M | $181M | $210M | $639M | $2.5B | $1.6B | -$435M | $50M |
| Capital spending | $67M | $64M | $143M | $279M | $118M | $499M | $1.2B | $1.1B | $359M | $173M |
| Free cash flow | $32M | $79M | -$48M | -$98M | $91M | $140M | $1.3B | $505M | -$794M | -$123M |
| Stock-based compensation | $3M | $4M | $14M | $18M | $18M | $10M | $307M | $142M | $72M | $56M |
| Share buybacks (net) | — | — | — | — | — | — | -$125M | -$486M | -$5M | — |
| Free cash flow margin | 16.4% | 24.3% | -15.8% | -28.0% | 13.5% | 8.4% | 27.3% | 21.9% | -77.2% | -18.5% |
Questions
What was Daqo New Energy Corp ADR's revenue in 2025?
$665M in fiscal 2025, from its 10-K filing.
How much free cash flow does Daqo New Energy Corp ADR generate?
-$123M in fiscal 2025 (operating cash flow minus capital spending).
From Daqo New Energy Corp ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.