Daqo New Energy Corp ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $665.4M-35.3% YoYTTM through 31 Dec 2025
Net Income -$170.5MTTM through 31 Dec 2025
Free Cash Flow -$123.3MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Gross Margin | -20.7% |
| EBITDA Margin | -5.0% |
| Operating Margin | -30.2% |
| Net Margin | -25.6% |
Returns
-2.9%ROE
-2.6%ROA
Balance Sheet Health
Debt / Equity0.00x
Current Ratio10.00x
Net Debt-$1.1Bnet cash position
Cash & Equivalents$856.1M
Quality Metrics
Altman Z-Score1.23
Piotroski F-Score5 / 9
FCF Margin-18.5%
Earnings-Beat Rate50.0%
Multi-Year Trend
RevenueFY2025: $665.4M
Diluted EPS-$0.51TTMFY2025: $-0.51
Dividend
No dividend
Capital Allocation
R&D Spend$2.6M
Capex Intensity26.0%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Polysilicon | $665.4M | -35.3% | View detailsThe company expects to maintain utilization around 50% to 55% in 2026 unless pricing dynamics worsen, with full-year 2026 production guided at 140,000 to 170,000 MT. |
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