DAQO NEW ENERGY CORP.
DQ · Semiconductors & Related Devices · EDGAR filings ↗
Grade
D42Polysilicon maker in a deep downturn with negative gross margins, collapsing revenue, and cash burn.
Strengths
- Strong liquidity cushion — current ratio 5.37 (80th), quick ratio 5.04
Risks
- Severe unprofitability — gross margin -20.7% (7th), operating margin -40.6%
- Revenue collapse — -35.3% (8th)
- Cash burn — FCF -$123.3M (6th)
Notable findings
- Net lossNet loss (net margin -25.6%)
- Cash burnNegative free cash flow (-123.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $856M cash & investments, ~28 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Gross margin
-20.7%
Operating margin
-40.6%
Net margin
-25.6%
Return on equity
-3.9%
Return on assets
-2.6%
Revenue growth (QoQ)
33.6%
Current ratio
5.4×
Free cash flow
-$123M
Tangible book value
$4.4B
Cash & investments
$856M
Cash runway
28q
Stock comp / revenue
8.4%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-20 | 2025-12-31 | 0001104659-26-045134 ↗ |
| 20-F | 2025-04-29 | 2024-12-31 | 0001410578-25-000968 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001104659-24-053433 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001410578-23-000809 ↗ |
| 20-F | 2022-03-30 | 2021-12-31 | 0001410578-22-000624 ↗ |
| 20-F | 2021-04-22 | 2020-12-31 | 0001104659-21-053396 ↗ |
| 20-F | 2020-04-24 | 2019-12-31 | 0001104659-20-050556 ↗ |
| 20-F | 2019-04-17 | 2018-12-31 | 0001144204-19-020070 ↗ |
| 20-F | 2018-03-16 | 2017-12-31 | 0001144204-18-015103 ↗ |
| 20-F | 2017-03-31 | 2016-12-31 | 0001144204-17-017843 ↗ |
| 20-F | 2016-04-07 | 2015-12-31 | 0001144204-16-093149 ↗ |
| 20-F | 2015-04-17 | 2014-12-31 | 0001144204-15-023405 ↗ |