Qnity Electronics, Inc.

Semiconductors & Related Devices

QStrong9 of 10 basics passed

$127.26

+0.46%

Market cap $26.6B

$127.26

+0.46%

Market cap $26.6B

Qnity is a specialty chemicals company created in 2025 after being spun off from DuPont. It sells chemicals and materials to the semiconductor industry, which generates the majority of sales, and also the electronics industry.

It is a $26.6B technology company. Revenue grew 14.8% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~3.8 years of free cash flow. It trades at 45.2× earnings — around the middle of its own history.

Website: qnityelectronics.com
Location: Wilmington, DE
Sector: Technology

Share price · 11 months

$97.00 → $127.26+31.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $5.21B
Profit: keeps 11¢ of every $1 sold; $586M
Free cash flow: cash left after running the business; $825M
Net debt: debt minus cash on hand; $3.11B
P/E: years of profit in the price; 45.2
EPS: earnings per share, TTM; $2.79
Shares: shares outstanding; 209.8M
Volatility: beta vs the market — under 1 swings less; 1.57

Revenue, last 4 years

52-week range

Low $73.54$127.26High $175.64

Today's price is 53% of the way from the year's low to its high.

P/E vs its history11mo

45.2×median 41.4×

Higher than 67% of past days — around the middle of its own history.

Valuation vs own history

P/E

45.2×

33%

P/S

5.1×

54%

EV/EBITDA

27.8×

56%

P/B

3.5×

46%

FCF yield

3.1%

35%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

+$138Knet buying

Purchases$138K

Sales$0

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$26.6Btop 50%
Revenue growth-0%top 86%
Net margin11%top 55%
Return on equity8%top 74%
P/E45.2×top 65%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health and quality; Valuation and Growth lag behind.

Valuation39

P/E vs own history67th pct · 5/25
FCF yield3.1% · 12/25
P/S5.1x · 12/25
EV/EBITDAn/a · 10/25

Growth45

Revenue CAGR-0.0% · 0/25
Net income CAGR-3.7% · 0/25
EPS CAGR ~5Y16.7% · 20/25
Fwd implied growth86.6% · 25/25

Profitability50

ROIC6.8% · 5/25
ROE7.6% · 5/25
Net margin11.2% · 20/25
Operating margin20.8% · 20/25

Health80

Altman Z2.85 · 18/25
Current ratio2.01 · 25/25
Interest coverage54.4x · 25/25
Net cash / debtD/A 22% · 12/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-5.01 · 25/25
FCF conversion141% · 25/25
Margin stabilityσ 2.3% · 25/25

Moat70

ROIC >12% years0/3 yrs · 0/25
Median gross margin45.7% · 20/25
FCF-positive years4/4 yrs · 25/25
Worst-year net marginworst 12.6% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2025Milestone
DuPont completed the corporate spin-off of the company
FY2024Financial
Became debt-free
cash now exceeds total debt
FY2022Financial
Profitable every year on record
4 consecutive profitable years in our data
FY2022Financial
Revenue already above $1B
$4.75B in first reported year
FY2022Financial
Best year on record
$774M net income
2021Acquisition
It acquired Laird Performance Materials for $2.3 billion in July 2021

Achievements

Verifiable track record, straight from the reported numbers.

$4.8B revenue in FY2025

Revenue up 14.8% year over year

Profitable 4 years in a row

Positive free cash flow 4 years in a row

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (46.2%)
Revenue growing 14.8% year over year
Strong cash conversion — FCF is 15.8% of revenue
Interest covered 54.4× by operating earnings

Watch-outs

Short reporting history — trends are less reliable

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+14.8% YoY
Profitable — makes more than it spends$586M TTM
Profit growing — earnings are higher than last year-3.7% YoY
Generates cash — cash left after running and investing$825M TTM
Debt under control — could handle its obligations~3.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$26.6B market cap
Not printing shares — share count not ballooning — you keep your slice+0.1% shares over ~5y
Proven track record — years of profitability behind it4/4 profitable years
Financially stable — balance sheet not near distressAltman Z 2.8 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 45.2

Peer comparisonQnity Electronics, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
Q this company	$26.6B	45.2	+14.8%	11.2%	Strong
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: Q vs NVDA · Q vs AAPL · Q vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 1

Appendix · Financial records

The full statements behind this CV, FY2022–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.21B · net income $586M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$5.21B

YoY 14.8%

Net income (TTM)

$586M

Margin 11.2%

Gross margin

46.2%

Operating margin

20.8%

P/E ratio

45.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2022	2023	2024	2025
Revenue	4.8	4.0	4.3	4.8
Gross profit	2.2	1.8	2.0	2.2
Operating income (EBIT)	1.0	0.7	0.9	1.0
Net income	0.8	0.5	0.7	0.7
EPS (diluted)	—	2.42	3.31	3.30

Cash flowFree cash flow $825M · operating cash flow $1.17B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$825M

Margin 15.8%

Operating cash flow (TTM)

$1.17B

FCF margin

15.8%

Cash flow statement — full detail

Figures in USD billions

	2022	2023	2024	2025
Operating cash flow	1.2	0.9	1.1	1.3
Capital expenditure	-0.2	-0.2	-0.2	-0.3
Free cash flow	1.0	0.7	0.9	1.0
FCF margin	20.0%	16.1%	19.9%	20.8%

Balance sheetAssets $14.1B · net debt $3.11B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $14.1B of assets is financed

49%

51%

Liabilities $6.70B — borrowed moneyEquity $7.09B — owners' stake

Cash vs debt

Total debt $4.03B − cash $915M = net debt $3.11B

Cash on hand covers 23% of debt.

Altman Z-Score

2.85

Grey zone

Debt repayment

4.3 yrs

Years of free cash flow to clear net debt

Interest coverage

54.4x

EBIT ÷ interest expense

ROE

7.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2022	2023	2024	2025
Cash & equivalents	—	0.1	0.2	0.9
Total assets	—	12.5	12.3	14.1
Total liabilities	—	1.3	1.4	6.7
Total debt	—	0.2	0.1	4.0
Equity	—	11.2	10.9	7.1
Net debt	—	0.0	-0.0	3.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of Q on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $127.26 · market cap $26.6B.