Qnity Electronics
Q · NYSESemiconductors & Related Devices · Fiscal year ends Dec 31
Qnity Electronics reported revenue of $4.8B in the fiscal year ended Dec 2025, up 9.7% from the year before. Net income was $729M. Operating cash flow of $1.3B less capital expenditure of $285M left free cash flow of $988M. Net debt was $3.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $4B | $4.3B | $4.8B |
| Cost of revenue | $2.3B | $2.3B | $2.6B |
| Gross profit | $1.8B | $2B | $2.2B |
| Research & development | $303M | $314M | $354M |
| Selling, general & admin | $533M | $603M | $620M |
| Pre-tax income | $632M | $901M | $962M |
| Income tax | $99M | $177M | $233M |
| Net income | $533M | $724M | $729M |
| Diluted EPS | 2.42 | 3.31 | 3.30 |
| Diluted shares | 209M | 209M | 210M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | – | $166M | $915M |
| Receivables | – | $580M | $656M |
| Inventory | – | $597M | $661M |
| Current assets | – | $1.5B | $2.6B |
| Goodwill | $7.5B | $7.4B | $7.5B |
| Total assets | – | $12.3B | $14.1B |
| Payables | – | $528M | $680M |
| Deferred revenue | – | $1M | $1M |
| Current liabilities | – | $839M | $1.4B |
| Short-term debt | – | $0 | $24M |
| Long-term debt | – | $0 | $4.1B |
| Total liabilities | – | $1.4B | $6.7B |
| Shareholders' equity | $11.2B | $10.6B | $7.1B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $882M | $1.1B | $1.3B |
| Capital expenditure | $231M | $200M | $285M |
| Free cash flow | $651M | $861M | $988M |
| Depreciation & amortisation | $403M | $394M | $376M |
| Stock-based compensation | $13M | $13M | $20M |
| Dividends paid | $0 | $0 | $13M |
| Dividend per share | – | – | 0.14 |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 7.4% | 9.7% |
| EPS growth (YoY) | – | 36.8% | −0.3% |
| Gross margin | 43.5% | 46.0% | 46.2% |
| Net margin | 13.2% | 16.7% | 15.3% |
| Return on equityBlank when equity is negative | 4.8% | 6.8% | 10.3% |
| Free cash flow margin | 16.1% | 19.9% | 20.8% |
| Cash conversion (CFO ÷ net income) | 1.65x | 1.47x | 1.75x |
| Receivable days | – | 49 | 50 |
| Inventory days | – | 93 | 94 |
| Payable days | – | 82 | 97 |
| Debt ÷ equity | – | 0.00x | 0.58x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −$166M | $3.2B |
| Current ratio | – | 1.77x | 1.95x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.