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Semiconductor materials and interconnect-solutions company spun off from DuPont's Electronics & Industrial segment in 2025.
Semiconductor materials and interconnect-solutions company spun off from DuPont's Electronics & Industrial segment in 2025.
Sells materials that chip plants use up with each wafer they process, such as polishing slurries and resists, so revenue follows how many wafers its customers run rather than equipment purchases. Once a material is approved for a chip's process it tends to stay for that product's life. DuPont separated it in November 2025, leaving it a stand-alone company.
In one line: DuPont's chip-materials business, now standalone.
Moat: narrow (IP / patents, customer qualification, process know-how). Chip-fab material qualification cycles are long, locking in incumbent suppliers.
Headquarters: Wilmington, Delaware, US · Founded: 2025 · Employees: 10,000
Size Qnity Electronics (Q) is a United States Information Technology company (Electronic Equipment/Instruments) with a market value of $24.5B, the 432nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $117.00 on 6 Nov 2026.
Performance Over six months the shares fell 20.6%, against -24.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 18 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +16.2%); the operating margin is 22.7% (peer median 21.0%).
Valuation It trades at 20.2× forward earnings against a peer median of 24.9× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +22 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points below its cost of capital (12.0% WACC).
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.49B | $4.75B | $4.33B | $4.04B | $4.75B |
| Revenue growth | — | +10% | +7% | -15% | — |
| Gross profit | $2.37B | $1.99B | $1.76B | $1.49B | $1.88B |
| EBITDA | $1.64B | $1.39B | $1.24B | $1.06B | $1.45B |
| Net income | $558M | $692M | $693M | $507M | $774M |
| Free cash flow | $777M | $988M | $861M | $651M | $951M |
| Capital expenditure | $361M | $285M | $200M | $231M | $202M |
| Total debt | $4.53B | $4.53B | $191M | $222M | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Qnity Electronics Q | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% |
| Entegris ENTG | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% |
| Shin-etsu Chemical 4063.T | $66.5B | -27% | +5% | 25% | 17.2× | 8.9% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | Q | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.6% | -15.3% | 8th highest of 19 |
| 6-month return | -20.6% | -24.6% | 8th highest of 18 |
| Distance from 52-week high | -34.0% | -44.0% | 8th highest of 19 |
| Revenue growth (TTM) | +17.7% | +16.2% | 8th highest of 18 |
| Operating margin | 22.7% | 21.0% | 8th highest of 18 |
| Forward P/E | 20.2× | 24.9× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 21.3% | 7th most demanding of 15 |
| Growth delivered (Del g) | 0.0% | +12.7% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +22.1 pp | +4.0 pp | most demanding of 15 |
| ROIC minus cost of capital | -3.5 pp | +2.8 pp | 3rd lowest of 18 |
| EV / EBITDA | 17.2× | 26.4× | 2nd cheapest of 8 |
| Net debt / EBITDA | 2.1× | -0.7× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |