Daqo NEW Energy Corp. balance sheet

At the end of fiscal 2025, Daqo NEW Energy Corp. had total assets of $6.45bn, total liabilities of $533m and shareholders' equity of $4.41bn. It held $856m in cash against $103m of debt.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Daqo NEW Energy Corp.: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	81	204	93	7	8	7	14	16	61	66	53	77	724	3,499	3,039	1,007	856
Receivables	—	15	19	28	10	9	20	5	1	1	0	0	0	0	—	—	—
Inventory	—	11	24	15	11	10	11	12	16	15	36	42	328	170	173	150	169
Total current assets	—	242	179	97	91	122	89	73	142	160	174	180	1,743	4,889	3,577	2,632	2,696
Total assets	—	651	878	816	610	710	661	657	749	855	1,201	1,239	3,344	7,594	7,427	6,418	6,449
Accounts payable	—	4	10	12	18	17	17	19	19	9	13	19	81	82	93	26	27
Deferred revenue (current)	—	—	—	—	—	—	—	—	16	10	33	38	203	122	149	37	49
Total current liabilities	—	171	218	260	299	396	275	250	217	150	445	284	550	737	836	521	502
Short-term debt	—	72	112	120	119	160	124	106	74	38	50	55	0	—	—	—	—
Long-term debt	—	83	166	188	135	77	119	112	111	133	152	123	0	—	—	—	—
Total debt	0	155	277	308	254	237	242	218	185	176	330	249	0	21	0	7	103
Total liabilities	—	255	426	475	473	503	419	385	354	330	634	440	680	989	979	560	533
Shareholders' equity	180	263	311	202	137	207	240	270	392	525	567	767	2,162	4,807	4,762	4,361	4,407
Non-controlling interests and other (assets − liabilities − equity)	—	133	141	139	—	—	—	—	—	—	—	32	502	1,797	1,686	1,497	1,510
Shares outstanding	—	35m	35m	35m	35m	45m	52m	53m	54m	66m	69m	73m	75m	78m	66m	67m	68m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Daqo NEW Energy Corp.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Daqo NEW Energy Corp.