Daqo NEW Energy Corp. cash flow statement

In fiscal 2025, Daqo NEW Energy Corp.'s operations generated $49.7m of cash; it spent $173m on capital projects, leaving free cash flow of −$123m.

Cash flow statement

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

Daqo NEW Energy Corp.: cash flow statement, 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 from operations	−3	126	45	−10	−17	46	66	99	143	96	181	210	639	2,463	1,616	−435	50
Depreciation and amortisation	16	31	35	37	52	28	31	23	28	28	47	69	77	107	149	206	237
Stock-based pay	0	2	2	2	2	2	4	3	4	14	18	18	10	307	142	72	56
Capital spending	121	58	253	106	33	77	81	67	64	143	279	118	499	1,205	1,111	359	173
Free cash flow	−124	68	−208	−116	−49	−31	−15	32	79	−48	−98	91	140	1,257	505	−794	−123
Free cash flow after stock pay	−124	66	−210	−118	−51	−33	−19	29	74	−61	−116	74	130	950	363	−866	−179
Share buybacks	—	—	—	1	—	—	1	—	—	—	—	—	—	125	486	5	—
Shares issued	—	81	—	—	—	58	30	—	—	114	—	—	935	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.