Qnity Electronics supplies materials and solutions used to make semiconductors and electronics. Drawing on more than 50 years in materials science, it provides consumable inputs for chip fabrication — chemical-mechanical planarisation pads and slurries, photoresists and lithographic coatings, cleaning and etching chemistries, Kalrez sealants and OLED display materials — alongside products for connecting and packaging electronic components, including plating chemistries, thermal interface and electromagnetic shielding materials, and polyimide films such as Kapton and Pyralux.
Its customers are semiconductor manufacturers, foundries, equipment makers, circuit-board producers and original equipment manufacturers, who qualify its materials into their production processes. Qnity sells these consumable, unit-driven products directly and through distributors, counting nearly all of the world's twenty largest semiconductor makers among its buyers; its average relationship with its ten biggest customers exceeds thirty years.
The business reports through two segments, Semiconductor Technologies and Interconnect Solutions, operating roughly forty manufacturing sites, with facilities near customers in Taiwan, South Korea, China, Europe and the United States. It employs more than 10,000 people, around 60% in Asia Pacific. Qnity was separated from DuPont and began trading on the New York Stock Exchange under the ticker "Q" in November 2025.
Based on Qnity Electronics, Inc.'s 10-K filed February 26, 2026.
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~$130
Cash-flow model
Base case. Range ~$94–$170 across our lower- and higher-growth cases (9.8%–19.8% a year).
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Qnity Electronics, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $5.21bn. Free-cash-flow margin held at 15.8%. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $132 a share, against a share price of $119.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Qnity Electronics, Inc.'s trailing-twelve-month revenue grew 14.8% year on year, with a free-cash-flow margin of 15.8%.
Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$94–$170 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Net margin compressing: TTM net margin fell to 11.2%, down 6.2pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to adjusted operating ebitda of $1.68bn to $1.73bn for the Full Year 2026; adjusted eps of $4.40 to $4.60 for the Full Year 2026.
Our value per share comes from a discounted-cash-flow model of Qnity Electronics, Inc.'s free cash flow after stock-based pay ( $905M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Qnity Electronics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$130 ~$94–$170 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$83 ~$78–$140 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$17 ~$12–$24 | Left out: out of range vs price (0.14x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$13 ~$12–$15 | Left out: out of range vs price (0.12x) |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$110 ~$83–$130 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Qnity Electronics, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $46 | $68 | $98 | $136 | $187 | $252 |
| 8.5% | $31 | $47 | $69 | $96 | $132 | $179 |
| 10% | $23 | $35 | $51 | $73 | $100 | $135 |
| At fiscal year end | 2025 | Now |
|---|---|---|
| Share price | $81.50 | $115.37 |
| Market value | $17.1bn | $24.3bn |
| + Net debt (− = net cash) | $3.2bn | $3.1bn |
| Enterprise value | $20.3bn | $27.3bn |
| Multiples | ||
| Price / sales | 3.6x | 4.7x |
| Price / earnings | 24.7x | 41.4x |
| Price / free cash flow | 17.3x | 29.4x |
| EV / EBITDA | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 4, 2026, before the open. Analysts expect revenue of $1.5bn and EPS of $1.21 (range $1.16 to $1.24) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $4.60 | +37% | $5.6bn | +19% |
| Next | $5.50 | +20% | $6.3bn | +12% |
Next year's EPS estimate has moved +12.0% in 90 days, across 10 analysts.
The consensus EPS forecast for the current fiscal year is +10.1% on 90 days ago. In the last 30 days, 7 analysts raised Qnity Electronics, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $4.17 | $4.91 |
| 60 days ago | $4.59 | $5.38 |
| 30 days ago | $4.59 | $5.38 |
| 7 days ago | $4.59 | $5.48 |
| Now | $4.60 | $5.50 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.07 | $1.19 | +11.0% |
| Mar 2026 | $0.92 | $1.08 | +17.4% |
| Dec 2025 | $0.64 | $0.82 | +28.6% |
| Sept 2025 | $0.66 | $0.95 | +44.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows Qnity Electronics, Inc.'s revenue by +14.7% next year and +13.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.8%, weight 54%) , management guidance (+14.0%, weight 20%) and the company's own record (+14.8%, weight 26%) . How the weights are set.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| Q | +42% |
| Industry peers (median) | +13% |
| S&P 500 | +11% |
| Months that ended higher | |
| Q | 55% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| Q | −38% |
| S&P 500 | −9% |
Worst fall since October 27, 2025: 38% from June 22, 2026 to October 22, 2026. Getting back needed a 61% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +1.8% | +1.6% | +3.7% | −11.7% |
| May 12, 2026 | +5.7% | +0.4% | −5.2% | −2.6% |
| February 26, 2026 | +5.8% | −1.0% | −3.2% | −6.7% |
| January 16, 2026 | +2.2% | −2.1% | +3.9% | +23.8% |
| November 6, 2025 | −7.4% | −1.0% | −13.8% | −15.3% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q2 | $4.5B |
| FY25 Q3 | $4.7B |
| FY25 Q4 | $4.8B |
| FY26 Q1 | $5B |
| FY26 Q2 | $5.2B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q3 | 16.9% |
| FY25 Q4 | 20.8% |
| FY26 Q1 | 18.1% |
| FY26 Q2 | 15.8% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 4,035 | 4,335 | 4,754 | 5,210 |
| Gross profit | 1,755 | 1,996 | 2,195 | 2,408 |
| Net income | 507 | 693 | 692 | 586 |
| Diluted EPS | $2.42 | $3.31 | $3.30 | $2.79 |
| Growth (year on year) | ||||
| Revenue | — | +7.4% | +9.7% | +14.8% |
| Net income | — | +36.7% | −0.1% | −26.1% |
| Diluted EPS | — | +36.8% | −0.3% | — |
| Margins | ||||
| Gross margin | 43.5% | 46.0% | 46.2% | 46.2% |
| Net margin | 12.6% | 16.0% | 14.6% | 11.2% |
| Free-cash-flow margin | 16.1% | 19.9% | 20.8% | 15.8% |
| Cash flow | ||||
| Cash from operations | 882 | 1,061 | 1,273 | 1,169 |
| Capital spending | 231 | 200 | 285 | 344 |
| Free cash flow | 651 | 861 | 988 | 825 |
| Stock-based pay | 13 | 13 | 20 | 37 |
| Free cash flow after stock pay | 638 | 848 | 968 | 788 |
| Balance sheet | ||||
| Cash | — | 166 | 915 | 961 |
| Total debt | — | 0 | 4,100 | 4,020 |
| Net debt (negative = net cash) | — | −166 | 3,185 | 3,059 |
| Diluted shares | 209m | 209m | 210m | 210m |
| Returned to shareholders | ||||
| Dividends | 0 | 0 | 13 | — |
| Total returned | 0 | 0 | 13 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1,148 | 1,101 | 1,118 | 1,170 | 1,276 | 1,190 | 1,315 | 1,429 |
| Gross profit | 539 | 515 | 531 | 540 | 575 | 549 | 618 | 666 |
| Net income | 199 | 213 | 193 | 188 | 211 | 100 | 151 | 124 |
| Diluted EPS | $0.95 | $1.01 | $0.92 | $0.90 | $1.01 | $0.47 | $0.72 | $0.59 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +11.1% | +8.1% | +17.6% | +22.1% |
| Net income | — | — | — | — | +6.0% | −53.1% | −21.8% | −34.0% |
| Diluted EPS | — | — | — | — | +6.3% | −53.5% | −21.7% | −34.4% |
| Margins | ||||||||
| Gross margin | 47.0% | 46.8% | 47.5% | 46.2% | 45.1% | 46.1% | 47.0% | 46.6% |
| Net margin | 17.3% | 19.3% | 17.3% | 16.1% | 16.5% | 8.4% | 11.5% | 8.7% |
| Free-cash-flow margin | — | 20.0% | 9.2% | 19.1% | 18.9% | 35.3% | 1.0% | 10.6% |
| Cash flow | ||||||||
| Cash from operations | — | 286 | 207 | 273 | 302 | 491 | 135 | 241 |
| Capital spending | — | 66 | 104 | 49 | 61 | 71 | 122 | 90 |
| Free cash flow | — | 220 | 103 | 224 | 241 | 420 | 13 | 151 |
| Stock-based pay | — | 3 | 4 | 4 | 4 | 8 | 10 | 15 |
| Free cash flow after stock pay | — | 217 | 99 | 220 | 237 | 412 | 3 | 136 |
| Last 12 months unless stated | Q | MCHP | FSLR | ARM | CSIQ | ON | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.2bn | $5.1bn | $5.0bn | $4.9bn | $5.6bn | $6.4bn | $1.1bn |
| Revenue growth, last 12 months | 14.8% | 20.9% | −0.7% | 22.8% | −6.6% | 2.9% | 13.9% |
| Revenue growth, 3-year average | — | −16.4% | 16.6% | — | 50.1% | −8.6% | 3.9% |
| Revenue growth, latest quarter | 22.1% | 38.0% | −22.8% | — | — | 11.1% | 20.9% |
| Gross margin | 46.2% | 60.2% | 49.3% | 97.5% | 18.3% | 38.7% | 48.1% |
| Operating margin | — | 15.5% | 37.7% | 18.3% | 0.8% | 12.3% | 4.8% |
| Operating margin, 3-year average | — | 15.6% | 34.1% | — | 4.1% | 14.6% | 4.8% |
| Net margin | 11.2% | 9.3% | 37.1% | 18.4% | −1.9% | 10.8% | 5.3% |
| Cash from operations / revenue | 22.4% | 23.4% | 16.7% | 31.0% | −4.5% | 27.8% | 17.6% |
| Free-cash-flow margin | 15.8% | 21.7% | 4.6% | 19.9% | −21.7% | 25.4% | 9.9% |
| Free-cash-flow margin, 3-year average | — | 23.2% | 0.5% | — | −9.4% | 20.5% | 8.5% |
| Stock pay / revenue | 0.7% | 5.4% | 0.5% | 21.4% | 0.4% | 2.3% | 5.6% |
| Change in share count | — | 2.2% | 0.2% | 0.5% | 0.6% | −4.5% | 0.9% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Semiconductor Technologies | $2.6B | 55.6% | ▲ 7.8% |
| Interconnect Solutions | $2.1B | 44.4% | ▲ 12.0% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $3.7B | 78.8% | ▲ 9.6% |
| South Korea Taiwan and Other Asia Pacific (part of Asia Pacific) | $2.2B | 58.1% | ▲ 11.0% |
| China (part of Asia Pacific) | $1.6B | 41.9% | ▲ 7.8% |
| Americas | $629M | 13.2% | ▲ 12.5% |
| United States (part of Americas) | $591M | 94.0% | ▲ 11.9% |
| Americas Excluding The United States (part of Americas) | $38M | 6.0% | ▲ 22.6% |
| EMEA | $378M | 8.0% | ▲ 5.6% |
From Qnity Electronics, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $2.6B | 16.1M | 10.0% | ▲ 1.0% |
| Vanguard Capital Management LLC | $2.2B | 13.7M | 8.5% | ▲ 0.4% |
| Vanguard Portfolio Management LLC | $1.7B | 10.2M | 6.3% | ▼ 4.1% |
| State Street Corp | $1.5B | 9.4M | 5.8% | ▲ 3.4% |
| Geode Capital Management, LLC | $910M | 5.6M | 3.5% | ▲ 2.0% |
| Durable Capital Partners LP | $744M | 4.6M | 2.8% | ▼ 10.5% |
| Allspring Global Investments Holdings, LLC | $667M | 4.4M | 2.5% | ▼ 0.6% |
| Invesco Ltd. | $663M | 4.1M | 2.5% | ▲ 15.3% |
| Morgan Stanley | $550M | 3.4M | 2.1% | ▲ 6.3% |
| Jane Street Group, LLC | $410M | 2.5M | 1.6% | ▲ 44.0% |
| Northern Trust Corp | $342M | 2.1M | 1.3% | ▼ 6.1% |
| Goldman Sachs Group Inc | $339M | 2.1M | 1.3% | ▲ 32.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Qnity Electronics, Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| De Bondt Karin Director | August 11, 2026 | Buy | 1,000 | $138.14 | $138,136 |
| Sterin Steven Director | June 5, 2026 | Sell | 400 | $148.35 | $59,340 |
| Sterin Steven Director | May 26, 2026 | Sell | 511 | $161.97 | $82,764 |
| Kemp Jon D. Chief Executive Officer | December 11, 2025 | Sell | 5,655 | $85.01 | $480,732 |
| Goss Michael G. VP & Controller | December 11, 2025 | Sell | 1,895 | $84.79 | $160,677 |
| Noonan Anne P Director | November 21, 2025 | Buy | 3,240 | $77.30 | $250,452 |
| Kang Sang Ho President, Semiconductor | November 21, 2025 | Sell | 2,500 | $74.50 | $186,250 |
| Noonan Anne P Director | November 21, 2025 | Sell | 7 | $76.30 | $534 |
| Green Byron Director | November 19, 2025 | Buy | 1,000 | $79.12 | $79,120 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Qnity Electronics, Inc. disclosed in the last 12 months; 2 earlier trades on record.
Next expected around October 16, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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