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Qnity Electronics, Inc. Q SPX

Technology · Semiconductor Equipment & Materials · United States
https://www.qnityelectronics.com

Qnity Electronics, Inc. provides materials and solutions to the semiconductor and electronics industries in the United States, rest of Americas, Europe, the Middle East, Africa, Asia Pacific, China, South Korea, Taiwan, and internationally. The company operates in two segments, Semiconductor Technologies and Interconnect Solutions. Its Semiconductor Technologies segment offers chemical mechanical planarization (CMP) pads and slurries, photoresists, functional sub-layers, advanced overcoats, post-CMP cleaners, post-etch residue removers, and emerging cleans. The Interconnect Solutions segment provides copper pillar plating, copper redistribution layer, solder bump plating, under bump metallization, photoresists, packaging dielectrics, gap fillers, phase change, specialty thermal interface materials, thermally conductive insulators, copper playing solutions, dry film photoresists, and laminates and polyimide films. The company was formerly known as Novus SpinCo 1, Inc. and changed its name to Qnity Electronics, Inc. in April 2025. The company was incorporated in 2024 and is headquartered in Wilmington, Delaware.

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$156.00
+64.01% 1Y

Market & Price

Market Cap
$32.66B
Current Price
$156.00
High / Low (52W)
$168.28 / $73.40
Beta
-

Valuation

Stock P/E
50.32
Industry PE
32.74
Forward P/E
32.79
PEG Ratio
2.61
Book Value
$34.30
Price to Book
4.55
P/S
6.60
EV/EBITDA
25.27
Dividend Yield
0.21%

Profitability & Returns

ROCE
8.08%
ROE
7.48%
ROA
5.06%
Profit Margin
13.13%
Op Margin
22.81%
EPS (Latest Qtr)
$0.72
EPS (TTM)
$3.10

Balance Sheet & Liquidity

Debt/Equity
0.61
Quick Ratio
1.23
Current Ratio
2.12
Debt
$4.53B
Total Assets
$14.07B
Current Assets
$2.64B
Working Capital
$1.28B

Ownership

Promoter Holding
0.07%
Chg in Prom Hold
0.00%
FII / Inst Holding
76.67%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
$36.61B
Total Revenue (TTM)
$4.95B
EBITDA
$1.45B
Free Cash Flow
$702.37M
Operating Cash Flow
$1.20B
Shares Outstanding
209.34M
Gross Margin
46.09%
Payout Ratio
4.51%

Growth (CAGR)

Revenue 5Y
-0.01%
Profit 5Y
-3.66%
Revenue (YoY)
17.60%
Earnings (YoY)
-21.70%

PROS

  • Generates positive free cash flow.

CONS

  • Trading at a high P/E of 50.3.
  • Revenue declined at -0.0% CAGR over 5 years.
  • Earnings shrank at -3.7% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 Q Qnity Electronics, Inc. SPX 156.00 50.32 $32.66B 0.21% 8.08% 7.48% -0.01% -3.66%
2 NVDA NVIDIA Corporation NDXSPXAI 211.14 32.38 $5.11T 0.47% 81.14% 114.29% 100.05% 201.80%
3 AAPL Apple Inc. NDXSPX 312.06 37.73 $4.58T 0.35% 68.72% 141.47% 1.81% 3.92%
4 MSFT Microsoft Corporation NDXSPXAI 450.24 26.82 $3.34T 0.81% 26.37% 34.01% 12.42% 11.87%
5 TSM Taiwan Semiconductor Manufacturing Company Limited AI 418.45 35.86 $2.17T 0.91% 32.04% 36.21% 18.94% 19.57%
6 MU Micron Technology, Inc. NDXSPXAI 971.00 45.87 $1.10T 0.06% 14.20% 39.82% 6.71% -0.57%
7 AMD Advanced Micro Devices, Inc. NDXSPXAI 516.10 172.61 $841.55B - 6.33% 8.06% 13.64% 48.64%
8 ORCL Oracle Corporation SPXAI 225.78 40.46 $649.35B 0.89% 13.07% 57.57% 10.59% 22.81%
9 ASML ASML Holding N.V. NDXAI 1,612.76 53.76 $621.59B 0.54% 43.81% 52.24% 15.55% 19.55%
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Quarterly Results

Figures in USD.

Metric Sep 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue -1.12B1.17B1.28B1.19B1.31B
Cost of Revenue -587.00M628.00M701.00M641.00M697.00M
Gross Profit -531.00M542.00M575.00M549.00M618.00M
Operating Expenses -279.00M295.00M302.00M308.00M319.00M
Operating Income -252.00M247.00M273.00M241.00M299.00M
EBITDA -340.00M346.00M380.00M336.00M377.00M
Interest Expense -055.00M14.00M51.00M61.00M
Pretax Income -246.00M199.00M272.00M189.00M218.00M
Tax Provision -47.00M50.00M49.00M80.00M56.00M
Net Income -193.00M139.00M211.00M100.00M151.00M
Diluted EPS 0.950.92-1.010.480.72
R&D Expense 81.00M84.00M-92.00M-94.00M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2022Dec 2023Dec 2024Dec 2025
Revenue 4.75B4.04B4.33B4.75B
Cost of Revenue 2.60B2.28B2.34B2.56B
Gross Profit 2.16B1.75B2.00B2.19B
Operating Expenses 1.12B1.10B1.15B1.18B
Operating Income 1.03B657.00M847.00M1.01B
EBITDA 1.45B1.03B1.29B1.40B
Interest Expense -0065.00M
Pretax Income 952.00M632.00M901.00M962.00M
Tax Provision 151.00M99.00M177.00M233.00M
Net Income 774.00M507.00M693.00M692.00M
Diluted EPS --3.313.30
R&D Expense -303.00M314.00M354.00M

Compounded Sales Growth

5 Years:-0.01%
1 Year:17.60%

Compounded Profit Growth

5 Years:-3.66%
1 Year:-21.70%

Stock Price Performance

1 Year:+64.01%
6 Months:+100.35%
3 Months:+23.13%
1 Month:+10.46%

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets -12.52B12.27B14.07B
Current Assets -1.36B1.48B2.64B
Cash & Equivalents -139.00M166.00M915.00M
Inventory -534.00M597.00M661.00M
Receivables -561.00M580.00M656.00M
Total Liabilities -1.33B1.38B6.70B
Current Liabilities -677.00M839.00M1.36B
Long Term Debt ---4.00B
Total Debt ---4.03B
Total Equity 11.31B10.94B10.64B7.09B
Shares Outstanding ---209.48M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 1.15B882.00M1.06B1.27B
Investing Cash Flow -202.00M-226.00M-172.00M-285.00M
Financing Cash Flow -932.00M-628.00M-848.00M-248.00M
Capital Expenditure -202.00M-231.00M-200.00M-285.00M
Free Cash Flow 951.00M651.00M861.00M988.00M
Net Change in Cash 19.00M28.00M41.00M740.00M
Dividends Paid ---13.00M

Ratios (Annual)

Figures in %.

Metric Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % 45.4%43.5%46.0%46.2%
Operating Margin % 21.7%16.3%19.5%21.3%
Net Margin % 16.3%12.6%16.0%14.6%
ROE % 6.8%4.6%6.5%9.8%
ROCE % -5.5%7.4%8.0%

Shareholding Pattern

Insiders
0.07%
Institutions
76.67%
Public Float
76.73%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 7.59% 15.90M $2.48B
2 Vanguard Capital Management LLC 6.51% 13.63M $2.13B
3 Vanguard Portfolio Management LLC 5.09% 10.65M $1.66B
4 State Street Corporation 4.33% 9.06M $1.41B
5 Geode Capital Management, LLC 2.62% 5.48M $855.62M
6 Durable Capital Partners Lp 2.43% 5.09M $793.74M
7 Allspring Global Investments Holdings, LLC 2.09% 4.38M $682.61M
8 Invesco Ltd. 1.68% 3.52M $549.28M
9 Morgan Stanley 1.51% 3.17M $494.31M
10 Slate Path Capital, LP 1.19% 2.49M $388.39M

Analyst View

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