Latest Ratios: P/E Ratio -4.8x · EV/EBITDA N/A · ROE -2.9%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $825M | $2.0B | $1.3B | $2.0B | $3.0B | $3.1B | $4.3B | $717M | $305M | $649M | $204M |
| Enterprise Value | $-155441790 | $1.0B | $286M | $-1044796969 | $-494558116 | $2.4B | $4.5B | $1.0B | $440M | $818M | $432M |
| P/E Ratio → | -4.78 | — | — | 4.63 | 1.64 | 4.14 | 33.74 | 24.38 | 7.80 | 6.99 | 4.82 |
| P/S Ratio | 1.24 | 2.99 | 1.25 | 0.86 | 0.65 | 1.84 | 6.37 | 2.05 | 1.01 | 1.84 | 0.89 |
| P/B Ratio | 0.14 | 0.34 | 0.22 | 0.31 | 0.45 | 1.16 | 5.39 | 1.26 | 0.58 | 1.64 | 0.75 |
| P/FCF | — | — | — | 4.65 | 2.45 | 23.67 | 47.06 | — | — | 8.67 | 6.55 |
| P/OCF | 14.70 | 35.50 | — | 1.23 | 1.21 | 4.84 | 20.52 | 6.97 | 3.19 | 4.55 | 2.07 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.52 | 0.28 | -0.45 | -0.11 | 1.41 | 6.61 | 2.99 | 1.46 | 2.32 | 1.89 |
| EV / EBITDA | — | — | — | -1.12 | -0.16 | 2.10 | 17.42 | 11.03 | 4.23 | 5.23 | 4.35 |
| EV / EBIT | — | — | — | -1.33 | -0.16 | 2.25 | 23.79 | 22.04 | 5.20 | 6.36 | 7.05 |
| EV / FCF | — | — | — | -2.43 | -0.41 | 18.14 | 48.89 | — | — | 10.93 | 13.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -20.7% | -20.7% | -20.7% | 39.9% | 74.0% | 65.4% | 34.6% | 22.9% | 32.5% | 40.7% | 35.1% |
| Operating Margin | -40.6% | -40.6% | -54.8% | 33.9% | 66.0% | 62.6% | 27.8% | 13.6% | 27.0% | 36.5% | 28.6% |
| Net Profit Margin | -25.6% | -25.6% | -33.5% | 18.6% | 39.5% | 44.6% | 19.1% | 8.4% | 12.6% | 26.3% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.9% | -2.9% | -5.6% | 6.6% | 39.3% | 43.3% | 18.9% | 5.4% | 8.3% | 27.9% | 16.9% |
| ROA | -2.7% | -2.7% | -5.0% | 5.7% | 33.3% | 32.7% | 10.6% | 2.9% | 4.8% | 13.2% | 6.6% |
| ROIC | -4.1% | -4.1% | -10.2% | 18.0% | 90.0% | 54.3% | 15.1% | 4.6% | 10.0% | 18.2% | 9.9% |
| ROCE | -4.6% | -4.6% | -9.0% | 11.7% | 63.0% | 56.1% | 22.0% | 6.5% | 13.2% | 27.4% | 16.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.00 | — | 0.00 | — | 0.30 | 0.67 | 0.38 | 0.58 | 0.90 |
| Debt / EBITDA | — | — | — | — | 0.01 | — | 0.95 | 4.02 | 1.93 | 1.47 | 2.45 |
| Net Debt / Equity | — | -0.17 | -0.17 | -0.47 | -0.53 | -0.27 | 0.21 | 0.58 | 0.26 | 0.43 | 0.84 |
| Net Debt / EBITDA | — | — | — | -3.26 | -1.11 | -0.64 | 0.65 | 3.47 | 1.30 | 1.08 | 2.29 |
| Debt / FCF | — | — | — | -7.08 | -2.86 | -5.54 | 1.82 | — | — | 2.26 | 7.30 |
| Interest Coverage | — | — | — | — | — | 51.33 | 7.05 | 4.57 | 7.86 | 7.90 | 4.82 |
Net cash position: cash ($980M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.41 | 5.41 | 5.05 | 4.28 | 6.64 | 3.17 | 0.63 | 0.39 | 1.07 | 0.66 | 0.29 |
| Quick Ratio | 5.07 | 5.07 | 4.76 | 4.07 | 6.41 | 2.57 | 0.46 | 0.30 | 0.97 | 0.57 | 0.24 |
| Cash Ratio | 4.15 | 4.15 | 4.04 | 3.63 | 4.77 | 1.82 | 0.27 | 0.12 | 0.58 | 0.28 | 0.06 |
| Asset Turnover | — | 0.10 | 0.16 | 0.31 | 0.61 | 0.50 | 0.55 | 0.29 | 0.35 | 0.47 | 0.35 |
| Inventory Turnover | 4.75 | 4.75 | 8.28 | 8.01 | 7.08 | 1.77 | 8.97 | 6.87 | 13.17 | 10.68 | 12.11 |
| Days Sales Outstanding | — | 74.34 | 19.57 | 18.41 | 89.63 | 79.56 | 0.15 | 5.92 | 12.23 | 22.22 | 30.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 21.6% | 61.0% | 24.2% | 3.0% | 4.1% | 12.8% | 14.3% | 20.7% |
| FCF Yield | — | — | — | 21.5% | 40.8% | 4.2% | 2.1% | — | — | 11.5% | 15.3% |
| Buyback Yield | 0.0% | 0.0% | 1.0% | 26.2% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.0% | 26.2% | 4.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $68M | $66M | $75M | $77M | $77M | $75M | $70M | $65M | $55M | $53M |
Polysilicon price collapse
According to recent market data, DQ trades at a price-to-book ratio of 0.15, which, based on historical trends, suggests that investors are pricing in significant asset impairment risks rather than assigning value to the company's underlying manufacturing capacity or its substantial cash reserves.
The negative P/E ratio of -5.04 confirms that the market is currently valuing the company based on its liquidation potential rather than its earnings power. This valuation level implies that the market expects a prolonged period of industry-wide oversupply, rendering traditional earnings-based multiples largely irrelevant for assessing the company's current investment thesis.
As reported in financial statements, DQ's ROIC has plummeted to -2.2% in 2026Q1, a stark reversal from previous periods that highlights the company's inability to generate positive returns on its massive capital base while polysilicon prices remain suppressed below the total cost of production.
The consistent decline in ROIC over the last ten quarters suggests that the company's heavy investment in Siemens-process reactors is currently failing to deliver value. Investors should monitor whether management can pivot toward more efficient production technologies or if the current capital intensity will continue to erode shareholder value during this industry downturn.
Based on DQ's reported figures, the cash conversion cycle has expanded to 312 days in 2026Q1, which, compared to historical norms, indicates a significant deterioration in the company's ability to efficiently manage inventory and collect receivables in a market characterized by rapidly falling commodity prices.
The sharp increase in the cash conversion cycle is primarily driven by rising days sales outstanding and inventory turnover challenges. This suggests that the company is facing mounting pressure from downstream customers, who likely hold significant leverage in the current oversupplied market, forcing DQ to absorb the costs of extended payment terms.
As indicated by recent SEC filings, DQ maintains a current ratio of 6.02, yet this metric appears misleading as it reflects a contraction in liabilities rather than operational strength, with the company's cash reserves being rapidly consumed to fund ongoing deficits during the current industry trough.
While the high current ratio suggests a comfortable liquidity position, the underlying reality is that the company is burning through its cash pile to sustain operations. Investors should focus on the rate of cash depletion rather than the static current ratio, as the latter does not account for the ongoing negative cash flow from operations.
The price-to-earnings ratio is the most commonly misapplied metric for DQ, as it obscures the company's true economic reality by failing to account for the massive non-cash depreciation charges and the extreme cyclicality inherent in the upstream polysilicon manufacturing business model.
Using P/E to evaluate a commodity producer in a cyclical trough is fundamentally flawed because it ignores the 'cash cost' floor that determines survival. Analysts should instead focus on the price-to-book ratio or the enterprise value relative to production capacity to better understand the company's intrinsic value during periods of negative earnings.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying DQ stock.
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