Daqo New Energy Corp.

NYSE:DQ Stock Report

Market Cap: US$973.7m

Daqo New Energy Future Growth

Future criteria checks 5/6

Daqo New Energy is forecast to grow earnings and revenue by 103.3% and 30.1% per annum respectively. EPS is expected to grow by 103.2% per annum. Return on equity is forecast to be 0.7% in 3 years.

Key information

103.3%

Earnings growth rate

103.20%

EPS growth rate

Semiconductor earnings growth26.6%
Revenue growth rate30.1%
Future return on equity0.70%
Analyst coverage

Low

Last updated29 May 2026

Recent future growth updates

Recent updates

Seeking Alpha • Jun 02

Daqo New Energy: It's A Waiting Game, Patience Required (Downgrade)

Summary Daqo New Energy Corp. is downgraded to Hold due to prolonged industry overcapacity and delayed recovery in polysilicon pricing. DQ’s Q1 revenues fell 78.5% YoY, with a net loss of $88.4M, as the company halted sales to avoid selling below cost. The DQ balance sheet remains robust, with $1.87B in liquidity and no debt, supporting DQ’s long-term survival through the downturn. Industry shakeout is slow, with government reluctance to enforce consolidation; patience is required before adding at ~$15/share. Read the full article on Seeking Alpha
Narrative Update • May 18

DQ: Cost Execution And Reform Clarity Will Support Future Re Rating Potential

Narrative Update on Daqo New Energy The Street's price target for Daqo New Energy has been reduced by $5, from $30 to $25, as analysts react to a mixed Q4 with a revenue miss, an EBITDA beat, and limited visibility on industry reform. Analyst Commentary Recent commentary points to a mixed but cautiously constructive stance on Daqo New Energy following its Q4 update, with price targets reset to reflect current industry headwinds and limited visibility on sector reform.
Analysis Article • May 11

Analysts Have Just Cut Their Daqo New Energy Corp. (NYSE:DQ) Revenue Estimates By 27%

One thing we could say about the analysts on Daqo New Energy Corp. ( NYSE:DQ ) - they aren't optimistic, having just...
Narrative Update • Apr 29

DQ: Cost Control And Output Plans Will Support Future Re Rating

Analysts have trimmed their price targets on Daqo New Energy, with one moving from $30 to $25 after a mixed Q4 and lingering questions on industry reform, and others citing revised assumptions around growth, margins, and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts point to the Q4 EBITDA beat as a sign that Daqo New Energy can still execute on cost control and operational efficiency, which can support earnings quality even when revenue is under pressure.
Narrative Update • Apr 15

DQ: Cost Execution And Reform Clarity Will Drive Future Re Rating Potential

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, reflecting a mixed Q4 with a revenue miss, an EBITDA beat, and ongoing uncertainty around industry reform. Analyst Commentary Recent commentary reflects a cautious stance overall, with price targets adjusted to account for the mixed Q4 results and uncertainty around industry reform.
Narrative Update • Mar 31

DQ: Cost Execution And Reform Clarity Will Support Future Re Rating Potential

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, citing a mixed Q4 with a revenue miss, an EBITDA beat, and ongoing uncertainty around industry reform as key reasons for resetting expectations. Analyst Commentary Bullish analysts acknowledge the mixed Q4, but see elements of Daqo New Energy's performance that still support a constructive long term view, even with a lower price target.
Narrative Update • Mar 17

DQ: Cost Control And Output Guidance Will Support Future Re Rating

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, citing a mixed Q4 with a revenue miss, stronger EBITDA, and limited visibility on industry reform. This feeds into slightly lower fair value and growth assumptions alongside a reduced future P/E outlook.
Narrative Update • Mar 03

DQ: Higher Future P/E And Margin Discipline Will Support Upside Potential

Analysts have reduced their price target on Daqo New Energy to $39.00, reflecting updated views on revenue, profit margins, and a higher future P/E multiple following recent research, including the downgrade from GLJ Research. Analyst Commentary Analysts are reassessing Daqo New Energy around the new US$39.00 price target, with views split on how current fundamentals and valuation line up.
Narrative Update • Feb 16

DQ: Higher Margin Outlook And Stable Fair Value Will Support Stronger Upside

Analysts have maintained their $39.00 price target for Daqo New Energy, citing updated assumptions for revenue growth, profit margins and future P/E that keep their valuation broadly in line with prior estimates, despite a recent downgrade in Street research. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the reaffirmed US$39.00 price target reflects confidence in the updated assumptions for revenue, margins and P/E, which still support the existing valuation framework.
Narrative Update • Feb 02

DQ: Higher Margin Outlook And Lower P/E Will Support Stronger Upside

Analysts have raised their fair value estimate for Daqo New Energy from US$37.00 to US$39.00, reflecting updated assumptions in their models for revenue growth, profit margins and a lower forward P/E multiple. Valuation Changes Fair Value Estimate increased from US$37.00 to US$39.00 per share.
Narrative Update • Jan 19

DQ: Stable Margins And Expanding Output Will Support Bullish Re Rating

Analysts have kept their fair value estimate for Daqo New Energy steady at about US$33.04 per share, pointing to largely unchanged assumptions for discount rate, revenue growth, profit margin, and future P/E in their updated models. What's in the News Daqo New Energy issued production guidance for the fourth quarter of 2025, expecting total polysilicon production volume of about 39,500 MT to 42,500 MT (company guidance).
Analysis Article • Jan 10

Slammed 26% Daqo New Energy Corp. (NYSE:DQ) Screens Well Here But There Might Be A Catch

Daqo New Energy Corp. ( NYSE:DQ ) shares have retraced a considerable 26% in the last month, reversing a fair amount of...
Narrative Update • Jan 05

DQ: Capacity Ramp And Margins Will Support Bullish Re-Rating Outlook

Narrative Update on Daqo New Energy Analysts have modestly raised their price target on Daqo New Energy, increasing fair value by about 6 percent to approximately $33.04, citing slightly higher assumed future valuation multiples while keeping growth and margin expectations largely unchanged. What's in the News Daqo New Energy issued production guidance for fourth quarter 2025, expecting polysilicon output of approximately 39,500 MT to 42,500 MT (company guidance).
Narrative Update • Dec 14

DQ: Industry Stabilization And Anti Involution Policy Will Test Margin Recovery Prospects

Analysts have raised their price target on Daqo New Energy by $11 to $25 per share, citing expectations that industry stabilization and potential cash cost breakeven in Q3 could mark an earnings inflection point, despite recent below-cost sales and lowered 2025 production guidance. Analyst Commentary Street research points to a more constructive outlook on Daqo New Energy, even as near term fundamentals remain challenging.
Narrative Update • Nov 27

DQ: Margin Recovery Hopes Will Face Ongoing Industry Oversupply Challenges

Analysts have raised their price targets on Daqo New Energy, with the consensus moving upward by approximately $6 to $31. This change is attributed to an improved profit outlook, driven by anticipated higher polysilicon prices and signs of better cost management.
Narrative Update • Nov 12

DQ: Persistent Margin Pressure Will Limit Upside Despite Projected Earnings Recovery

The analyst price target for Daqo New Energy has been raised significantly, from $28.53 to $30.81, as analysts note improved operating cash flow, higher polysilicon prices, and expectations for earnings growth despite recent margin pressures. Analyst Commentary Recent analyst reports on Daqo New Energy highlight both promising developments and lingering uncertainties as the company navigates volatile market conditions.
Analysis Article • Nov 09

A Piece Of The Puzzle Missing From Daqo New Energy Corp.'s (NYSE:DQ) 41% Share Price Climb

Daqo New Energy Corp. ( NYSE:DQ ) shares have continued their recent momentum with a 41% gain in the last month alone...
Narrative Update • Oct 28

Policy Shifts And Rising Demand Will Drive A Turnaround In Polysilicon

Analysts have raised their average price target for Daqo New Energy by nearly $2 to $28.53. They cite improved expectations for margins and near-term profitability, driven by recent policy changes and a more optimistic outlook for cash flows.
Narrative Update • Sep 27

Chinese Intervention And Global Solar Demand Will Transform Polysilicon Markets

The upward revision in Daqo New Energy’s consensus price target to $26.58 is driven by optimism around China’s restructuring policies, anticipated higher polysilicon prices, and reduced capital spending supporting future profitability, despite near-term earnings volatility. Analyst Commentary Bullish analysts cite the anticipated impact of China's new anti-involution policy and proposed market restructuring, including production quotas and potential closures of smaller competitors, as likely catalysts for a turnaround in industry margins and Daqo’s profitability.
Narrative Update • Sep 12

Chinese Intervention And Global Solar Demand Will Transform Polysilicon Markets

Analysts have raised Daqo New Energy's price target from $24.43 to $25.43, citing improved earnings prospects from higher polysilicon prices, stronger operating cash flow, and favorable regulatory changes expected to benefit the company’s competitive position in China. Analyst Commentary Bullish analysts increased profit estimates based on higher polysilicon prices and improved operating cash flow, alongside reduced capital spending.
Analysis Article • Sep 03

Even With A 26% Surge, Cautious Investors Are Not Rewarding Daqo New Energy Corp.'s (NYSE:DQ) Performance Completely

Despite an already strong run, Daqo New Energy Corp. ( NYSE:DQ ) shares have been powering on, with a gain of 26% in...
Narrative Update • Aug 28

Chinese Intervention And Global Solar Demand Will Transform Polysilicon Markets

Analysts have raised their price target for Daqo New Energy, citing anticipated earnings growth and improved long-term competitiveness from favorable market restructuring in China's polysilicon sector, resulting in a new consensus fair value of $23.65. Analyst Commentary Bullish analysts see significant upside due to anticipated monthly production quotas and imminent market restructuring in China's polysilicon sector, expected to benefit larger players like Daqo through forced closures of smaller competitors.
Analysis Article • Jul 03

Market Might Still Lack Some Conviction On Daqo New Energy Corp. (NYSE:DQ) Even After 36% Share Price Boost

Daqo New Energy Corp. ( NYSE:DQ ) shares have had a really impressive month, gaining 36% after a shaky period...
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New Narrative • Apr 30

China Tariff Reform And AI Adoption Will Drive Solar Progress

Strategic positioning in the global solar PV market and market-based reforms could enhance demand and future earnings despite short-term market fluctuations.
Analysis Article • Apr 11

Daqo New Energy Corp. (NYSE:DQ) Not Doing Enough For Some Investors As Its Shares Slump 26%

The Daqo New Energy Corp. ( NYSE:DQ ) share price has fared very poorly over the last month, falling by a substantial...
Seeking Alpha • Mar 09

Daqo New Energy: Accumulate In This Cycle Downturn Because Cash Is King

Summary Polysilicon prices remain at rock-bottom levels pressuring higher cost polysilicon manufacturers out of the market. Daqo New Energy's cash burn remains under control and the company has enough liquidity to last years. The stock is trading way below book value at a P/B multiple of 0.3x and has a net cash position that is larger than the market cap. The solar energy trend is still positive, and it is just a matter of time before the next cycle upturn is here. Read the full article on Seeking Alpha
Seeking Alpha • Jan 16

Daqo New Energy: Quick Gains Likely Behind Us - Slow & Steady Ahead

Summary DQ's bottom has materialized, as the polysilicon spot prices stabilized and the stock continues to enjoy uptrend bullish support. Much of the tailwinds are attributed to the moderation in capacity utilization and market consolidation, one that DQ may survive, thanks to its healthy balance sheet. If anything, solar installations within China continue to grow, with domestic demand likely to well balance the over supply issues and demand headwinds from the US/ EU. With DQ heavily discounted compared to its book value per share, we believe that commodity traders may consider adding for a rich upside potential. We shall further discuss. Read the full article on Seeking Alpha
Seeking Alpha • Dec 07

Daqo New Energy: Deeply Undervalued Amid Short-Term Challenges

Summary Daqo New Energy faces short-term challenges due to a sharp decline in polysilicon prices, impacting revenue and profitability in FY24. Despite current market conditions, DQ's strong balance sheet and projected long-term demand growth for solar panels support a "buy" rating. Polysilicon prices are expected to recover by H2 FY25, driven by market consolidation and improved supply-demand balance. A DCF analysis indicates DQ is 80% undervalued, with a target price of $33.88 per share, highlighting a significant investment opportunity. Read the full article on Seeking Alpha
Analysis Article • Oct 23

There's No Escaping Daqo New Energy Corp.'s (NYSE:DQ) Muted Revenues Despite A 28% Share Price Rise

The Daqo New Energy Corp. ( NYSE:DQ ) share price has done very well over the last month, posting an excellent gain of...
Seeking Alpha • Sep 26

Daqo New Energy: The Bottom May Be Behind Us - Promising Market Trends Ahead

Summary DQ remains a compelling Buy due to its robust balance sheet, allowing it to weather the near-term market consolidation in H2'24. At the same time, the management's lowered capacity output and capex guidance already position it for near-term recovery and cash preservation. If anything, its partner, Longi, already highlights robust growth in the APAC region with "smooth customs clearance for shipments to the North American region." Combined with the recovering polysilicon spot prices, we believe that the worst may very well be behind us, with H2'24 potentially bringing forth sequentially improved numbers. It goes without saying that the upcoming US elections may bring forth more volatility in the near term, attributed to the uncertain pace of renewable investments through 2050. Read the full article on Seeking Alpha
Seeking Alpha • Aug 27

Daqo New Energy: Q2 Shows Further Price Drops, I'm Staying Put

Summary Daqo New Energy's Q2 results showed a significant decline in sales and EPS, with polysilicon prices falling below production costs. The company expects lower production due to tough market conditions but maintains a strong financial position. Despite the current downturn, I believe DQ will emerge stronger, though I'm not adding to my position yet due to ongoing price uncertainties. Read the full article on Seeking Alpha
Analysis Article • Jul 22

Revenue Downgrade: Here's What Analysts Forecast For Daqo New Energy Corp. (NYSE:DQ)

The analysts covering Daqo New Energy Corp. ( NYSE:DQ ) delivered a dose of negativity to shareholders today, by making...
Analysis Article • Jul 13

Daqo New Energy's (NYSE:DQ) Returns On Capital Not Reflecting Well On The Business

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will...
Seeking Alpha • Jul 09

Daqo New Energy Remains My Top Pick In The Green Energy Industry

Summary Daqo New Energy's stock price has dropped a lot this year due to weak sentiment in the solar industry and lower polysilicon prices. However, the company still has the best balance sheet in the industry and is ready to weather the storm. Tier 2 and 3 polysilicon manufacturers are exiting the market, decreasing the overall polysilicon capacity and leaving market share on the table for tier 1 manufacturers. Daqo New Energy is valued below their cash position and 0.22x price to book value, indicating severe undervaluation. A new buyback program and a tipping point in the solar industry could make this stock still a winner in 2024. Read the full article on Seeking Alpha
Analysis Article • Jun 13

Investors Don't See Light At End Of Daqo New Energy Corp.'s (NYSE:DQ) Tunnel

With a price-to-sales (or "P/S") ratio of 0.7x Daqo New Energy Corp. ( NYSE:DQ ) may be sending very bullish signals at...
Analysis Article • May 03

Daqo New Energy Corp. Just Missed EPS By 57%: Here's What Analysts Think Will Happen Next

The analysts might have been a bit too bullish on Daqo New Energy Corp. ( NYSE:DQ ), given that the company fell short...
Analysis Article • Apr 29

Daqo New Energy Corp. (NYSE:DQ) Shares Could Be 25% Above Their Intrinsic Value Estimate

Key Insights Using the 2 Stage Free Cash Flow to Equity, Daqo New Energy fair value estimate is US$18.98 Daqo New...

Earnings and Revenue Growth Forecasts

NYSE:DQ - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,2141302633535
12/31/2027964-111992405
12/31/2026599-114-107-55
3/31/2026568-187-203-59N/A
12/31/2025665-171-12350N/A
9/30/2025639-343-263-109N/A
6/30/2025593-389-417-262N/A
3/31/2025738-433-594-358N/A
12/31/20241,029-345-804-435N/A
9/30/20241,310-112-811-258N/A
6/30/20241,596-57-427551N/A
3/31/20242,013166-403693N/A
12/31/20232,3084304331,616N/A
9/30/20232,696709472,263N/A
6/30/20233,4301,0398702,120N/A
3/31/20234,0381,5631,6123,038N/A
12/31/20224,6081,8201,2122,463N/A
9/30/20224,1401,6281,1751,683N/A
6/30/20223,5061,5978171,326N/A
3/31/20222,7031,202174711N/A
12/31/20211,679749131639N/A
9/30/20211,531680754792N/A
6/30/20211,071409487605N/A
3/31/2021763179160338N/A
12/31/202067612991210N/A
9/30/202054777-215151N/A
6/30/202050561-125160N/A
3/31/202043856-73164N/A
12/31/201935028N/A181N/A
9/30/201930725N/A134N/A
6/30/201929024N/A96N/A
3/31/201928737N/A122N/A
12/31/201830261N/A96N/A
9/30/2018345102N/A108N/A
6/30/2018363103N/A136N/A
3/31/2018335104N/A136N/A
12/31/201732397N/A143N/A
9/30/201725044N/A126N/A
6/30/201726050N/A106N/A
3/31/201725558N/A105N/A
12/31/201619641N/A99N/A
9/30/201624249N/A72N/A
6/30/201623541N/A101N/A
3/31/201619820N/A88N/A
12/31/201518213N/A66N/A
9/30/20151727N/A64N/A
6/30/201517310N/A49N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DQ is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.5%).

Earnings vs Market: DQ is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: DQ is expected to become profitable in the next 3 years.

Revenue vs Market: DQ's revenue (30.1% per year) is forecast to grow faster than the US market (11.9% per year).

High Growth Revenue: DQ's revenue (30.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DQ's Return on Equity is forecast to be low in 3 years time (0.7%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/10 19:02
End of Day Share Price 2026/06/10 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Daqo New Energy Corp. is covered by 25 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Lu WangBernstein
Ka SoCCB International Securities Limited
Yufei MiaoChina International Capital Corporation Limited