At a glance
Qnity Electronics, Inc. is worth $24.14B, about 35 times its fiscal 2025 earnings. Revenue grew 9.7% to $4.75B in fiscal 2025, with 14.6% kept as profit. It pays a 0.26% dividend yield, and returned $13.0M to shareholders in dividends and buybacks over FY2023–FY2025.
The business in plain English
Qnity Electronics supplies specialty materials that chipmakers and electronics manufacturers use up in production. Its customers include large chip companies, foundries (factories that make chips for other firms), equipment makers and device manufacturers. Over 90% of revenue in fiscal 2025 came from products used up in manufacturing or built into finished devices. As a result, sales rise and fall with production volumes. Qnity was part of DuPont until a spin-off on November 1, 2025. Its shares trade on the New York Stock Exchange.
Semiconductor Technologies is the larger segment. It brought in $2.64 billion, or 55.6% of the $4.75 billion total for the year ended December 31, 2025. It makes pads and slurries for chemical mechanical planarization (CMP), which polishes each layer of a silicon wafer flat. It also makes photoresists (light-sensitive coatings used to print circuit patterns), cleaning chemicals, Kalrez seals and materials for OLED screens. Interconnect Solutions brought in $2.11 billion, or 44.4%. It supplies plating chemicals for circuit boards and chip packaging, plus Laird heat-management and electrical-shielding parts.
Most revenue comes from Asia. In fiscal 2025, China provided 33%, South Korea 15.3% and Taiwan 14.9%, while the United States provided 12.4%. Qnity says advanced chips need three to five times more processing material per wafer than older designs. That ties its growth to the industry's move toward more complex chips.
Price history
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Q — over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Semiconductor Technologies | $2.64B | 55.6% |
| Interconnect Solutions | $2.11B | 44.4% |
By geography
| China | $1.57B | 33% |
| Other | $745.0M | 15.7% |
| South Korea | $725.0M | 15.3% |
| Taiwan | $707.0M | 14.9% |
| United States | $591.0M | 12.4% |
| EMEA | $378.0M | 8% |
| Other Americas | $38.0M | 0.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.43B, up 22.1% from a year earlier, and net income was $124.0M (-34.0%).
- For fiscal 2025, revenue was $4.75B (+9.7% year over year) with a 14.6% net margin.
Financial health check
| Free cash flow margin | 20.8% good |
|---|---|
| Return on equity (FY2025) | 9.8% watch |
| Return on assets (FY2025) | 4.9% watch |
| Net cash (cash minus debt) | $-3.06B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2023 | $4.04B | $507.0M | $651.0M |
| FY2024 | $4.33B | $693.0M | $861.0M |
| FY2025 | $4.75B | $692.0M | $988.0M |
Valuation snapshot
| Market value | $24.14B |
|---|---|
| P/E ratio | 35 |
| Dividend yield | 0.26% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| Q price data to Nov 2, 2026 | +41.6% | — | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($138K) and 2 sales ($142K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Bondt Karin De Director | buy | $138K |
| May 26, 2026 | Steven Sterin Director | sell | $83K |
| Jun 5, 2026 | Steven Sterin Director | sell | $59K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| BlackRock, Inc. | 6.9% | Dec 31, 2025 |
| Vanguard Portfolio Management | 4.89% | Jun 30, 2026 |
What could go wrong
- Heavy reliance on China and Asian markets. China provided 33% of fiscal 2025 revenue and the U.S. only 12.4%. Trade disputes, new trade rules, tariffs or currency swings could cut demand or make Qnity's products less competitive.
- Debt taken on in the spin-off. Qnity borrowed money as part of its separation from DuPont. As of June 30, 2026, total debt was about $4.02 billion, against $961 million in cash and investments. That limits flexibility if business weakens.
- Tax and strategy limits tied to spin-off. If the spin-off does not qualify as tax-free, Qnity could owe DuPont for the resulting taxes. To protect that status, it accepted restrictions that may reduce its strategic and operating flexibility.
- Boom-and-bust chip industry cycles. Revenue depends heavily on global chip production. The industry is cyclical. Qnity has had revenue declines and operating losses in past downturns, which can arrive suddenly and bring pricing pressure.
- Falling behind on new chip technology. Chip designs change quickly, and the first supplier with a material that meets a new need often wins. Missing a shift could cost market share, and some research spending may never pay off.
- Competitors, including government-backed rivals. Rivals may have stronger ties with some customers, and foreign governments building local chip industries may back competitors with incentives. Customers could also make some materials themselves. Any of these could squeeze prices.
Recent events
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released; Executive or board change
- Executive or board change; Investor presentation or announcement; Other company announcement
- Other company announcement
For income and retirement investors
Qnity pays only a token dividend. It paid $0.14 per share for fiscal 2025, the year it split from DuPont. That used 1.9% of earnings and 1.3% of free cash flow (the cash left after running and investing in the business). The yield was 0.24% as of October 28, 2026, and there is no record of dividend increases yet. Income investors would rely mainly on price gains, not payouts. No share repurchases were recorded for fiscal 2023 through 2025, and the share count barely changed from November 2025 to July 2026.
The stock began trading on November 3, 2025. It has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Through October 28, 2026, it fell as much as 38% from a peak. Its one-year beta of 2.56 means it tended to move about two and a half times as much as the market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Qnity Electronics make money?
Qnity makes money by supplying specialty materials that chipmakers and electronics manufacturers use up in production. Over 90% of fiscal 2025 revenue came from products used up in manufacturing or built into finished devices. Semiconductor Technologies brought in 55.6% of the $4.75 billion total. It makes polishing pads and slurries, photoresists (light-sensitive coatings for printing circuit patterns) and cleaning chemicals. Interconnect Solutions brought in the other 44.4% from circuit-board and chip-packaging chemicals plus Laird heat and shielding products.
When did Qnity split from DuPont?
Qnity became an independent company on November 1, 2025, when DuPont completed the spin-off. DuPont shareholders received one Qnity share for every two DuPont shares they held at the close of business on October 22, 2025, the record date. Qnity shares began trading on the New York Stock Exchange under the symbol Q on November 3, 2025. DuPont first announced the separation plan on May 22, 2024.
Does Qnity pay a dividend?
Yes, but it is small. Qnity paid $0.14 per share in dividends for fiscal 2025. That used 1.9% of earnings and 1.3% of free cash flow. The dividend yield was 0.24% as of October 28, 2026, so the stock provides little income. Its shares only began trading on November 3, 2025, so there is no record of dividend increases. No share repurchases were recorded for fiscal 2023 through 2025.
How much of Qnity's revenue comes from China?
China accounted for 33% of Qnity's $4.75 billion in fiscal 2025 revenue, making it the largest single region. South Korea added 15.3% and Taiwan 14.9%. The United States contributed 12.4%, and Europe, the Middle East and Africa 8%. This mix reflects where chips are made. It also exposes Qnity to trade disputes, trade rules and currency swings, which the company lists among its risk factors.
Is Qnity growing?
Yes, revenue has grown, though profit has been flat. Revenue rose from $4.04 billion in fiscal 2023 to $4.34 billion in fiscal 2024 and $4.75 billion in fiscal 2025, a 9.7% gain in the latest year. Net income was $692 million in fiscal 2025, close to the prior year's $693 million. In the quarter ended June 30, 2026, revenue rose 22.1% from a year earlier, while net income fell 34% to $124 million.