Information Technology · Semiconductor Materials & Equipment · US stock · price as of 22 Oct 2026
Key indicators
Price
$108.78
52-week range
$70.50 – $177.28
Market cap
$22.9B
P/E (trailing)
35.3×
EV / EBITDA
20.5×
Free-cash-flow yield
3.6%
Dividend yield
0.3%
Revenue (last 12 months)
$5.2B
Revenue growth (3y a year)
–
Operating margin
16.9%
Return on invested capital
5.8%
Net debt / EBITDA
2.8×
Fair value
Fair value (average of valid models)$111.55 middle half of models $88 – $134
Versus priceFair+3% to fair value
P/E multiple
$108.78
P/B multiple
$168.54
P/S multiple
$169.18
EV/EBITDA multiple
$125.38
EV/EBIT multiple
$113.47
EV/revenue multiple
$143.33
10-year DCF, EBITDA exit
$80.51
5-year DCF, EBITDA exit
$95.51
10-year DCF, revenue exit
$80.65
5-year DCF, revenue exit
$96.66
Earnings power value
$45.10
Model uncertainty
High
X-Ray Score
41/ 100 · Medium confidence · ahead of 24% of sector peers
Valuation56
Growth38
Profitability32
Financial health36
Dividends39
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Qnity Electronics supplies specialty materials and process technologies used to make semiconductors and advanced electronic circuits. Its products include materials used in chip fabrication, such as polishing pads and slurries, plus packaging and circuit-board materials. Customers are chip makers, electronics manufacturers and equipment suppliers, who use them in advanced chips for computing, data centres and communications.
Qnity earns revenue by supplying these materials to electronics customers, often as consumables used repeatedly in production. Revenue is $5.2 billion over the last twelve months, and the operating margin is 16.9%. The business earns a profit of 6% on the capital invested in it, and it carries net debt of 2.8 times EBITDA. The dividend yield is 0.3%.
StocksXray gives Qnity Electronics, Inc. an X-Ray Score of 41 out of 100 (medium confidence), ahead of 24% of the S&P 500 stocks in its sector. Its strongest lens is valuation (56) and its weakest is profitability (32).
Our fair value (the average of the valid models) is $111.55 (range $88.08 to $134.35). At $108.78 the stock trades 2% below that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Qnity Electronics, Inc. (Q)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2023
FY2024
FY2025
Now
Price
–
–
$81.50
$108.78
Market cap
–
–
$17.1B
$22.9B
P/E
–
–
24.7×
35.3×
EV / revenue
–
–
4.3×
5.0×
EV / EBITDA
–
–
15.3×
20.8×
Price / free cash flow
–
–
17.3×
27.7×
Free-cash-flow yield
–
–
5.8%
3.6%
Price / book
–
–
2.4×
3.1×
Dividend yield
–
–
0.17%
0.28%
Fundamentals checklist ● 1 Good · ● 6 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.6%Average
Free-cash-flow yield3.6%Average
Risk models
Altman Z score2.3×Bad
Piotroski F-Score5 of 9Bad
Balance sheet
Current ratio2.0×Average
Net debt / EBITDA2.8×Bad
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield3.3%Average
Profitability
Return on invested capital5.8%Bad
Operating margin16.9%Average
Gross profitability16.8%Bad
XStocksXray
Qnity Electronics, Inc. (Q)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY23
FY24
FY25
LTM
Revenue
4,035
4,335
4,754
5,210
Gross profit
1,755
1,996
2,195
2,408
Operating income
632
901
962
878
Net income
533
724
729
646
Diluted EPS ($)
2.42
3.31
3.30
3.08
Free cash flow
651
861
988
825
Gross margin
43.5%
46.0%
46.2%
46.2%
Operating margin
15.7%
20.8%
20.2%
16.9%
Net margin
13.2%
16.7%
15.3%
12.4%
Balance sheet
FY23
FY24
FY25
LTM
Total assets
–
12,273
14,070
14,331
Cash
–
166
915
961
Total debt
–
0
4,027
4,020
Equity
11,184
10,644
7,095
7,261
Dividend per share ($)
–
–
0.14
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
