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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.8B | $1.4B | $692M | $988M | 9.8% | 9.7% | -0.1% |
| 2024 | $4.3B | $1.3B | $693M | $861M | 6.5% | 7.4% | 36.7% |
| 2023 | $4.0B | $1.0B | $507M | $651M | 4.6% | -15.1% | -34.5% |
| 2022 | $4.8B | $1.4B | $774M | $951M | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 4,755 | 4,035 | 4,335 | 4,754 |
| Operating Revenue | 4,755 | 4,035 | 4,335 | 4,754 |
| Cost Of Revenue | 2,598 | 2,280 | 2,339 | 2,559 |
| Gross Profit | 2,157 | 1,755 | 1,996 | 2,195 |
| Operating Expense | 1,123 | 1,098 | 1,149 | 1,181 |
| Research And Development | 329 | 303 | 314 | 354 |
| Selling General And Administration | 518 | 533 | 603 | 620 |
| Total Expenses | 3,721 | 3,378 | 3,488 | 3,740 |
| Operating Income | 1,034 | 657 | 847 | 1,014 |
| EBITDA | 1,448 | 1,035 | 1,295 | 1,403 |
| Normalized EBITDA | 1,578 | 1,087 | 1,303 | 1,448 |
| EBIT | 1,034 | 632 | 901 | 1,027 |
| Interest Expense | - | 0 | 0 | 65 |
| Net Interest Income | - | 0 | 0 | -65 |
| Other Non Operating Income Expenses | 17 | 11 | 25 | 11 |
| Other Income Expense | -82 | -25 | 54 | 13 |
| Interest Expense Non Operating | - | 0 | 0 | 65 |
| Net Non Operating Interest Income Expense | - | 0 | 0 | -65 |
| Pretax Income | 952 | 632 | 901 | 962 |
| Tax Provision | 151 | 99 | 177 | 233 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -20.62 | -8.16 | -1.57 | -10.89 |
| Net Income Continuous Operations | 801 | 533 | 724 | 729 |
| Net Income From Continuing And Discontinued Operation | 774 | 507 | 693 | 692 |
| Net Income From Continuing Operation Net Minority Interest | 774 | 507 | 693 | 692 |
| Net Income | 774 | 507 | 693 | 692 |
| Net Income Common Stockholders | 774 | 507 | 693 | 692 |
| Net Income Including Noncontrolling Interests | 801 | 533 | 724 | 729 |
| Normalized Income | 883.38 | 550.84 | 699.43 | 726.11 |
| Diluted NI Availto Com Stockholders | 774 | 507 | 693 | 692 |
| Basic Average Shares | - | - | - | 209.60 |
| Diluted Average Shares | - | - | - | 209.80 |
| Reconciled Depreciation | 414 | 403 | 394 | 376 |
| Reconciled Cost Of Revenue | 2,460 | 2,139 | 2,177 | 2,390 |
| Total Unusual Items | -130 | -52 | -8 | -45 |
| Total Unusual Items Excluding Goodwill | -130 | -52 | -8 | -45 |
| Minority Interests | -27 | -26 | -31 | -37 |
| Special Income Charges | -130 | -52 | -8 | -45 |
| Restructuring And Mergern Acquisition | 130 | 52 | 8 | 45 |
| Depreciation Amortization Depletion Income Statement | 276 | 262 | 232 | 207 |
| Depreciation And Amortization In Income Statement | 276 | 262 | 232 | 207 |
| Earnings From Equity Interest | 31 | 16 | 37 | 47 |
| Amortization | 276 | 262 | 232 | 207 |
| Amortization Of Intangibles Income Statement | 276 | 262 | 232 | 207 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Qnity Electronics, Inc.this co. | Q | $32.4B | 46.83β premium | 4.57 | 9.8% | 25.32 |
| Workday, Inc. | WDAY | $36.5B | 52.71 | 4.68 | 8.9% | 23.75 |
| Paychex, Inc. | PAYX | $35.6B | 21.51 | 8.63 | 40.1% | 15.67 |
| NetApp, Inc. | NTAP | $35.4B | 29.87 | 34.06 | 114.0% | 21.41 |
| First Solar, Inc. | FSLR | $33.8B | 22.14 |
| 3.55 |
| 16.0% |
| 14.71 |
| Roper Technologies, Inc. | ROP | $33.5B | 21.80 | 1.68 | 7.7% | 13.46 |
| Teledyne Technologies Incorporated | TDY | $28.7B | 32.03 | 2.73 | 8.5% | 20.77 |
| Super Micro Computer, Inc. | SMCI | $28.2B | 26.89 | 4.48 | 16.6% | 20.92 |
| Fair Isaac Corporation | FICO | $27.1B | 41.50 | - | -37.3% | 31.54 |
| Peer Median | - | 28.38 | 4.48 | 12.5% | 20.84 | |