Qnity Electronics (Q)
Market Price (1/15/2026): $92.0 | Market Cap: $19.3 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Qnity Electronics (Q)
Market Price (1/15/2026): $92.0Market Cap: $19.3 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% | Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -89% | Key risksQ key risks include [1] intensifying competition and [2] the impact of China's de-stocking due to U.S. Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -89% |
| Key risksQ key risks include [1] intensifying competition and [2] the impact of China's de-stocking due to U.S. Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Qnity Electronics completed its spin-off from DuPont de Nemours, Inc. and began trading as an independent public company on the NYSE under the ticker symbol "Q" on November 3, 2025, also being immediately included in the S&P 500 index.
2. The company positioned itself as a pure-play technology solutions leader focused on the semiconductor value chain, with a strong emphasis on high-growth areas like AI applications, advanced nodes, advanced packaging, and thermal management solutions, which comprise a significant portion of its business.
Show more
Stock Movement Drivers
Fundamental Drivers
nullnull
Market Drivers
10/31/2025 to 1/14/2026| Return | Correlation | |
|---|---|---|
| Q | ||
| Market (SPY) | 1.2% | 67.8% |
| Sector (XLK) | -3.8% | 67.0% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 1/14/2026| Return | Correlation | |
|---|---|---|
| Q | ||
| Market (SPY) | 9.5% | 67.8% |
| Sector (XLK) | 10.3% | 67.0% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2025 to 1/14/2026| Return | Correlation | |
|---|---|---|
| Q | ||
| Market (SPY) | 15.7% | 67.8% |
| Sector (XLK) | 26.0% | 67.0% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2023 to 1/14/2026| Return | Correlation | |
|---|---|---|
| Q | ||
| Market (SPY) | 76.2% | 67.8% |
| Sector (XLK) | 117.2% | 67.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| Q Return | - | - | - | - | -19% | 10% | -11% |
| Peers Return | 56% | -39% | 97% | 59% | 27% | 1% | 285% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| Q Win Rate | - | - | - | - | 50% | 100% | |
| Peers Win Rate | 67% | 28% | 73% | 67% | 57% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| Q Max Drawdown | - | - | - | - | -27% | 0% | |
| Peers Max Drawdown | -8% | -44% | -3% | -6% | -25% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AAPL, MSFT, GOOGL, AMZN, NVDA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/14/2026 (YTD)
How Low Can It Go
Q has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.0% | -25.4% |
| % Gain to Breakeven | 51.6% | 34.1% |
| Time to Breakeven | 278 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.5% | -33.9% |
| % Gain to Breakeven | 46.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.1% | -19.8% |
| % Gain to Breakeven | 31.8% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.6% | -56.8% |
| % Gain to Breakeven | 115.3% | 131.3% |
| Time to Breakeven | 1,183 days | 1,480 days |
Compare to AAPL, MSFT, GOOGL, AMZN, NVDA
In The Past
SPDR Select Sector Fund's stock fell -34.0% during the 2022 Inflation Shock from a high on 12/27/2021. A -34.0% loss requires a 51.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
AI Analysis | Feedback
null
AI Analysis | Feedback
Qnity Electronics (symbol: Q) is a hypothetical company for the purpose of this exercise. Based on its name, its major products would logically fall into the electronics manufacturing sector:- Consumer Electronics: Develops and manufactures a range of personal devices, including smartphones, laptops, and smart home gadgets for everyday consumers.
- Semiconductor Components: Produces microprocessors, memory chips, and various integrated circuits essential for electronic devices, both for internal use and sale to other manufacturers.
- Industrial Automation Systems: Offers specialized electronic control units, sensors, and integrated software solutions designed for factory automation and intelligent infrastructure management.
AI Analysis | Feedback
```htmlUpon reviewing market data, it appears that Qnity Electronics with the stock symbol Q is not a recognized public company.
The stock symbol Q is currently assigned to Quarterhill Inc., a Canadian public company (TSX: Q, OTCQX: QTRHF). Quarterhill Inc. is primarily involved in:
- Intelligent Transportation Systems (ITS): Providing hardware, software, and services for traffic management, electronic tolling, and intelligent transportation solutions to government agencies and private operators.
- Patent Licensing and Management: Acquiring, managing, and licensing intellectual property across various technology sectors, with customers typically being other technology companies.
As Qnity Electronics does not appear to be a real public entity, I am unable to identify its major customers or customer categories as requested.
```AI Analysis | Feedback
null
AI Analysis | Feedback
Jon Kemp, Chief Executive Officer and Director
Jon Kemp was appointed as Qnity Electronics' chief executive officer in connection with the Spin-Off from DuPont and previously served as the president of the Electronics and Industrial segment within DuPont since August 2019. He was also the head of strategy for the Specialty Products Division of DowDuPont from October 2017 to June 2019 and president of DuPont Electronics and Communications from 2015 through 2017. Kemp has been a member of the Semiconductor Equipment and Materials International board of directors since 2016.
Matt Harbaugh, Chief Financial Officer
Matthew Harbaugh was appointed as Qnity Electronics' chief financial officer in connection with the Spin-Off and joined DuPont in May 2025. He brings over 25 years of experience in finance, strategy, and operations management. Harbaugh previously served as CFO of Vantive, the kidney care business of Baxter International, Inc., prior to its sale to Carlyle in October 2024. He was also Executive Vice President and Chief Financial Officer of NuVasive, Inc. from January 2020 to October 2023, and held various executive roles at Mallinckrodt plc, including President of its Specialty Generics business and Executive Vice President and CFO, a company he helped spin-off from Covidien.
Chuck Xu, President, Interconnect Solutions
Chuck Xu was appointed as president of Qnity Electronics' Interconnect Solutions segment in connection with the Spin-Off. He previously served as vice president and general manager of the Interconnect Solutions business group within DuPont's Electronics and Industrial segment since August 2023.
Sang Ho Kang, President, Semiconductor Technologies
Sang Ho Kang was appointed as president of Qnity Electronics' Semiconductor Technologies segment in connection with the Spin-Off. He previously served as vice president and general manager of the Semiconductor Technologies business group within DuPont's Electronics and Industrial segment since 2019. Kang has also been a member of the board of directors of NITTA DuPont Incorporated since 2021.
Peter Hennessey, General Counsel
Peter Hennessey was appointed as Qnity Electronics' general counsel in connection with the Spin-Off. He previously served as vice president, associate general counsel and corporate secretary of DuPont since September 2019. Prior to joining DuPont in 2019, Hennessey was a partner at Ballard Spahr LLP and an associate attorney at Wilson Sonsini Goodrich & Rosati, P.C. and Skadden.
AI Analysis | Feedback
Qnity Electronics (symbol: Q) faces several key risks to its business. The most significant risks include intensifying competition, the impact of China's de-stocking due to U.S. export curbs, and a broader downcycle in the Wafer Fab Equipment (WFE) market. Intensifying competition is a primary concern for Qnity Electronics. The company operates in a dynamic semiconductor and electronics consumables market where rivals like Entegris and other materials suppliers pose a continuous challenge. Another key risk stems from China's de-stocking practices, exacerbated by ongoing U.S. export restrictions. As a global provider, Qnity's performance can be weighed down by geopolitical tensions and trade policies affecting its demand and supply chains, particularly in a significant market like China. Finally, a broader downcycle in the Wafer Fab Equipment (WFE) market and general macroeconomic factors affecting the semiconductor industry represent a significant risk. The semiconductor industry is cyclical, and downturns can impact demand for Qnity's materials and solutions, despite the company's strong position in AI-driven chip demand and advanced materials.AI Analysis | Feedback
AI Analysis | Feedback
The addressable market for Qnity Electronics' main products and services is **over $30 billion globally**.
Qnity Electronics is a technology provider primarily focused on the semiconductor value chain. Its portfolio includes solutions for chip fabrication, advanced packaging, and thermal management. Qnity serves approximately 80% of the total semiconductor market.
AI Analysis | Feedback
Qnity Electronics (symbol: Q) is expected to drive future revenue growth over the next two to three years through several key areas:- Growth in Artificial Intelligence (AI) and High-Performance Computing (HPC) Applications: A primary driver for Qnity's revenue is the increasing demand for solutions supporting AI and high-performance computing. This trend influences various parts of their portfolio, including advanced nodes, advanced packaging, and thermal management solutions.
- Leadership in Advanced Semiconductor Technologies: Qnity is positioned as a leader in advanced nodes and advanced packaging, which are critical for next-generation semiconductors. This includes offerings such as CMP pads, cleans, slurries, lithography materials, and solutions for high-density and heterogeneous integration.
- Expansion of Thermal Management Solutions: The company anticipates significant revenue growth from its thermal management solutions, which are increasingly vital for cooling powerful AI chips, data centers, and advanced electronic devices.
- Stable Revenue from Unit-Driven Consumables: Approximately 90% of Qnity's product portfolio consists of unit-driven consumables. This segment provides a steady and predictable revenue stream, closely tied to the ongoing growth and utilization within the semiconductor industry.
- Overall Semiconductor Market Growth and Recovery: Qnity is strategically positioned to capitalize on the broader growth and recovery of the global semiconductor market, which is projected to reach $1 trillion by the end of the decade. The company aims to outperform the market through its competitive advantages, including its portfolio breadth, integrated offerings, and resilient supply chain.
AI Analysis | Feedback
Share Issuance
- Qnity Electronics issued approximately 209 million shares of common stock as part of its spin-off from DuPont on November 1, 2025.
- DuPont shareholders received one share of Qnity common stock for every two shares of DuPont common stock held as of October 22, 2025.
- Cash was provided in lieu of fractional shares during the distribution.
Capital Expenditures
- Qnity's long-term strategy includes prioritizing organic growth investments.
- The company focuses its R&D and capital allocation on advanced packaging and thermal solutions.
- Qnity operates 39 manufacturing sites and 17 R&D facilities globally.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Qnity Electronics
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 251.82 |
| Mkt Cap | 3,694.4 |
| Rev LTM | 339,644 |
| Op Inc LTM | 117,100 |
| FCF LTM | 75,438 |
| FCF 3Y Avg | 68,998 |
| CFO LTM | 114,851 |
| CFO 3Y Avg | 111,559 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.4% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 14.6% |
| QoQ Delta Rev Chg LTM | 3.4% |
| Op Mgn LTM | 32.0% |
| Op Mgn 3Y Avg | 30.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 32.9% |
| CFO/Rev 3Y Avg | 35.3% |
| FCF/Rev LTM | 21.3% |
| FCF/Rev 3Y Avg | 25.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/18/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 09/24/2025 | 10-12B/A (06/30/2025) |
| 03/31/2025 | 06/18/2025 | 10-12B/A (03/31/2025) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.