Qnity
We empower our customers’ technology roadmaps to enable advancements in megatrends such as artificial intelligence, high-performance computing and advanced connectivity.
10-K, Feb 26, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Business
How does Qnity make money?
Semiconductor Technologies is 55.6% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0002058873-26-000010 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($4.8B).
- Semiconductor Technologies: $2.6B · 55.6%
- Interconnect Solutions: $2.1B · 44.4%
What is left of every $100?
Of every $100 in revenue, FY2025.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.8B
- Gross profit: $2.2B
- Operating income: not reported (not reported for this fiscal year, nothing estimated)
- Net income: not reported (not reported for this fiscal year, nothing estimated)
- Free cash flow: $988M
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We partner with leading semiconductor and advanced device manufacturers to address complex challenges and develop solutions that facilitate next-generation technological innovations.”
“With over 50 years of experience in systems engineering and material science, a global manufacturing footprint and major application labs across the world, we are well-positioned to capitalize on emerging opportunities across various sectors including data centers, communications infrastructure, industrials, automotive, and consumer electronics.”
“On May 22, 2024, DuPont de Nemours, Inc. ("DuPont" or "Parent") announced its plan to separate Qnity from DuPont into an independent publicly traded company (the “Separation”).”
Item 1 · Business · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Where did the growth actually come from?
Semiconductor Technologies drove 54% of growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)
“As a global leader in electronics materials, we provide a diverse range of products throughout the electronic value chain.”
Item 1 · Business · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
R&D investment
“R&D expense was $354 million for the year ended December 31, 2025, up from $314 million for the year ended December 31, 2024 and $303 million for the year ended December 31, 2023.”
Item 7 · MD&A · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Number check (R&D expense): stated $354M matches the stored value ($354M, ±10%)
R&D expense: $354M FY2025 · +12.7% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 9.7% to $4.8B.
Revenue grew 22% YoY to $1.4B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 17.6%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
46.2% gross margin, up from 46.0%.
R&D grew 13% to $354M.
SG&A grew 2.8% to $620M.
EPS diluted fell 0.3% to $3.30.
46.6% gross margin, up from 46.2%.
Net income grew 6.0% YoY to $211M.
R&D grew 11% YoY to $98.0M.
SG&A grew 30% YoY to $200M.
EPS diluted fell 34% YoY to $0.59.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $21 of every $100 as free cash.
Operating cash flow grew 20% to $1.3B.
Capex grew 43% to $285M.
Dividends: $13.0M in FY2025.
Stock-based compensation grew 54% to $20.0M.
Free cash flow fell 33% YoY to $151M.
Operating cash flow fell 12% YoY to $241M.
Capex grew 84% YoY to $90.0M.
Buybacks: $25.0M in FY2026 Q2.
Dividends: $17.0M in FY2026 Q2.
Stock-based compensation grew 275% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$915M cash vs $4.0B debt.
Total debt: $4.0B in FY2025.
Interest expense: $65.0M in FY2025.
Total assets grew 15% to $14.1B.
Equity fell 33% to $7.1B.
Cash and equivalents: $961M in FY2026 Q2.
Total debt: $4.0B in FY2026 Q2.
Interest expense: $61.0M in FY2026 Q2.
Total assets: $14.3B in FY2026 Q2.
Equity: $7.3B in FY2026 Q2.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 11% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Qnity annual report)
10-K · 0002058873-26-000010 · filed Feb 26, 2026
Suppliers named by Qnity
No supplier among the covered companies is named in the filings.
Qnity holds stakes in
No stake in a covered company found in SEC filings.
Others name Qnity
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 34 risk factors, one per theme.
Supply chain and manufacturing
“Fluctuations in the demand for semiconductors and the overall volume of semiconductor manufacturing may decrease demand for our products and may adversely affect our business.”
Item 1A · Risk Factors · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Competition
“We operate in a highly competitive, global industry.”
Item 1A · Risk Factors · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Trade, government policy and geopolitics
“A large percentage of our net sales are generated from our international operations and are subject to economic, geopolitical, foreign exchange and other risks.”
Item 1A · Risk Factors · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Regulation and legal proceedings
“We are subject to a variety of rapidly evolving environmental laws and regulations that could cause us to incur significant liabilities and expenses and subject us to environmental litigation.”
Item 1A · Risk Factors · 10-K · 0002058873-26-000010 · filed Feb 26, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.49%.
Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.6.9%
13G · as of Dec 31, 2025 · filed Jan 21, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.9%
16.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.4%
13.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.3%
10.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.8%
9.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Geode Capital Management, LLC3.5%
5.6M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,332 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
3 purchases · 6 sales · $970K sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 31 SEC metrics, FY2016–FY2025
Income statement 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Gross profit calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| SG&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Dividends | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Other income (incl. interest) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values