Qnity Electronics, Inc.
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+ FollowMarket Cap$24.41B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Strong execution + profitable growth (beats/comfortably trending): Qnity delivered another quarter of strong performance with net sales $1.4B (+22% YoY, +9% sequential) and organic sales +22% YoY. Adjusted operating EBITDA $431M (+24% YoY) with EBITDA margin 30.2%. Adjusted EPS $1.19 (+53% YoY). Adjusted free cash flow $259M (strong cash conversion).
- Semi Technologies: $744M sales (+17% organic YoY); advanced nodes grew >20% in the quarter; utilization improved across the industry (advanced logic mid-80% range; mainstream low-80s; DRAM high-80s; NAND low-80s).
- ICS: $685M sales (+28% organic YoY; +16% sequential) with 28% organic growth driven by advanced packaging & interconnect, AI PCBs, thermal management; these 3 platforms grew >50% YoY.
Updated guidance / forecasts (upward revision; Q3 sequential modest growth): Management raised full-year outlook:
- Net sales: $5.55B–$5.65B (midpoint implies ~18% YoY growth)
- Adjusted EBITDA: $1.675B–$1.725B (midpoint implies >20% YoY growth)
- Adjusted EPS: $4.40–$4.60 (midpoint implies ~35% YoY EPS growth)
- Adjusted free cash flow: $600M–$700M
- Q3 expectations: low single-digit sequential sales growth; Semi low single digits with EBITDA margins mid-30s; ICS mid-single digits with EBITDA margins high-20s.
- Q4 note / “why sequential may look muted”: company expects typical seasonal deceleration from Q3→Q4 (consumer electronics) plus inventory control in Q4; also flagged watch items (Middle East developments, ramp timing, utilization trends).
Margin headwinds were manageable; pricing + mitigation expected to offset:
- In Q2, margins reflected some headwinds from product mix and continued investment, and ~$20M of logistics/energy-related costs (partly already realized in 1H; remainder expected in 2H).
- Management said the “playbook” is working and expects margin profile to remain constructive into the back half; also expects transformation benefits (productivity/throughput and footprint optimization) to provide incremental margin upside—weighted more toward 2H 2027 (incrementals mentioned with longer lead-time).
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Share Statistics
| Market cap | $24.41 Billion |
|---|---|
| Enterprise Value | $27.59 Billion |
| Annual dividend | $0.30 |
| Dividend yield | 0.26% |
| Earnings per Share | $3.3 |
| Beta | 1.59 |
| Outstanding Shares | 209,600,000 |
Return
| Return on Equity | 8.07% |
|---|---|
| Return on Assets | 4.09% |
| Return on Invested Capital | 8.42% |
Valuation & Multiples
| P/E Ratio | 41.67 |
|---|---|
| PEG | -122.4 |
| Price to Sales | 4.95 |
| Price to Book Ratio | 3.3 |
| Enterprise Value to Revenue | 5.3 |
| Enterprise Value to EBIT | 25.43 |
| Enterprise Value to Net Income | 47 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.57 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.20
Consensus analyst estimateRevenue Estimate
$1.49 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
$1.07
Consensus analyst estimateRevenue Estimate
$1.47 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 40.75% |
|---|---|
| Total Calls | 200▼ 99.99% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.15%▼ 74.80% |
|---|---|
| Total Invested | $830.60M▼ 96.88% |
| Investors Holding | 474▼ 900.00% |
About Qnity Electronics, Inc.
CEO: Jon D. Kemp
Qnity Electronics, Inc. focuses on the provision of electronic solutions and materials used in semiconductor chip manufacturing and advanced electronic materials. The company was formerly known as Novus SpinCo 1, Inc. and changed its nam...