Qnity Electronics, Inc.
Qdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Qnity Electronics, Inc. earns about 6% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $35.76 and $63.71 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $4.04B1 | $4.34B1 | $4.75B1 |
| Net income | $533M2 | $724M2 | $729M2 |
| Operating cash flow | $882M3 | $1.06B3 | $1.27B3 |
| Capital expenditure | $231M4 | $200M4 | $285M4 |
| Free cash flow (derived) | $651M3 | $861M3 | $988M3 |
| Total debt | — | $05 | $4.12B6 |
| Cash & equivalents | — | $166M7 | $915M7 |
| Diluted shares | 209.4M | 209.4M | 209.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $338.18 of net worth that earned you $34.75 and generated $47.09 of cash last year, against $196.57 of debt.
It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $35.76 and $63.71 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$861M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$861M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$724M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $43.34 |
| Base | 5.0% | $57.53 |
| Bull | 10.0% | $74.52 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0002058873-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0002058873-26-000010 (ProfitLoss)
- 10-K · period ending 2023-12-31 · accession 0002058873-26-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0002058873-26-000010 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2024-12-31 · accession 0002058873-26-000010 (DebtCurrent)
- 10-K · period ending 2025-12-31 · accession 0002058873-26-000010 (LongTermDebt)
- 10-K · period ending 2024-12-31 · accession 0002058873-26-000010 (CashAndCashEquivalentsAtCarryingValue)