# Qnity Electronics (Q.US)

Canonical: https://gigainvestors.com/s/Q

Analysis as of: 2026-10-16T07:31:24.532Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $119.61 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Jun 2026

Story as of 2026-10-16T10:01:26.324Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 4.8 billion.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2025-12-31 (filed 2026-02-26); FY2025: revenue 4754000000; grossProfit 1988000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); Q.US: 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 plating 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.

### Why customers stay

Margins ranged from 41.8% to 46.1% during 2023–25.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2023-12-31 (filed 2026-02-26); FY2023: grossProfit / revenue = 43.5%.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2024-12-31 (filed 2026-02-26); FY2024: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2025-12-31 (filed 2026-02-26); FY2025: grossProfit / revenue = 41.8%.

### Can it raise prices

Local price and product mix declined in both Interconnect Solutions (down 2%) and Semiconductor Technologies (down 1%).

- Source: https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm (filed 2026-02-26); The volume increase was attributable to both Interconnect Solutions (up 14%) and Semiconductor Technologies (up 9%). Local price and product mix declined in both Interconnect Solutions (down 2%) and Semiconductor Technologies (down 1%). 2024 versus 2023 We reported net sales for the year ended December 31, 2024 of $4.3 billion, up 7% from $4.0 billion for the year ended December 31, 2023, primarily due to a 10% increase in sales volume partially offset by a 2% decrease in local price including metals pass-through and product mix and a 1% unfavorable currency impact.

### Where the cash goes

Paid dividends in 1 of 4 years.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2022-12-31 (filed 2026-02-26); FY2022: growth capex 0; upkeep 202000000; owner earnings 986000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2023-12-31 (filed 2026-02-26); FY2023: growth capex 0; upkeep 231000000; owner earnings 679000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2024-12-31 (filed 2026-02-26); FY2024: growth capex 0; upkeep 200000000; owner earnings 887000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/Q.US.json#2025-12-31 (filed 2026-02-26); FY2025: growth capex 0; upkeep 285000000; owner earnings 783000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2022,0],[2023,0],[2024,0],[2025,13000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); Q.US SharesStats.PercentInsiders = 0.075 percentage points; cache date 2026-10-16.

### What could break it

"A large percentage of our net sales are generated from our international operations" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm (filed 2026-02-26); A large percentage of our net sales are generated from our international operations

### What the price says

The price is 5.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 119.61 USD; reporting-to-trading FX 1; FY2025 annual sales per share 22.659675881792182; price multiple 5.278539755994951. FY2025 cash earnings/share 3.7321258341277406. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-10: $95.00 per share

- 2025-11: $81.09 per share

- 2025-12: $81.65 per share

- 2026-01: $96.18 per share

- 2026-02: $126.76 per share

- 2026-03: $115.38 per share

- 2026-04: $140.66 per share

- 2026-05: $156.00 per share

- 2026-06: $163.31 per share

- 2026-07: $131.18 per share

- 2026-08: $119.43 per share

- 2026-09: $125.74 per share

- 2026-10: $119.61 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:09.411Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 6,369 Q shares; USD 1,039,994 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Henry Ellenbogen](https://gigainvestors.com/DCP): 4,553,414 Q shares; USD 743,618,000 reported position value; 7.23% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 4,896 Q shares; USD 800,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.

# Q — Qnity Electronics Inc.

Held by 3 investors · USD 745,457,994 total · 2026 Q2 · reported price USD 163.31 (split-adjusted).
Page: https://gigainvestors.com/s/Q

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 743,618,000 | 7.2% | reduce -10.51% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,039,994 | 0.0% | reduce -5.32% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 800,000 | <0.1% | new |

## Total held by quarter

- 2025 Q4: USD 229,303,296 · 2 holders · USD 81.70
- 2026 Q1: USD 587,841,928 · 2 holders · USD 115.38
- 2026 Q2: USD 745,457,994 · 3 holders · USD 163.31