Price · last 3 months · daily close
Q price
Loading the price chart...
Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.
ValeriusBeta - Not investment advice
Research · S&P 500 · Information Technology
Q · Qnity Electronics
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
21/45
low-moderate value score9 of 12 checks scored9 of the 12 checks that carry a score were scored from the data available. 3 could not be scored (EPS Trend, Retained Earnings, Capital Allocation) and were left out, so the score is out of 45 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
Not scoredFewer than 3 years of diluted EPS in the data source.
ROE Trend
2/5ROE (net income / common equity): 4.6% (2023), 6.5% (2024), 9.8% (2025). Median 6.5%, lowest 4.6%; the framework scores a median 5-10% as 2.
ROIC
2/5ROIC of 8.1%: earnings before interest and taxes of $1.03B (pre-tax income $962.00M plus interest expense $65.00M; the 10-K's financial data has no standard operating income figure) divided by $12.71B of capital (total assets $14.07B minus current liabilities $1.36B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
4/5Net margin of 11.2%; the framework scores 10-20% as 4; gross margin 46.2%, operating margin 22.3%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.60; the framework scores 0.3-0.8 as 4 (total debt $4.53B, total cash $961.00M).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $951.00M (2022), $651.00M (2023), $861.00M (2024), $988.00M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
Not scoredFewer than 3 years of retained earnings figures are available, so it is not scored.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $2.80 x (8.5 + 2 x 5.0) x (4.4 / 4.5) = $50.65 (EPS CAGR unavailable, default 5% applied). Current price $115.37; price is 127.8% above the model value.
DCF Value
1/5FCF/share = $3.689, stage 1 growth = 8.5% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $17.70, PV of terminal value = $50.68, DCF value = $68.38. Current price $115.37; price is 68.7% above the model value.
Margin of Safety
1/5Graham value $50.65 (price is 127.8% above the model value); DCF value $68.38 (price is 68.7% above the model value).
Price-to-Book
2/5P/B of 3.33; the framework scores 3.0-5.0 as 2.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 2 years (2024-2025); lowest 7.9%, highest 8.1%.
Gross margin, each year
Between 43.5% and 46.2% over 3 years (a range of 2.7 points).
Competition, in the company’s own words · 10-K filed Feb 26, 2026
Competition in the markets in which we participate is through a range of products and services, based upon performance, quality, reliability, brand, reputation, service and support. We provide extensive support, technical services and testing services for our customers, in addition to new product development. The electronics materials market is subject to rapid technological advancements and shifting customer demands. The constantly evolving landscape requires focused innovation to remain at the forefront of performance, product quality and supply reliability. The industry is increasingly driven by trends such as supply chain localization, cost optimization and sustainability, which present both challenges and opportunities. As one of the largest electronics material providers, we bring the ability to innovate, manufacture and co-develop solutions, which positions us to compete effectively across broad end markets. Our competitors range from large multinational corporations to small regional players, specializing in niche markets. Our most notable competitors are Entegris, Merck KGA, Resonac, Element Solutions and MKS Instruments.
The opening of the company’s “Competitive Landscape” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. For a year whose 10-K financial data has no standard operating income figure, earnings before interest and taxes (pre-tax income plus interest expense) is used. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
Not scoredCapital allocation, 2022-2025: dividends or buybacks paid in 1 of 4 years (fail); $13.00M paid out against $3.45B of free cash flow (pass); total debt not available; share count not available. Fewer than 3 of the 4 tests have data, so it is not scored.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
Loading...
These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $2.80, g = 5.0%, Y = 4.5
IV = $50.65
Current price $115.37 vs Graham value $50.65 — price is 127.8% above the model value.
DCF:
FCF/share = $3.689
Stage 1 growth = 8.5% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $4.003 → PV $3.639
Y2: $4.343 → PV $3.589
Y3: $4.712 → PV $3.540
Y4: $5.112 → PV $3.492
Y5: $5.547 → PV $3.444
Stage 1 PV sum = $17.70
Terminal value at end of Y5 = $81.62
PV of terminal value = $50.68
DCF value = $68.38
Current price $115.37 vs DCF value $68.38 — price is 68.7% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $115.37. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
- Loading headlines...
The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.