Qnity Electronics, Inc.

The grade, in three tenses

Headline 6.0 out of ten, 7 of 9 metrics filed and 2 estimated: past 6.0 out of ten, present 6.7 out of ten, future 5.0 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 1 warning event since 2025; the latest 2025-11-14. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 8.3 out of ten. +8.5% a year over 3 filed years; profitable in 3 of 3. 83rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 4.8 out of ten. Share count grew 0.1% a year. 0% of cash flow returned. Insiders: 6 sales, 3 purchases. 48th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.0 out of ten. ROE 10%: 10¢ of profit per shareholder dollar. Leverage 48%: owes 48¢ per asset dollar. 50th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.4 out of ten. top 26% of 97 in its family; net margin 15.3%. 74th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 9.2 out of ten. CrossAssetData estimate 9.2/10, confidence 35 of 100 (one part). 92nd percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 4.3 out of ten. bottom 43% of 94 in its family for room to expand. 43rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.9 out of ten. top 41% of 93 in its family for growth drivers. 59th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-02-26 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 3, 2026-10-01. Filings on record since 2025. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-26.

The people

Jon Kemp has run Qnity since the day it left DuPont. He was appointed chief executive in connection with the spin-off and has served in the role since November 1, 2025. He came from the parent company, where he had been president of the Electronics and Industrial segment since August 2019, head of strategy for the Specialty Products Division of DowDuPont from October 2017 to June 2019, and president of DuPont Electronics and Communications from 2015 through 2017. Before joining DuPont he was an economist and business development manager for the Utah Department of Community and Economic Development. He has sat on the board of Semiconductor Equipment and Materials International since 2016, and joined Qnity's own board in November 2025. [1, 2, 3]

The proxy statement names four other officers. Chuck Xu became president of Interconnect Solutions at the separation, after running that business group inside DuPont since August 2023 and its strategy and acquisitions work since February 2021. Peter Hennessey, the general counsel, was DuPont's vice president, associate general counsel and corporate secretary from September 2019, and a partner at Ballard Spahr before that. Kathleen Fortebuono, the chief people officer, ran global rewards, talent and human resources deal work at DuPont from July 2019. Michael Goss was appointed interim chief financial officer in January 2026, after Matthew Harbaugh stepped down from the job for health reasons on January 16, 2026; Goss had been the company's principal accounting officer and controller and spent 14 years at DuPont. The quarterly report for the period ended June 30, 2026 still names an interim finance chief. [4, 5, 6, 7, 8, 9]

The Semiconductor Technologies presidency has turned over twice in the company's first year. Sang Ho Kang ceased serving in the role on December 9, 2025 and the company filed a current report announcing his departure; on the insider record this site holds, Katherine Dei Cas first filed as President, Semiconductor in August 2026. The board has ten members, nine of them independent, the chief executive being the tenth. Mark A. Blinn, chief executive of Flowserve from 2009 to 2017, chairs it. Three directors came from DuPont's own board: Terrence R. Curtin, the chief executive of TE Connectivity, and Steven M. Sterin sat there from June 2019 to October 2025, and Kristina M. Johnson from 2022 until 2025. Yi Hyon Paik ran the electronic materials businesses of Samsung Cheil Industries, Dow Chemical and Rohm and Haas. All seventeen people on the insider record filed their first reports in 2025 or 2026. [10, 11, 12, 13, 14, 15, 16, 17, 18, 19]

Qnity counts more than 10,000 employees. At the end of 2025 about 60% of them were in Asia Pacific, 32% in the United States and Canada, 5% in Europe, the Middle East and Africa, and 3% in Latin America. Some are affiliated with labor unions or represented by works councils. The company describes a long-tenured talent base, and puts its research staff in Taiwan, South Korea, China, Japan, Europe and North America. [20, 21, 22, 23, 24]

How it operates

Qnity sells the materials other companies use to make chips and to connect them. Its Semiconductor Technologies segment supplies what a chip factory consumes: polishing pads and slurries for chemical mechanical planarization, the step repeated at every layer of a wafer to take off excess material and leave a smooth surface; photoresists, the light-sensitive coatings that carry a circuit pattern onto the wafer; cleaning chemistries used after etching and polishing; Kalrez sealing parts for equipment that works in high heat and harsh chemicals; and materials for OLED screens. Its Interconnect Solutions segment supplies the plating chemistries, dry film photoresists, laminates and polyimide films that printed circuit boards are built from, the metallization and dielectrics of advanced chip packaging, and Laird's thermal and shielding materials, which carry heat away from processors and keep electromagnetic interference out. Over 90% of 2025 revenue came from products either used up in manufacturing or built into the finished device. [25, 26, 27, 28, 29, 30, 31, 32, 33]

Its customers are the companies that run those factories: semiconductor device makers and foundries, equipment providers, circuit board manufacturers and other intermediaries, alongside the original equipment makers who specify its materials and then have their fabricators buy them. The list is short and old. Samsung Electronics took 11% of 2025 net sales and TSMC 8%, most of both in Semiconductor Technologies; the ten largest customers together took 34%, as they did in 2024. The company says nearly all of the world's top 20 largest semiconductor manufacturers are customers and that relationships with its top 10 customers average more than 30 years. Contracts with top customers carry no long-term purchase commitments: the company works from non-binding forecasts, and says customers may cancel orders, change quantities or delay production. [34, 35, 36, 37]

Revenue is counted by where the customer sits. China is the largest, 1.6 billion dollars, 33.0% of 2025 revenue and up 7.8% on the year; South Korea 725.0 million, 15.3%; Taiwan 707.0 million, 14.9% and the fastest-growing of the named regions, up 18.8%; the United States 591.0 million, 12.4%; Europe, the Middle East and Africa 378.0 million, 8.0%; everywhere else 745.0 million. The two segments sit differently on that map: in China, Interconnect Solutions sold more than Semiconductor Technologies, 857 million dollars against 713 million, while in South Korea the same split was 108 million against 617 million, and in Taiwan 172 million against 535 million. [38, 39, 40]

It makes most of this itself, close to its customers. It counts about 100 manufacturing, laboratory, service, warehouse and office sites in 20 countries, 39 of them manufacturing sites, five of which are run by joint ventures; it owns about 20% of its facilities and leases the rest, some from DuPont. About 70% of raw materials are bought in the country where they are used, and about 80% of products are made and sold in the same region, which the company says limits its exposure to tariffs; no supplier accounts for more than 10% of its raw material spend. Research and development cost 354 million dollars in 2025, 7% of net sales. [24, 41, 42, 43, 44, 45]

Almost all of its revenue is product sales, booked when the customer takes control of the goods, usually on shipment, with payment terms typically 30 to 60 days; it sells through its own commercial teams and through a global network of distributors. Growth turns on design wins, which the company describes as a customer validating one of its materials for use in a new node, package architecture or end product. Qualification can run for several quarters and costs money up front, and the company says the timing, size and scope are hard to predict; when a win lands, it usually brings revenue tied to the life of that program. [46, 47, 48]

The specifics

Qnity is DuPont's electronics business, set loose. DuPont announced the plan on May 22, 2024 and completed it on November 1, 2025, giving its holders one Qnity share for every two DuPont shares held on the record date of October 22, 2025; the shares began trading on the New York Stock Exchange under the symbol Q on November 3, 2025. The company dates its materials and systems engineering work back more than 50 years. Because the business was carved out of a parent, the accounts for the years before the separation rest on allocation and carve-out methods, and the company says they do not necessarily include the expenses it would have had, and may not reflect its results, financial position or cash flows, as a separate company. [49, 50, 51, 52]

The separation came with debt. Qnity borrowed 4.1 billion dollars: a 2.35 billion dollar term loan funded on October 31, 2025, 1 billion of secured notes due 2032 carrying 5.750% and 750 million of unsecured notes due 2033 carrying 6.250%, alongside a 1.25 billion revolving facility. The term loan was paid straight to DuPont, with the proceeds of the notes, as a cash dividend in connection with the separation. Total debt stood at 4.0 billion dollars at the end of 2025 against none a year earlier; interest expense was 65 million dollars in 2025 against zero in 2024 and 2023; and the company counts 265 million dollars of interest and 24 million of principal falling due in the twelve months after the year end. [53, 54, 55, 56, 57, 58, 59]

It also carries a share of DuPont's past. Under the separation agreements Qnity pays, or reimburses DuPont for, 44% of certain liabilities: DuPont's funding obligations under a memorandum of understanding with Corteva, EIDP and Chemours, legacy PFAS liabilities, and liabilities of businesses DuPont discontinued or sold. The amounts are uncapped, and DuPont, not Qnity, holds sole authority to defend and settle the claims. At the end of 2025 Qnity carried 80 million dollars of these obligations as current liabilities and 110 million as noncurrent, and said the exposure could run up to 86 million above what it has set aside. Its share of a proposed New Jersey consent order, which would settle state claims for 875 million dollars over 25 years, is 66 million, with 47 million more for an insurance escrow if the court approves the settlement. The arrangement is locked in by a single class of preferred shares held by a purpose trust, which must vote against any change; the company says it expects and intends the limit to be perpetual. [60, 61, 62, 63, 64, 65, 66, 67, 68]

What protects the business is less a wall of patents than know-how. It held about 7,000 patents and patent applications globally at the end of 2025, roughly 70% of them granted, but says no single patent, trademark or license is essential to it as a whole or to any of its businesses; many of the processes it uses to make products are kept as trade secrets, and it reports thefts to the authorities. Its materials are qualified into customers' technology plans, which is the harder barrier to cross. It names its competitors as Entegris, Merck, Resonac, Element Solutions and MKS Instruments, and says they range from large multinationals to small regional specialists. Trade rules cut across all of it: the company says trade regulations, policies and disputes have increased tariffs and barriers and have limited its ability to sell certain products to certain customers, and that the risk is sharpest in China, about 33% of 2025 net sales. [69, 70, 71, 72, 73, 74]

What drives growth, line by line

Net sales were 4.8 billion dollars in 2025, up 10% from 4.3 billion, and the growth was all volume: volume added 11% while local price, including metals passed through to customers, and product mix took away 1%. The year before had the same shape, sales up 7% on 10% more volume, 2% less price and mix and a 1% currency drag. [75, 76]

Semiconductor Technologies. The larger half: 2.6 billion dollars, 55.6% of 2025 revenue, up 7.8% on the year. Volume rose 9% while price and mix took away 1%. The filing credits end-market demand, content gains at advanced nodes, share gains and better utilization at customers' factories, including in work driven by artificial intelligence. The company says advanced nodes for logic and memory need three to five times more processing material per wafer than legacy ones, an effect it calls the processing material multiplier. Segment profit, which it measures as earnings before interest, taxes, depreciation and amortization with certain items taken out, was 945 million dollars, up 7%, held back by spending on research. [38, 77, 78, 79]

Interconnect Solutions. The faster half: 2.1 billion dollars, 44.4% of 2025 revenue, up 12.0%. Volume rose 14% while price and mix took away 2%. The filing credits demand from technology ramps driven by artificial intelligence and new business won in advanced packaging and thermal management. Segment profit was 539 million dollars, up 20%, on volume, a better mix and productivity gains, held back by spending on selling and research. [38, 80, 81]

The newest quarterly report shows the pace quickening. Net sales in the first half of 2026 were 2.7 billion dollars, up 20% on 20% more volume, with Interconnect Solutions' volume up 26% and Semiconductor Technologies' up 15%. The company credits demand driven by artificial intelligence in advanced nodes, including advanced packaging and high bandwidth memory, and content and share gains in advanced packaging, circuit boards for artificial intelligence hardware and thermal management. Samsung was 10% of net sales in that half and TSMC 8%. [82, 83, 84, 85]

The growth did not reach the bottom line in 2025. Net income was 729 million dollars against 724 million in 2024, on revenue up 9.7%. Interest expense of 65 million appeared where there had been none, 25 million went to advisers for the separation, 20 million to restructuring charges approved before it, and the effective tax rate rose to 24.2% on pre-tax income of 962 million from 19.6% on 901 million a year earlier. Cash from operations still rose 20.0%, to 1.3 billion dollars, and capital spending rose 42.5%, to 285.0 million. [86, 56, 59, 87, 88, 89]

What the company says comes next, in its own words: it expects the seasonal pattern in Interconnect Solutions, where sales have peaked in the middle of the year, to keep fading; it estimates about 180 million dollars of one-time costs over two years to stand up its own information technology systems as DuPont's transition services end; it expects to keep benefiting from the greater volume of material each advanced node consumes; and it expects to begin recognizing deferred revenue when the project it took payment for reaches commercial production, currently expected in 2027. [78, 90, 91, 92]

What the desk infers (inferred, not filed)

• Qnity's sales follow how many wafers and boards its customers actually run, not how much they spend on new factories. Because: Over 90% of 2025 revenue came from products either used up in the manufacturing process or built into the finished device. [33] Its polishing pads are consumables placed on a polishing tool, and the step they serve is repeated at every layer of a wafer. [26, 27] The company credits Semiconductor Technologies' volume growth in part to improved utilization rates at customers' factories. [77] It says customers building buffer inventory can inflate near-term orders, while destocking can suppress demand even when underlying consumption remains healthy. [93] Confidence 80 of 100. Wrong if: A year in which its customers' output falls while Qnity's volumes rise, or a filing that ties its sales mainly to customers' purchases of equipment and construction of new plants.
• Most of what Qnity sells into South Korea most likely goes to Samsung Electronics. Because: Samsung took 11% of net sales in 2025, the majority of it in Semiconductor Technologies. [34] Customers in South Korea together accounted for 15.3% of 2025 revenue, 725.0 million dollars, of which 617 million was Semiconductor Technologies' materials. [38, 39] Samsung and TSMC are the only customers the filing names, and the ten largest together took 34% of net sales. [34, 35] Confidence 65 of 100. Wrong if: A disclosure showing that most of Qnity's sales to Samsung are booked to Samsung sites outside South Korea, or naming another South Korean customer of similar size.
• Qnity's China business leans on the circuit board and device supply chain, while South Korea and Taiwan are mostly chip factories. Because: In China, Interconnect Solutions sold 857 million dollars against Semiconductor Technologies' 713 million; in South Korea the split was 108 million against 617 million, and in Taiwan 172 million against 535 million. [39] Interconnect Solutions sells the plating chemistries, dry film photoresists, laminates and polyimide films printed circuit boards are made from, as well as packaging and thermal materials. [30, 31, 32] The two customers the filing names, Samsung and TSMC, buy mostly from Semiconductor Technologies and are headquartered in South Korea and Taiwan. [34] China is the largest region, 33.0% of 2025 revenue. [38] Confidence 70 of 100. Wrong if: A filing showing most of Interconnect Solutions' China revenue coming from chip makers' own packaging lines rather than from circuit board and device manufacturers.
• The larger open claim on Qnity's cash is DuPont's past rather than its own lawsuits. Because: Management calls it remote that all of the company's own claims and lawsuits together would have a material adverse impact. [94] Its allocated share of certain DuPont liabilities is 44%, the amounts are uncapped, and DuPont holds sole authority to defend and settle them. [60, 61, 62] It has already recorded 80 million dollars of these obligations as current and 110 million as noncurrent, with exposure possibly running 86 million above what is accrued. [64] Its share of the proposed New Jersey consent order is 66 million dollars, with 47 million more for an insurance escrow if the court approves it. [65, 66, 67] Confidence 75 of 100. Wrong if: A filing in which the company's own litigation accruals exceed its allocated share of DuPont's legacy liabilities, or one in which that share is capped or brought under Qnity's own control.

Sources

1. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Jon Kemp has served as our Chief Executive Officer since November 1, 2025.”
2. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Jon Kemp was appointed as our chief executive officer in connection with the Spin-Off and previously served as the president of the Electronics and Industrial segment within DuPont since August 2019. Mr. Kemp has been a member of the Semiconductor Equipment and Materials International board of directors since 2016. Previously, he served as head of strategy for the Specialty Products Division of DowDuPont from October 2017 to June 2019. Mr. Kemp served as the president of DuPont Electronics and Communications from 2015 through 2017.”
3. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Prior to joining E. I. du Pont de Nemours and Company, he was an economist and business development manager for the Utah Department of Community and Economic Development.”
4. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Chuck Xu was appointed as president of our Interconnect Solutions segment in connection with the Spin-Off and previously served as vice president and general manager of the Interconnect Solutions business group within DuPont’s Electronics and Industrial segment since August 2023. Mr. Xu has also served as vice president and general manager of Strategy and Mergers and Acquisitions in DuPont’s Electronics and Industrial segment since February 2021”
5. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Peter Hennessey was appointed as our general counsel in connection with the Spin-Off and previously served as vice president, associate general counsel and corporate secretary of DuPont since September 2019. Prior to joining DuPont in 2019, Mr. Hennessey was a partner at Ballard Spahr LLP.”
6. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Kathleen Fortebuono was appointed as our chief people officer in connection with the Spin-Off and previously served as vice president, Global Rewards, Talent and HR M&A at DuPont since July 2019.”
7. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Michael Goss was appointed interim chief financial officer in January 2026, bringing nearly three decades of finance experience across several disciplines. Before this role, Mike served as Qnity’s principal accounting officer and controller from November 2025 to January 2026. Prior to that, Mike spent 14 years at DuPont where he held multiple senior roles.”
8. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Matthew Harbaugh stepped down from his role as Chief Financial Officer due to health reasons on January 16, 2026. Mike Goss was appointed Interim Chief Financial Officer in January of 2026 but is not an NEO for 2025.”
9. Qnity Electronics, Inc., Form 10-Q filed 2026-08-04: “As of June 30, 2026, our Chief Executive Officer ("CEO") and Interim Chief Financial Officer ("Interim CFO"), together with management, conducted an evaluation of the effectiveness of our disclosure controls and procedures”
10. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “On December 9, 2025, which date was four business days after December 3, 2025, Sang Ho Kang ceased from serving in his role as President of our Semiconductor Technologies segment and we filed a Current Report on Form 8-K announcing his departure.”
11. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Mark A. Blinn served at Flowserve Corporation as chief executive officer and president, from 2009 to 2017 and as chief financial officer from 2004 to 2009.”
12. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Mr. Blinn was appointed as Chair of our board in November 2025.”
13. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “the Board has determined that each of Shumeet Banerji, Mark A. Blinn, Terrence R. Curtin, Karin De Bondt, Byron Green, Kristina M. Johnson, Anne Noonan, Yi Hyon Paik and Steven M. Sterin is independent.”
14. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Does not include Mr. Kemp, 50, as he is not an independent director.”
15. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Terrence R. Curtin has served as the chief executive officer at TE Connectivity plc (“TE”), a global technology leader in connectivity and sensor solutions, since March 2017.”
16. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Mr. Curtin has served on the board of directors of TE since March 2016 and served on the board of directors of DuPont de Nemours, Inc. from June 2019 to October 2025.”
17. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “Mr. Sterin previously served on the DuPont board of directors from June 2019 to October 2025 and was appointed to our Board in October 2025.”
18. Qnity Electronics, Inc., Form DEF 14A filed 2026-04-08: “She previously served as a director of Boston Scientific Corporation from 2011 until 2017, The AES Corporation from 2011 until 2019 and DuPont de Nemours, Inc. from 2022 until 2025.”
19. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
20. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Foundational to the Company’s current and future success is our more than 10,000 employee-strong work force, driving the realization of our strategic vision.”
21. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “As of December 31, 2025, of our more than 10,000 employees, approximately 60% are located in Asia Pacific; 32% are located in the U.S. and Canada; 5% are located in Europe, Middle East and Africa ("EMEA") and 3% are located in Latin America.”
22. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Some of our employees are affiliated with labor unions or represented by works councils.”
23. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We have a long-tenured talent base, which boasts extensive work experience, technical qualifications and industry expertise.”
24. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We have research and development capabilities strategically located in key regions where our customers operate, including Taiwan, South Korea, China, Japan, Europe and North America. In 2025, our research and development expenses totaled $354 million.”
25. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Semiconductor Technologies: Our Semiconductor Technologies segment provides a portfolio of innovative materials and solutions utilized across multiple stages of the semiconductor manufacturing process.”
26. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “CMP is a critical step that is used multiple times in the semiconductor manufacturing process at each layer of the wafer to remove excess materials and create a smooth surface. This is done through the interaction of a pad and slurry on a polishing tool.”
27. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “CMP pads, or polishing pads, are consumables that are placed onto a platen on a CMP polishing tool to flatten and smooth the surface of wafers through a combination of chemical and mechanical actions.”
28. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Photoresists are light-sensitive materials that are used to transfer circuit patterns onto substrates.”
29. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Kalrez® perfluoroelastomer parts are engineered for critical sealing applications in industries such as semiconductor manufacturing, aerospace, chemical processing and energy. These elastomers are designed to perform under the most demanding conditions, making them ideal for use in environments where high heat and chemical exposure are prevalent.”
30. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Qnity is a leading supplier of innovative materials and processes for organic light-emitting diode ("OLED") displays.”
31. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Such designs require essential products like high-performance substrates, advanced circuit metallization chemistries, dielectrics and photoresists that enable the fabrication of these next-generation PCBs.”
32. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Our polyimide films and flexible copper-clad laminate materials as well as acrylic and epoxy based laminate systems are engineered to meet the electrical, thermal, mechanical, and chemical requirements of demanding flexible electronic and insulation applications.”
33. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Our products are consumable or unit-driven, with over 90% of Qnity’s revenue in 2025 generated from products that are either utilized in the manufacturing process or incorporated into final electronic devices.”
34. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Net sales to Samsung Electronics Co., Ltd accounted for 11%, 12%, and 12% of total net sales for each of the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, net sales to Taiwan Semiconductor Manufacturing Company Limited (TSMC) accounted for 8%, 7%, and 6% of total net sales for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of revenues for both customers relate to the Semiconductor Technologies segment.”
35. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Our top ten customers accounted for 34%, 34% and 32% of our net sales in 2025, 2024 and 2023, respectively.”
36. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Notably, the average length of our relationship with our top 10 customers exceeds 30 years, solidifying our position as a partner of choice throughout the electronics value chain. We are proud to count nearly all of the world’s top 20 largest semiconductor manufacturers among our customers. While we have contracts with certain top customers, these contracts do not contain long-term purchase commitments.”
37. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Our diverse customer base includes semiconductor device manufacturers and foundries, equipment providers, circuit board manufacturers and other intermediaries within the electronics value chain.”
38. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
39. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “China 713 857 1,570 Rest of Asia Pacific: 1,430 747 2,177 South Korea 617 108 725 Taiwan 535 172 707”
40. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Sales are attributed to geographic regions based on customer location.”
41. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We have a global footprint with a total of approximately 100 manufacturing facilities, laboratory, service centers, warehouses and office facilities, many of which serve more than one purpose and both of our segments. Our facilities are located in 20 different countries representing all four of our global regions”
42. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Among our 39 manufacturing sites, five manufacturing sites are operated by our joint ventures. We own approximately 20% of our facilities, while the remaining facilities are leased from third parties, including DuPont.”
43. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We source the vast majority of raw materials locally, with approximately 70% of raw materials sourced local-for-local. This further supports our diversified supply chain while limiting exposure to tariff risk. Approximately 80% of all products are manufactured and sold within the same geographic region.”
44. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “we have a very well-diversified set of suppliers, with no supplier representing more than 10% of our raw material spend, avoiding significant dependency on any one or few suppliers.”
45. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “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. R&D as a percentage of net sales was 7% for the years ended December 31, 2025 and 2024, and 8% for the year ended December 31, 2023.”
46. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Revenue from product sales is recognized when the customer obtains control of the Company’s product, which occurs at a point in time, usually upon shipment, with payment terms typically in the range of 30 to 60 days after invoicing depending on business and geographic region.”
47. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We prioritize a customer-focused and technically skilled sales and marketing organization, operating both directly and through a global network of distributors.”
48. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Our growth depends on our ability to secure design “wins”, which are instances when a customer validates one of our materials for use in a new node, package architecture, or end-product. Because the qualification cycle in semiconductors and advanced electronics can extend multiple quarters and often requires upfront expense, the timing, size, and scope are often difficult to predict. When we secure a win, we typically benefit from multi-year revenue streams tied to the life of that program.”
49. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “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”). On November 1, 2025 (the "Separation and Distribution Date"), DuPont completed the Separation through a pro-rata distribution of one share of Qnity common stock for every two shares of DuPont common stock held at the close of business on the record date of October 22, 2025 (the "Distribution").”
50. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Qnity common stock commenced trading on the New York Stock Exchange under the symbol "Q" at the start of trading on November 3, 2025.”
51. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “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”
52. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “The Company utilized various allocation and carve-out methodologies through the date of the Distribution to prepare historical financial statements. The Consolidated Financial Statements for periods prior to the Separation herein may not be indicative of our future performance, do not necessarily include the actual expenses that would have been incurred by us and may not reflect our results of operations, financial position and cash flows had we been a separate, standalone company during the historical periods presented.”
53. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “In connection with the Spin-Off, we incurred indebtedness in an aggregate principal amount of $4.1 billion, consisting of the $2.35 billion Senior Secured Term Loan Facility, which was entered into on October 31, 2025, and the $1.0 billion of Senior Secured Notes due 2032 and $750 million of Senior Unsecured Notes due 2033, which were issued on August 15, 2025. We also entered into the Senior Secured Revolving Facility of $1.25 billion on October 31, 2025.”
54. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “On August 15, 2025, Qnity issued $1 billion aggregate principal amount of 5.750% senior secured notes due 2032”
55. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “On August 15, 2025, Qnity issued $750 million aggregate principal amount of 6.250% senior unsecured notes due 2033”
56. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “The full amount of the Senior Secured Term Loan Facility, $2.35 billion, was funded on October 31, 2025, and paid directly to DuPont, along with the proceeds from the issuance of the Notes, in the form of a cash dividend in connection with the Separation.”
57. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Total debt at December 31, 2025 and 2024 was $4.0 billion and zero, respectively.”
58. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Related to the principal, $24 million will be due in the next twelve months and the remainder will be due subsequent to 2026. The Company may address the principal payment with cash on hand, utilizing existing credit facilities, accessing the debt capital markets or a combination of any of them. Related to interest, $265 million will be due in the next twelve months and the remainder will be due subsequent to 2026.”
59. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Interest expense was $65 million for the year ended December 31, 2025 and zero for the years ended December 31, 2024 and 2023.”
60. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “In connection with the Separation, Qnity has been contractually allocated, and directly pays or indemnifies DuPont for, the Applicable Qnity Percentage of certain liabilities, including current or future funding obligations of DuPont under the Memorandum of Understanding ("MOU"), legacy PFAS liabilities and liabilities related to businesses and operations of DuPont that were previously discontinued or divested. On December 2, 2025, Qnity and DuPont determined and agreed, pursuant to the Separation and Distribution Agreement, that the Applicable Qnity Percentage is 44%.”
61. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “we have been contractually allocated, and directly pay or indemnify DuPont for, certain liabilities (including those contractually allocated between DuPont and Qnity based on the Applicable Percentages as defined in the Separation and Distribution Agreement) for uncapped amounts, which may include, among other items, historical tax obligations, associated defense costs, settlement amounts and judgments.”
62. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Qnity has irrevocably granted to DuPont, coupled with an interest, sole and exclusive authority to, among other things, commence, notice, prosecute, manage, control, conduct, administer, handle, manage, defend (or assume the defense of), litigate, arbitrate, mediate, settle, resolve, dispose of, cover or otherwise determine all matters with respect to any claims related to, arising out of or resulting from any such liabilities.”
63. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “On January 22, 2021, DuPont, Corteva, Inc. ("Corteva"), EIDP Inc. (formerly known as E. I. du Pont de Nemours and Company) (“EIDP”) and The Chemours Company ("Chemours") entered into the MOU in which the parties have agreed to share certain costs associated with qualified potential future liabilities.”
64. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “As of December 31, 2025, the Company has recorded indemnification liabilities related to the legacy liabilities detailed above of $80 million within “Accrued and other current liabilities” and $110 million within “Other noncurrent obligations” within the Consolidated Balance Sheets. It is reasonably possible that the potential exposure of these indemnifications could range up to $86 million above the amount accrued at December 31, 2025.”
65. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “On August 3, 2025, DuPont, together with Chemours and Corteva and its subsidiary, EIDP, agreed to a proposed Judicial Consent Order (the “Consent Order”) with the State of New Jersey to resolve outstanding claims by the state pending against the companies related to legacy use of a wide variety of substances of concern for an aggregate cash settlement payment to the state of $875 million, payable over a period of 25 years.”
66. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “The Company has recorded $66 million for our contractually allocated portion of the recorded pre-tax charge.”
67. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “The Company’s contractually allocated cash contribution in respect of the NJ Insurance Escrow will be $47 million, contingent upon the settlement being approved by the Court.”
68. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “as all shares of the Series A Preferred Stock are held by the Trust, and the Trust is prohibited under the terms of its trust documents from voting in favor of any such actions, we expect and intend that the aforementioned limitations on our corporate purpose and the authority of our board of directors is perpetual.”
69. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Based on our patent estate at December 31, 2025, we hold about 7,000 patents and patent applications globally. At December 31, 2025, approximately 70% of our patent portfolio consisted of issued patents; the remainder consisted of pending patent applications.”
70. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “no single patent, trademark, license or group of related patents, trademarks or licenses is in itself essential to us as a whole or to any of our businesses.”
71. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Many of the processes we use to make products are kept as trade secrets which, from time to time, may be licensed to third parties. We vigilantly protect all intellectual property, including trade secrets. When we discover that trade secrets have been unlawfully taken, we report the matter to governmental authorities for investigation and potential criminal action, as appropriate.”
72. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “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.”
73. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Trade regulations, policies and disputes can and have increased tariffs and trade barriers, which can and have limited our ability to sell certain products to certain customers, and otherwise impacted our global supply and distribution chains and research and development activities, particularly those arising out of relations between the U.S. and China.”
74. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Such risks may be especially exacerbated as they relate to China, a market that is important to our business, representing approximately 33% of our net sales for the year ended December 31, 2025.”
75. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We reported net sales for the year ended December 31, 2025 of $4.8 billion, up 10% from $4.3 billion for the year ended December 31, 2024, primarily due to an 11% increase in sales volume partially offset by a 1% decrease in local price including metals pass-through and product mix.”
76. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “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.”
77. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Net sales increased primarily due to a 9% increase in volume partially offset by a 1% decline in local price and product mix. The increase in sales volume was due to ongoing end-market demand strength due to content gains in advanced nodes, share gains, and improved customer utilization rates, including in AI driven applications.”
78. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Qnity benefits and is expected to continue to benefit from the “processing material multiplier” effect associated with semiconductor manufacturing, as advanced nodes for logic and memory require three to five times more processing material per wafer compared to legacy nodes.”
79. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Adjusted Operating EBITDA was $945 million for the year ended December 31, 2025, up 7% compared with $884 million for the year ended December 31, 2024 primarily due to volume growth partially offset by select growth investments primarily within R&D.”
80. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Interconnect Solutions net sales were $2,112 million for the year ended December 31, 2025, up 12% from $1,885 million for the year ended December 31, 2024. Net sales increased primarily due to a 14% increase in volume partially offset by a 2% decline in local price and product mix. The increase in sales volume was due to continued demand strength from AI driven technology ramps and new business gains in advanced packaging and thermal management applications.”
81. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Adjusted Operating EBITDA was $539 million for the year ended December 31, 2025, up 20% compared with $448 million for the year ended December 31, 2024 primarily due to an increase in sales volume, favorable mix and productivity gains partially offset by selective growth investments in SG&A and R&D.”
82. Qnity Electronics, Inc., Form 10-Q filed 2026-08-04: “Net sales for the six months ended June 30, 2026 were $2.7 billion, up 20% from $2.3 billion for the six months ended June 30, 2025, primarily due to a 20% increase in volume. The increase in volume was attributable to both Interconnect Solutions up 26% and Semiconductor Technologies up 15%.”
83. Qnity Electronics, Inc., Form 10-Q filed 2026-08-04: “The increase in sales volume was due to ongoing end-market demand strength related to improved customer utilization rates and growth in AI driven applications, particularly in advanced nodes, including advanced packaging and high bandwidth memory.”
84. Qnity Electronics, Inc., Form 10-Q filed 2026-08-04: “The increase in sales volume was due to continued demand strength from AI driven technology ramps and new content and share gains in advanced packaging, AI PCB and thermal management.”
85. Qnity Electronics, Inc., Form 10-Q filed 2026-08-04: “10% of total net sales for the six months ended June 30, 2026 and 2025. Additionally, net sales to Taiwan Semiconductor Manufacturing Company Limited (TSMC) accounted for 8% of total net sales for both the three months ended June 30, 2026 and 2025, and 8% of total net sales for both the six months ended June 30, 2026 and 2025.”
86. The record on this page: the filed annual figures (EDGAR's company facts)
87. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Acquisition, integration and separation costs were $25 million for the year ended December 31, 2025 and zero for each of the years ended 2024 and 2023.”
88. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Restructuring and asset related charges - net were $20 million, $8 million and $52 million for the years ended December 31, 2025, 2024 and 2023, respectively.”
89. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “For the year ended December 31, 2025, our effective tax rate was 24.2% on pre-tax income from operations of $962 million. The main drivers in the effective tax rate in 2025 are Pillar Two Qualified Domestic Minimum Top-up tax, unrecognized tax benefits, and the mix of earnings in the jurisdictions in which we operate. For the year ended December 31, 2024, our effective tax rate was 19.6% on pre-tax income from operations of $901 million.”
90. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “This seasonality is most pronounced in our Interconnect Solutions segment, where historical sales peak during mid-year and moderate in the first and fourth quarters; although this seasonality pattern has decreased over the past few years and we expect this seasonality to further diminish going forward.”
91. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “We currently estimate it will cost approximately $180 million in one-time costs, incurred over two years, to establish stand-alone information technology systems, not including the cost of maintenance or employee-related expenditures.”
92. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “The Company will begin recognizing its deferred revenue when the project associated with the revenue that was deferred is completed and commercial production begins, currently expected in 2027.”
93. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “Customer inventory practices can further influence our short-term performance. In periods of tight supply, customers may build buffer inventory, inflating near-term orders; conversely, destocking cycles can suppress demand even when underlying consumption remains healthy.”
94. Qnity Electronics, Inc., Form 10-K filed 2026-02-26: “It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company.”

Where the revenue comes from

Lines of business in fiscal 2025: Semiconductor Technologies 56%, Interconnect Solutions 44%. By geography: China 33%, Other 16%, South Korea 15%, Taiwan 15%, United States 12%, EMEA 8%. As tagged in its annual report (Form 10-K, filed 2026-02-26).

Who runs it

Kemp, Jon D. (Chief Executive Officer); Dei, Cas Katherine (President, Semiconductor); Xu, Chuck (President, Interconnect); Kang, Sang Ho (President, Semiconductor); Goss, Michael G. (VP & Interim CFO); Harbaugh, Matthew K (Chief Financial Officer); Fortebuono, Kathleen M. (Chief People Officer); Hennessey, Peter W (General Counsel); Curtin, Terrence R (director); Green, Byron (director); and 7 more. 17 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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