Semiconductor materials · DuPont spinoff (Nov 2025)
Qnity Electronics
Pure-play electronic-materials maker spun off from DuPont on 3 Nov 2025 and listed on the NYSE under ticker Q. FY2025 net sales were about $4.75B, combining Semiconductor Technologies ($2.64B) and Interconnect Solutions ($2.11B), with cost of sales at 54% of net sales. It supplies CMP pads and slurries, photoresists, cleaning and etch chemistries and advanced-packaging materials to nearly all of the top-20 chipmakers; Samsung Electronics (11% of net sales) and TSMC (8%) are its largest customers, and the top 10 customers account for 34% of net sales. AI and advanced-packaging ramps drive volume growth.
Q Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Qnity Electronics is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 28 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Segments · Semiconductor Technologies (Semi) · Interconnect Solutions (ICS)
Revenue from
- 세계 20대 반도체사 (상위 10개 고객 34%) High confidence· Market share 34% · 상위10 고객=FY2025 순매출 비중 · Form 10-K top-10 customers
Nearly all of the world's top-20 chipmakers are customers; the top 10 account for 34% of FY2025 net sales (Samsung 11% + TSMC 8% + remaining eight 15%). Over 90% of revenue is consumable/process-input product and roughly two-thirds is tied to semiconductors and AI.Mentions EN Simply Wall St Published Jun 1, 2026: Qnity Electronics (Q) Stock Analysis — AI materials valuationConfirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K) - 삼성전자 (CMP·레지스트·패키징 소재) High confidence· Market share 11% · 삼성=FY2025 순매출 비중 · Form 10-K
Samsung is Qnity's largest customer at 11% of FY2025 net sales (12% in FY2024 and FY2023); the majority of both top customers' revenue is in the Semiconductor Technologies segment. Supplies CMP slurries/pads, photoresists and cleaning materials.Confirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K)Confirms EN SEC EDGAR Published Oct 1, 2025: Qnity Electronics Form 10 (spinoff, customer concentration) - TSMC (CMP·레지스트·패키징 소재) High confidence· Market share 8% · TSMC=FY2025 순매출 비중 · Form 10-K
TSMC is the second-largest customer at 8% of FY2025 net sales (up from 7% in 2024 and 6% in 2023); AI and advanced-packaging ramps drive volume growth.Confirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K)Mentions EN The Inquirer Published Nov 17, 2025: DuPont's Qnity spinoff soars on Nvidia and AI demandConfirms EN SEC EDGAR Published Oct 1, 2025: Qnity Electronics Form 10 (spinoff, customer concentration)
Pays to
- 생산설비·증설 (CapEx) High confidence· Amount $285M · cash used for investing (mostly capex)
FY2025 cash used for investing was $285M, mostly capital expenditures (up from $200M capex in FY2024). Operates about 40 (43 total) manufacturing sites across all regions and started up a new 385,000-sq-ft CMP-pad plant in Newark, Delaware to meet AI demand.Mentions EN Yahoo Finance Published May 20, 2026: This New Spinoff Is Helping to Fuel Data Center Chip GrowthConfirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K) - 원재료·특수화학·금속·폴리머 공급사 (분산) High confidence· ratio 54% of sales · cost of sales / net sales
Cost of sales was about $2.6B in FY2025 (54% of net sales, flat YoY). Raw materials span intermediates, polymers, resins, metals and specialty chemicals; supply is diversified (no supplier over 10% of raw-material spend) with about 70% sourced local-for-local. Interconnect is exposed to copper and pass-through metal prices.Confirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K) - 듀폰 (분사 모기업 · 전환서비스계약 · 설비 리스) High confidence
Former parent. Post-spin, DuPont provides corporate functions for a limited period under Transition Services Agreements, and Qnity leases part of its facilities from DuPont (owns about 20% of sites). Mutual indemnities exist under the Tax Matters Agreement and PFAS liability-sharing. confirmed_no_disclosed_valueConfirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: Qnity Electronics FY2025 Annual Report (Form 10-K)Mentions KO DuPont Korea Published Jan 15, 2025: DuPont announces electronics spinoff name: Qnity Electronics, Inc.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Qnity Electronics | node | · | · | · | · | · | +47.8 |
| DuPont | benef1 | +15.4 | -13.4 | +14.4 | +1 | +28.7 | +10.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
Qnity Electronics operates across NYSE, Semiconductor materials, DuPont spinoff (Nov 2025). It stayed steadily positive in recent years and is +47.8% in 2026. The stock (+47.8%) and its demand side (avg +50.8%) are moving in step. Among connected nodes the furthest ahead is Samsung Electronics (+59.7%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. AI and advanced-packaging ramps drive volume growth.
Analysis generated from returns as of 2026-09-04