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.
Business categories Semiconductor Process Materials & Gases · Semiconductor Supply Chain · primary Electronic Materials · Industrial Materials & Chemicals
Q Updated Oct 13, 2026 6 AI consumers· 4 recurring
Per the valuechain.wiki graph, Qnity Electronics is directly linked to 3 companies (1 supply, 3 revenue relationships) and reaches 30 companies within two hops; the links are backed by 8 dated sources, 4 of them primary filings (as of 2026-10-13).
Financials & Segments
- Total revenue · H1 2026 net sales of $2.744 billion (+20%)
- Segments · Semiconductor Technologies · Interconnect Solutions
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) - DuPont High confidence
After the separation, Qnity provides transition services to DuPont and the companies reimburse each other. Qnity's receipts from DuPont are not separately disclosed.Mentions EN U.S. SEC (EDGAR) Published Aug 4, 2026: Qnity Electronics Q2 2026 Quarterly Report (Form 10-Q)
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 Aug 4, 2026: Qnity Electronics Q2 2026 Quarterly Report (Form 10-Q)Confirms 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 |
|---|---|---|---|---|---|---|---|
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +183.9 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +168.1 |
| 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 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +145.2 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +105.7 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +56.5 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +39.8 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Olympus | lead2 | +35.5 | -4.1 | -8.8 | +8.5 | -21.4 | +14.2 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +11.4 |
| 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 | +5 |
| 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 | -4.8 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -12.8 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -34.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| DuPont | lead1 | +15.4 | -13.4 | +14.4 | +1 | +28.7 | +10.5 |
| Qnity Electronics | node | · | · | · | · | · | +55.3 |
| DuPont | benef1 | +15.4 | -13.4 | +14.4 | +1 | +28.7 | +10.5 |
| International Flavors & Fragrances | benef2 | +41.5 | -28.3 | -19.5 | +6.3 | -18.4 | +27.5 |
YTD as of 2026-10-09 · source: Yahoo Finance
Qnity is the semiconductor and interconnect-materials company spun out of DuPont. Its shares gained 55.3% in 2026 while first-half sales rose 20%, putting price and operations in the same direction. In Q2, Semiconductor Technologies grew 16% and Interconnect Solutions 30%, driven by advanced nodes, packaging, HBM, AI PCBs and thermal management. Samsung represented 9% of sales and TSMC 8%. The DuPont link is mainly transition services and indemnification rather than demand propagation, so Qnity's lead is better read as the market separately pricing its post-spin AI-materials exposure. A 3% increase in material costs and $178 million of current indemnification liabilities primarily related to DuPont are the counterexamples.
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