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Arphra AIPlain-English read on Qnity Electronics, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $4.76B | $4.04B | $4.34B | $4.75B | $5.32B | $5.79B | $6.14B | $6.57B |
| Cost of revenue | $2.6B | $2.28B | $2.34B | $2.77B | $3.04B | $3.18B | $3.47B | $3.63B |
| Gross profit | $2.16B | $1.76B | $2B | $1.99B | $2.36B | $2.57B | $2.74B | $2.9B |
| Gross margin | +45.36% | +43.49% | +46.11% | +41.82% | +44.27% | +44.35% | +44.66% | +44.17% |
| Operating | ||||||||
| Research & development | $329M | $303M | $311M | $222M | $333.31M | $375.44M | $390.98M | $412.65M |
| Selling, general & administrative | $518M | $533M | $617M | $274M | $602.74M | $647.51M | $665.4M | $707.16M |
| Total operating expenses | $1.12B | $1.1B | $1.16B | $974M | $1.33B | $1.42B | $1.53B | $1.59B |
| Operating income | $1.03B | $657M | $847M | $1.01B | $988.69M | $1.11B | $1.2B | $1.28B |
| Operating margin | +21.75% | +16.28% | +19.54% | +21.33% | +18.57% | +19.23% | +19.46% | +19.43% |
| EBITDA | $1.45B | $1.06B | $1.29B | $1.4B | $1.47B | $1.69B | $1.77B | $1.89B |
| EBIT | $1.03B | $657M | $898M | $1.03B | $1.03B | $1.11B | $1.18B | $1.31B |
| Below the line | ||||||||
| Interest expense | $0 | $0 | $280M | $65M | $135.89M | $151.04M | $163.14M | $170.61M |
| Interest income | $0 | $0 | $0 | $4M | $1.53M | $1.67M | $1.74M | $1.88M |
| Other income / expense | -$82M | -$25M | $54M | -$52M | — | — | — | — |
| Pre-tax income | $952M | $632M | $901M | $962M | $1.03B | $1.12B | $1.19B | $1.22B |
| Income tax expense | $151M | $99M | $177M | $233M | $197.07M | $212.73M | $225.89M | $241.6M |
| Earnings | ||||||||
| Net income | $774M | $507M | $693M | $692M | $777.28M | $837.32M | $886.99M | $946.01M |
| Net income · continuing ops | $801M | $533M | $724M | $729M | $814.14M | $870.29M | $911.65M | $966.25M |
| Net margin | +16.28% | +12.57% | +15.99% | +14.56% | +14.60% | +14.47% | +14.44% | +14.41% |
| EPS · basic | $3.70 | $2.42 | $3.31 | $3.30 | $4.04 | $4.80 | $5.13 | $5.22 |
| EPS · diluted | $3.70 | $2.42 | $3.31 | $3.30 | $4.09 | $4.74 | $5.13 | $5.27 |
| EPS · low estimate | — | — | — | — | $3.84 | $4.42 | $4.82 | $5.01 |
| EPS · high estimate | — | — | — | — | $4.21 | $4.97 | $5.44 | $5.47 |
| Shares · basic | 209.43M | 209.43M | 209.43M | 209.48M | 208.34M | 210.92M | 208.11M | 207.93M |
| Shares · diluted | 209.43M | 209.43M | 209.43M | 209.48M | 211.13M | 208.59M | 210.43M | 209.33M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | 6 | 6 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | 4 | 4 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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