DQ vs JKS Stock Comparison: AI Score, Valuation, Performance and Upside
DQ (Daqo New Energy) is a polysilicon manufacturer at the upstream end of the solar supply chain, while JKS (JinkoSolar) is the world's largest downstream solar module maker — both are Chinese solar companies subject to polysilicon price cycles, solar module price deflation, and U.S. trade and regulatory risks.
DQ vs JKS is upstream polysilicon raw material versus downstream finished solar module — both linked to global solar demand growth but at different supply chain positions with distinct margin structures, price cycles, and trade risk profiles.
JKS holds the edge across 4 of 5 key metrics in this comparison. JKS leads on both 1-year return (-56.96%) and forward P/E quality (43.98x vs -4.84x for DQ), a relatively favorable combination of momentum and valuation. JKS leads on both revenue growth (-15.70%) and operating margin (-0.59%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for JKS (+71.60%) than for DQ (+63.84%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want leveraged exposure to polysilicon price cycles and solar supply chain dynamics as the upstream raw material supplier
- Value Daqo's low-cost manufacturing position and potential for high margins during polysilicon supply-constrained periods
- Accept significant earnings cyclicality and Xinjiang regulatory risk in exchange for potential upside during solar supply-demand imbalance periods
- Want exposure to global solar module demand growth as the world's largest manufacturer shipping to utility, commercial, and residential markets globally
- Value JinkoSolar's scale advantages in manufacturing efficiency and supply chain procurement versus smaller module competitors
- See global solar demand as a multi-decade structural growth market where the largest volume manufacturer maintains competitive advantage
| Metric | DQ | JKS |
|---|---|---|
| AI scorei | 32.3 | 24.7 |
| AI ranki | #2115 | #3059 |
| Latest closei | $10.94 | $10.16 |
| 1M returni | -0.55% | +11.04% |
| 3M returni | -18.42% | -36.42% |
| 6M returni | -45.33% | -55.26% |
| 1Y returni | -65.76% | -56.96% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | DQ | JKS |
|---|---|---|
| 1Y ago | $3.42K (-65.8%) started 2025-11-03 | $4.66K (-53.4%) started 2025-11-03 |
| 5Y ago | $1.58K (-84.2%) started 2021-11-04 | $3.02K (-69.8%) started 2021-11-04 |
| 10Y ago | $23.55K (+135.5%) started 2016-11-04 | $11.89K (+18.9%) started 2016-11-04 |
Hypothetical — past performance does not guarantee future results.
| Metric | DQ | JKS |
|---|---|---|
| Market capi | $740.27M | $532.08M |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -4.84 | 43.98 |
| Price/Salesi | 1.47 | 0.01 |
| EV/Revenuei | 0.89 | 0.73 |
| Analyst targeti | $17.92 | $17.44 |
| Target upsidei | +63.84% | +71.60% |
| Metric | DQ | JKS |
|---|---|---|
| Revenue growthi | -20.60% | -15.70% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | -66.83% | N/A |
| Operating margini | -40.50% | -0.59% |
| Profit margini | -45.45% | -5.08% |
| ROIC proxyi | -5.42% | -16.32% |
| Return on equityi | -5.42% | -16.32% |
| Dividend yieldi | 0.00% | 15.94% |
| Payout ratioi | 0.00% | 390.30% |
| Dividend growth streaki | N/A | No increase yet |
| Betai | 0.46 | 0.34 |
| Debt/equityi | N/A | 146.38 |
| Current ratioi | 4.54 | 1.12 |
| Quick ratioi | 3.21 | 0.55 |
Over the past year, DQ and JKS have moved moderately in the same direction (correlation of 0.54), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | DQ | JKS |
|---|---|---|---|
| 1Y | Growthi | -65.76% | -56.96% |
| CAGRi | -65.78% | -56.98% | |
| Volatilityi | 55.66% | 60.72% | |
| Sharpe ratioi | -1.73 | -1.16 | |
| Sortino ratioi | -2.36 | -1.63 | |
| Max drawdowni | 71.76% | 71.54% | |
| Current drawdowni | 69.35% | 63.99% | |
| Avg drawdowni | 44.32% | 31.31% | |
| Ulcer Indexi | 49.08% | 37.37% | |
| Max daily dropi | 11.85% | 12.44% | |
| Max wkly dropi | 16.75% | 22.15% | |
| 5Y | Growthi | -84.22% | -77.08% |
| CAGRi | -30.89% | -25.54% | |
| Volatilityi | 67.49% | 66.96% | |
| Sharpe ratioi | -0.28 | -0.18 | |
| Sortino ratioi | -0.41 | -0.26 | |
| Max drawdowni | 86.91% | 86.15% | |
| Current drawdowni | 85.79% | 82.48% | |
| Avg drawdowni | 59.63% | 52.11% | |
| Ulcer Indexi | 63.05% | 55.85% | |
| Max daily dropi | 22.75% | 20.69% | |
| Max wkly dropi | 28.28% | 29.45% | |
| 10Y | Growthi | +135.47% | -9.85% |
| CAGRi | +8.95% | -1.03% | |
| Volatilityi | 73.97% | 71.19% | |
| Sharpe ratioi | 0.42 | 0.28 | |
| Sortino ratioi | 0.65 | 0.41 | |
| Max drawdowni | 91.88% | 88.05% | |
| Current drawdowni | 91.19% | 84.88% | |
| Avg drawdowni | 52.05% | 46.57% | |
| Ulcer Indexi | 59.20% | 51.43% | |
| Max daily dropi | 22.75% | 29.01% | |
| Max wkly dropi | 38.67% | 34.16% |
| Category | DQ | JKS |
|---|---|---|
| Company | Daqo New Energy Corp. | JinkoSolar Holding Co., Ltd. |
| Sector | Energy - Solar Polysilicon | Energy - Solar Module Manufacturing |
| Industry | Semiconductor Equipment & Materials | Solar |
| Core business | Daqo New Energy is a leading manufacturer of high-purity polysilicon in China, the essential feedstock for crystalline silicon solar cells and modules, operating large-scale polysilicon production facilities in Xinjiang and Inner Mongolia. | JinkoSolar is the world's largest solar module manufacturer by volume, producing high-efficiency solar panels for utility-scale, commercial, and residential solar projects globally, with manufacturing in China, Malaysia, Vietnam, and the United States. |
| Investor focus | Investors track Daqo's polysilicon production volume, average selling price per kilogram, cash cost per kilogram (production efficiency), gross margin, and polysilicon market balance as global solar demand and Chinese supply capacity evolve. | Investors track JinkoSolar's shipment volume growth, average selling price per watt, gross margin on modules, new market expansion (U.S., Europe, emerging markets), and competitive positioning versus other Chinese module manufacturers. |
- Low-cost polysilicon production through scale, technology improvements, and China's energy and labor cost advantages gives Daqo competitive margins
- Polysilicon is a commoditized but essential solar supply chain input — capacity position determines pricing power during supply-constrained periods
- Capital return to shareholders through buybacks has been deployed during periods of high polysilicon margins
- World's largest module manufacturer by volume provides scale in manufacturing, procurement, and logistics that smaller competitors cannot match
- Global manufacturing diversification including non-Chinese facilities helps JinkoSolar navigate trade tariffs and UFLPA import restrictions
- Technology leadership in high-efficiency TOPCon cells and bifacial modules provides premium product positioning
- Polysilicon is highly cyclical — supply capacity expansions by Daqo and Chinese competitors have historically led to significant price collapses after periods of high margins
- Xinjiang sourcing controversy — Daqo's Xinjiang polysilicon operations have been subject to U.S. import restrictions under the Uyghur Forced Labor Prevention Act
- Polysilicon prices collapsed from highs as massive capacity additions outpaced demand growth — margin and earnings volatility is high
- Solar module prices have experienced severe deflation as Chinese capacity massively exceeded demand — module prices fell over 50% from 2022 highs, crushing module manufacturer margins
- U.S. trade policy (import duties, tariff investigations on Chinese solar products from third countries) creates supply chain complexity and potential volume restrictions
- Chinese domestic solar market saturation and export competition among Chinese module makers creates intense pricing pressure at all cost structures
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