Diodes

DIOD · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

DIOD · Last close · November 6, 2026

$77.36

Diodes' revenue rose 13.0% to $1.5 billion in fiscal 2025. Its operating margin was 2.4%, down from 3.9% a year earlier. Free cash flow was $137 million, up 195.5%. It paid out $34 million in dividends and buybacks, 25% of free cash flow.

DIODES INC /DEL/ Latest fiscal year ended December 31, 2025 10-K filed February 10, 2026 · 0001193125-26-044918 Updated November 6, 2026

Revenue

$1.5B

13.0%

Operating margin

2.4%

1.5 pts

Net income

$66M

50.2%

Free cash flow

$137M

195.5%

Return on capital

1.9%

0.8 pts

Market cap

$3.6B

Nov 6 close

P/E

30.9x

On $2.50 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Diodes does

Diodes Incorporated designs, makes and sells semiconductors, the chips that control and protect electricity in electronic devices. Its products fall into discrete, analog, mixed-signal and logic chips, plus frequency control products and contact image sensors. It sells to more than 50,000 customers, mostly through distributors, and some directly, including electronics manufacturing service companies.

Its chips end up in products for five markets. Computing is the largest at 27% of 2025 product revenue, followed by industrial at 23%, automotive at 19%, consumer at 18% and communications at 13%. Examples range from notebook computers and artificial intelligence servers to driver assistance systems and 5G networks.

The company grows partly through acquisitions. They include wafer fabrication plants bought in Greenock, Scotland and South Portland, Maine, the 2020 purchase of Lite-On Semiconductor, and the October 2024 purchase of Fortemedia. It also has a joint venture in Malaysia that does testing and packaging work.

Its biggest risks, as it describes them

Steady pressure from customers and competitors to cut prices.
Customer orders that can be cancelled or changed, usually without penalty.
Dependence on outside suppliers for raw materials, parts, equipment and some finished products.
A growth plan that relies on acquisitions it may not find or successfully integrate.
Environmental laws that could bring high costs.

From Diodes's annual report on Form 10-K, filed February 10, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 18.1% a year and net income 17.2% a year, as buybacks cut the share count by 7%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	370	344	326	316	377
Debt incl. finance leases	285	150	22	21	26
Net debt (negative means net cash)	−85	−193	−304	−295	−351
Net debt to EBITDA	−0.2x	−0.4x	−0.8x	−1.6x	−2.0x
Debt to equity	0.2x	0.1x	0.0x	0.0x	0.0x
Interest coverage	36.8x	49.1x	44.0x	21.6x	12.8x
Current ratio	2.5x	2.7x	3.0x	3.3x	3.3x
Quick ratio	1.8x	1.9x	2.0x	2.0x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Diodes' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Diodes' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Diodes shares on the open market, and 8 insiders sold $16.8 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 29, 2026	Francis TangChief Technology Officer	Sold	15,330	$112.04	$1.7 million	Form 4
May 29, 2026	Richard Dallas WhiteCorporate Secretary	Sold	3,000	$106.17	$318,500	Form 4
May 27, 2026	Francis TangChief Technology Officer	Sold	5,000	$110.08	$550,400	Form 4
May 27, 2026	Gary YuPresident and CEO, Director	Sold	3,632	$110.08	$399,811	Form 4
May 27, 2026	Emily YangSVP Worldwide Sales/Marketing	Sold	3,000	$110.08	$330,240	Form 4
May 26, 2026	Francis TangChief Technology Officer	Sold	4,137	$108.00	$446,796	Form 4
May 26, 2026	Jin ZhaoPresident, Diodes Asia	Sold	3,689	$106.86	$394,207	Form 4
May 26, 2026	Emily YangSVP Worldwide Sales/Marketing	Sold	2,000	$107.52	$215,040	Form 4
May 26, 2026	Andy TsongSVP Worldwide Products Group	Sold	1,582	$106.96	$169,211	Form 4
May 20, 2026	Emily YangSVP Worldwide Sales/Marketing	Sold	2,000	$96.81	$193,620	Form 4
May 15, 2026	Emily YangSVP Worldwide Sales/Marketing	Sold	2,000	$101.47	$202,940	Form 4
May 13, 2026	Brett R WhitmireCFO	Sold	16,556	$103.34	$1.7 million	Form 4

The latest 12 of 26 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	5 of 9	6 of 9
Rule of 40	−9.1%	−17.6%	22.3%
Altman Z''	—	—	—
Accruals ratio	−2.3%	−3.2%	−6.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Diodes side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Diodes	FY25	13.0%	2.4%	9.2%	1.9%	−2.0x	6
Tower Semiconductor	FY25	9.1%	12.4%	−3.1%	9.9%	−1.9x	7	Compare
Penguin Solutions	FY26	26.5%	9.6%	−9.4%	30.3%	0.7x	3	Compare
Synaptics	FY26	11.4%	−5.6%	8.5%	−3.4%	—	5	Compare
Cirrus Logic	FY26	5.3%	23.1%	31.9%	29.6%	−1.7x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	942	1,054	1,214	1,249	1,229	1,805	2,001	1,662	1,311	1,482
Revenue growth	11.0%	11.9%	15.2%	2.9%	−1.6%	46.9%	10.8%	−16.9%	−21.1%	13.0%
Gross profit	287	357	435	466	431	670	827	658	436	462
Research and development	70	78	86	88	94	119	126	135	134	162
Operating income	38	79	154	201	134	276	408	251	50	36
Net income	16	−2	104	153	98	229	331	227	44	66
Diluted EPS (US$)	0.32	−0.04	2.04	2.96	1.88	5.00	7.20	4.91	0.95	1.43
Diluted shares (millions)	50	49	51	52	52	46	46	46	46	46
Cash flow
Cash from operations	125	181	186	230	187	338	392	281	119	216
Capital expenditure	58	111	88	98	76	141	212	151	73	78
Free cash flow	66	70	98	131	111	197	181	130	46	137
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	18	9	0	0	297	0	0	0	0	34
Acquisitions	0	0	0	33	25	0	84	0	57	5
Stock-based compensation	14	19	21	20	25	33	36	31	23	26
Balance sheet at fiscal year end
Cash and short-term investments	278	208	249	263	274	370	344	326	316	377
Debt incl. finance leases	430	270	215	100	312	285	150	22	21	26
Total assets	1,529	1,489	1,526	1,639	1,980	2,194	2,288	2,368	2,386	2,448
Total liabilities	708	615	549	487	963	892	705	558	517	510
Shareholders' equity	776	832	932	1,106	964	1,237	1,514	1,741	1,795	1,878
Margins and ratios
Gross margin	30.4%	33.8%	35.9%	37.3%	35.1%	37.1%	41.4%	39.6%	33.2%	31.2%
Operating margin	4.0%	7.5%	12.7%	16.1%	10.9%	15.3%	20.4%	15.1%	3.9%	2.4%
Net margin	1.7%	−0.2%	8.6%	12.3%	8.0%	12.7%	16.6%	13.7%	3.4%	4.5%
Free cash flow margin	7.0%	6.6%	8.1%	10.5%	9.1%	10.9%	9.0%	7.8%	3.5%	9.2%
Rule of 40 (growth + FCF margin)	18.0%	18.5%	23.2%	13.4%	7.5%	57.8%	19.9%	−9.1%	−17.6%	22.3%
Return on capital	2.8%	4.2%	11.6%	16.1%	10.8%	18.2%	26.8%	14.4%	2.7%	1.9%
Return on equity	2.0%	−0.2%	11.8%	15.0%	9.5%	20.8%	24.1%	14.0%	2.5%	3.6%
Return on assets	1.0%	−0.1%	6.9%	9.7%	5.4%	11.0%	14.8%	9.8%	1.9%	2.7%
Net debt to EBITDA	1.1x	0.3x	−0.1x	−0.5x	0.2x	−0.2x	−0.4x	−0.8x	−1.6x	−2.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Diodes' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Diodes.