Diodes Incorporated DIOD

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 80.13 USD on Nov 1, 2026, +62.4% year to date

Quant rating

Quant rating C Rank 255 of 389 in Information Technology

Growth B 131 of 389
Valuation B 64 of 389
Quality C 232 of 389
Revisions D 329 of 389
Momentum C 260 of 389

Wall Street consensus Buy (1.83)Average target 138.70 USD +73.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.7B
Enterprise value: 3.4B
52-week range: 42.28 – 125.00
3-year range: 34.26 – 125.00
Dividend yield: –
Beta (5 years): 1.93
Shares outstanding: 46.1M
Next earnings: Nov 5, 2026

About the company

Diodes Incorporated is a global manufacturer and supplier of high-quality application-specific standard products within the discrete, logic, analog, and mixed-signal semiconductor markets. The Company's diverse product portfolio covers diodes; rectifiers; transistors; MOSFETs; SiC diodes and MOSFETs; protection devices; logic; voltage translators; amplifiers and comparators; sensors; and power management devices such as AC-DC converters, digital isolators and isolated gate drivers, DC-DC switching, photocoupler, linear voltage regulators, voltage references, LED drivers, power switches, and voltage supervisors. It also has timing and connectivity solutions including clock ICs, crystal oscillators, PCIe packet switches, multi-protocol switches, interface products, and signal integrity solutions for high-speed signals. It serves the industrial, automotive, computing, consumer and communications markets. Its mixed-signal products include high speed mux/demux, digital switches and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,482	1,311	1,662	2,001	1,805	–
Revenue growth	13.0%	−21.1%	−16.9%	10.8%	46.9%	3.8%
EPS (basic, normalized)	1.22	1.31	4.81	7.36	5.18	–
EPS growth	−6.9%	−72.8%	−34.6%	42.1%	–	–
Gross margin	31.2%	33.2%	39.6%	41.3%	37.1%	36.5%
Net margin	4.5%	3.4%	13.7%	16.6%	12.7%	10.1%
ROE	3.6%	2.5%	14.0%	24.1%	20.8%	13.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	440
Current ratio	3.17x
Long-term debt (mil)	20.3
Net debt (mil)	−329
Total equity (mil)	1,952
Net debt / equity	−0.17x
Net debt / EBITDA	−1.65x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,482	+13.0%	2.3x	199	+3.7%	16.9x	1.22	−6.9%	65.7x
2026	1,868	+26.0%	1.8x	312	+56.8%	10.8x	3.21	+163.3%	24.9x
2027	2,238	+19.8%	1.5x	399	+27.8%	8.4x	5.55	+72.7%	14.4x
2028	2,734	+22.2%	1.2x	515	+29.2%	6.5x	9.05	+63.1%	8.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,868	0.0%	+5.0%	+6.7%	3.21	−0.4%	+18.4%	+35.2%
2027	2,238	−1.0%	+8.0%	+9.8%	5.55	−5.1%	+11.2%	+24.2%
2028	2,734	−6.9%	–	–	9.05	−24.6%	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	302	320	350	339	332	366	392	392	405	446
Sales mean (mil)	306	316	346	339	325	358	394	380	395	436
Surprise	−1.2%	+1.2%	+1.1%	0.0%	+2.3%	+2.4%	−0.5%	+3.0%	+2.6%	+2.3%
EPS reported	0.28	0.33	0.43	0.27	0.19	0.32	0.37	0.34	0.43	0.70
EPS mean	0.31	0.30	0.42	0.36	0.15	0.26	0.40	0.27	0.33	0.60
Surprise	−9.4%	+10.7%	+1.8%	−25.0%	+24.6%	+23.1%	−6.9%	+24.4%	+29.5%	+16.0%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DIOD Diodes Incorporated	3.7B	−1.65x	4.5%	1.88x	24.9x	14.4x	10.8x	8.4x
NVDA NVIDIA Corporation	4.93T	−0.47x	55.6%	21.58x	22.0x	12.9x	17.7x	10.5x
AVGO Broadcom Inc	1.56T	0.82x	36.2%	15.62x	28.2x	17.0x	21.9x	13.5x
AMD Advanced Micro Devices, Inc.	824.1B	−1.16x	12.3%	12.26x	66.0x	31.5x	50.1x	23.8x
INTC Intel Corp	349.2B	0.87x	−0.5%	3.04x	44.0x	35.5x	16.7x	13.8x
TXN Texas Instruments Incorporated	274.9B	0.67x	28.1%	14.33x	33.2x	26.1x	23.3x	18.7x
Mean		−0.15x	22.7%	11.45x	36.4x	22.9x	23.4x	14.8x
Median		0.10x	20.2%	13.29x	30.7x	21.5x	19.8x	13.7x

Technical analysis

1M−16.9%
3M−0.2%
1Y+43.5%
3Y+15.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Diodes Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,482	1,311	1,662	2,001	1,805	1,229
Cost of revenue	1,020	875	1,004	1,173	1,135	798
Gross profit	462	436	658	827	670	431
Selling, general & administrative expenses	242	234	258	280	258	185
Research & development	162	134	135	126	119	94.3
Depreciation/amortization	22.2	16.5	15.3	15.6	16.2	16.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−6.9	0.9	−0.5	−3.2	0.3	0.1
Other operating expenses	0	0	0	−0.1	1.0	1.1
Operating income	43.4	50.5	251	408	276	134
Net interest income (expense)	41.3	9.3	35.9	−15.1	21.6	−20.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.7	2.9	−8.6	2.9	17.6	6.4
Net income before taxes	84.0	62.7	278	396	315	120
Provision for taxes	14.8	11.8	47.3	56.7	78.8	21.1
Minority interest	−3.0	−6.8	−3.5	−8.0	−7.5	−1.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	66.1	44.0	227	331	229	98.1
Extraordinary items	–	–	–	–	–	0
Net income	66.1	44.0	227	331	229	98.1
EBIT, normalized	36.4	51.4	250	405	276	134
EBITDA, normalized	180	189	387	533	399	242
Basic EPS, normalized	1.22	1.31	4.81	7.36	5.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Diodes Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	377	316	326	344	370	274
Receivables	307	326	372	369	358	320
Total inventory	472	475	390	360	349	307
Prepaid expenses	96.2	102	97.0	84.0	107	70.2
Other current assets	5.1	6.1	3.0	4.4	3.2	52.5
Total current assets	1,257	1,224	1,187	1,162	1,188	1,024
Property, plant & equipment	702	738	797	781	632	585
Goodwill	183	182	147	145	150	158
Intangibles	45.5	67.4	63.9	79.1	94.5	111
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	260	175	173	122	131	101
Total assets	2,448	2,386	2,368	2,288	2,194	1,979
Liabilities
Accounts payable	149	134	158	160	221	168
Payable/accrued	–	–	–	–	–	–
Accrued expenses	181	187	180	214	185	160
Short-term debt	30.3	31.4	40.7	36.3	18.1	141
Current portion of long-term debt	1.5	1.1	4.5	1.7	17.4	22.0
Other current liabilities	16.3	22.7	10.5	19.7	29.7	19.2
Total current liabilities	378	376	393	433	471	510
Long-term debt	24.3	19.6	17.1	148	266	288
Minority interest	60.3	73.6	68.9	69.3	65.5	52.3
Other liabilities	107	122	147	125	155	165
Total liabilities	570	591	627	775	957	1,016
Shareholders' equity
Preferred stock	0	0	0	0	0	–
Common stock	37.3	37.1	36.8	36.5	36.2	35.7
Additional paid-in capital	538	524	510	495	472	450
Retained earnings (accumulated deficit)	1,785	1,719	1,675	1,448	1,117	888
Treasury stock	−372	−338	−338	−337	−337	−336
Other equity	−111	−147	−143	−128	−50.5	−73.6
Total equity	1,878	1,795	1,741	1,514	1,237	964
Total liabilities & shareholders' equity	2,448	2,386	2,368	2,288	2,194	1,979

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Diodes Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	69.2	50.8	231	339	236	99.2
Depreciation, depletion & amortization	144	137	137	128	122	108
Deferred taxes	−7.5	−1.0	−13.3	−39.2	21.5	−14.5
Non-cash items	−26.4	2.9	3.9	45.8	−2.5	25.9
Changes in working capital	36.5	−70.5	−77.6	−81.1	−39.2	−31.4
Cash from operations	216	119	281	393	339	187
Investing activities
Capital expenditures	−78.4	−73.0	−151	−212	−141	−75.8
Other investing cash flows	−37.8	−45.0	−7.6	−53.5	−3.0	−31.0
Cash from investing	−116	−118	−158	−265	−144	−107
Financing activities
Financing cash flow items	−22.1	−11.7	−20.3	−13.6	−9.9	−12.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−32.7	−7.7	−124	−112	−149	−41.7
Cash from financing	−54.8	−19.3	−145	−126	−158	−54.3
Foreign exchange effects	13.1	14.2	−0.5	−27.2	10.4	34.9
Net change in cash	57.6	−3.8	−22.6	−25.7	46.3	61.0
Free cash flow	137	46.4	130	181	197	111

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.