Detailed financial statements for Diodes Incorporated (DIOD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Diodes Incorporated operates globally, specializing in the development, production, and distribution of standard, application-focused semiconductor components across the discrete, logic, analog, and mixed-signal sectors. The company primarily concentrates on crafting semiconductor devices featuring a minimal number of pins, which integrate either active or passive components, or a combination of both.
Analysis Summary
Diodes Incorporated reported revenue of $1.48B in the most recent fiscal year, growing at a 5-year CAGR of 3.8%. Net income reached $66.1M, with a -7.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.7%, operating margin 4.8%, net margin 5.3%. Free cash flow grew at 4.2% CAGR over 5 years.
At $80.13 (closing price, October 30, 2026), DIOD trades at a P/E of 43.31 and an ROE of 4.53%. Market capitalisation stands at $3.7B.
Balance sheet quality for DIOD: debt-to-equity ratio of 0.04, current ratio of 3.17 over the last 12 months, net cash position of $281.4M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $137.2M represents 207% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $942.2M | $1.05B | $1.21B | $1.25B | $1.23B | $1.81B | $2.00B | $1.66B | $1.31B | $1.48B |
| Cost of Revenue | $655.2M | $697.4M | $778.7M | $783.3M | $798.1M | $1.13B | $1.17B | $1.00B | $875.3M | $1.02B |
| Gross Profit | $286.9M | $356.8M | $435.3M | $465.8M | $431.1M | $670.4M | $827.2M | $658.2M | $435.9M | $462.4M |
| Research & Development | $69.9M | $77.9M | $86.3M | $88.5M | $94.3M | $119.2M | $126.3M | $134.9M | $134.1M | $162.2M |
| Selling, General & Admin | $158.3M | $167.6M | $176.2M | $181.3M | $185.1M | $257.7M | $280.9M | $257.9M | $233.9M | $241.6M |
| Operating Expenses | $248.9M | $264.1M | $280.2M | $265.2M | $296.8M | $394.4M | $419.0M | $407.6M | $385.4M | $427.0M |
| Operating Income | $38.1M | $80.4M | $154.5M | $200.6M | $134.3M | $276.0M | $408.2M | $250.6M | $50.5M | $35.5M |
| EBITDA | $137.1M | $182.7M | $258.5M | $315.7M | $240.0M | $445.0M | $532.0M | $421.0M | $202.2M | $230.5M |
| Interest Expense | $13.3M | $13.4M | $9.9M | $7.9M | $11.7M | $7.5M | $8.3M | $5.7M | $2.3M | $2.8M |
| Pre-tax Income | $25.0M | $62.6M | $150.0M | $198.2M | $120.3M | $315.1M | $395.9M | $277.9M | $62.7M | $84.0M |
| Income Tax | $6.6M | $62.3M | $44.6M | $44.1M | $21.1M | $78.8M | $56.7M | $47.3M | $11.8M | $14.8M |
| Net Income | $15.9M | -$1.8M | $104.0M | $153.2M | $98.1M | $228.8M | $331.3M | $227.2M | $44.0M | $66.1M |
| EPS | $0.33 | -$0.04 | $2.09 | $3.02 | $1.92 | $5.11 | $7.31 | $4.96 | $0.95 | $1.43 |
| EPS (Diluted) | $0.32 | -$0.04 | $2.04 | $2.96 | $1.88 | $5.00 | $7.20 | $4.91 | $0.95 | $1.43 |
| Shares Outstanding (Diluted) | 49.8 M | 48.8 M | 50.9 M | 51.9 M | 52.1 M | 45.8 M | 46.0 M | 46.3 M | 46.4 M | 46.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $392.2M | $391.6M | $405.5M | $445.5M |
| Gross Profit | $120.5M | $121.9M | $128.8M | $147.6M |
| Operating Income | $11.6M | $13.2M | $19.9M | $33.3M |
| EBITDA | $56.2M | $51.0M | $56.0M | $49.0M |
| Net Income | $14.3M | $10.2M | $15.0M | $46.6M |
| EPS | $0.31 | $0.22 | $0.33 | $1.02 |
| EPS (Diluted) | $0.31 | $0.22 | $0.32 | $1.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $247.8M | $203.8M | $241.1M | $258.4M | $268.1M | $363.6M | $336.7M | $315.5M | $308.7M | $367.2M |
| Short-term Investments | $29.8M | $4.6M | $7.5M | $4.8M | $6.1M | $6.5M | $7.1M | $10.2M | $7.5M | $9.8M |
| Receivables | $217.2M | $200.1M | $228.4M | $260.3M | $320.1M | $358.5M | $369.2M | $371.9M | $325.5M | $307.1M |
| Inventory | $193.5M | $216.5M | $215.4M | $236.5M | $307.1M | $348.6M | $360.3M | $389.8M | $474.9M | $471.5M |
| Total Current Assets | $732.8M | $662.3M | $734.8M | $810.0M | $1.02B | $1.19B | $1.16B | $1.19B | $1.22B | $1.26B |
| Property, Plant & Equipment | $402.0M | $459.2M | $446.8M | $469.6M | $530.8M | $582.1M | $736.7M | $746.2M | $684.3M | $649.6M |
| Goodwill | $129.4M | $134.2M | $132.4M | $141.3M | $158.3M | $149.9M | $144.8M | $146.6M | $181.6M | $183.4M |
| Intangible Assets | $174.9M | $156.4M | $137.9M | $119.5M | $110.6M | $94.5M | $79.1M | $63.9M | $67.4M | $45.5M |
| Total Assets | $1.53B | $1.49B | $1.53B | $1.64B | $1.98B | $2.19B | $2.29B | $2.37B | $2.39B | $2.45B |
| Accounts Payable | $87.6M | $108.0M | $117.8M | $122.1M | $168.0M | $221.3M | $160.4M | $158.3M | $133.8M | $149.4M |
| Short-term Debt | $14.4M | $21.6M | $37.9M | $46.4M | $162.4M | $35.4M | $38.0M | $45.1M | $32.5M | $31.7M |
| Total Current Liabilities | $185.4M | $247.2M | $254.0M | $285.3M | $509.8M | $471.0M | $432.5M | $393.5M | $375.6M | $378.3M |
| Long-term Debt | $413.1M | $247.5M | $186.1M | $64.4M | $288.2M | $265.6M | $147.5M | $17.0M | $19.6M | $24.2M |
| Total Liabilities | $708.1M | $614.8M | $548.9M | $486.6M | $963.3M | $891.8M | $705.4M | $558.0M | $517.3M | $509.7M |
| Retained Earnings | $530.2M | $532.7M | $636.7M | $790.0M | $888.0M | $1.12B | $1.45B | $1.68B | $1.72B | $1.79B |
| Total Equity | $776.0M | $831.5M | $931.5M | $1.11B | $963.8M | $1.24B | $1.51B | $1.74B | $1.80B | $1.88B |
| Total Debt | $427.5M | $269.1M | $224.0M | $152.0M | $488.5M | $334.6M | $213.7M | $98.4M | $91.7M | $95.6M |
| Net Debt | $149.8M | $60.8M | -$24.5M | -$111.2M | $214.3M | -$35.6M | -$130.1M | -$227.3M | -$224.4M | -$281.4M |
| Working Capital | $547.4M | $415.2M | $480.8M | $524.6M | $514.2M | $716.6M | $729.1M | $793.9M | $848.6M | $878.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $376.6M | $367.2M | $399.2M | $430.4M |
| Total Assets | $2.47B | $2.45B | $2.50B | $2.58B |
| Total Liabilities | $522.4M | $509.7M | $546.9M | $561.1M |
| Total Equity | $1.89B | $1.88B | $1.89B | $1.95B |
| Total Debt | $58.0M | $95.6M | $104.9M | $70.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $18.5M | $266,000 | $105.4M | $154.1M | $99.2M | $236.3M | $339.3M | $230.6M | $50.8M | $69.2M |
| Depreciation & Amortization | $99.0M | $95.7M | $104.6M | $109.6M | $108.0M | $122.4M | $127.8M | $137.3M | $137.1M | $143.7M |
| Stock-based Compensation | $14.0M | $18.6M | $20.7M | $20.5M | $25.3M | $33.2M | $36.3M | $30.9M | $22.8M | $25.7M |
| Change in Working Capital | $5.5M | $40.6M | -$46.4M | -$40.3M | -$31.4M | -$39.2M | -$81.1M | -$77.6M | -$70.5M | $36.5M |
| Operating Cash Flow | $124.7M | $181.1M | $185.6M | $229.8M | $187.2M | $338.5M | $392.5M | $280.9M | $119.4M | $215.5M |
| Capital Expenditure | -$58.5M | -$111.2M | -$87.5M | -$98.5M | -$75.8M | -$141.2M | -$211.7M | -$150.8M | -$73.0M | -$78.4M |
| Acquisitions | $156,000 | $1.2M | -$41,000 | -$33.0M | -$24.6M | -$157,000 | -$64.7M | $6.3M | -$56.7M | $10.6M |
| Stock Repurchased | -$18.0M | -$8.7M | 0 | 0 | -$296.7M | 0 | 0 | -$15.6M | -$9.6M | -$33.8M |
| Dividends Paid | -$4.9M | 0 | 0 | 0 | -$2.1M | -$2.2M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $66.2M | $70.0M | $98.1M | $131.3M | $111.4M | $197.3M | $180.8M | $130.1M | $46.4M | $137.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $79.1M | $38.1M | $64.3M | $68.5M |
| Capital Expenditure | -$16.3M | -$25.7M | -$31.9M | -$33.6M |
| Free Cash Flow | $62.8M | $12.4M | $32.4M | $34.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.8M | $6.7M | $7.6M | $11.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.9% | +15.2% | +2.9% | -1.6% | +46.9% | +10.8% | -16.9% | -21.1% | +13.0% | |
| Net Income Growth (YoY) | -111.3% | +5,862.9% | +47.3% | -36.0% | +133.2% | +44.8% | -31.4% | -80.6% | +50.2% | |
| EPS Growth (YoY) | -111.2% | +5,748.6% | +44.5% | -36.4% | +166.1% | +43.1% | -32.1% | -80.8% | +50.5% | |
| Shares Change (YoY) | -1.9% | +4.3% | +1.8% | +0.5% | -12.2% | +0.6% | +0.6% | +0.2% | +0.0% | |
| FCF Growth (YoY) | +5.7% | +40.2% | +33.9% | -15.1% | +77.1% | -8.4% | -28.0% | -64.3% | +195.5% | |
| Gross Margin | 30.5% | 33.8% | 35.9% | 37.3% | 35.1% | 37.1% | 41.3% | 39.6% | 33.2% | 31.2% |
| Operating Margin | 4.0% | 7.6% | 12.7% | 16.1% | 10.9% | 15.3% | 20.4% | 15.1% | 3.8% | 2.4% |
| EBITDA Margin | 14.5% | 17.3% | 21.3% | 25.3% | 19.5% | 24.7% | 26.6% | 25.3% | 15.4% | 15.6% |
| Net Margin | 1.7% | -0.2% | 8.6% | 12.3% | 8.0% | 12.7% | 16.6% | 13.7% | 3.4% | 4.5% |
| FCF Margin | 7.0% | 6.6% | 8.1% | 10.5% | 9.1% | 10.9% | 9.0% | 7.8% | 3.5% | 9.3% |
| Effective Tax Rate | 26.2% | 99.6% | 29.7% | 22.3% | 17.5% | 25.0% | 14.3% | 17.0% | 18.9% | 17.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.33 | $1.43 | $1.93 | $2.53 | $2.14 | $4.31 | $3.93 | $2.81 | $1.00 | $2.95 |
| Dividends Per Share | $0.10 | $0.00 | $0.00 | $0.00 | $0.04 | $0.05 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 48.6 M | 48.8 M | 49.8 M | 50.8 M | 51.0 M | 44.8 M | 45.3 M | 45.8 M | 46.2 M | 46.3 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 4.53% |
| Return on Invested Capital | 2.99% |
| Return on Assets | 3.33% |
| Gross Margin | 31.73% |
| Operating Margin | 4.77% |
| Net Margin | 5.27% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 3.17 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.80 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 77.79 | -774.86 | 15.44 | 18.67 | 36.72 | 21.49 | 10.42 | 16.23 | 64.92 | 34.50 |
| P/B | 1.61 | 1.68 | 1.73 | 2.59 | 3.73 | 3.97 | 2.28 | 2.12 | 1.59 | 1.22 |
| P/S | 1.32 | 1.33 | 1.32 | 2.29 | 2.93 | 2.72 | 1.73 | 2.22 | 2.17 | 1.54 |
| Gross Margin | 30.5% | 33.8% | 35.9% | 37.3% | 35.1% | 37.1% | 41.3% | 39.6% | 33.2% | 31.2% |
| Operating Margin | 4.0% | 7.6% | 12.7% | 16.1% | 10.9% | 15.3% | 20.4% | 15.1% | 3.8% | 2.4% |
| Net Margin | 1.7% | -0.2% | 8.6% | 12.3% | 8.0% | 12.7% | 16.6% | 13.7% | 3.4% | 4.5% |
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