At a glance
Diodes Incorporated is worth $4.11B, about 62 times its fiscal 2025 earnings. Revenue grew 13.0% to $1.48B in fiscal 2025, with 4.5% kept as profit; over 5 years it has grown 3.8% a year. It pays no dividend; it spent $33.8M buying back its shares over FY2021–FY2025. The stock returned +59.9% over the past year with dividends reinvested and −1.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.1% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 46 months after the lows.
The business in plain English
Diodes Incorporated, based in Plano, Texas, designs and makes standard semiconductors. Its focus is analog chips, which handle continuous electrical signals such as voltage and current, and discrete power parts, simple single-function components that switch or control electricity. It offers more than 28,000 products and shipped about 45 billion units in 2025. These parts end up in cars, factory automation, medical and energy equipment, AI data center servers, smartphones, wearables, home appliances and networking gear.
Diodes sells to more than 50,000 customers worldwide. Most buy through distributors; others, including large contract manufacturers, buy directly. The company makes money selling parts in huge volumes. It makes them through a hybrid model, pairing outside suppliers with its own chip-making plants (wafer fabs) in China, Taiwan, England, Scotland and Maine, and its own assembly and test sites in China, Germany and Taiwan. It can also combine several chips in one package, so customers need fewer parts.
It reports one segment, standard semiconductor products, and sells mainly through operations in Asia, the Americas and Europe. Net sales rose 13% to $1.48 billion in 2025, led by AI server demand plus gains in automotive and industrial markets. Management aims for $2.5 billion in sales at a 40% gross margin (the share of sales left after production costs), compared with 31.2% in 2025.
Price history
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DIOD +59.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $445.5M, up 21.7% from a year earlier, and net income was $46.6M (+1.2%).
- For fiscal 2025, revenue was $1.48B (+13.0% year over year; +3.8% a year from FY2020 to FY2025) with a 4.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.8% watch |
|---|---|
| Operating margin | 2.4% weak |
| Free cash flow margin | 9.3% watch |
| Return on equity (FY2025) | 3.5% weak |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $460.6M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.23B | $98.1M | $111.4M |
| FY2021 | $1.81B | $228.8M | $197.3M |
| FY2022 | $2.00B | $331.3M | $180.8M |
| FY2023 | $1.66B | $227.2M | $130.1M |
| FY2024 | $1.31B | $44.0M | $46.4M |
| FY2025 | $1.48B | $66.1M | $137.2M |
Valuation snapshot
| Market value | $4.11B |
|---|---|
| P/E ratio | 62.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Diodes Incorporated’s market value went from $1.26B at the end of 2016 to $4.11B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is up 80%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.11B | +79.7% |
| 2025 | $2.29B | -19.9% |
| 2024 | $2.86B | -22.8% |
| 2023 | $3.70B | +6.8% |
| 2022 | $3.46B | -30.0% |
| 2021 | $4.94B | +34.7% |
| 2020 | $3.67B | +27.5% |
| 2019 | $2.88B | +77.6% |
| 2018 | $1.62B | +14.4% |
| 2017 | $1.42B | +12.8% |
| 2016 | $1.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DIOD price data to Oct 28, 2026 | +81.0% | +59.9% | +8.7% | -1.4% | +16.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +81.0% |
| 2025 | -20.0% |
| 2024 | -23.4% |
| 2023 | +5.8% |
| 2022 | -30.7% |
| 2021 | +55.8% |
| 2020 | +25.1% |
| 2019 | +74.7% |
| 2018 | +12.5% |
| 2017 | +11.7% |
| 2016 | +11.7% |
| 2015 | -16.6% |
| 2014 | +17.0% |
| 2013 | +35.8% |
| 2012 | -18.5% |
| 2011 | -21.1% |
| 2010 | +32.2% |
| 2009 | +236.8% |
| 2008 | -79.8% |
| 2007 | +27.1% |
| 2006 | +14.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.6% over that stretch · deepest drop along the way 90.1%, back to its old high 107.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.4% over that stretch · deepest drop along the way 33.1%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.1% over that stretch · deepest drop along the way 45.5%, back to its old high 46.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 20 sales ($15.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 20, 2026 | Keh Shew Lu Director | sell | $4.4M |
| Feb 20, 2026 | Keh Shew Lu Director | sell | $3.2M |
| May 29, 2026 | Francis Tang Chief Technology Officer | sell | $1.7M |
| May 13, 2026 | Brett R Whitmire CFO | sell | $1.7M |
| May 27, 2026 | Francis Tang Chief Technology Officer | sell | $550K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Jun 30, 2025 |
| FMR LLC | 9.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.97% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.8% | Jun 30, 2026 |
ETFs with the most weight in DIOD
| SOVF Sovereign's Capital Flourish Fund | 1.66% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.75% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.48% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.37% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.35% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.31% |
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 0.29% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.29% |
What could go wrong
- Deep reliance on China. Many of its design, wafer and assembly sites are in China. Losing Chinese government incentives or Asian tax breaks, rising Chinese labor costs, or a Chinese economic slowdown could all cut profits.
- Tariffs and trade disputes. Tariffs lead the company's own list of business risks. With plants across Asia, Europe and the US selling to customers worldwide, new or higher tariffs could raise costs and dent demand for its products.
- Chip downturns hit profits hard. Chip demand runs in boom-and-bust cycles, and factories cost money even when underused. When sales fell from $2.0 billion in 2022 to $1.31 billion in 2024, net income dropped from $331 million to $44 million.
- Constant pressure to cut prices. Customers and competitors keep pushing prices down. If Diodes cannot offset that with lower costs or new products, margins shrink. In 2025 it kept just 2.4 cents of operating profit per dollar of sales.
- Orders can be canceled without penalty. Customers can usually cancel or shrink orders at no cost. A wave of cancellations could hit sales quickly and leave Diodes holding inventory that becomes obsolete as demand or product life cycles change.
- Acquisitions may disappoint. Buying companies is a significant part of its growth plan. Diodes may not find suitable targets, and deals it does complete could be hard to integrate or could weigh on the share price.
Recent events
- Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
Diodes pays no dividend and paid none from fiscal 2021 through fiscal 2025, so an income investor could draw cash from it only by selling shares. Buybacks, where a company repurchases its own stock, have been small: $33.8 million in 2025 after none from 2021 through 2024. The share count still rose 2.4% between August 2021 and July 2026, slightly shrinking each owner's stake. The stock has fallen hard in downturns. It dropped 90.1% from its October 2007 peak to its November 2008 low and needed nearly nine years after that low to recover. In the 2020 COVID crash it fell 33.1% but regained its peak in just over a month. In the 2022 bear market it fell 45.5% and did not reach its old high again until May 2026, almost four years after its low. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
Does Diodes Incorporated pay a dividend?
No. Diodes paid no dividends from fiscal 2021 through fiscal 2025, so it has no dividend yield and no record of increases. Instead, it has returned cash through occasional buybacks: $296.7 million in 2020, none from 2021 through 2024, and $33.8 million in 2025. For an income investor, any cash from the stock would have to come from selling shares, so the amount depends on the share price at the time.
How does Diodes Incorporated make money?
Diodes makes money selling standard semiconductors, mostly analog chips and discrete power parts, in very large volumes. It offers more than 28,000 products and shipped about 45 billion units in 2025 to more than 50,000 customers, most of them served through distributors. The parts go into cars, industrial equipment, AI data center servers, smartphones and consumer devices. It reports one business segment, and net sales were $1.48 billion in 2025, up 13% from 2024.
Is Diodes profitable?
Yes, but thinly. In 2025 Diodes earned $66.1 million on $1.48 billion of sales, keeping 4.5 cents of profit per dollar, or $1.43 per share. That is far below 2022, when it earned $331.3 million. In the quarter ended June 30, 2026, revenue rose 21.7% from a year earlier to $445.5 million, but net income grew only 1.2%, to $46.6 million. As of October 28, 2026, the shares traded at 62.4 times 2025 earnings.
Does Diodes have a lot of debt?
No, not as of June 30, 2026. At that date Diodes held $482.5 million in cash and investments against $21.9 million of total debt, leaving about $460.6 million of net cash (cash minus debt). One caveat: an August 18, 2026 filing reported a major agreement and a new debt or financial obligation, which the June figures do not reflect.
Is Diodes stock volatile?
Yes, very. As of October 28, 2026, its one-year beta was 2.45. Beta compares a stock's swings with the overall market, so the shares have tended to move about two and a half times as much as the market. They fell 23.4% in 2024 and 20.0% in 2025, then gained 81% in 2026 through October 28. Their worst drop was 90.1%, during the 2008 financial crisis. Price returns to October 28, 2026 averaged -1.4% a year over five years and 16% a year over ten.