DIODES INC /DEL/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DIODES INC /DEL/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	942	1,054	1,214	1,249	1,229	1,805	2,001	1,662	1,311	1,482
Cost of revenue	655	697	779	783	798	1,135	1,173	1,004	875	1,020
Gross profit	287	357	435	466	431	670	827	658	436	462
Research and development	69.9	77.9	86.3	88.5	94.3	119	126	135	134	162
Selling, general and administrative	158	169	176	181	185	258	281	258	234	242
Operating expenses	249	277	281	265	297	394	419	408	385	427
Operating income	38	79.4	154	201	134	276	408	251	50.5	35.5
Interest expense	13.3	13.4	9.9	7.89	11.7	7.49	8.32	5.7	2.33	2.78
Other non-operating income	-13	-16.8	-4.52	-2.36	-14	39.1	-12.3	27.4	12.2	48.5
Pre-tax income	25	62.6	150	198	120	315	396	278	62.7	84
Income tax	6.56	62.3	44.6	44.1	21.1	78.8	56.7	47.3	11.8	14.8
Net income to minority interests	2.54	2.07	1.39	0.87	1.14	7.53	7.97	3.47	6.82	3.03
Net income	15.9	-1.81	104	153	98.1	229	331	227	44	66.1
EBITDA	116	156	241	292	226	382	520	373	171	157
EPS, basic	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, basic (weighted)	48.6	48.8	49.8	50.8	51	44.8	45.3	45.8	46.2	46.3
Shares, diluted (weighted)	49.8	48.8	50.9	51.9	52.1	45.8	46	46.3	46.4	46.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	248	204	241	258	268	364	337	315	309	367
Short-term investments	29.8	4.56	7.5	4.83	6.14	6.54	7.06	10.2	7.46	9.82
Receivables	217	200	228	260	320	358	369	372	326	307
Inventory	193	217	215	236	307	349	360	390	475	472
Other current assets	44.4	37.3	42.4	48.8	70.2	107	84	97	102	96.2
Total current assets	733	662	735	810	1,024	1,188	1,162	1,187	1,224	1,257
Property, plant and equipment	402	459	447	470	531	582	737	746	684	650
Lease right-of-use assets				57.4	54.5	49.7	43.9	50.8	53.7	38.7
Goodwill	129	134	132	141	158	150	145	147	182	183
Intangible assets	175	156	138	120	111	94.6	79.1	63.9	67.4	45.5
Long-term investments					18.3	47	22.9	25.5	23.9	20.6
Other non-current assets	33.4	36	42.7	81.5	97.9	159	131	172	177	58.3
Total assets	1,529	1,489	1,526	1,639	1,979	2,194	2,288	2,368	2,386	2,448
Accounts payable	87.6	108	118	122	168	221	160	158	134	149
Accrued liabilities	71.6	99.3	82.6	101	160	185	214	180	187	181
Short-term debt	14.4	20.6	27.6	33.1	21.9	17.4	1.69	4.42	1.1	1.44
Total current liabilities	185	247	254	285	510	471	433	393	376	378
Lease liabilities				27.5	27	22.3	20.8	27.3	28.6	28.9
Other non-current liabilities	81.4	94.9	90.8	121	131	123	80.9	99.8	90.6	48.6
Total liabilities	708	615	549	487	963	892	705	558	517	510
Total debt	430	270	215	98.6	312	285	150	21.4	20.7	25.7
Paid-in capital	355	386	400	427	450	472	495	510	524	538
Treasury stock	-29	-37.8	-37.8	-37.8	-336	-337	-337	-338	-338	-372
Other comprehensive income	-113	-83.5	-102	-108	-73.6	-50.5	-128	-143	-147	-111
Shareholders' equity	776	832	931	1,106	964	1,237	1,514	1,741	1,795	1,878
Minority interests	44.4	42.4	46	46.4	52.3	65.5	69.3	68.9	73.6	60.3
Total equity	820	874	977	1,153	1,016	1,303	1,583	1,810	1,869	1,938
Total liabilities and equity	1,529	1,489	1,526	1,639	1,979	2,194	2,288	2,368	2,386	2,448
Shares outstanding	48.2	49.1	50.2	51.2	44.3	45	45.5	45.9	46.3	45.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	18.5	0.27	105	154	99.2	236	339	231	50.8	69.2
Depreciation and amortization	78.5	76.9	86.3	91.5	91.7	106	112	122	121	122
Stock-based compensation	14	18.6	20.7	20.5	25.3	33.2	36.3	30.9	22.8	25.7
Deferred income tax	-24.3	27.8	-0.65	12.9	0.27	30.1	-32	-18.7	-21.7	-1.14
Change in receivables	0.53	22.3	-29.5	-30.8	-10.5	-52.7	-20.2	-2.61	47.3	22.7
Change in inventory	5.18	-17.2	-2.15	-11.3	-4.56	-43	-29.7	-28.9	-87.5	9.1
Change in payables	2.64	17.3	9.98	3.51	7.42	55.6	-50.1	-2.17	-23.4	13.8
Cash from operations	125	181	186	230	187	339	393	281	119	216
Capital expenditures	-58.5	-111	-87.5	-98.5	-75.8	-141	-212	-151	-73	-78.4
Acquisitions			-0.04	-33	-24.6	-0.16	-84	-0	-56.7	-5.31
Purchases of investments		-12.2	-15.9	-19.3	-11.5	-7.57	-9.36	-9.32	-14	-9.72
Cash from investing	-26.4	-78.9	-88.9	-100	-107	-144	-265	-158	-118	-116
Debt issued	43.5	44.5	466	406	956	558	373	25.2	6.44	11.7
Debt repaid	-79.9	-204	-522	-523	-744	-586	-506	-154	-6.46	-7.73
Stock issued	0.12	13.6	4.86	11.9	6.83	4.34	0.14	0	0
Share buybacks	-18	-8.75			-297	0	0	0	0	-33.8
Cash from financing	-63.5	-158	-51.9	-112	-54.3	-158	-126	-145	-19.3	-54.8
Exchange rate effect	-4.57	11.4
Net change in cash	30.3	-44.5	36.6	17.7	61	46.3	-25.7	-22.6	-3.76	57.6
Free cash flow	66.2	70	98.1	131	111	197	181	130	46.4	137
Interest paid	11.7	13.5	9.96	7.24	10.2	6.94	7.36	4.61	2.04	1.68
Income taxes paid	17.1	30.4	33.3	37.2	47.9	56.1	88.7	97.7	21.5	24.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $95.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.7%	Gross profit / revenue.
Operating margin	4.8%	Operating income / revenue.
EBITDA margin	12.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.0%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	8.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Effective tax rate	14.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.0%	Research and development expense / revenue.
SG&A / revenue	15.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	7.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-17.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-55.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-23.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-32.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-41.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	50.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-41.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	80.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	195.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.17x	Current assets / current liabilities.
Quick ratio	1.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.8%	Total debt / total assets.
Liabilities / assets	21.7%	Total liabilities / total assets.
Net debt	-$418.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	27.6x	Operating income / interest expense.
Working capital	$930.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.73B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	2.47x	Revenue / average property, plant and equipment.
Inventory turnover	2.21x	Cost of revenue / average inventory.
Days inventory	165 days	365 x average inventory / cost of revenue.
Receivables turnover	5.27x	Revenue / average receivables.
Days sales outstanding	69 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	174 days	Days inventory + days sales outstanding - days payables.
FCF conversion	165.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	43.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.85	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$35.20	Revenue / diluted weighted shares.
FCF per share	$3.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.38	Cash from operations / diluted weighted shares.
Book value per share	$42.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$37.77	Tangible book value / shares outstanding.
Cash per share	$9.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.41B	Share price x shares outstanding.
Enterprise value	$4.00B	Market cap + total debt - cash - short-term investments.
P/E	51.3x	Market cap / net income. Only when net income is positive.
P/S	2.70x	Market cap / revenue.
P/B	2.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.55x	Market cap / tangible book value, when positive.
P/FCF	31.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.7x	Market cap / cash from operations, when positive.
EV/Sales	2.44x	Enterprise value / revenue.
EV/EBIT	51.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).

What was DIODES INC /DEL/'s revenue in fiscal 2025?

DIODES INC /DEL/ reported revenue of $1.48B for fiscal 2025, 13% higher than the year before.

Was DIODES INC /DEL/ profitable in fiscal 2025?

Yes. Net income was $66.1M, a net margin of 4.5%.

How much free cash flow did DIODES INC /DEL/ generate in fiscal 2025?

Cash from operations of $215.5M minus capital expenditures of $78.4M left free cash flow of $137.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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