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Semiconductors · Technology · Fiscal year ends Dec 31
Diodes reported revenue of $1.5B in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was $35M, an operating margin of 2.4%, and net income was $66M. Operating cash flow of $216M less capital expenditure of $78M left free cash flow of $137M. It held more cash than debt (net cash $340M).
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,805 | 2,001 | 1,662 | 1,311 | 1,482 |
| Cost of revenue | 1,135 | 1,173 | 1,004 | 875 | 1,020 |
| Gross profit | 670 | 827 | 658 | 436 | 462 |
| Research & development | 119 | 126 | 135 | 134 | 162 |
| Selling, general & admin | 258 | 281 | 258 | 234 | 242 |
| Operating income | 276 | 408 | 251 | 50.5 | 35.5 |
| Interest expense | 7.5 | 8.3 | 5.7 | 2.3 | 2.8 |
| Pre-tax income | 315 | 396 | 278 | 62.7 | 84.0 |
| Income tax | 78.8 | 56.7 | 47.3 | 11.8 | 14.8 |
| Net income | 229 | 331 | 227 | 44.0 | 66.1 |
| Diluted EPS | 5.00 | 7.20 | 4.91 | 0.95 | 1.43 |
| Diluted shares | 45.8 | 46.0 | 46.3 | 46.4 | 46.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 364 | 337 | 315 | 309 | 367 |
| Receivables | 358 | 369 | 372 | 326 | 307 |
| Inventory | 349 | 360 | 390 | 475 | 472 |
| Current assets | 1,188 | 1,162 | 1,187 | 1,224 | 1,257 |
| Net PP&E | 582 | 737 | 746 | 684 | 650 |
| Goodwill | 150 | 145 | 147 | 182 | 183 |
| Total assets | 2,194 | 2,288 | 2,368 | 2,386 | 2,448 |
| Payables | 221 | 160 | 158 | 134 | 149 |
| Current liabilities | 471 | 433 | 393 | 376 | 378 |
| Short-term debt | 17.4 | 1.7 | 4.4 | 1.1 | 1.4 |
| Long-term debt | 285 | 150 | 21.4 | 20.7 | 25.7 |
| Total liabilities | 892 | 705 | 558 | 517 | 510 |
| Shareholders' equity | 1,237 | 1,514 | 1,741 | 1,795 | 1,878 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 339 | 393 | 281 | 119 | 216 |
| Capital expenditure | 141 | 212 | 151 | 73.0 | 78.4 |
| Free cash flow | 197 | 181 | 130 | 46.4 | 137 |
| Depreciation & amortisation | 106 | 112 | 122 | 121 | 122 |
| Stock-based compensation | 33.2 | 36.3 | 30.9 | 22.8 | 25.7 |
| Acquisitions | 0.2 | 84.0 | 0.0 | 56.7 | 5.3 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 33.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.8% | −16.9% | −21.1% | 13.0% |
| Operating income growth (YoY) | – | 47.9% | −38.6% | −79.9% | −29.7% |
| EPS growth (YoY) | – | 44.0% | −31.8% | −80.7% | 50.5% |
| Gross margin | 37.1% | 41.3% | 39.6% | 33.2% | 31.2% |
| Operating margin | 15.3% | 20.4% | 15.1% | 3.8% | 2.4% |
| Net margin | 12.7% | 16.6% | 13.7% | 3.4% | 4.5% |
| Return on equityBlank when equity is negative | 18.5% | 21.9% | 13.1% | 2.5% | 3.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.0% | 22.0% | 12.7% | 2.5% | 1.7% |
| Free cash flow margin | 10.9% | 9.0% | 7.8% | 3.5% | 9.3% |
| Cash conversion (CFO ÷ net income) | 1.48x | 1.18x | 1.24x | 2.71x | 3.26x |
| Receivable days | 72 | 67 | 82 | 91 | 76 |
| Inventory days | 112 | 112 | 142 | 198 | 169 |
| Payable days | 71 | 50 | 58 | 56 | 53 |
| Interest cover | 36.8x | 49.1x | 44.0x | 21.6x | 12.8x |
| Debt ÷ equity | 0.24x | 0.10x | 0.01x | 0.01x | 0.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −61.3 | −185 | −290 | −287 | −340 |
| Current ratio | 2.52x | 2.69x | 3.02x | 3.26x | 3.32x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.