# Diodes Incorporated (DIOD)

> Source: Nexqual · https://nexqual.com/DIOD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Diodes Incorporated (DIOD), nexqual.com/DIOD" · informational, not investment advice.

**Price:** USD 81.64 (-8.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 88.84 · day 80.37–85.4 · 52w 42.28–125.99 · market cap $3.76B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.63B, net income $86.1M (5.3% margin), free cash flow $143M (SEC filings).
- Valuation: P/E 43.7x (avg 38.7x at the last 3 fiscal year-ends), EV/EBITDA 16.6x, net cash $416M.
- Earnings quality: non-operating income $36.1M vs operating income $77.8M over the last four quarters; P/E excluding non-operating income ≈68.1x (estimate: non-operating income taxed at the company's 14.5% effective rate).
- 1 of 80 tracked superinvestors hold DIOD (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $7.6M; 13 not under a Rule 10b5-1 plan ($7.6M); 0 by opportunistic insiders, 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 153.33 (range 133–192).
- Total return with dividends: 1Y +41.1% vs S&P 500 +14.9%; 5Y -11.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.05, revenue estimate $510M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.81B | $2.00B | $1.66B | $1.31B | $1.48B | $1.63B |
| Gross profit | $670M | $827M | $658M | $436M | $462M | — |
| Operating income | $276M | $408M | $251M | $50.5M | $35.5M | $77.8M |
| Net income | $229M | $331M | $227M | $44.0M | $66.1M | $86.1M |
| EPS (diluted) | $5.00 | $7.20 | $4.91 | $0.95 | $1.43 | — |
| Free cash flow | $197M | $181M | $130M | $46.4M | $137M | $143M |
| Gross margin | 37.1% | 41.3% | 39.6% | 33.2% | 31.2% | — |
| Operating margin | 15.3% | 20.4% | 15.1% | 3.8% | 2.4% | 4.8% |
| Net margin | 12.7% | 16.6% | 13.7% | 3.4% | 4.5% | 5.3% |
| Revenue growth | +46.9% | +10.8% | -16.9% | -21.1% | +13.0% | — |
| Cash + short-term investments | $370M | $344M | $326M | $316M | $377M | — |
| Total debt | $302M | $152M | $25.8M | $21.8M | $27.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.7x · P/E ex non-operating (est.) ≈68.1x · P/S 2.3x · EV/EBITDA 16.6x · EV/Sales 2.0x · P/FCF 26.4x · P/B 1.9x · FCF yield 3.79% · Earnings yield 2.29% · Net cash $416M · EV $3.34B
P/E at fiscal year-ends: Dec 2025 34.6x, Dec 2024 65.0x, Dec 2023 16.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DIOD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | <0.01% | $429K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | Tang Francis | Chief Technology Officer | 15,330 | $1.7M | 17.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | White Richard Dallas | Corporate Secretary | 3,000 | $319K | 6.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-26…2026-05-27 | Yang Emily | SVP Worldwide Sales/Marketing | 5,000 | $545K | 7.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-26…2026-05-27 | Tang Francis | Chief Technology Officer | 9,137 | $997K | 9.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Yu Gary | President and CEO | 3,632 | $400K | 3.2% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Zhao Jin | President, Diodes Asia | 3,689 | $394K | 7.8% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-26 | Tsong Andy | SVP Worldwide Products Group | 1,582 | $169K | 3.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Yang Emily | SVP Worldwide Sales/Marketing | 2,000 | $194K | 2.8% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Yang Emily | SVP Worldwide Sales/Marketing | 2,000 | $203K | 2.7% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-13 | Whitmire Brett R | CFO | 16,556 | $1.7M | 27.1% | No | Routine (sold in Feb each year 2023–2025; this trade is outside those months) |
| 2026-05-12 | Zhao Jin | President, Diodes Asia | 2,760 | $283K | 5.5% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-12 | Tsong Andy | SVP Worldwide Products Group | 2,652 | $292K | 5.1% | No | Too little history (no open-market trades in 2025) |
| 2026-05-12 | Tang Francis | Chief Technology Officer | 3,643 | $393K | 3.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 153.33 (low 133, high 192).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Truist Securities | Target lowered | Buy | $139 → $133 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +41.1% | -11.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +41.3% | -2.4% |
| Volatility (annualized) | 66.7% | 46.6% |
| Max drawdown | -38.0% (Jun 2026→Jul 2026) | -68.9% (Nov 2021→Apr 2025) |

## Peers (Semiconductors)
VSH (Vishay Intertechnology, Inc.) USD 27.03 -9.54% · SYNA (Synaptics Incorporated) USD 117.04 -0.39% · PI (Impinj, Inc.) USD 162.7 -9.01% · POWI (Power Integrations, Inc.) USD 47.12 -2.34% · CRUS (Cirrus Logic, Inc.) USD 110.49 -0.14% · ALGM (Allegro MicroSystems, Inc.) USD 31.69 -8.17%

## More
Full page: https://nexqual.com/DIOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DIOD's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/29002/000119312526044918/diod-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Nuvoton Technology | "We purchase wafers from Nuvoton for use in our production process." |
| Supplier | Jiyuan Crystal Photoelectric Frequency Technology | "JCP is an FCP manufacturing company from which we purchase material and in which we have made an equity investment." |
| Partner | Global Advanced Packaging Test | "In June 2025, we entered into a joint venture agreement with Global Advanced Packaging Test Limited to acquire a 43% interest in and joint control of ATX Semiconductor SDN, a Malaysian private limited liability company, …" |
| Competitor | onsemi (ON) | "Some of our larger competitors include Infineon Technologies A.G., Epson, Kyocera, Nexperia, NXP Semiconductors N.V., ON Semiconductor Corporation, Renesas Electronics Corporation, Texas Instruments, and Vishay Intertech…" |
| Competitor | Texas Instruments (TXN) | "Some of our larger competitors include Infineon Technologies A.G., Epson, Kyocera, Nexperia, NXP Semiconductors N.V., ON Semiconductor Corporation, Renesas Electronics Corporation, Texas Instruments, and Vishay Intertech…" |
| Competitor | Infineon | "Some of our larger competitors include Infineon Technologies A.G., Epson, Kyocera, Nexperia, NXP Semiconductors N.V., ON Semiconductor Corporation, Renesas Electronics Corporation, Texas Instruments, and Vishay Intertech…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distributor | $283.3M | 63.6% | +19.9% |
| Direct Sales | $162.3M | 36.4% | +24.8% |
| Customer Two | $54.7M | 12.3% | +24.8% |
| Customer One | $45.6M | 10.2% | -0.8% |
| Total revenue | $445.5M | 100% | — |
The lines above cover 122.5% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia | $474.6M | 106.5% | +19.6% |
| Americas | $319.2M | 71.6% | +15.3% |
| Europe | $66.3M | 14.9% | +11.1% |
| Total revenue | $445.5M | 100% | — |
The lines above cover 193% of total revenue.

## Company outlook (8-K filed 2026-08-12)

- "In addition, any projections as to the company's future performance represent management's estimates as of today August 5, 2026."
- "Diodes assumes no obligation update these projections in the future, as market conditions may or may not change, except to the extent required by applicable law."
- "I also want to add that this acquisition is immediately accretive and expect to add approximately $50 million of revenue in the first 12 months post close, with revenue expected to grow at a CAGR of greater than 20% over the next four years, and with gross margins significantly higher than Diodes' corporate average."
- "As we look to the third quarter, we expect to extend our accelerating traction with revenue anticipated to increase 30% year-over-year and 14% sequentially at the midpoint."

Analysts expect $510.1M for the current quarter, +0.0% vs the guidance midpoint $510.0M. Source: https://www.sec.gov/Archives/edgar/data/29002/000119312526345311/diod-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.05 | $0.83 | +26.9% | $510.1M | 3 |
| Next quarter (ends 2026-12-31) | $1.04 | $0.83 | +25.3% | $509.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $3.22 | $2.71 | +18.6% | $1.87B | 3 |
| Next fiscal year (ends 2027-12-31) | $5.83 | $4.99 | +16.8% | $2.27B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±16.5%; last 8 reports averaged ±11%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 73.3% | ±16.5% |
| 2026-12-18 | 56 | 67.3% | ±21.2% |
| 2027-03-19 | 147 | 67.8% | ±33.9% |
| 2027-06-17 | 237 | 66.6% | ±42.0% |