Diodes Incorporated

DIOD

Semiconductors · Technology

Price

$87.02

-2.26 (-2.53%)

Market Cap

$4.00B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+1.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 45.8M (2021) → 46.4M (2025)

Diodes Incorporated designs, manufactures, and supplies application-specific standard products in the discrete, logic, analog, and mixed-signal semiconductor markets worldwide. It focuses on low pin count semiconductor devices with one or more active or passive components. The company offers discrete semiconductor products, such as MOSFET, TVS, and performance Schottky rectifiers; GPP bridges and retifiers, and performance Schottky diodes; Zener and performance Zener diodes, including tight tole

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on DIOD in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+444.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$162M/ year

↑ Rising (+21% vs prior year)

10.9% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

2.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$399M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Diodes Incorporated is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

31.8%

Modest — 31.8% gross margin

Operating Margin

4.9%

Thin — 4.9% operating margin

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+16.0%

Fast-growing sales (16.0% YoY)

EPS YoY

+233.8%

Earnings growing fast (233.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

261%

Turns 261% of profit into real cash

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

18.08x

Comfortably covers interest (18.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

47.0x

Expensive — P/E 47.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+10.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.0 → 36.7)

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Dividends

Not applicable for this business.

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