Diodes Incorporated

The grade, in three tenses

Headline 4.7 out of ten, 9 of 9 metrics filed: past 4.5 out of ten, present 5.0 out of ten, future 4.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 2 warning events since 2017; the latest 2026-03-11. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.0 out of ten. +5.2% a year over 10 filed years; profitable in 9 of 10. 50th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.0 out of ten. Share count grew 0.3% a year. 5% of cash flow returned. Insiders: 29 sales, 0 purchases. 50th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.0 out of ten. ROE 3%: 3¢ of profit per shareholder dollar. Leverage 21%: owes 21¢ per asset dollar. 60th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.9 out of ten. bottom 49% of 97 in its family; net margin 4.5%. 49th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.2 out of ten. bottom 32% of 66 in its family for leadership; chief executive since 2025. 32nd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.5 out of ten. bottom 44% of 94 in its family for room to expand. 44th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.0 out of ten. bottom 40% of 93 in its family for growth drivers. 40th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 4.4 out of ten. bottom 44% of 88 in its family for expectations against reality. 44th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-10 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-12 for the period ended 2026-08-05 (on EDGAR). Newest filing: Form 8-K, 2026-08-27. Filings on record since 1995. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-10.

The people

Gary Yu became chief executive on May 13, 2025, succeeding Dr. Keh-Shew Lu, and has been president and a director since January 2024. He joined the company in 2008 and has held a run of operating jobs there: chief operating officer, head of the business groups and of the integration of Lite-On Semiconductor, president of the Asia Pacific region, and general manager of the Shanghai wafer plant and of the BCD business unit. Before that he spent over 10 years at Lite-On Semiconductor as vice president of worldwide sales and worked at Texas Instruments in IT, finance and capacity planning. He is married to the niece of Dr. Lu, who remains chairman. [1, 2, 3, 4, 5, 6]

Dr. Lu, 79, has been a director since 2001 and chairman since May 2020; he was chief executive until May 2025 and still serves as a special advisor to the chief executive. He came from Texas Instruments, where he ran worldwide mixed-signal and logic products from 1998 to 2001, and Texas Instruments runs through the management team. Brett R. Whitmire, chief financial officer since March 2019 and with the company for over 15 years, began his career there; Jin Zhao, who worked there from 2001 to 2014, has led the Asia Pacific region since March 2024 and took over worldwide manufacturing and quality in December 2025; Andy (Kuo-Ting) Tsong, who spent over 15 years there before joining in 2009, became head of the worldwide products group in December 2025. Richard D. White, a former chief financial officer who spent 25 years at Texas Instruments, has been corporate secretary and special assistant to the chief executive since February 2019. Francis Tang became chief technology officer in December 2025 after running the discrete product group since 2006, and Emily Yang, head of worldwide sales and marketing, came with the purchase of Pericom Semiconductor in 2015. [7, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19]

The proxy statement for the 2026 annual meeting put up seven nominees for the board. Besides Dr. Lu and Mr. Yu they were Angie Chen Button, a director since 2021 and the lead independent director, a Texas state representative since 2009 who worked for Texas Instruments for over 30 years; Elizabeth Bull, a director since 2023 who chairs the audit committee, formerly vice president and treasurer of Texas Instruments; Warren Chen, a director since 2020, formerly vice chairman and group chief executive of Lite-On Technology, who also sits on the board of Nuvoton, which sells Diodes wafers; Huey-Jen (Jenny) Su, a director since 2025, president of National Cheng Kung University from 2015 to 2023; and Philip J. Ritter, the one nominee not already a director, who spent two decades in legal, government relations and public affairs roles at Texas Instruments. Robert E. Feiger was to retire from the board to return to practicing law. In July 2026 the board added Evan Yu, effective August 1, 2026, a former senior vice president for worldwide power products who retired from the company in January 2023; the company calls him independent and says he has no family relationship with any director or executive officer. [20, 7, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33]

At the end of 2025 Diodes had 7,989 employees: 6,753 in Asia, 790 in Europe and 446 in the Americas. None of those in Asia or the United States is covered by a collective bargaining agreement; in Europe every employee has an individual employment agreement, and some collective bargaining agreements are in place. Its design, engineering and marketing offices are in China, England, Scotland, Slovakia, Taiwan and the United States. [34, 35]

How it operates

Diodes Incorporated designs, makes and sells what it calls application-specific standard semiconductor products, among them discrete, analog and mixed-signal parts, the basic chips that switch, protect, convert and route power and signals inside electronics. Discretes are single-function parts such as MOSFETs, transistors that switch power (including silicon carbide versions), protection devices, diodes, rectifiers and bipolar transistors. Analog products include power converters and regulators, amplifiers, LED drivers and Hall-effect sensors; mixed-signal products include switches, redrivers, level shifters and clock chips. The range also covers standard logic chips, multichip packages and the silicon wafers its products are made from, crystals and oscillators that keep time in electronic systems, and contact image sensor modules for copiers, check scanners and banknote validators. The catalog runs to over 28,000 products, and it shipped approximately 45 billion units in 2025, against 39 billion in 2024. [36, 37, 38, 39, 40, 41, 42, 43]

It sells to over 50,000 customers. Most are served through distributors, which resell its parts to others; the rest buy directly, among them manufacturers that build its parts into their own products and electronic manufacturing services (EMS) providers, the contract factories that assemble electronics for brands. Direct and EMS customers together took 35% of 2025 net sales, against 37% in 2024 and 32% in 2023; the rest came through distributors. Two customers each took 10% or more of net sales, and both are broad-based distributors serving thousands of customers; at the end of 2025 one of them accounted for about 16.3% of what customers owed the company. Customers can generally cancel orders on short notice without penalty, and the company says its backlog at any date is not an accurate measure of future sales. [44, 45, 46, 47, 48, 49, 50]

By end market, computing took 27% of 2025 product revenue, industrial 23%, automotive 19%, consumer 18% and communications 13%. Most products go to Asia: approximately 45% of 2025 sales were shipped to customers in China, and Taiwan and Singapore were the only other destinations that took 10% or more of net sales. The company says its plants give it a workforce at a relatively low overall cost and let it serve its leading customers better, many of which are located in Asia. [51, 52, 53, 54, 55]

Unlike chip designers that own no factories, Diodes runs its own, under what it calls a hybrid model that mixes its own manufacturing with outside sources, and it also resells some products bought from other manufacturers. It runs wafer fabs, the plants that build circuits onto silicon discs, in Shanghai and Wuxi in China, Oldham in England, Greenock in Scotland, Hsinchu in Taiwan and South Portland, Maine, and it packages and tests chips in Shanghai, Chengdu and Wuxi, in Neuhaus am Rennweg in Germany and in Chongli in Taiwan. Its main materials are silicon wafers, lead frames, gold and copper wire, molding compounds, chemicals and gases; it has no material agreement with any supplier that imposes minimum or continuing supply obligations, and in some cases a single supplier may be its only source. Capital spending was approximately 78.4 million dollars in 2025, against 73.0 million in 2024. Its headquarters is a building it owns in Plano, Texas. [56, 57, 58, 59, 60, 61, 62, 63, 64]

Some of its suppliers are tied to it. Keylink, its 5% partner in the Shanghai assembly and test plants, leases it the Shanghai factory buildings, does part of the manufacturing (metal plating and environmental services) and is paid a consulting fee; the company paid Keylink about 13.9 million dollars in 2025. It buys wafers from Nuvoton, on whose board Warren Chen, a Diodes director, sits; buys materials from JCP, a maker of frequency control products in which it has an equity stake; and in 2025 took a 43% share of ATX Semiconductor, a Malaysian company it controls jointly with Global Advanced Packaging Test, to build synergies in testing and packaging. [65, 66, 26, 67, 68]

The specifics

Diodes was incorporated in California in 1959 and reincorporated in Delaware in 1968. It has grown partly by buying: Pericom Semiconductor in 2015; a 200mm wafer plant in Greenock, Scotland, from Texas Instruments in 2019; Lite-On Semiconductor in 2020, which brought a leading position in glass-passivated bridges and rectifiers, parts that turn alternating current into direct current, and more wafer and assembly capacity; onsemi's 200mm wafer plant in South Portland, Maine, in June 2022, to make analog chips for its automotive and industrial push; and Fortemedia, a developer of voice processing chips, in October 2024, for a purchase price of 60.4 million dollars. In May 2025 it sold its stake of about 56.4% in TF Semiconductor Solutions to Microchip Technology in exchange for Microchip stock, for a gain of 13.7 million dollars. [69, 19, 70, 71, 72, 73, 74, 75]

The buying has continued. In July 2026 it agreed to acquire ElevATE Semiconductor, a fabless company in San Diego, meaning one that designs chips and has others make them, whose chips go into automated test equipment, the machines that test other chips. The deal was all cash, on a base price of 250.0 million dollars plus earnouts of up to 50.0 million tied to revenue and gross margin in 2027 through 2030, and it was completed on August 27, 2026. That month it also sold 375 million dollars of convertible senior notes due 2031, bonds that pay no regular interest and can be turned into shares; it spent 21.9 million dollars of the proceeds on capped calls, contracts meant to limit the dilution if the notes are converted, and about 35.0 million on buying back shares, and plans to use the rest for general purposes, including possible future acquisitions. At the end of 2025 its debt had been 25.7 million dollars. [76, 77, 78, 79, 80, 81, 82, 83]

Among the strengths it claims is packaging: fitting chips into miniature packages and combining several discrete or analog chips into a single part, called an array, so that customers get the same function with fewer parts at lower overall cost. It also points to factories built to add capacity and change the product mix quickly. It protects its technology with patents, trademarks, trade secrets and confidentiality agreements, and does not believe any single patent or group of patents would materially affect the business. Its plants are certified to ISO 9001 and ISO 14001 and, for automotive products, to IATF 16949, the car industry's quality standard. [84, 85, 86, 87, 88]

It names its larger competitors: Infineon, Epson, Kyocera, Nexperia, NXP, ON Semiconductor, Renesas, Texas Instruments and Vishay, many with greater resources, and says it may cut prices or reposition product lines in response. China matters on both sides of the business. A significant portion of its manufacturing capacity is in mainland China, where its manufacturing subsidiaries receive preferential tax treatment, and approximately 45% of 2025 sales were shipped to customers there. The filing warns that China's push to design and make its own chips rather than buy from US companies would likely hurt its profitability, and that tariffs could raise costs it cannot pass on to customers. [89, 52, 90, 91, 92, 93]

What drives growth, line by line

Net sales rose 13.0% in 2025 to 1.5 billion dollars, the fastest annual growth since 2021, after falling in 2023 and 2024 from the 2.0 billion of 2022. The company sold 15.0% more units at a weighted average price 1.7% lower, because of product mix, and credits demand that improved across its markets and regions, with the most growth from computing for AI servers and further gains in automotive and industrial. Gross margin slipped to 31.2% from 33.2%, which the filing puts on product mix, slower growth in industrial and higher raw material prices, gold among them, and income from operations fell 29.7% to 35.5 million dollars while research and development rose to 10.9% of net sales. [83, 94, 95, 96, 97, 98]

Asia. 900.5 million dollars, 60.8% of 2025 net sales, up 10.4% from 815.7 million. The record counts each sale where the subsidiary making it sits, not where the goods go; by destination Asia's share is larger still, and approximately 45% of all sales were shipped to customers in China. The filing gives no reasons region by region; it reports demand improving across all its markets and geographies. [99, 100, 54, 52, 96]

Americas. 478.4 million dollars, 32.3% of net sales and the fastest-growing line, up 31.3% from 364.3 million. These are the sales booked by the company's subsidiaries in the Americas; the products shipped to the Americas came to far less, though they grew too. The filing names computing for AI servers as the largest source of the year's growth, without tying it to a region. [99, 100, 54, 96]

Europe. 103.2 million dollars, 7.0% of net sales and the one line that shrank, down 21.3% from 131.1 million. By destination, the products shipped to Europe were close to the year before. The filing gives no reason for the fall. [99, 54]

By end market, computing has become the largest: 27% of product revenue in 2025, against 25% in 2024 and 23% in 2023, when industrial led; the filing's computing covers notebooks, monitors and disk drives as well as AI servers, storage and data centers. Industrial held at 23%, down from 27% in 2023; automotive stayed at 19% for the third year running; consumer slipped to 18% and communications to 13%. [51, 101]

The newest quarterly report shows faster growth. In the six months to June 30, 2026, net sales rose 21.9% on the same half of 2025, with volume up 27.7% and the weighted average selling price down 4.6%. In the second quarter alone net sales rose 21.7% to 445.5 million dollars, mainly on computing demand, especially AI server applications, data centers and edge computing; computing reached 28% of product revenue and automotive 21%, while communications fell to 11%. Gross margin rose to 33.1% from 31.5%, which the company credits in part to cost and operating steps taken during the downturn. [102, 103, 104, 105, 106, 107]

What comes next, in the company's own words: it is working toward a stated goal of 1.0 billion dollars in gross profit on 2.5 billion in net sales, a 40% gross margin, and on the way an interim aim, over three years, of 2.0 billion dollars in annual net sales with approximately 700 million in gross profit, a gross margin of 35% or more. The means it names are selling whole systems of parts that work together, more focus on automotive and industrial and on analog and power discrete products, investment in technology, and selective acquisitions. It expects capital spending in 2026 to stay within its model of 5% to 9% of net sales. [108, 109, 110, 111, 112, 113]

What the desk infers (inferred, not filed)

• Most of the sales the record tags as the Americas are booked by the company's American subsidiaries but shipped to other regions, chiefly Asia; the line shows which subsidiary books a sale, not where the goods go. Because: The record's split counts net sales by the location of the subsidiary producing the sale. [100] Subsidiaries in the Americas booked 478.4 million dollars of 2025 net sales, 32.3% of the total. [99] The products shipped to the Americas came to far less, while Asia received the bulk of all shipments. [54] Approximately 45% of 2025 sales were shipped to customers in China, and many of its leading customers are located in Asia. [52, 55] Confidence 80 of 100. Wrong if: A filing that breaks the Americas subsidiaries' sales out by destination and shows most of them shipped to customers within the Americas.
• The swings in Diodes' sales run mainly through its distributors: in the 2024 downturn its sales to distributors fell much further than its direct sales, and in 2025 they led the recovery, so distributors' ordering and stocking, more than any single end customer, set the pace. Because: Distributor sales fell much further than direct sales from 2023 to 2024, and grew faster in 2025. [114] Both customers that took 10% or more of net sales are broad-based distributors serving thousands of customers, and the second of them fell below that mark in 2024 before rising above it again in 2025. [115, 48] Customers can generally cancel orders on short notice without penalty, and the company reports a trend toward shorter lead times. [49, 50] Net sales fell 21.1% in 2024 and rose 13.0% in 2025. [83] Confidence 65 of 100. Wrong if: A downturn or recovery in which direct sales swing more than distributor sales, or a filing that puts the 2024 decline mainly on direct customers.
• The growth from computing and AI servers has come in lower-margin parts than the automotive and industrial business the company calls its high-margin focus, which is why net sales rose 13.0% in 2025 while gross margin fell. Because: Computing rose to 27% of product revenue in 2025 from 25%, while industrial held at 23% and automotive at 19%. [51] The filing puts the fall in gross margin, to 31.2% from 33.2%, on product mix and slower growth in industrial, and the rise in average unit cost on a mix tilted toward lower margin, lower cost products. [97] It names automotive and industrial as its high margin market segments. [110] Volumes rose 15.0% while the weighted average selling price fell 1.7% on product mix. [95] Confidence 55 of 100. Wrong if: A filing showing that computing products earn gross margins at or above the company average, or a year in which computing's share rises and the filing credits product mix with lifting gross margin.
• The 50.2% rise in 2025 net income came from outside the operating business: income from operations fell, and gains on investments, the sale of a subsidiary and higher interest income more than made up for it. Because: Income from operations fell 29.7% to 35.5 million dollars in 2025, while net income rose 50.2% to 66.1 million. [83] The value of its stake in Atlas, a design company it holds a majority of but does not control, was marked up by 33.3 million dollars, and the sale of its stake in TF Semiconductor Solutions brought a gain of 13.7 million. [116, 117, 75] Interest income rose 10.0 million dollars on more interest received from derivative financial instruments. [116] Confidence 90 of 100. Wrong if: An amended 2025 income statement showing that income from operations rose, or that the investment gains, the disposal gain and the added interest income together came to less than the rise in net income.

Sources

1. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Gary Yu replaced Dr. Keh-Shew Lu as Chief Executive Officer of the Company on May 13, 2025.”
2. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Yu, who has been with the Company since 2008, was appointed President and elected to the Board of Directors in January 2024 and appointed Chief Executive Officer in May 2025.”
3. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Prior roles in the Company include Chief Operating Officer; Senior Vice President with responsibility for Business Groups and the integration of Lite-On Semiconductor Corporation; President, Asia Pacific Region; General Manager of the Company’s Shanghai wafer fabrication operation and the Company's BCD business unit”
4. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Prior to joining the Company, Mr. Yu spent over 10 years at Lite-On Semiconductor Corporation as Vice President, Worldwide Sales and at Texas Instruments in IT, finance, and capacity planning positions.”
5. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Gary Yu is married to the niece of Dr. Keh-Shew Lu.”
6. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Dr. Lu was elected Chairman of the Board in May 2020 and served as Chief Executive Officer until Mr. Yu was appointed to that position in May 2025 and served as President until Mr. Yu was appointed to that position in January 2024. Dr. Lu has served as a Board member since 2001.”
7. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Keh-Shew Lu 79 Chairman of the Board and Director 2001 Angie Chen Button 72 Lead Independent Director 2021 Elizabeth Bull 67 Independent Director 2023 Warren Chen 76 Independent Director 2020 Philip J. Ritter 67 Nominee — Huey-Jen (Jenny) Su 66 Independent Director 2025 Gary Yu 53 President, Chief Executive Officer, and Director 2024”
8. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “From 1998 to 2001, Dr. Lu served as Senior Vice President and General Manager of Worldwide Mixed-Signal and Logic Products of Texas Instruments (“TI”).”
9. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Dr. Lu has served as a director since 2001, previously served as President and Chief Executive Officer, and continues to serve as a special advisor to our CEO.”
10. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Whitmire assumed his current position as the Company’s Chief Financial Officer in March 2019. He has 36 years of industry experience and has been with the Company for over 15 years.”
11. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “He began his career at Texas Instruments in a variety of finance and operations leadership positions”
12. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Dr. Zhao was appointed as the Senior Vice President over the Company’s manufacturing and quality functions in December 2025, in addition to serving as the President for the Asia Pacific Region since March 2024.”
13. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Dr. Zhao worked at Texas Instruments (TI) from 2001 to 2014, with roles including management of the integrated PMIC and overvoltage protection product lines.”
14. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Andy (Kuo-Ting) Tsong Senior Vice President, Worldwide Products Group Mr. Tsong was appointed to his current position in December 2025. He joined Diodes in 2009 as the Worldwide Design Engineering Manager for the Analog Business Group.”
15. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Prior to joining Diodes, Mr. Tsong worked for Texas Instruments for over 15 years”
16. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. White was appointed as the Company’s Corporate Secretary and Special Assistant to the Chief Executive Officer in February 2019. Mr. White had previously served as the Company's Chief Financial Officer and Corporate Secretary”
17. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. White has over 40 years of senior level finance experience, including 25 years at Texas Instruments”
18. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Tang was appointed Chief Technology Officer in December 2025. He previously served as the Company’s Vice President and Senior Vice President over the Discrete Product group since 2006, and as Global Product Manager in 2005.”
19. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Ms. Yang was appointed Vice President of Worldwide Sales and Marketing in 2017 and Senior Vice President in November 2020. She has been with the Company since the acquisition of Pericom Semiconductor Corporation in 2015, where she was Vice President of Global Sales.”
20. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Election of Directors. To elect seven persons to the Board of Directors of the Company, each to serve until the next annual meeting of stockholders and until their respective successors have been elected and qualified.”
21. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Ms. Button has served as a representative in the State of Texas House of Representatives since 2009.”
22. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “A CPA, Ms. Button worked for Texas Instruments for over 30 years in various auditing, finance, business development, procurement, and international marketing positions.”
23. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Prior to CFT, Ms. Bull was Vice President and Treasurer of Texas Instruments, where she was employed for over 25 years.”
24. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “The Board maintains an Audit Committee composed of three of the Company’s directors, who currently are Elizabeth Bull (Chair), Robert E. Feiger, and Huey-Jen (Jenny) Su.”
25. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Chen was a member of the Board of Lite-On Technology Corp. (“LTC”) from 2002 to 2022. He was named Vice Chairman and Group CEO of LTC in 2014 and stepped down on July 31, 2020.”
26. Diodes Incorporated, Form 10-K filed 2026-02-10: “Warren Chen, a member of the Company’s board of directors serves as a member of Nuvoton’s board of directors. We purchase wafers from Nuvoton for use in our production process.”
27. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Dr. Su served as the first and only female President in the 95-year history of the National Cheng Kung University in Taiwan from 2015 to 2023”
28. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “All nominees other than Mr. Philip J. Ritter are currently directors of the Company, and all nominees have indicated their willingness to serve.”
29. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Ritter is an attorney, senior executive leader, and advocate with over 30 years of multi-industry leadership experience, including two decades in various legal, government relations, and public affairs roles with Texas Instruments.”
30. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “Mr. Robert E. Feiger will not be standing for re-election and will retire from the Board in order to resume law practice on a full-time basis.”
31. Diodes Incorporated, Form 8-K filed 2026-07-28: “On July 27, 2026, the Board of Directors (the “Board”) of Diodes Incorporated (the “Company”) elected Evan Yu to the Board, effective August 1, 2026.”
32. Diodes Incorporated, Form 8-K filed 2026-07-28: “Mr. Yu previously served as Senior Vice President, Worldwide Power Products at the Company, having joined the Company in 2008 and retired in January 2023.”
33. Diodes Incorporated, Form 8-K filed 2026-07-28: “Mr. Yu qualifies as an independent director under the corporate governance standards of Nasdaq and the independence requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended. Mr. Yu was not appointed to the Board pursuant to any arrangement or understanding with any other person. Mr. Yu has no family relationships with any director or executive officer of the Company”
34. Diodes Incorporated, Form 10-K filed 2026-02-10: “As of December 31, 2025, Diodes had 7,989 employees. 6,753 of our employees were in Asia, 790 were in Europe, and 446 were in the Americas. None of our employees in Asia or the U.S. are subject to a collective bargaining agreement. In Europe all our employees are covered by individual employment agreements with some collective bargaining agreements in place.”
35. Diodes Incorporated, Form 10-K filed 2026-02-10: “Design, Engineering, and Marketing Shanghai, Yangzhou, Shenzhen, and Hong Kong, China Oldham, England Greenock, Scotland Bratislava, Slovakia New Taipei City, Hsinchu, and Tainan, Taiwan Milpitas, California, and Plano, Texas, United States”
36. Diodes Incorporated, Form 10-K filed 2026-02-10: “leading global designer, manufacturer, and supplier of high-quality application-specific standard semiconductor products”
37. Diodes Incorporated, Form 10-K filed 2026-02-10: “Discrete semiconductor products, including: MOSFETs, and SiC MOSFETs; protection devices: data line protection, power line protection, thyristers, USB Type-C protection, and transient voltage suppressors; diodes; Schottky diodes, small signal switching diodes, Zener diodes, and SiC diodes; rectifiers: bridges, super barrier rectifiers, Schottky rectifiers, Schottky bridge rectifiers, and fast/ultra-fast rectifiers; and bipolar transistors: Avalanche transistors, gate driver transistors, and pre-bias transistors”
38. Diodes Incorporated, Form 10-K filed 2026-02-10: “Analog products, including: power management devices such as AC-DC and DC-DC converters, digital isolators and isolated gate drivers, USB power switches, low dropout, photocoupler, and linear voltage regulators; standard linear devices such as operational amplifiers and comparators, current monitors, voltage references, and reset generators; LED lighting drivers; audio amplifiers; and sensor products including Hall-effect sensors and motor drivers”
39. Diodes Incorporated, Form 10-K filed 2026-02-10: “Mixed-signal products, including: high speed mux/demux, digital switches, interface, redrivers, universal level shifters/voltage translators, clock ICs, and packet switches”
40. Diodes Incorporated, Form 10-K filed 2026-02-10: “Standard logic products, including: low-voltage complementary metal-oxide-semiconductor (“CMOS”) and advanced high-speed CMOS devices; ultra-low power CMOS logic; and analog switches; Multichip products and co-packaged discrete, analog, and mixed-signal silicon in miniature packages; Silicon and silicon epitaxial wafers used in manufacturing these products”
41. Diodes Incorporated, Form 10-K filed 2026-02-10: “Frequency Control Products (“FCP”) used in many of today’s advanced electronic systems. FCPs are electronic components that provide frequency references such as crystals and crystal oscillators for automotive, industrial, computing, communication, and consumer electronic products; and”
42. Diodes Incorporated, Form 10-K filed 2026-02-10: “Contact Image Sensor (CIS), an input device widely applied on, among other things, high-speed copy machines, check scanners, banknote identification validators (ATM, banknote detectors) and industrial inspection equipment (AOI/AVI).”
43. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our product line includes over 28,000 products, and we shipped approximately 45 billion units in 2025, 39 billion units in 2024, and 42 billion units in 2023.”
44. Diodes Incorporated, Form 10-K filed 2026-02-10: “We serve over 50,000 customers worldwide. The majority of our customers are served through our distribution network and some are direct customers who purchase directly from the Company.”
45. Diodes Incorporated, Form 10-K filed 2026-02-10: “Direct sales customers consist of those customers using our product in their manufacturing process, and Distributors are those customers who resell our products to third parties.”
46. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our customers are comprised of leading direct sales customers as well as major electronic manufacturing services (“EMS”) providers.”
47. Diodes Incorporated, Form 10-K filed 2026-02-10: “For the twelve months ended December 31, 2025, 2024, and 2023, our direct sales and EMS customers together accounted for 35%, 37%, and 32%, respectively, of our net sales.”
48. Diodes Incorporated, Form 10-K filed 2026-02-10: “Each of the customers that accounted for 10% or more of our net sales are broad-based distributors serving thousands of customers. At December 31, 2025 and 2024, one customer that accounted for 10% of more of the Company’s net sales accounted for approximately 16.3% and 12.8%, respectively, of the Company’s outstanding accounts receivable.”
49. Diodes Incorporated, Form 10-K filed 2026-02-10: “Generally, our customers may cancel orders on short notice without incurring a penalty.”
50. Diodes Incorporated, Form 10-K filed 2026-02-10: “We, and the industry as a whole, continue to experience a trend towards shorter customer-requested lead-times, and we expect this trend to continue. The amount of backlog at any date depends upon various factors, including the timing of the receipt of orders, fluctuations in orders of existing product lines, and the introduction of new product lines. Accordingly, we believe that the amount of our backlog at any date is not an accurate measure of our future sales.”
51. Diodes Incorporated, Form 10-K filed 2026-02-10: “End-Markets 2025 2024 2023 Industrial 23% 23% 27% Automotive 19% 19% 19% Computing 27% 25% 23% Consumer 18% 19% 18% Communications 13% 14% 13%”
52. Diodes Incorporated, Form 10-K filed 2026-02-10: “We have a significant portion of our manufacturing capacity in mainland China. In addition, in 2025 approximately 45% of our total sales were shipped to customers in China.”
53. Diodes Incorporated, Form 10-K filed 2026-02-10: “The table below sets forth the location to where products were shipped, representing 10% or more of net sales for the twelve months ended December 31, 2025, 2024, and 2023: . 2025 2024 2023 China $ 660,280 $ 589,507 $ 704,829 Singapore $ 141,939 $ 137,351 $ 194,613 Taiwan $ 143,949 $ 136,316 $ 116,152”
54. Diodes Incorporated, Form 10-K filed 2026-02-10: “Net Sales by Region 2025 2024 2023 Asia $ 1,156,823 $ 1,020,256 $ 1,181,519 Europe 185,223 188,402 287,549 Americas 140,027 102,462 192,671 Total net sales $ 1,482,073 $ 1,311,120 $ 1,661,739”
55. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our manufacturing facilities provide us with access to a workforce at a relatively low overall cost base while enabling us to better serve our leading customers, many of which are located in Asia.”
56. Diodes Incorporated, Form 10-K filed 2026-02-10: “We continue to leverage a hybrid manufacturing model which allows our revenue to be supported with both internally and externally sourced manufacturing.”
57. Diodes Incorporated, Form 10-K filed 2026-02-10: “In addition, cost of goods sold includes the cost of products that we purchase from other manufacturers and sell to our customers.”
58. Diodes Incorporated, Form 10-K filed 2026-02-10: “Wafer Fabrication Shanghai and Wuxi, China Oldham, England Greenock, Scotland Hsinchu, Taiwan South Portland, Maine, United States • Assembly and Test Shanghai, Chengdu, and Wuxi, China Neuhaus am Rennweg, Germany Chongli, Taiwan”
59. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our manufacturing processes use many raw materials, including silicon wafers, aluminum and copper lead frames, gold and copper wire and other metals, molding compounds, and various chemicals and gases.”
60. Diodes Incorporated, Form 10-K filed 2026-02-10: “We have no material agreements with any of our suppliers that impose minimum or continuing supply obligations.”
61. Diodes Incorporated, Form 10-K filed 2026-02-10: “In some instances, a supplier may be our sole-source supplier.”
62. Diodes Incorporated, Form 10-K filed 2026-02-10: “For the years ending December 31, 2025 and 2024, our total cash capital expenditures were approximately $78.4 million and $73.0 million, respectively.”
63. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our corporate headquarters is located in a facility we own in Plano, Texas.”
64. The record on this page: the filing record (the EDGAR submissions feed)
65. Diodes Incorporated, Form 10-K filed 2026-02-10: “Keylink is a 5% joint venture partner in our Shanghai assembly and test facilities. We sell products to, and purchase inventory from, companies owned by Keylink. In addition, our subsidiaries in China lease their manufacturing facilities in Shanghai from, and subcontract a portion of our manufacturing process (metal plating and environmental services) to, Keylink. We also pay a consulting fee to Keylink.”
66. Diodes Incorporated, Form DEF 14A filed 2026-04-01: “The aggregate amounts paid to Keylink for the 12 month periods ended December 31, 2025 and 2024 were approximately $13.9 million and $15.0 million, respectively.”
67. Diodes Incorporated, Form 10-K filed 2026-02-10: “JCP is an FCP manufacturing company from which we purchase material and in which we have made an equity investment.”
68. Diodes Incorporated, Form 10-K filed 2026-02-10: “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, with the purpose of building synergies related to testing and packaging.”
69. Diodes Incorporated, Form 10-K filed 2026-02-10: “We were incorporated in 1959 in California and reincorporated in Delaware in 1968.”
70. Diodes Incorporated, Form 10-K filed 2026-02-10: “In 2019, we acquired from Texas Instruments a 200mm wafer fabrication facility and operations located in Greenock, Scotland (“GFAB”).”
71. Diodes Incorporated, Form 10-K filed 2026-02-10: “In 2020, we acquired Lite-On Semiconductor (“LSC”) and its subsidiaries. The acquisition of LSC broadened our discrete product offerings, including providing us with a leadership position in glass-passivated bridges and rectifiers that allows us to further extend our position in the automotive and industrial markets consistent with our overall growth strategy. Further, the acquisition expands our wafer fabrication and assembly and test capacity”
72. Diodes Incorporated, Form 10-K filed 2026-02-10: “In June 2022, the Company completed the acquisition of onsemi’s wafer fabrication facility and operations located in South Portland, Maine (“SPFAB”). We purchased SPFAB to provide additional 200mm wafer fabrication capacity for analog products to accelerate the Company’s growth initiatives in the automotive and industrial end-markets.”
73. Diodes Incorporated, Form 10-K filed 2026-02-10: “On October 31, 2024, the Company closed its acquisition of Fortemedia, Inc. (“Fortemedia”), a global company that focuses on developing high-quality solutions and semiconductor products that provide advanced voice processing technologies to enhance human-to-human and human-to-machine voice communication quality and efficiencies.”
74. Diodes Incorporated, Form 10-K filed 2026-02-10: “The Company acquired 100% of the outstanding interest of Fortemedia for a total aggregate purchase price of $60.4 million and total net consideration of $52.6 million after adjusting for cash acquired.”
75. Diodes Incorporated, Form 10-K filed 2026-02-10: “On April 29, 2025, the Company entered into an agreement to sell its approximate 56.4% ownership stake in TF Semiconductor Solutions, Inc. to Microchip Technology Incorporated (“MCHP”) in exchange for shares of MCHP common stock at a value up to approximately $17.6 million, subject to earnout provisions, and certain closing adjustments. The transaction closed on May 8, 2025, resulting in a gain of $13.7 million.”
76. Diodes Incorporated, Form 10-Q filed 2026-08-05: “On July 10, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire 100% of ElevATE Semiconductor, Inc. (“ElevATE”) in an all-cash transaction, which we expect to fund from available cash and our unused borrowing capacity. ElevATE is a fabless semiconductor company based in San Diego, California that specializes in the development of integrated circuits for the automated test equipment industry.”
77. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Under the terms of the Merger Agreement, the aggregate merger consideration is based on a $250.0 million base purchase price, subject to customary adjustments for cash, indebtedness, transaction costs, taxes, and net working capital. In addition, the Merger Agreement provides for potential earnout payments of up to $50.0 million in the aggregate based on the achievement of specified post-closing revenue and gross margin thresholds for calendar years 2027 through 2030.”
78. Diodes Incorporated, Form 8-K filed 2026-08-27: “On August 27, 2026, Diodes Incorporated (the “Company”) completed its previously announced acquisition of ElevATE Semiconductor Inc. (“ElevATE”) pursuant to the Agreement and Plan of Merger, dated as of July 10, 2026”
79. Diodes Incorporated, Form 8-K filed 2026-08-18: “On August 18, 2026, the Company completed its previously announced private offering (the “Offering”) of $375 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 (the “Notes”), which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $50.0 million principal amount of Notes.”
80. Diodes Incorporated, Form 8-K filed 2026-08-18: “The Notes will not bear regular interest, and the principal amount of the Notes will not accrete.”
81. Diodes Incorporated, Form 8-K filed 2026-08-18: “The Company used $21.9 million of the net proceeds to pay the cost of the Capped Call Transactions and approximately $35.0 million to fund the Share Repurchases. The Company expects to use the remaining net proceeds for general corporate purposes, including potential future acquisitions.”
82. Diodes Incorporated, Form 8-K filed 2026-08-18: “The Capped Call Transactions are expected generally to reduce the potential dilution to the Common Stock upon any conversion of the Notes”
83. The record on this page: the filed annual figures (EDGAR's company facts)
84. Diodes Incorporated, Form 10-K filed 2026-02-10: “Our expertise in designing and manufacturing innovative and proprietary packaging solutions enables us to package a variety of different device functions into an assortment of packages ranging from miniature chip-scale packaging to packages that integrate multiple separate discrete and/or analog chips into a single semiconductor product called an array. Our ability to design and manufacture multi-chip semiconductor solutions as well as advanced integrated devices provides our customers with products of equivalent functionality with fewer individual parts, and at lower overall cost, than alternative products.”
85. Diodes Incorporated, Form 10-K filed 2026-02-10: “For example, we have structured our assembly and test facilities to enable us to rapidly and efficiently add capacity and adjust product mix to meet shifts in customer demand and overall market trends.”
86. Diodes Incorporated, Form 10-K filed 2026-02-10: “We generally rely on a combination of patents, trademarks, copyrights, trade secrets, confidentiality agreements, license agreements, and policies to protect our intellectual property rights and proprietary technology, and to maintain our competitive position.”
87. Diodes Incorporated, Form 10-K filed 2026-02-10: “We do not believe any individual patent, group of patents, or the expiration thereof would materially affect the operation of our business.”
88. Diodes Incorporated, Form 10-K filed 2026-02-10: “The Company’s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016 and the Company is also C-TPAT certified.”
89. Diodes Incorporated, Form 10-K filed 2026-02-10: “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 Intertechnology, Inc., many of which have greater financial, marketing, distribution, brand name recognition, research and development, manufacturing, and other resources than we do. Accordingly, we, from time to time, may reposition product lines or decrease prices, which may affect our sales of, and profit margins on, such product lines.”
90. Diodes Incorporated, Form 10-K filed 2026-02-10: “As an incentive for establishing our manufacturing subsidiaries in China, we receive preferential tax treatment.”
91. Diodes Incorporated, Form 10-K filed 2026-02-10: “In addition to the ongoing issues regarding tariffs, China has been stepping up efforts to design and manufacture semiconductors itself rather than buy from U.S. companies, amid fears that sanctions might cripple its high-tech industry.”
92. Diodes Incorporated, Form 10-K filed 2026-02-10: “Although the outcome of these efforts is uncertain, the development of such capacity in China would likely have a material adverse effect on our profitability and results of operations.”
93. Diodes Incorporated, Form 10-K filed 2026-02-10: “Tariffs on imported raw materials and components could lead to higher production costs that we are unable to pass on to customers, negatively affecting our margins.”
94. Diodes Incorporated, Form 10-K filed 2026-02-10: “In 2025 the Company’s net sales increased 13.0% compared to 2024, which is the highest level of annual growth since 2021.”
95. Diodes Incorporated, Form 10-K filed 2026-02-10: “For the twelve months ended December 31, 2025, weighted-average sales price of the Company’s products decreased 1.7% and volumes increased 15.0% when compared to the prior year. The decline in weighted-average sales price was primarily due to product mix.”
96. Diodes Incorporated, Form 10-K filed 2026-02-10: “The Company has continued to see demand improvements across all target markets and geographies, with the most significant growth for the full year driven by strength in the computing market for AI server-related applications as well as increases in our automotive and industrial end markets.”
97. Diodes Incorporated, Form 10-K filed 2026-02-10: “Gross profit margin for the twelve month periods ended December 31, 2025 and 2024, was 31.2% and 33.2%, respectively. The decrease in gross profit margin was primarily due to product mix and slower growth in the industrial end market. Average unit cost increased 1.3% for the twelve months ended December 31, 2025, compared to the same period last year, due to the mix of the product being on lower margin/lower cost products, as well as raw material price increases, including gold.”
98. Diodes Incorporated, Form 10-K filed 2026-02-10: “R&D, as a percentage of net sales, was 10.9% and 10.2% for the twelve-month periods ended December 31, 2025 and 2024, respectively.”
99. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
100. Diodes Incorporated, Form 10-K filed 2026-02-10: “The tables below set forth net sales based on the location of the subsidiary producing the net sale for the twelve months ended December 31, 2025, 2024, and 2023”
101. Diodes Incorporated, Form 10-K filed 2026-02-10: “Computing 27% 25% 23% Notebooks, tablets, LCD monitors, printers, solid state and hard disk drive, artificial intelligence servers, storage, cloud computing, and data center applications”
102. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Net sales increased approximately $152.7 million, or 21.9%, for the six months ended June 30, 2026, compared to the same period last year. During the six months ended June 30, 2026, weighted-average sales price decreased 4.6% and volume increased 27.7%, when compared to the same period in 2025.”
103. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Net sales were $445.5 million, an increase of 21.7% from the $366.2 million in the three months ended June 30, 2025 and an increase of 9.9% from the $405.5 million in three months ended March 31, 2026”
104. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Net sales increased approximately $79.3 million, or 21.7%, for the three months ended June 30, 2026, compared to the same period last year, primarily due to strong demand in the computing market, especially for artificial intelligence related server applications as well as data center and edge computing.”
105. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Three Months Ended June 30, 2026 2025 Industrial 23% 23% Automotive 21% 19% Computing 28% 26% Consumer 17% 18% Communications 11% 14%”
106. Diodes Incorporated, Form 10-Q filed 2026-08-05: “Gross profit margin was 33.1%, compared to 31.5% in the three months ended June 30, 2025 and 31.8% in the three months ended March 31, 2026”
107. Diodes Incorporated, Form 10-Q filed 2026-08-05: “The cost and operating initiatives previously implemented during the semiconductor market slowdown are producing measurable benefits to gross margin and net income, with margin increasing 160 basis points year-over-year.”
108. Diodes Incorporated, Form 10-K filed 2026-02-10: “We continue to work towards our previously stated goal of $1.0 billion in gross profit based upon $2.5 billion in net sales and a gross margin of 40%. As part of achieving this goal, the Company has set 3-year interim financial targets, which include achieving $2.0 billion in annual net sales with approximately $700 million in gross profit, or 35% plus, in gross margin.”
109. Diodes Incorporated, Form 10-K filed 2026-02-10: “Offering total systems solutions, in which we provide a wide range of products that work together in a system which drives growth by simplifying the design process for our customers, the sales approach, and content expansion driving growth”
110. Diodes Incorporated, Form 10-K filed 2026-02-10: “Increasing focus on high margin market segments (i.e. automotive and industrial) and analog & power discrete product lines which are included in all the market segments that we serve”
111. Diodes Incorporated, Form 10-K filed 2026-02-10: “Investing in technology leadership in target products, fab processes, and advanced packaging; and”
112. Diodes Incorporated, Form 10-K filed 2026-02-10: “Pursuing selective strategic acquisitions of technologies, product lines, or companies to enhance our product portfolio and accelerate our new product offerings.”
113. Diodes Incorporated, Form 10-Q filed 2026-08-05: “We expect capital expenditures for the twelve months ended December 31, 2026 to be within our target model of 5% to 9% of net sales.”
114. Diodes Incorporated, Form 10-K filed 2026-02-10: “Net Sales by Type 2025 2024 2023 Direct sales $ 522,368 $ 479,845 $ 530,446 Distributor sales 959,705 831,275 1,131,293 Total net sales $ 1,482,073 $ 1,311,120 $ 1,661,739”
115. Diodes Incorporated, Form 10-K filed 2026-02-10: “The table below sets forth the number of customers and the amount of sales to that customer, where that customer accounted for 10% or greater of our net sales during the applicable twelve-month period ended December 31: 2025 2024 2023 Customer 1 $ 182,314 $ 167,242 $ 201,583 Customer 2 $ 157,735 $ - $ 183,626”
116. Diodes Incorporated, Form 10-K filed 2026-02-10: “Interest income increased $10.0 million or 54.6% when compared to 2024 due to increased interest income received on derivative financial instruments. Interest expense was relatively flat from 2024 to 2025. The change in unrealized gain on investments in 2025 compared to 2024 was due to mark-to-market adjustments to adjust the value of the investments, including a $33.3 million increase in the value of the Company’s investment in Atlas. The Company recognized a gain of approximately $13.7 million related to the disposal of a subsidiary.”
117. Diodes Incorporated, Form 10-K filed 2026-02-10: “Atlas is an early stage privately held fabless wafer design company in which the Company holds a majority equity interest. The Company determined that Atlas is a variable interest entity (“VIE”) and a related party. While the Company does own more than 50% of Atlas, the Company does not have the power to direct the activities that most significantly impact Atlas, including obtaining control of the board of directors, and therefore, has determined that the Company is not the primary beneficiary.”

Where the revenue comes from

By geography: Asia 61%, Americas 32%, Europe 7%. As tagged in its annual report (Form 10-K, filed 2026-02-10).

Who runs it

Lu, Keh Shew (CEO); Yu, Gary (President and CEO); Zhao, Jin (President, Diodes Asia); Whitmire, Brett R (CFO); Tang, Francis (Chief Technology Officer); Yu, Evan (SVP, WW Power Products); White, Richard Dallas (Corporate Secretary); Tsong, Andy (SVP Worldwide Products Group); Yang, Emily (SVP Worldwide Sales/Marketing); Bull, Elizabeth (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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