Latest Ratios: P/E Ratio 64.0x · EV/EBITDA 22.0x · ROE 3.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $2.3B | $2.9B | $3.7B | $3.5B | $5.0B | $3.7B | $2.9B | $1.6B | $1.4B | $1.3B |
| Enterprise Value | $3.9B | $2.0B | $2.6B | $3.5B | $3.4B | $5.0B | $3.9B | $2.8B | $1.6B | $1.5B | $1.5B |
| P/E Ratio → | 64.03 | 34.50 | 64.92 | 16.40 | 10.57 | 21.96 | 37.50 | 19.04 | 15.81 | — | 80.22 |
| P/S Ratio | 2.84 | 1.55 | 2.18 | 2.24 | 1.75 | 2.78 | 2.99 | 2.34 | 1.35 | 1.33 | 1.36 |
| P/B Ratio | 2.19 | 1.18 | 1.53 | 2.06 | 2.21 | 3.86 | 3.62 | 2.54 | 1.68 | 1.60 | 1.56 |
| P/FCF | 30.68 | 16.70 | 61.67 | 28.65 | 19.39 | 25.47 | 32.99 | 22.27 | 16.76 | 20.01 | 19.31 |
| P/OCF | 19.52 | 10.63 | 23.96 | 13.27 | 8.93 | 14.85 | 19.63 | 12.72 | 8.85 | 7.73 | 10.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.36 | 2.02 | 2.11 | 1.69 | 2.77 | 3.17 | 2.26 | 1.34 | 1.39 | 1.55 |
| EV / EBITDA | 21.96 | 11.26 | 14.10 | 9.05 | 6.31 | 12.54 | 16.08 | 9.08 | 6.28 | 8.32 | 10.64 |
| EV / EBIT | 110.98 | 23.27 | 40.68 | 12.38 | 8.37 | 15.49 | 29.51 | 13.67 | 10.17 | 19.27 | 38.07 |
| EV / FCF | — | 14.72 | 56.99 | 26.98 | 18.71 | 25.33 | 34.97 | 21.46 | 16.58 | 20.94 | 22.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.2% | 31.2% | 33.2% | 39.6% | 41.3% | 37.1% | 35.1% | 37.3% | 35.9% | 33.8% | 30.5% |
| Operating Margin | 2.4% | 2.4% | 3.8% | 15.1% | 20.4% | 15.3% | 10.9% | 16.1% | 12.7% | 7.6% | 4.0% |
| Net Profit Margin | 4.5% | 4.5% | 3.4% | 13.7% | 16.6% | 12.7% | 8.0% | 12.3% | 8.6% | -0.2% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 2.4% | 13.4% | 23.0% | 19.7% | 9.0% | 14.4% | 11.2% | -0.2% | 1.9% |
| ROA | 2.7% | 2.7% | 1.9% | 9.8% | 14.8% | 11.0% | 5.4% | 9.7% | 6.9% | -0.1% | 1.0% |
| ROIC | 1.6% | 1.6% | 2.3% | 12.3% | 22.4% | 16.5% | 8.8% | 15.0% | 12.2% | 6.2% | 2.7% |
| ROCE | 1.7% | 1.7% | 2.5% | 13.1% | 22.8% | 17.3% | 9.5% | 15.3% | 12.3% | 6.2% | 2.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.05 | 0.13 | 0.26 | 0.48 | 0.13 | 0.23 | 0.31 | 0.52 |
| Debt / EBITDA | 0.53 | 0.53 | 0.49 | 0.25 | 0.40 | 0.84 | 2.02 | 0.49 | 0.86 | 1.53 | 3.12 |
| Net Debt / Equity | — | -0.14 | -0.12 | -0.12 | -0.08 | -0.02 | 0.22 | -0.09 | -0.02 | 0.07 | 0.22 |
| Net Debt / EBITDA | -1.52 | -1.52 | -1.16 | -0.56 | -0.23 | -0.07 | 0.91 | -0.34 | -0.07 | 0.37 | 1.31 |
| Debt / FCF | — | -1.98 | -4.67 | -1.67 | -0.68 | -0.15 | 1.98 | -0.81 | -0.17 | 0.93 | 2.71 |
| Interest Coverage | 31.24 | 31.24 | 27.86 | 49.76 | 48.59 | 43.06 | 11.32 | 26.12 | 16.15 | 5.65 | 2.89 |
Net cash position: cash ($367M) exceeds total debt ($96M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.32 | 3.32 | 3.26 | 3.02 | 2.69 | 2.52 | 2.01 | 2.84 | 2.89 | 2.68 | 3.95 |
| Quick Ratio | 2.08 | 2.08 | 1.99 | 2.03 | 1.85 | 1.78 | 1.41 | 2.01 | 2.04 | 1.80 | 2.91 |
| Cash Ratio | 1.00 | 1.00 | 0.84 | 0.83 | 0.79 | 0.79 | 0.54 | 0.92 | 0.98 | 0.84 | 1.50 |
| Asset Turnover | — | 0.61 | 0.55 | 0.70 | 0.87 | 0.82 | 0.62 | 0.76 | 0.80 | 0.71 | 0.62 |
| Inventory Turnover | 2.16 | 2.16 | 1.84 | 2.57 | 3.26 | 3.26 | 2.60 | 3.31 | 3.61 | 3.22 | 3.39 |
| Days Sales Outstanding | — | 75.62 | 90.62 | 81.69 | 67.37 | 72.49 | 95.04 | 76.07 | 68.67 | 69.29 | 84.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% | 0.1% | — | — | — | 0.4% |
| Payout Ratio | — | — | — | — | — | 0.9% | 2.2% | — | — | — | 30.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.9% | 1.5% | 6.1% | 9.5% | 4.6% | 2.7% | 5.3% | 6.3% | — | 1.2% |
| FCF Yield | 3.3% | 6.0% | 1.6% | 3.5% | 5.2% | 3.9% | 3.0% | 4.5% | 6.0% | 5.0% | 5.2% |
| Buyback Yield | 0.8% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 8.1% | 0.0% | 0.0% | 0.6% | 1.4% |
| Total Shareholder Yield | 0.8% | 1.5% | 0.3% | 0.0% | 0.0% | 0.0% | 8.1% | 0.0% | 0.0% | 0.6% | 1.8% |
| Shares Outstanding | — | $46M | $46M | $46M | $46M | $46M | $52M | $52M | $51M | $49M | $50M |
Cyclical Manufacturing Asset Underutilization
According to current market data, DIOD trades at a forward P/E of 39.70, which appears to price in a significant earnings recovery that exceeds the valuation of peers like Vishay, suggesting investors are betting on the company's operational leverage rather than its current depressed profitability metrics.
The elevated P/E ratio relative to historical norms indicates that the market is looking past the current cyclical trough toward a normalized earnings environment. Investors should monitor whether the company's transition to 12-inch wafer production can justify these multiples by driving a sustainable expansion in net margins.
Based on reported figures, DIOD's ROIC has languished at approximately 0.9% in 2026Q1, a sharp decline from historical peaks that highlights the difficulty of compounding returns when high fixed-cost manufacturing assets are underutilized during a prolonged semiconductor industry inventory correction cycle.
The low ROIC suggests that the company is currently failing to generate returns above its cost of capital, which is a common challenge for integrated device manufacturers during cyclical bottoms. Future improvement in this metric will likely depend on the successful ramp-up of higher-margin automotive and industrial product lines.
As reported in financial statements, the cash conversion cycle has remained elevated at 173 days in 2026Q1, driven primarily by a bloated inventory position of 157 days, which indicates that the company is struggling to clear legacy stock in a softening demand environment for consumer electronics.
The extended CCC suggests that DIOD is carrying significant working capital risk, which ties up cash and limits the company's ability to pivot toward more profitable growth opportunities. Investors should watch for a reduction in DIO as a key indicator that the inventory correction is finally reaching its conclusion.
According to recent SEC filings, DIOD maintains a negligible debt-to-equity ratio of 0.05, providing a substantial financial buffer that allows the firm to navigate cyclical volatility without the immediate pressure of debt service obligations that currently plague more leveraged peers in the semiconductor space.
This conservative capital structure is a critical differentiator, as it grants management the flexibility to continue investing in internal manufacturing upgrades despite the current margin compression. The lack of significant debt suggests that the company is well-positioned to survive an extended downturn without needing to dilute shareholders.
The P/E ratio is frequently misapplied to DIOD because it fails to account for the extreme volatility in earnings caused by the company's high-fixed-cost manufacturing model, which makes the current TTM multiple of 72.83 a poor indicator of the firm's long-term normalized earning power.
Analysts should instead focus on EV/EBITDA or normalized free cash flow, as these metrics better capture the underlying cash-generating potential of the manufacturing assets. Relying on P/E during a cyclical trough risks misinterpreting a temporary earnings dip as a permanent impairment of the business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DIOD stock.
Diodes Incorporated's current P/E ratio is 64.0x. The historical average is 30.8x. This places it at the 89th percentile of its historical range.
Diodes Incorporated's current EV/EBITDA is 22.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
Diodes Incorporated's return on equity (ROE) is 3.5%. The historical average is 12.0%.
Based on historical data, Diodes Incorporated is trading at a P/E of 64.0x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Diodes Incorporated has 31.2% gross margin and 2.4% operating margin.
Diodes Incorporated's Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.