DIODDIODES INC /DEL/

Semiconductors & Related Devices

Revenue: $1.5B; 13% YoY
Operating margin: 2.4%; 38% YoY
EBITDA: $157M; 8.2% YoY
Market cap: $3.7B
Employees: 7,989; $186K revenue each
Net debt / EBITDA: -2.6×; −$409M net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
326% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentYes
8% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$186K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.6× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.8B	$2.0B	$1.7B	$1.3B	$1.5B	13%
Operating income	$276M	$408M	$251M	$50M	$35M	30%
Net income	$229M	$331M	$227M	$44M	$66M	50%
Operating cash flow	$339M	$393M	$281M	$119M	$216M	80%
Capex	$141M	$212M	$151M	$73M	$78M	7.3%
Stock-based comp	$33M	$36M	$31M	$23M	$26M	13%
Buybacks	$0	$0	$0	$0	$34M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 29
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.