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Side-by-side financial comparison of DIODES INC (DIOD) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
DIODES INC is the larger business by last-quarter revenue ($391.6M vs $340.0M, roughly 1.2× UL Solutions Inc.). On growth, DIODES INC posted the faster year-over-year revenue change (15.4% vs -12.4%). Over the past eight quarters, DIODES INC's revenue compounded faster (13.9% CAGR vs -31.8%).
Diodes Incorporated is a global semiconductor manufacturer that designs, produces and supplies discrete, analog and mixed-signal semiconductor products. Its solutions serve key end markets including automotive, industrial, consumer electronics, personal computing and communications infrastructure, with a worldwide customer base.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
DIOD vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $391.6M | $340.0M |
| Net Profit | $10.2M | — |
| Gross Margin | 31.1% | — |
| Operating Margin | 3.4% | 24.4% |
| Net Margin | 2.6% | — |
| Revenue YoY | 15.4% | -12.4% |
| Net Profit YoY | 23.8% | — |
| EPS (diluted) | $0.23 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $340.0M | ||
| Q4 25 | $391.6M | $789.0M | ||
| Q3 25 | $392.2M | $783.0M | ||
| Q2 25 | $366.2M | $776.0M | ||
| Q1 25 | $332.1M | $705.0M | ||
| Q4 24 | $339.3M | $739.0M | ||
| Q3 24 | $350.1M | $731.0M | ||
| Q2 24 | $319.8M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $10.2M | $67.0M | ||
| Q3 25 | $14.3M | $100.0M | ||
| Q2 25 | $46.1M | $91.0M | ||
| Q1 25 | $-4.4M | $67.0M | ||
| Q4 24 | $8.2M | $81.0M | ||
| Q3 24 | $13.7M | $88.0M | ||
| Q2 24 | $8.0M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 31.1% | 49.7% | ||
| Q3 25 | 30.7% | 50.3% | ||
| Q2 25 | 31.5% | 49.4% | ||
| Q1 25 | 31.5% | 48.4% | ||
| Q4 24 | 32.7% | 47.4% | ||
| Q3 24 | 33.7% | 49.0% | ||
| Q2 24 | 33.6% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 3.4% | 15.0% | ||
| Q3 25 | 3.0% | 19.9% | ||
| Q2 25 | 2.6% | 17.9% | ||
| Q1 25 | 0.4% | 15.5% | ||
| Q4 24 | 3.5% | 15.6% | ||
| Q3 24 | 6.2% | 17.8% | ||
| Q2 24 | 1.2% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 8.5% | ||
| Q3 25 | 3.6% | 12.8% | ||
| Q2 25 | 12.6% | 11.7% | ||
| Q1 25 | -1.3% | 9.5% | ||
| Q4 24 | 2.4% | 11.0% | ||
| Q3 24 | 3.9% | 12.0% | ||
| Q2 24 | 2.5% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $0.33 | ||
| Q3 25 | $0.31 | $0.49 | ||
| Q2 25 | $0.99 | $0.45 | ||
| Q1 25 | $-0.10 | $0.33 | ||
| Q4 24 | $0.18 | $0.40 | ||
| Q3 24 | $0.30 | $0.44 | ||
| Q2 24 | $0.17 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $377.0M | — |
| Total DebtLower is stronger | $25.7M | — |
| Stockholders' EquityBook value | $1.9B | — |
| Total Assets | $2.4B | — |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $295.0M | ||
| Q3 25 | $386.4M | $255.0M | ||
| Q2 25 | $327.3M | $272.0M | ||
| Q1 25 | $343.9M | $267.0M | ||
| Q4 24 | $316.1M | $298.0M | ||
| Q3 24 | $319.3M | $327.0M | ||
| Q2 24 | $273.9M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | $25.7M | $491.0M | ||
| Q3 25 | $24.9M | $544.0M | ||
| Q2 25 | $26.4M | $608.0M | ||
| Q1 25 | $20.5M | $653.0M | ||
| Q4 24 | $20.7M | $742.0M | ||
| Q3 24 | $22.2M | $797.0M | ||
| Q2 24 | $20.3M | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.8B | $970.0M | ||
| Q4 24 | $1.8B | $904.0M | ||
| Q3 24 | $1.8B | $872.0M | ||
| Q2 24 | $1.8B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.5B | $2.9B | ||
| Q2 25 | $2.5B | $2.9B | ||
| Q1 25 | $2.4B | $2.9B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.01× | 0.39× | ||
| Q3 25 | 0.01× | 0.46× | ||
| Q2 25 | 0.01× | 0.56× | ||
| Q1 25 | 0.01× | 0.67× | ||
| Q4 24 | 0.01× | 0.82× | ||
| Q3 24 | 0.01× | 0.91× | ||
| Q2 24 | 0.01× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $38.1M | — |
| Free Cash FlowOCF − Capex | $12.4M | — |
| FCF MarginFCF / Revenue | 3.2% | — |
| Capex IntensityCapex / Revenue | 6.6% | — |
| Cash ConversionOCF / Net Profit | 3.74× | — |
| TTM Free Cash FlowTrailing 4 quarters | $137.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.1M | $144.0M | ||
| Q3 25 | $79.1M | $155.0M | ||
| Q2 25 | $41.5M | $147.0M | ||
| Q1 25 | $56.7M | $154.0M | ||
| Q4 24 | $81.8M | $130.0M | ||
| Q3 24 | $54.4M | $150.0M | ||
| Q2 24 | $14.4M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $12.4M | $86.0M | ||
| Q3 25 | $62.8M | $109.0M | ||
| Q2 25 | $21.1M | $105.0M | ||
| Q1 25 | $40.8M | $103.0M | ||
| Q4 24 | $62.1M | $72.0M | ||
| Q3 24 | $39.4M | $84.0M | ||
| Q2 24 | $-3.5M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 10.9% | ||
| Q3 25 | 16.0% | 13.9% | ||
| Q2 25 | 5.8% | 13.5% | ||
| Q1 25 | 12.3% | 14.6% | ||
| Q4 24 | 18.3% | 9.7% | ||
| Q3 24 | 11.2% | 11.5% | ||
| Q2 24 | -1.1% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 7.4% | ||
| Q3 25 | 4.2% | 5.9% | ||
| Q2 25 | 5.6% | 5.4% | ||
| Q1 25 | 4.8% | 7.2% | ||
| Q4 24 | 5.8% | 7.8% | ||
| Q3 24 | 4.3% | 9.0% | ||
| Q2 24 | 5.6% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.74× | 2.15× | ||
| Q3 25 | 5.54× | 1.55× | ||
| Q2 25 | 0.90× | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 9.93× | 1.60× | ||
| Q3 24 | 3.95× | 1.70× | ||
| Q2 24 | 1.80× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
ULS
Segment breakdown not available.
