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Side-by-side financial comparison of DIODES INC (DIOD) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
DIODES INC is the larger business by last-quarter revenue ($391.6M vs $382.7M, roughly 1.0× INNOVATE Corp.). DIODES INC runs the higher net margin — 2.6% vs -1.9%, a 4.5% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 15.4%). Over the past eight quarters, DIODES INC's revenue compounded faster (13.9% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
DIOD vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $391.6M | $382.7M |
| Net Profit | $10.2M | $-7.4M |
| Gross Margin | 31.1% | 15.4% |
| Operating Margin | 3.4% | 3.7% |
| Net Margin | 2.6% | -1.9% |
| Revenue YoY | 15.4% | 61.7% |
| Net Profit YoY | 23.8% | 55.4% |
| EPS (diluted) | $0.23 | $-0.57 |
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.
| Q4 25 | $391.6M | $382.7M | ||
| Q3 25 | $392.2M | $347.1M | ||
| Q2 25 | $366.2M | $242.0M | ||
| Q1 25 | $332.1M | $274.2M | ||
| Q4 24 | $339.3M | $236.6M | ||
| Q3 24 | $350.1M | $242.2M | ||
| Q2 24 | $319.8M | $313.1M | ||
| Q1 24 | $302.0M | $315.2M |
| Q4 25 | $10.2M | $-7.4M | ||
| Q3 25 | $14.3M | $-8.9M | ||
| Q2 25 | $46.1M | $-19.8M | ||
| Q1 25 | $-4.4M | $-24.5M | ||
| Q4 24 | $8.2M | $-16.6M | ||
| Q3 24 | $13.7M | $-15.0M | ||
| Q2 24 | $8.0M | $14.4M | ||
| Q1 24 | $14.0M | $-17.4M |
| Q4 25 | 31.1% | 15.4% | ||
| Q3 25 | 30.7% | 14.3% | ||
| Q2 25 | 31.5% | 18.8% | ||
| Q1 25 | 31.5% | 16.6% | ||
| Q4 24 | 32.7% | 19.6% | ||
| Q3 24 | 33.7% | 19.9% | ||
| Q2 24 | 33.6% | 21.0% | ||
| Q1 24 | 33.0% | 15.4% |
| Q4 25 | 3.4% | 3.7% | ||
| Q3 25 | 3.0% | 1.8% | ||
| Q2 25 | 2.6% | 2.0% | ||
| Q1 25 | 0.4% | 1.2% | ||
| Q4 24 | 3.5% | 1.1% | ||
| Q3 24 | 6.2% | 2.4% | ||
| Q2 24 | 1.2% | 9.2% | ||
| Q1 24 | 4.3% | 0.9% |
| Q4 25 | 2.6% | -1.9% | ||
| Q3 25 | 3.6% | -2.6% | ||
| Q2 25 | 12.6% | -8.2% | ||
| Q1 25 | -1.3% | -8.9% | ||
| Q4 24 | 2.4% | -7.0% | ||
| Q3 24 | 3.9% | -6.2% | ||
| Q2 24 | 2.5% | 4.6% | ||
| Q1 24 | 4.6% | -5.5% |
| Q4 25 | $0.23 | $-0.57 | ||
| Q3 25 | $0.31 | $-0.71 | ||
| Q2 25 | $0.99 | $-1.67 | ||
| Q1 25 | $-0.10 | $-1.89 | ||
| Q4 24 | $0.18 | $-0.72 | ||
| Q3 24 | $0.30 | $-1.18 | ||
| Q2 24 | $0.17 | $1.03 | ||
| Q1 24 | $0.30 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $25.7M | $80.3M |
| Stockholders' EquityBook value | $1.9B | $-240.1M |
| Total Assets | $2.4B | $950.1M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $377.0M | $112.1M | ||
| Q3 25 | $386.4M | $35.5M | ||
| Q2 25 | $327.3M | $33.4M | ||
| Q1 25 | $343.9M | $33.3M | ||
| Q4 24 | $316.1M | $48.8M | ||
| Q3 24 | $319.3M | $51.0M | ||
| Q2 24 | $273.9M | $80.2M | ||
| Q1 24 | $276.0M | $38.4M |
| Q4 25 | $25.7M | $80.3M | ||
| Q3 25 | $24.9M | $97.3M | ||
| Q2 25 | $26.4M | $160.1M | ||
| Q1 25 | $20.5M | $139.9M | ||
| Q4 24 | $20.7M | $500.6M | ||
| Q3 24 | $22.2M | $502.4M | ||
| Q2 24 | $20.3M | $638.3M | ||
| Q1 24 | $20.9M | $641.5M |
| Q4 25 | $1.9B | $-240.1M | ||
| Q3 25 | $1.9B | $-233.3M | ||
| Q2 25 | $1.9B | $-224.8M | ||
| Q1 25 | $1.8B | $-204.2M | ||
| Q4 24 | $1.8B | $-180.4M | ||
| Q3 24 | $1.8B | $-163.1M | ||
| Q2 24 | $1.8B | $-149.0M | ||
| Q1 24 | $1.7B | $-184.4M |
| Q4 25 | $2.4B | $950.1M | ||
| Q3 25 | $2.5B | $913.2M | ||
| Q2 25 | $2.5B | $890.9M | ||
| Q1 25 | $2.4B | $868.0M | ||
| Q4 24 | $2.4B | $891.1M | ||
| Q3 24 | $2.4B | $897.2M | ||
| Q2 24 | $2.4B | $898.9M | ||
| Q1 24 | $2.4B | $943.5M |
| Q4 25 | 0.01× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | 0.01× | — |
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 | $101.1M |
| 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.
| Q4 25 | $38.1M | $101.1M | ||
| Q3 25 | $79.1M | $19.2M | ||
| Q2 25 | $41.5M | $40.4M | ||
| Q1 25 | $56.7M | $-14.1M | ||
| Q4 24 | $81.8M | $41.4M | ||
| Q3 24 | $54.4M | $-28.4M | ||
| Q2 24 | $14.4M | $21.5M | ||
| Q1 24 | $-31.1M | $-25.4M |
| Q4 25 | $12.4M | — | ||
| Q3 25 | $62.8M | $19.0M | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $40.8M | $-18.8M | ||
| Q4 24 | $62.1M | $34.2M | ||
| Q3 24 | $39.4M | $-31.5M | ||
| Q2 24 | $-3.5M | $18.4M | ||
| Q1 24 | $-51.5M | $-31.0M |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 16.0% | 5.5% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 12.3% | -6.9% | ||
| Q4 24 | 18.3% | 14.5% | ||
| Q3 24 | 11.2% | -13.0% | ||
| Q2 24 | -1.1% | 5.9% | ||
| Q1 24 | -17.1% | -9.8% |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 4.2% | 0.1% | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 4.8% | 1.7% | ||
| Q4 24 | 5.8% | 3.0% | ||
| Q3 24 | 4.3% | 1.3% | ||
| Q2 24 | 5.6% | 1.0% | ||
| Q1 24 | 6.7% | 1.8% |
| Q4 25 | 3.74× | — | ||
| Q3 25 | 5.54× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 9.93× | — | ||
| Q3 24 | 3.95× | — | ||
| Q2 24 | 1.80× | 1.49× | ||
| Q1 24 | -2.22× | — |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
