INDI Technology

indie Semiconductor, Inc.

$1.50-0.33%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Technology
Industry: Semiconductors
Country: United States
Market cap: 347.7M USD
Enterprise value: 662.9M USD
Full-time employees: 800

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.98 vs a peer median of 0.87) and more debt relative to equity (1.41× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.98 vs peers 0.87) and more debt vs equity (1.41× vs peers 0.25×)

Ranks #1,499 of 1,612 technology companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 30% of revenue in 2025.
indie Semiconductor paid employees $65M in stock in 2025, 30% of its $217M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to June 2026.
indie Semiconductor reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 2.98: tends to move more than the market.
indie Semiconductor's shares have swung more with the market than most peers' (beta 2.98, above the market's 1.0).

StockQuotient Score

22/ 100

Oct 5 22 → Nov 4 22

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-49.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-16.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-26.3%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield92.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

61/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.7%

Why

Stronger than most peers on:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth14.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.17Sector median: 0.0483 · MAD: 0.0793

Revenue growth6.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.23Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 7.2 points to -63.3%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-63.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-18.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-20.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.15Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin37.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-53.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.98

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio3.65×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.66Sector median: 1.8295 · MAD: 0.6848

Debt / equity1.41×

SEC filings · latest balance sheetReported value33% base weight · Z-score -5.12Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about indie Semiconductor

Is indie Semiconductor getting weaker?: Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 7.2 points to -63.3%. Its overall score is unchanged at 22/100 since Oct 28, 2026.
How is indie Semiconductor valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -49.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -49.5% vs peers 2.2% (weaker than 100% of peers).
Is indie Semiconductor growing?: Yes, faster than most of its peers. Growth scores 61/100 against 1,711 technology peers. 3-year revenue growth 14.1% vs a peer median of 4.8% (stronger than 76% of peers).3-year revenue growth 14.1% vs peers 4.8% (stronger than 76% of peers).
How profitable is indie Semiconductor?: Less profitable than most of its peers. Profitability scores 3/100 against 1,711 technology peers. Operating margin -63.3% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -63.3% vs peers 6.3% (weaker than 100% of peers).
How risky is indie Semiconductor?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 3.65× vs a peer median of 1.83× (stronger than 83% of peers).Current ratio 3.65× vs peers 1.83× (stronger than 83% of peers). Beta 2.98 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.98 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 7.2 points to -63.3%

Worth watching: indie Semiconductor is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	218.8M USD	231.1M USD	+5.7%
Net income (12 months)	−159.4M USD	−157.4M USD	−1.2%
Operating margin	-70.5%	-63.3%	+7.2 pts
Free cash flow (12 months)	−65.4M USD	−83.8M USD	+28.1%
Debt	415.1M USD	416.1M USD	+0.2%
Cash	174.4M USD	139.0M USD	−20.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Semiconductors · 41 companies

Valuations in Semiconductors are near the top of their range since 2016.

94% of months since 2016 were valued lower than now.
73% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +53% and earnings −2% (medians): prices rose faster than earnings.
Median price-to-sales is +324% vs the whole market, against a usual +98%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	40.7%	45.4%	40.1%	41.7%	39.9%	▼ 1.8 pts
Operating margin	-154.5%	-107.5%	-60.7%	-78.5%	-70.9%	▲ 7.6 pts
Net margin	-181.9%	-39.2%	-52.7%	-61.2%	-65.8%	▼ 4.6 pts
Return on assets (ROA)	-18.8%	-7.2%	-14.4%	-14.1%	-17.0%	▼ 2.9 pts
Return on equity (ROE)	-28.1%	-13.9%	-26.4%	-31.7%	-40.0%	▼ 8.2 pts
Free cash flow margin	-120.8%	-76.1%	-52.5%	-33.7%	-32.9%	▲ 0.8 pts
Current ratio	7.36×	5.85×	1.96×	4.82×	3.73×	▼ 22%
Quick ratio	7.09×	5.64×	1.72×	4.23×	3.10×	▼ 27%
Debt to equity	0.03×	0.55×	0.36×	0.91×	0.99×	▲ 8.2%
Interest coverage	-60.36×	-70.41×	-15.66×	-18.37×	-8.74×	▲ 52%

INDI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.98 vs a peer median of 0.87) and more debt relative to equity (1.41× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.98 vs peers 0.87) and more debt vs equity (1.41× vs peers 0.25×)

Ranks #1,499 of 1,612 technology companies (bottom 8%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 30% of revenue in 2025.

indie Semiconductor paid employees $65M in stock in 2025, 30% of its $217M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Not profitable yet. Reported a loss in the 12 months to June 2026.

indie Semiconductor reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 2.98: tends to move more than the market.

indie Semiconductor's shares have swung more with the market than most peers' (beta 2.98, above the market's 1.0).

Questions investors ask about indie Semiconductor

Is indie Semiconductor getting weaker?

Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 7.2 points to -63.3%. Its overall score is unchanged at 22/100 since Oct 28, 2026.

How is indie Semiconductor valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -49.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -49.5% vs peers 2.2% (weaker than 100% of peers).

Is indie Semiconductor growing?

Yes, faster than most of its peers. Growth scores 61/100 against 1,711 technology peers. 3-year revenue growth 14.1% vs a peer median of 4.8% (stronger than 76% of peers).3-year revenue growth 14.1% vs peers 4.8% (stronger than 76% of peers).

How profitable is indie Semiconductor?

Less profitable than most of its peers. Profitability scores 3/100 against 1,711 technology peers. Operating margin -63.3% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -63.3% vs peers 6.3% (weaker than 100% of peers).

How risky is indie Semiconductor?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 3.65× vs a peer median of 1.83× (stronger than 83% of peers).Current ratio 3.65× vs peers 1.83× (stronger than 83% of peers). Beta 2.98 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.98 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

218.8M USD

231.1M USD

+5.7%

Net income (12 months)

−159.4M USD

−157.4M USD

−1.2%

Operating margin

-70.5%

-63.3%

+7.2 pts

Free cash flow (12 months)

−65.4M USD

−83.8M USD

+28.1%

Debt

415.1M USD

416.1M USD

+0.2%

Cash

174.4M USD

139.0M USD

−20.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

40.7%

45.4%

40.1%

41.7%

39.9%

▼ 1.8 pts

Operating margin

-154.5%

-107.5%

-60.7%

-78.5%

-70.9%

▲ 7.6 pts

Net margin

-181.9%

-39.2%

-52.7%

-61.2%

-65.8%

▼ 4.6 pts

Return on assets (ROA)

-18.8%

-7.2%

-14.4%

-14.1%

-17.0%

▼ 2.9 pts

Return on equity (ROE)

-28.1%

-13.9%

-26.4%

-31.7%

-40.0%

▼ 8.2 pts

Free cash flow margin

-120.8%

-76.1%

-52.5%

-33.7%

-32.9%

▲ 0.8 pts

Current ratio

7.36×

5.85×

1.96×

4.82×

3.73×

▼ 22%

Quick ratio

7.09×

5.64×

1.72×

4.23×

3.10×

▼ 27%

Debt to equity

0.03×

0.55×

0.36×

0.91×

0.99×

▲ 8.2%

Interest coverage

-60.36×

-70.41×

-15.66×

-18.37×

-8.74×

▲ 52%