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Indie Semiconductor, Inc. (INDI) stock

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NASDAQ: INDI Nasdaq Semiconductors Next results ~November 5, 2026

E Fundamentals grade

Indie Semiconductor, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.0

Valuation models combined (2)

Base case. Range ~$0.8–$1.2. Weighted average of 2 models (growth cash-flow model, forward price-to-earnings vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Indie Semiconductor, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 104 sales by directors and officers, last 12 monthsInsider trades
  • Funds125 adding, 81 cuttingOf 35 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Indie Semiconductor files

Where Indie Semiconductor stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $231m, up 6.2% on a year earlier, faster than the 0.2% growth a quarter earlier. That puts it 35 of 43 for growth among the semiconductor companies we cover. Free-cash-flow margin rose to -36.2% from -38.1% a year earlier. Operating margin widened to -63.3% from -76.1%. The diluted share count is up 9.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 1 of our 7 financial-health checks. Our price-to-sales vs peers value is $3.23 a share, against a share price of $1.79.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Indie Semiconductor, Inc.'s trailing-twelve-month revenue grew 6.2% year on year, with a free-cash-flow margin of -36.2%. Where it lags: long-term debt as % of assets of 48.0% ranks 45 of 47 semiconductor companies we cover.

Current signal Gross margin compressing: TTM gross margin fell to 37.8%, down 3.3pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 12.9 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -63.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -36.2% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 30.3% of revenue, against a median of 6.4% for semiconductor companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 9.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 83% and a beta of 2.8 against the S&P 500.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.05 against an average estimate of -$0.05: beat by 8.1%
Revenue
$64m, up 24.0% on a year earlier
Share reaction
+19.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $67m to $73m (third quarter of 2026); year-over-year revenue growth growth 30% (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate -$0.04

Indie Semiconductor's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-8.8%
  • 1 week-5.3%
  • 1 month-49.3%
  • This year-57.4%
  • 1 year-72.0%
  • 5 years-88.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$231M
Operating margin
-63.3%
Net margin
-64.8%
EPS (TTM, diluted)
$-0.73

Growth

Revenue growth
+6.2%
Change in growth rate
+6.0 pts
Share count change
+9.2%

Cash

Free cash flow (TTM)
-$83.8M
FCF margin
-36.2%
Stock pay % of revenue
30.3%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Indie Semiconductor, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Indie Semiconductor, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 13.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.2 ~$1.1–$2.1 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.9 ~$3.9–$11 Left out: far from the other models (more than 3x away from their median)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.0 ~$0.8–$1.2 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Indie Semiconductor, Inc. with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$13.22$11.99$5.83$8.11$4.05$3.53$1.50
Market value$413m$839m$692m$1.2bn$709m$696m$309m
+ Net debt (− = net cash)$2m−$211m−$150m$13m$119m$217m$289m
Enterprise value$415m$628m$542m$1.2bn$828m$913m$598m
Multiples
Price / sales 18.3x17.3x6.2x5.3x3.3x3.2x1.3x
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard Indie Semiconductor's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -2.4% of total assets over 5 years.

  • Pricing power 14 / 20

    Gross margin has been a median 41.3%, moving by 2.0 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -80.6%; its worst year was -142.6%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -59.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $70m and EPS of −$0.04 (range −$0.04 to −$0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.17 +41% $267m +23%
Next $0.08 +146% $355m +33%

Next year's EPS estimate has moved −44.5% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.6% on 90 days ago. In the last 30 days, 2 analysts raised Indie Semiconductor, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Indie Semiconductor, Inc., last 90 days
−$0.20 −$0.10 $0.00 $0.10 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.16 Current fiscal year, 60 days ago: −$0.17 Current fiscal year, 30 days ago: −$0.17 Current fiscal year, 7 days ago: −$0.17 Current fiscal year, Now: −$0.17 −$0.17 Next fiscal year, 90 days ago: $0.14 Next fiscal year, 60 days ago: $0.08 Next fiscal year, 30 days ago: $0.08 Next fiscal year, 7 days ago: $0.08 Next fiscal year, Now: $0.08 $0.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.16$0.14
60 days ago −$0.17$0.08
30 days ago −$0.17$0.08
7 days ago −$0.17$0.08
Now −$0.17$0.08

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.05 −$0.05 +8.1%
Mar 2026 −$0.07 −$0.06 +10.0%
Dec 2025 −$0.07 −$0.07 −5.2%
Sept 2025 −$0.06 −$0.07 −16.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • revenue third quarter of 2026 $67m to $73m Non-GAAP
    “For the third quarter of 2026, indie expects revenue to be between $67 million and $73 million.” source
  • year-over-year revenue growth third quarter of 2026 about 30% growth Non-GAAP
    “At the midpoint of this outlook, the Company anticipates 30 percent year-over-year growth with approximately $40 million from the core business and $30 million from Wuxi indie Micro.” source
  • revenue from core business third quarter of 2026 about $40m Non-GAAP
    “At the midpoint of this outlook, the Company anticipates 30 percent year-over-year growth with approximately $40 million from the core business and $30 million from Wuxi indie Micro.” source
  • revenue from Wuxi indie Micro third quarter of 2026 about $30m Non-GAAP
    “At the midpoint of this outlook, the Company anticipates 30 percent year-over-year growth with approximately $40 million from the core business and $30 million from Wuxi indie Micro.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 20261528
  2. Sep 20261528
  3. Aug 20261528
  4. Jul 20261528

Counts of recommendations published by analysts covering Indie Semiconductor, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
29.8%
of tradable shares
Days to cover
11.87
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −72.0%

$5.38 on October 31, 2025 to $1.50

ThenNowEffect
Revenue (last 12 months) $218m $231m +6.2%
P/S multiple 4.6x 1.3x −71.2%
Share count 188m 205m −8.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INDI−9%−51%+39%−50%−13%−57%
Industry peers (median)+36%−34%+15%−9%+19%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INDI42%42%58%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INDI−39%−56%−57%−61%−66%−72%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 4, 2019: 91% from November 17, 2021 to November 2, 2026. Getting back needed a 953% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.50 – $5.34
From 52-week high
−71.8%
vs 50-day average
−46.0%
vs 200-day average
−57.5%
Volatility (1 year)
83%
Beta vs S&P 500
2.83

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±13.5%
After a week
6 up, 6 down
typical move ±17.4%
After a month
6 up, 6 down
typical move ±24.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +19.2% +0.5% +22.1% +6.2%
May 7, 2026 −6.3% +0.5% −5.9% −2.6%
February 19, 2026 −1.9% +0.5% −0.3% −30.8%
November 6, 2025 −2.5% −1.0% −17.9% −6.7%
August 7, 2025 +10.7% +0.7% +29.2% +16.8%
May 12, 2025 +15.0% +4.0% +13.3% +38.6%
February 20, 2025 −15.8% −2.1% −25.4% −44.9%
November 7, 2024 +57.0% +1.2% +27.8% +20.6%
August 8, 2024 −5.2% +2.8% −14.2% −30.9%
May 9, 2024 −1.0% +0.7% +5.3% +27.5%
February 22, 2024 −16.0% +2.1% −12.3% −12.2%
November 9, 2023 +11.5% +0.8% +35.2% +53.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Indie Semiconductor, Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Indie Semiconductor, Inc.
$180M $200M $220M $240M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $186.1M Revenue (TTM), FY23 Q4: $223.2M Revenue (TTM), FY24 Q1: $235.1M Revenue (TTM), FY24 Q2: $235.3M Revenue (TTM), FY24 Q3: $228.8M Revenue (TTM), FY24 Q4: $216.7M Revenue (TTM), FY25 Q1: $218.4M Revenue (TTM), FY25 Q2: $217.7M Revenue (TTM), FY25 Q3: $217.4M Revenue (TTM), FY25 Q4: $217.4M Revenue (TTM), FY26 Q1: $218.8M Revenue (TTM), FY26 Q2: $231.1M $231.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $186.1M
FY23 Q4 $223.2M
FY24 Q1 $235.1M
FY24 Q2 $235.3M
FY24 Q3 $228.8M
FY24 Q4 $216.7M
FY25 Q1 $218.4M
FY25 Q2 $217.7M
FY25 Q3 $217.4M
FY25 Q4 $217.4M
FY26 Q1 $218.8M
FY26 Q2 $231.1M
Revenue growth, TTM YoY Indie Semiconductor, Inc.
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 92.4% Revenue growth, TTM YoY, FY23 Q4: 101.4% Revenue growth, TTM YoY, FY24 Q1: 81.9% Revenue growth, TTM YoY, FY24 Q2: 51.2% Revenue growth, TTM YoY, FY24 Q3: 23.0% Revenue growth, TTM YoY, FY24 Q4: -2.9% Revenue growth, TTM YoY, FY25 Q1: -7.1% Revenue growth, TTM YoY, FY25 Q2: -7.5% Revenue growth, TTM YoY, FY25 Q3: -5.0% Revenue growth, TTM YoY, FY25 Q4: 0.3% Revenue growth, TTM YoY, FY26 Q1: 0.2% Revenue growth, TTM YoY, FY26 Q2: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 92.4%
FY23 Q4 101.4%
FY24 Q1 81.9%
FY24 Q2 51.2%
FY24 Q3 23.0%
FY24 Q4 -2.9%
FY25 Q1 -7.1%
FY25 Q2 -7.5%
FY25 Q3 -5.0%
FY25 Q4 0.3%
FY26 Q1 0.2%
FY26 Q2 6.2%
Operating margin (TTM) Indie Semiconductor, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -76.8% Operating margin (TTM), FY23 Q4: -60.7% Operating margin (TTM), FY24 Q1: -63.0% Operating margin (TTM), FY24 Q2: -61.2% Operating margin (TTM), FY24 Q3: -68.9% Operating margin (TTM), FY24 Q4: -78.5% Operating margin (TTM), FY25 Q1: -73.0% Operating margin (TTM), FY25 Q2: -76.1% Operating margin (TTM), FY25 Q3: -70.9% Operating margin (TTM), FY25 Q4: -70.9% Operating margin (TTM), FY26 Q1: -70.5% Operating margin (TTM), FY26 Q2: -63.3% -63.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -76.8%
FY23 Q4 -60.7%
FY24 Q1 -63.0%
FY24 Q2 -61.2%
FY24 Q3 -68.9%
FY24 Q4 -78.5%
FY25 Q1 -73.0%
FY25 Q2 -76.1%
FY25 Q3 -70.9%
FY25 Q4 -70.9%
FY26 Q1 -70.5%
FY26 Q2 -63.3%
FCF margin (TTM) Indie Semiconductor, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -63.2% FCF margin (TTM), FY23 Q4: -52.5% FCF margin (TTM), FY24 Q1: -39.4% FCF margin (TTM), FY24 Q2: -30.8% FCF margin (TTM), FY24 Q3: -37.1% FCF margin (TTM), FY24 Q4: -33.7% FCF margin (TTM), FY25 Q1: -42.4% FCF margin (TTM), FY25 Q2: -38.1% FCF margin (TTM), FY25 Q3: -29.4% FCF margin (TTM), FY25 Q4: -32.9% FCF margin (TTM), FY26 Q1: -29.9% FCF margin (TTM), FY26 Q2: -36.2% -36.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -63.2%
FY23 Q4 -52.5%
FY24 Q1 -39.4%
FY24 Q2 -30.8%
FY24 Q3 -37.1%
FY24 Q4 -33.7%
FY25 Q1 -42.4%
FY25 Q2 -38.1%
FY25 Q3 -29.4%
FY25 Q4 -32.9%
FY26 Q1 -29.9%
FY26 Q2 -36.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 23 48 111 223 217 217 231
Gross profit 10 20 50 90 90 87 87
Operating income −19 −75 −119 −135 −170 −154 −146
Net income −97 −88 −43 −118 −133 −143 −150
Diluted EPS −$3.12 −$1.26 −$0.37 −$0.81 −$0.76 −$0.73 −$0.73
Growth (year on year)
Revenue — +114.1% +128.9% +101.4% −2.9% +0.3% +6.2%
Margins
Gross margin 42.3% 40.7% 45.4% 40.1% 41.7% 39.9% 37.8%
Operating margin −85.1% −154.5% −107.5% −60.7% −78.5% −70.9% −63.3%
Net margin −431.2% −181.9% −39.2% −52.7% −61.2% −65.8% −64.8%
Free-cash-flow margin −96.7% −120.8% −76.1% −52.5% −33.7% −32.9% −36.2%
Cash flow
Cash from operations −21 −56 −77 −104 −59 −57 −72
Capital spending 1 3 8 13 14 14 12
Free cash flow −22 −59 −84 −117 −73 −71 −84
Stock-based pay 0 23 42 44 67 65 70
Free cash flow after stock pay −22 −81 −126 −161 −140 −137 −154
Balance sheet
Cash 19 219 322 152 274 145 139
Total debt 21 8 171 165 393 362 428
Net debt (negative = net cash) 2 −211 −150 13 119 217 289
Diluted shares 31m 70m 119m 145m 175m 197m 205m
Returned to shareholders
Buybacks 0 0 7 0 0 — —
Total returned 0 0 7 0 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $842m
Short-term assets $312mLonger-term assets $530m
What it owes, and who funded it · $814m
Short-term liabilities $85mLonger-term liabilities $434mShareholders' equity $295m
  • Short-term assets cover short-term liabilities $312m of assets due within a year against $85m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $312m short-term assets against $434m of longer-dated liabilities.
  • More cash than debt $139m of cash against $416m of debt.
  • Debt below 40% of shareholders' equity Debt is 141% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 141% over five years.
  • A year's operating cash flow covers at least 20% of debt −$72m of operating cash flow against $416m of debt.
  • Operating profit covers interest at least five times over Operating income of −$146m against $18m of interest.

From Indie Semiconductor, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.2%
year over year
R&D spending
64.8%
of revenue
Sales & admin spending
35.4%
of revenue
Days sales outstanding
107 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated INDI AMBA TOYO POWI XPER CEVA Median
Revenue, last 12 months $231m $418m $427m $449m $457m $116m $1.1bn
Revenue growth, last 12 months 6.2% 20.0% 141.5% 1.6% −3.9% 8.8% 13.7%
Revenue growth, 3-year average 14.1% 12.9% — −4.4% −3.7% 1.8% 3.9%
Revenue growth, latest quarter 24.0% 13.2% — 2.7% 8.1% 13.1% 20.1%
Gross margin 37.8% 58.5% 22.5% 53.6% — 87.5% 48.3%
Operating margin −63.3% −14.9% 13.8% 3.4% −2.4% −8.3% 4.8%
Operating margin, 3-year average −66.9% −38.5% — 4.2% −12.6% −9.9% 4.8%
Net margin −64.8% −13.5% 9.3% 5.6% −7.1% −9.5% 5.3%
Cash from operations / revenue −30.9% 6.5% 31.1% 21.8% 1.8% 3.3% 17.4%
Free-cash-flow margin −36.2% 2.3% 9.6% 17.6% 0.6% −0.9% 9.6%
Free-cash-flow margin, 3-year average −35.0% 4.0% — 16.5% −2.1% −1.9% 8.5%
Stock pay / revenue 30.3% 21.9% 2.1% 8.6% 7.2% 18.2% 5.8%
Change in share count 9.2% 3.3% −1.4% −1.6% 4.2% 10.8% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 6.2% 13.7% 50 of 75
Change in growth rate Growth +6.0pp +3.7pp 24 of 75
Gross margin Profitability 37.8% 48.3% 49 of 73
Operating margin Profitability -63.3% 4.8% 63 of 75
Net margin Profitability -64.8% 5.3% 63 of 75
Free-cash-flow margin Cash generation -36.2% 9.6% 65 of 75
Stock pay as % of revenue Cash generation 30.3% 6.4% 66 of 74
Long-term debt as % of assets Balance sheet 48.0% 14.0% 45 of 47
Change in share count Balance sheet 9.2% 0.9% 59 of 72
Days sales outstanding Balance sheet 107 days 58 days 57 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $207M 95.2% ▲ 2.1%
Services $10.4M 4.8% ▼ 25.4%
Geography
Region Revenue Share YoY
China $103M 47.3% ▲ 4.6%
Europe $42.9M 19.7% ▲ 14.8%
United States $33.4M 15.4% ▼ 12.6%
Asia Pacific Excluding China $18.5M 8.5% ▼ 12.9%
South Korea1 $15M 6.9% ▼ 1.1%
North America Excluding United States $3.2M 1.5% ▼ 27.2%
South America $1.5M 0.7% ▼ 22.7%

From Indie Semiconductor, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
215
Shares held vs prior quarter
▲ 7.0%
Positions opened / closed
38 / 22

Top buyers and sellers, Q2 2026: 125 institutions bought and 81 sold ; the biggest buyer was State Street Corp (+6.5M shares) and the biggest seller Frontier Capital Management Co LLC (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Primecap Management Co $142M 31.6M 13.1% ▲ 1.8%
BAMCO Inc $103M 23.0M 9.6% ▼ 1.4%
Granahan Investment Management, LLC $87.2M 19.4M 8.1% ▼ 4.3%
Blackrock, Inc. $85.5M 19.0M 7.9% ▲ 17.6%
State Street Corp $83.1M 18.5M 7.7% ▲ 54.0%
Frontier Capital Management Co LLC $71.5M 15.9M 6.6% ▼ 17.3%
Elemental Capital Partners LLC $59.8M 13.3M 5.5% ▲ 5.3%
Neuberger Berman Group LLC $46M 10.4M 4.3% ▼ 1.8%
Vanguard Capital Management LLC $37.1M 8.3M 3.4% ▲ 4.2%
Vanguard Portfolio Management LLC $28.6M 6.4M 2.6% ▲ 6.9%
Geode Capital Management, LLC $25M 5.6M 2.3% ▲ 9.3%
Artemis Investment Management LLP $24M 5.3M 2.2% ▲ 4.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Indie Semiconductor, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.4M 104 trades by 6 insiders · 60% under pre-set plans
Net ▼ $15.4M net selling
Insider Date Trade Shares Price Value
Wu Naixi Chief Financial Officer September 21, 2026 Sell pre-set plan 3,750 $3.18 $11,925
Mcclymont Donald Chief Executive Officer September 15, 2026 Sell pre-set plan 50,000 $3.11 $155,500
Mcclymont Donald Chief Executive Officer September 2, 2026 Sell 13,384 $3.53 $47,246
Wu Naixi Chief Financial Officer September 2, 2026 Sell pre-set plan 9,226 $3.53 $32,568
Wu Naixi Chief Financial Officer September 2, 2026 Sell pre-set plan 3,125 $3.59 $11,219
Wu Naixi Chief Financial Officer September 2, 2026 Sell pre-set plan 8,820 $3.53 $31,135
Wittmann Michael Chief Operating Officer September 2, 2026 Sell pre-set plan 22,181 $3.59 $79,630
Wittmann Michael Chief Operating Officer September 2, 2026 Sell pre-set plan 18,444 $3.59 $66,214
Wu Naixi Chief Financial Officer September 1, 2026 Sell pre-set plan 6,000 $3.56 $21,360
Wittmann Michael Chief Operating Officer August 31, 2026 Sell 17,045 $3.72 $63,407
Schiller Thomas Director August 31, 2026 Sell 3,138 $3.72 $11,673
Mcclymont Donald Chief Executive Officer August 31, 2026 Sell 46,928 $3.72 $174,572

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Indie Semiconductor, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Indie Semiconductor, Inc. in brief

What does Indie Semiconductor, Inc. do?
Indie Semiconductor, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Indie Semiconductor, Inc.'s stock ticker?
Indie Semiconductor, Inc. trades under the ticker INDI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Indie Semiconductor, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Indie Semiconductor, Inc. reported revenue of $231M, 6.2% higher than a year earlier, according to its SEC filings.
What is Indie Semiconductor, Inc.'s free cash flow?
Indie Semiconductor, Inc.'s free-cash-flow margin is -36.2% of revenue over the trailing twelve months, ranking 65 of the 75 semiconductor companies we cover.
Who are Indie Semiconductor, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Primecap Management Co, BAMCO Inc and Granahan Investment Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Indie Semiconductor, Inc.'s market cap?
On November 2, 2026, Indie Semiconductor, Inc.'s market capitalisation was about $309M and net debt of $289M. Market figures come from third-party market data and may be delayed.
How much debt does Indie Semiconductor, Inc. have?
Indie Semiconductor, Inc.'s debt-to-equity ratio is 141.2%, from its latest balance sheet (1.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Indie Semiconductor, Inc.'s competitors?
In our Semiconductors peer group, the companies closest to Indie Semiconductor, Inc. are Ambarella Inc, Toyo Co., Ltd, Power Integrations Inc, Xperi Inc. and Ceva Inc. The side-by-side comparison below sets their revenue, margins and growth against Indie Semiconductor, Inc.'s.
Are insiders buying or selling Indie Semiconductor, Inc. stock?
Over the last 12 months, Indie Semiconductor, Inc.'s directors and officers reported 0 open-market purchases and 104 sales on Form 4. The insider trading page charts every trade.
When is Indie Semiconductor, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Indie Semiconductor, Inc. announces its own schedule.