indie Semiconductor

INDI · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

INDI · Last close · November 6, 2026

$1.81

indie Semiconductor's revenue rose 0.3% to $217 million in fiscal 2025. Its operating margin was −70.9%, up from −78.5% a year earlier. Free cash flow was −$71 million. The diluted share count rose 12.7%.

INDIE SEMICONDUCTOR, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-082535 Updated November 7, 2026

Revenue

$217M

0.3%

Operating margin

−70.9%

7.5 pts

Net income

−$143M

Free cash flow

−$71M

Return on capital

−21.3%

4.6 pts

Market cap

$397M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What indie Semiconductor does

indie Semiconductor, based in Aliso Viejo, California, designs chips and software for cars. It focuses on advanced driver assistance systems, the features that help a car sense its surroundings and avoid hazards, plus some industrial uses. Its products include mixed-signal chips that combine analog and digital circuits, sensors using radar, LiDAR, ultrasound and computer vision, and chips for power management and system control. It says it has shipped over 550 million devices since it began.

It sells to car makers and works with tier 1 suppliers, the companies that supply parts to car makers, developing products together with key customers. Aptiv, a tier 1 supplier, was approximately 6% of revenue in 2025. It spent approximately 71% of its revenue on research and development in 2025.

indie holds a 34.38% stake in a China-based company, Wuxi. In October 2025 it agreed to sell that stake to United Faith, a listed Chinese company, for approximately $135 million, subject to approvals. Wuxi accounted for approximately 43% of indie's consolidated revenue in 2025.

Its biggest risks, as it describes them

Not completing the Wuxi sale, or completing it on worse terms, and big changes to its reported figures if Wuxi is deconsolidated.
A history of losses that may continue.
The cyclical semiconductor industry, falling selling prices and strong competition.
Depending on outside makers and a limited number of suppliers for its chips and materials.
Tariffs, export controls and trade restrictions that could hurt revenue.

From indie Semiconductor's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

indie Semiconductor lost money in fiscal 2025: a net loss of $143 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	219	322	152	274	146
Debt incl. finance leases	6	156	161	381	353
Net debt (negative means net cash)	−213	−166	9	107	208
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.5x	0.4x	0.9x	1.0x
Interest coverage	−60.4x	−70.4x	−15.7x	−18.4x	−8.7x
Current ratio	7.4x	5.8x	2.0x	4.8x	3.7x
Quick ratio	7.1x	5.6x	1.7x	4.2x	3.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project indie Semiconductor's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open indie Semiconductor's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought indie Semiconductor shares on the open market, and 6 insiders sold $15.4 million, $9.3 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 21, 2026	Naixi WuChief Financial Officer	Sold plan	3,750	$3.18	$11,925	Form 4
Sep 15, 2026	Donald McClymontChief Executive Officer, Director	Sold plan	50,000	$3.11	$155,500	Form 4
Sep 2, 2026	Michael WittmannChief Operating Officer	Sold plan	40,625	$3.59	$145,844	Form 4
Sep 2, 2026	Naixi WuChief Financial Officer	Sold plan	21,171	$3.54	$74,921	Form 4
Sep 2, 2026	Donald McClymontChief Executive Officer, Director	Sold	13,384	$3.53	$47,246	Form 4
Sep 1, 2026	Naixi WuChief Financial Officer	Sold plan	6,000	$3.56	$21,360	Form 4
Aug 31, 2026	Donald McClymontChief Executive Officer, Director	Sold	46,928	$3.72	$174,572	Form 4
Aug 31, 2026	Naixi WuChief Financial Officer	Sold	23,170	$3.72	$86,192	Form 4
Aug 31, 2026	Michael WittmannChief Operating Officer	Sold	17,045	$3.72	$63,407	Form 4
Aug 31, 2026	Thomas schillerDirector	Sold	3,138	$3.72	$11,673	Form 4
Aug 19, 2026	Sonalee Elizabeth ParekhDirector	Sold plan	59,932	$4.07	$243,923	Form 4
Aug 14, 2026	Michael WittmannChief Operating Officer	Sold	42,468	$4.10	$174,119	Form 4

The latest 12 of 77 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	3 of 9	4 of 9	3 of 9
Rule of 40	48.9%	−36.6%	−32.5%
Altman Z''	−0.02	0.27	−1.19
Accruals ratio	−1.9%	−8.4%	−9.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	3 of 9	4 of 9	3 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put indie Semiconductor side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
indie Semiconductor	FY25	0.3%	−70.9%	−32.9%	−21.3%	—	3
SiTime	FY25	61.2%	−20.5%	10.8%	−16.8%	—	6	Compare
Ambarella	FY26	37.1%	−21.1%	14.8%	—	—	—	Compare
CEVA	FY25	2.5%	−10.3%	−5.7%	—	—	—	Compare
Power Integrations	FY25	5.9%	2.3%	19.6%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	23	48	111	223	217	217
Revenue growth	—	114.1%	128.9%	101.4%	−2.9%	0.3%
Gross profit	10	20	50	90	90	87
Research and development	22	58	121	154	175	154
Operating income	−19	−75	−119	−135	−170	−154
Net income	−98	−88	−43	−118	−133	−143
Diluted EPS (US$)	−3.12	−1.26	−0.37	−0.81	−0.76	−0.73
Diluted shares (millions)	31	70	119	145	175	197
Cash flow
Cash from operations	−21	−56	−77	−104	−59	−57
Capital expenditure	1	3	8	13	14	14
Free cash flow	−22	−58	−84	−117	−73	−71
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	7	0	0	0
Acquisitions	0	80	9	95	3	18
Stock-based compensation	0	23	42	44	67	65
Balance sheet at fiscal year end
Cash and short-term investments	19	219	322	152	274	146
Debt incl. finance leases	13	6	156	161	381	353
Total assets	35	469	603	819	941	841
Total liabilities	137	177	289	342	496	457
Shareholders' equity	−110	313	313	446	418	358
Margins and ratios
Gross margin	42.3%	40.7%	45.4%	40.1%	41.7%	39.9%
Operating margin	−85.1%	−154.5%	−107.5%	−60.7%	−78.5%	−70.9%
Net margin	−431.2%	−181.9%	−39.2%	−52.7%	−61.2%	−65.8%
Free cash flow margin	−96.7%	−120.8%	−76.1%	−52.5%	−33.7%	−32.9%
Rule of 40 (growth + FCF margin)	—	−6.7%	52.8%	48.9%	−36.6%	−32.5%
Return on capital	—	—	−82.7%	−33.7%	−25.9%	−21.3%
Return on equity	—	−86.9%	−13.9%	−31.0%	−30.7%	−36.9%
Return on assets	—	−34.9%	−8.1%	−16.5%	−15.1%	−16.1%
Net debt to EBITDA	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: indie Semiconductor's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with indie Semiconductor.