One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
indie Semiconductor, Inc.
INDI · NCM · Technology · Semiconductors
Current price
$1.82
52-week range
$1.80 - $6.02
Market cap
$421.89M
Balance sheet
Distressed
-9.10x Concerning
Net debt $292.32M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 6.3% last year.
- Risk Return on equity was -42.9% last year — the company lost money on shareholders' equity.
What this company does
indie Semiconductor, Inc.
indie Semiconductor makes the specialized computer chips and sensors that power the advanced safety and technology features in modern cars. The company earns money by selling these components to automakers for things like automatic braking, parking assistance, and driver monitoring. As cars increasingly rely on this technology to become safer and eventually self-driving, indie's business can grow by selling more of these essential electronic parts.
How the company got here
Founded in 2007, indie Semiconductor focused on developing custom, microcontroller-based chips. A key turning point was its decision to specialize in the automotive industry, creating semiconductor and software solutions for the growing 'Autotech' market. The company went public in 2021 through a merger with a special purpose acquisition company (SPAC), Thunder Bridge Acquisition II, Ltd., which provided significant funding for its growth. Since then, indie has made several strategic acquisitions to expand its technology portfolio, including companies specializing in photonics and perception software.
What it actually does
indie Semiconductor designs and sells high-performance chips and software primarily for cars. Think of them as providing the brains and senses for many of a modern vehicle's advanced features. Their products are not sold directly to consumers, but to automotive parts suppliers (known as Tier 1 suppliers) and car manufacturers. These components enable everything from safety features that help prevent crashes to the systems that control the car's interior lighting and charge your phone.
Advanced Driver-Assistance Systems (ADAS) & Autonomous Vehicles
This is a major part of indie's business, focusing on technologies that make driving safer and enable self-driving capabilities. They create the tiny sensors and processors for features like automatic emergency braking, lane-keeping assistance, and blind-spot detection. The company provides solutions across various sensing technologies, including radar, LiDAR (which uses lasers to measure distances), computer vision (cameras), and ultrasonic sensors (for parking). This segment makes money by selling these specialized chips and related software to car companies and their suppliers who are building increasingly sophisticated safety systems into new vehicles.
User Experience
This area focuses on enhancing the in-cabin experience for drivers and passengers. Their products power features like the car's infotainment systems, including connectivity for Apple CarPlay and Android Auto, and advanced interior lighting systems. They also develop solutions for wireless charging of devices and the USB ports that deliver power throughout the vehicle. This business line profits from the growing demand for a more modern, convenient, and personalized environment inside the car.
Electrification
As the auto industry shifts to electric vehicles (EVs), indie provides crucial components for these new types of cars. Their products are involved in managing the vehicle's electrical systems, including battery management and controls for various electric motors that handle functions like power windows and seat adjustments. This segment's revenue comes from selling specialized microprocessors and power management chips that are essential for the operation of electric and hybrid vehicles.
What management is betting on now
Management is heavily focused on becoming a one-stop shop for all the key sensing technologies in a car: radar, LiDAR, computer vision, and ultrasound. They are making strategic acquisitions to bring more advanced software capabilities in-house, particularly for in-cabin monitoring and driver-assistance systems. The company is also expanding into adjacent markets like industrial automation and robotics, leveraging its expertise in sensor technology. This strategy aims to capture a larger share of the growing electronic content in every new vehicle and to diversify its business into other high-growth areas.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-29.33M
FY2024 Q4
$-8.56M
FY2025 Q1
$-31.38M
FY2025 Q2
$-13.62M
FY2025 Q3
$-10.33M
FY2025 Q4
$-16.10M
FY2026 Q1
$-25.34M
FY2026 Q2
$-31.99M
Revenue
$64.01M
Net income
$-37.08M
Diluted EPS
-0.17
Operating cash flow
$-28.87M
Free cash flow
$-31.99M
Fetching…
Sources
Revenue
$55.46M
Net income
$-43.19M
Diluted EPS
-0.21
Operating cash flow
$-22.13M
Free cash flow
$-25.34M
Fetching…
Sources
Revenue
$58.01M
Net income
$-31.19M
Diluted EPS
-0.16
Operating cash flow
$-14.36M
Free cash flow
$-16.10M
Fetching…
Sources
Revenue
$53.68M
Net income
$-38.29M
Diluted EPS
-0.19
Operating cash flow
$-6.17M
Free cash flow
$-10.33M
Fetching…
Sources
Revenue
$51.63M
Net income
$-39.04M
Diluted EPS
-0.20
Operating cash flow
$-7.61M
Free cash flow
$-13.62M
Fetching…
Sources
Revenue
$54.08M
Net income
$-34.55M
Diluted EPS
-0.18
Operating cash flow
$-29.00M
Free cash flow
$-31.38M
Fetching…
Sources
Revenue
$58.01M
Net income
$-32.58M
Diluted EPS
-0.18
Operating cash flow
$-6.72M
Free cash flow
$-8.56M
Fetching…
Sources
Revenue
$53.97M
Net income
$-49.68M
Diluted EPS
-0.28
Operating cash flow
$-22.80M
Free cash flow
$-29.33M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $1.82
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $292.3M. Interest coverage -9.1x.
Net debt
$292.32M
Interest coverage
-9.10x
indie Semiconductor, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
INDI
BASELINE
indie Semiconductor, Inc.
Total debt $431.30M Interest coverage -9.10x This is the baseline the peer rows are being compared against.
Total debt $1.80B Interest coverage -1.82x Neither company has much profit cushion over interest right now.
Total debt $5.14M Interest coverage -598.10x Neither company has much profit cushion over interest right now.
Total debt $876.80M Interest coverage -2.44x Neither company has much profit cushion over interest right now.
Total debt $4.71B Interest coverage 10.59x This peer still has a real interest-payment cushion, while INDI does not.
What you should know
The case for and against INDI
1 Reward
1 Risk
Rewards
-
Revenue grew 6.3% last year.
Risks
-
Return on equity was -42.9% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
22.04x
P/B
1.32x
P/S
1.83x
EV/EBITDA
-7.05x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-27.1%
Operating margin
-54.8%
Net margin
-64.8%
ROE
-42.9%
ROA
-10.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.34x
Current ratio
3.65x
Quick ratio
2.50x
Total debt
$431.30M
Total cash
$138.98M
Growth
How the business has been compounding
Revenue TTM
$231.15M
Revenue 5Y CAGR
45.6%
EPS TTM
-0.73
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-71.52M
Free CF TTM
$-71.42M
FCF margin
-30.9%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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