(INDI) indie Semiconductor - Overview
Sector: Technology | Industry: Semiconductors | Exchange: NASDAQ (USA) | Market Cap: 667m USD | Total Return: 64.3% in 12m
Industry Rotation: -0.6
Avg Turnover: 10.6M USD
Peers RS (IBD): 17.5
EPS Trend: 24.0%
Qual. Beats: 1
Rev. Trend: 76.5%
Qual. Beats: 0
Warnings
Interest Coverage Ratio -7.8 is critical
Altman Z'' -3.36 < 1.0 - financial distress zone
Volatile
Tailwinds
No distinct edge detected
Indie Semiconductor, Inc. (NASDAQ: INDI) designs and manufactures automotive semiconductors and software for advanced driver-assistance systems (ADAS), driver automation, in-cabin connectivity, and vehicle electrification. Its product portfolio spans ultrasonic and radar sensors, front- and side-view cameras, LiDAR units, long-range radar, and photonic components such as fiber-Bragg gratings and low-noise lasers, serving markets across the United States, Greater China, Europe, South Korea, and the broader Asia-Pacific and South America regions.
In its latest Q3 2025 earnings release, INDI reported revenue of $31 million, up 14% year-over-year, with a gross margin of 46% and a cash balance of $68 million. The company’s order backlog rose to $162 million, reflecting strong demand for its ADAS sensor suite, while research-and-development spending increased to 12% of revenue to accelerate LiDAR and photonics integration.
Industry-wide, the global ADAS market is projected to grow at a 12% compound annual growth rate through 2030, driven by rising EV adoption (EV sales up 20% YoY in 2025) and supportive policies such as the U.S. CHIPS Act, which is channeling additional funding into domestic automotive semiconductor production.
For deeper insight, consider reviewing ValueRay’s latest analyst brief on INDI.
- Automotive ADAS adoption drives semiconductor demand
- LiDAR and radar sensor sales boost revenue
- Global automotive production impacts chip orders
- Supply chain disruptions increase manufacturing costs
| Net Income: -144.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.09 > 0.02 and ΔFCF/TA -0.75 > 1.0 |
| NWC/Revenue: 95.65% < 20% (prev 149.5%; Δ -53.82% < -1%) |
| CFO/TA -0.07 > 3% & CFO -57.1m > Net Income -144.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 3.67 > 1.5 & < 3 |
| Outstanding Shares: last quarter (199.3m) vs 12m ago 7.35% < -2% |
| Gross Margin: 22.57% > 18% (prev 0.42%; Δ 2.21k% > 0.5%) |
| Asset Turnover: 24.40% > 50% (prev 23.02%; Δ 1.38% > 0%) |
| Interest Coverage Ratio: -7.77 > 6 (EBITDA TTM -95.4m / Interest Expense TTM 17.6m) |
| A: 0.25 (Total Current Assets 285.8m - Total Current Liabilities 77.8m) / Total Assets 840.8m |
| B: -0.76 (Retained Earnings -638.0m / Total Assets 840.8m) |
| C: -0.15 (EBIT TTM -137.1m / Avg Total Assets 891.1m) |
| D: -1.40 (Book Value of Equity -641.9m / Total Liabilities 458.1m) |
| Altman-Z'' Score: -3.36 = D |
| DSRI: 1.10 (Receivables 57.5m/52.0m, Revenue 217.4m/216.7m) |
| GMI: 1.85 (GM 22.57% / 41.68%) |
| AQI: 1.15 (AQ_t 0.59 / AQ_t-1 0.51) |
| SGI: 1.00 (Revenue 217.4m / 216.7m) |
| TATA: -0.10 (NI -144.0m - CFO -57.1m) / TA 840.8m) |
| Beneish M-Score: -2.19 (Cap -4..+1) = BB |
Over the past week, the price has changed by -3.61%, over one month by +13.51%, over three months by -26.50% and over the past year by +64.25%.
- StrongBuy: 4
- Buy: 2
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 6 | 93% |
P/S = 2.9824
P/B = 1.7878
Revenue TTM = 217.4m USD
EBIT TTM = -137.1m USD
EBITDA TTM = -95.4m USD
Long Term Debt = 339.8m USD (from longTermDebt, last quarter)
Short Term Debt = 13.6m USD (from shortTermDebt, last quarter)
Debt = 379.5m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 234.0m USD (from netDebt column, last quarter)
Enterprise Value = 901.0m USD (667.0m + Debt 379.5m - CCE 145.5m)
Interest Coverage Ratio = -7.77 (Ebit TTM -137.1m / Interest Expense TTM 17.6m)
EV/FCF = -12.35x (Enterprise Value 901.0m / FCF TTM -73.0m)
FCF Yield = -8.10% (FCF TTM -73.0m / Enterprise Value 901.0m)
FCF Margin = -33.57% (FCF TTM -73.0m / Revenue TTM 217.4m)
Net Margin = -66.23% (Net Income TTM -144.0m / Revenue TTM 217.4m)
Gross Margin = 22.57% ((Revenue TTM 217.4m - Cost of Revenue TTM 168.3m) / Revenue TTM)
Gross Margin QoQ = 38.01% (prev -30.71%)
Tobins Q-Ratio = 1.07 (Enterprise Value 901.0m / Total Assets 840.8m)
Interest Expense / Debt = 1.12% (Interest Expense 4.25m / Debt 379.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = -108.3m (EBIT -137.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.67 (Total Current Assets 285.8m / Total Current Liabilities 77.8m)
Debt / Equity = 1.06 (Debt 379.5m / totalStockholderEquity, last quarter 356.8m)
Debt / EBITDA = -2.45 (negative EBITDA) (Net Debt 234.0m / EBITDA -95.4m)
Debt / FCF = -3.21 (negative FCF - burning cash) (Net Debt 234.0m / FCF TTM -73.0m)
Total Stockholder Equity = 380.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -16.16% (Net Income -144.0m / Total Assets 840.8m)
RoE = -37.84% (Net Income TTM -144.0m / Total Stockholder Equity 380.5m)
RoCE = -19.03% (EBIT -137.1m / Capital Employed (Equity 380.5m + L.T.Debt 339.8m))
RoIC = -14.62% (negative operating profit) (NOPAT -108.3m / Invested Capital 740.4m)
WACC = 10.04% (E(667.0m)/V(1.05b) * Re(15.25%) + D(379.5m)/V(1.05b) * Rd(1.12%) * (1-Tc(0.21)))
Discount Rate = 15.25% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 16.56%
[DCF] Fair Price = unknown (Cash Flow -73.0m)
EPS Correlation: 23.99 | EPS CAGR: 32.40% | SUE: 4.0 | # QB: 1
Revenue Correlation: 76.52 | Revenue CAGR: 29.51% | SUE: 0.60 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.04 | Chg7d=+0.000 | Chg30d=-0.024 | Revisions Net=-6 | Analysts=6
EPS current Year (2026-12-31): EPS=-0.12 | Chg7d=+0.000 | Chg30d=-0.078 | Revisions Net=-6 | Growth EPS=+57.8% | Growth Revenue=+23.1%
EPS next Year (2027-12-31): EPS=0.16 | Chg7d=+0.000 | Chg30d=-0.030 | Revisions Net=-3 | Growth EPS=+227.4% | Growth Revenue=+38.5%
[Analyst] Revisions Ratio: -1.00 (0 Up / 6 Down within 30d for Next Quarter)