INDI Nasdaq Semiconductors & Related Devices Financials FY2020βFY2025
indie Semiconductor, Inc. had $217M of revenue in fiscal 2025, up 0.3% on the year before. Over five years, revenue changed +57.2% a year on average.
Last close Β· Oct 23, 2026
$1.63
3.0%Hi! I read indie Semiconductor, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+0.3%
Only a little. Sales grew 0.3% last year.
Does it make a profit?
β65.8%
No. It lost money last year.
Does profit turn into cash?
β32.9%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· indie Semiconductor, Inc. had $217M of revenue in fiscal 2025, up 0.3% on the year before. Over five years, revenue changed +57.2% a year on average. Its operating margin was β70.9%, up 7.6Β pts: of every 100 in sales, about β71 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· indie Semiconductor, Inc. lost $143M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$71.4M in fiscal 2025, β32.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $15.4M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$15.4M
6 insiders
Of sales under plans
60%
$9.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Naixi WuChief Financial Officer | Sold plan | 3,750 | $3.18 | $0.0M | Form 4 |
| Sep 15, 2026 | Donald McClymontChief Executive Officer, Director | Sold plan | 50,000 | $3.11 | $0.2M | Form 4 |
| Sep 2, 2026 | Michael WittmannChief Operating Officer | Sold plan | 40,625 | $3.59 | $0.1M | Form 4 |
| Sep 2, 2026 | Naixi WuChief Financial Officer | Sold plan | 21,171 | $3.54 | $0.1M | Form 4 |
| Sep 2, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 13,384 | $3.53 | $0.0M | Form 4 |
| Sep 1, 2026 | Naixi WuChief Financial Officer | Sold plan | 6,000 | $3.56 | $0.0M | Form 4 |
| Aug 31, 2026 | Thomas schillerDirector, Strategic Advisor | Sold | 3,138 | $3.72 | $0.0M | Form 4 |
| Aug 31, 2026 | Michael WittmannChief Operating Officer | Sold | 17,045 | $3.72 | $0.1M | Form 4 |
| Aug 31, 2026 | Naixi WuChief Financial Officer | Sold | 23,170 | $3.72 | $0.1M | Form 4 |
| Aug 31, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 46,928 | $3.72 | $0.2M | Form 4 |
| Aug 19, 2026 | Sonalee Elizabeth ParekhDirector | Sold plan | 59,932 | $4.07 | $0.2M | Form 4 |
| Aug 14, 2026 | Michael WittmannChief Operating Officer | Sold | 42,468 | $4.10 | $0.2M | Form 4 |
| Aug 12, 2026 | Sonalee Elizabeth ParekhDirector | Sold | 20,000 | $3.80 | $0.1M | Form 4 |
| Jul 6, 2026 | Michael WittmannChief Operating Officer | Sold plan | 6,250 | $4.67 | $0.0M | Form 4 |
| Jul 2, 2026 | Michael WittmannChief Operating Officer | Sold | 30,207 | $4.45 | $0.1M | Form 4 |
| Jul 2, 2026 | Naixi WuChief Financial Officer | Sold plan | 19,640 | $4.37 | $0.1M | Form 4 |
| Jul 2, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 126,496 | $4.45 | $0.6M | Form 4 |
| Jul 2, 2026 | Thomas schillerDirector | Sold | 1,833 | $4.45 | $0.0M | Form 4 |
| Jun 15, 2026 | Donald McClymontChief Executive Officer, Director | Sold plan | 50,000 | $4.19 | $0.2M | Form 4 |
| Jun 4, 2026 | Michael WittmannChief Operating Officer | Sold | 39,645 | $4.80 | $0.2M | Form 4 |
| Jun 2, 2026 | Naixi WuChief Financial Officer | Sold plan | 12,898 | $5.12 | $0.1M | Form 4 |
| Jun 2, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 9,425 | $5.12 | $0.0M | Form 4 |
| Jun 2, 2026 | Michael WittmannChief Operating Officer | Sold plan | 37,500 | $5.13 | $0.2M | Form 4 |
| Jun 2, 2026 | Ichiro AokiPresident, Director | Sold | 300,562 | $5.18 | $1.6M | Form 4 |
| Jun 1, 2026 | Naixi WuChief Financial Officer | Sold plan | 6,000 | $4.94 | $0.0M | Form 4 |
| May 29, 2026 | Ichiro AokiPresident, Director | Sold plan | 100,000 | $5.05 | $0.5M | Form 4 |
| May 28, 2026 | Ichiro AokiPresident, Director | Sold plan | 454,900 | $5.28 | $2.4M | Form 4 |
| May 27, 2026 | Ichiro AokiPresident, Director | Sold plan | 175,000 | $5.06 | $0.9M | Form 4 |
| May 26, 2026 | Ichiro AokiPresident, Director | Sold plan | 20,100 | $5.26 | $0.1M | Form 4 |
| May 22, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $5.02 | $0.3M | Form 4 |
| May 11, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $4.78 | $0.2M | Form 4 |
| Apr 30, 2026 | Ichiro AokiPresident, Director | Sold plan | 100,000 | $4.40 | $0.4M | Form 4 |
| Apr 27, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $4.04 | $0.2M | Form 4 |
| Apr 24, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $3.76 | $0.2M | Form 4 |
| Apr 23, 2026 | Ichiro AokiPresident, Director | Sold plan | 43,500 | $3.54 | $0.2M | Form 4 |
| Apr 21, 2026 | Ichiro AokiPresident, Director | Sold plan | 6,500 | $3.50 | $0.0M | Form 4 |
| Apr 9, 2026 | Naixi WuChief Financial Officer | Sold plan | 55,000 | $2.81 | $0.2M | Form 4 |
| Apr 6, 2026 | Michael WittmannChief Operating Officer | Sold | 4,720 | $2.99 | $0.0M | Form 4 |
| Apr 6, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 18,420 | $2.99 | $0.1M | Form 4 |
| Apr 6, 2026 | Naixi WuChief Financial Officer | Sold | 5,876 | $2.99 | $0.0M | Form 4 |
| Apr 6, 2026 | Ichiro AokiPresident, Director | Sold | 3,506 | $2.99 | $0.0M | Form 4 |
| Mar 27, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $3.17 | $0.2M | Form 4 |
| Mar 26, 2026 | Ichiro AokiPresident, Director | Sold plan | 100,000 | $3.28 | $0.3M | Form 4 |
| Mar 25, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $3.14 | $0.2M | Form 4 |
| Mar 25, 2026 | Donald McClymontChief Executive Officer, Director | Sold plan | 50,000 | $3.06 | $0.2M | Form 4 |
| Mar 24, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.83 | $0.1M | Form 4 |
| Mar 23, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.61 | $0.1M | Form 4 |
| Mar 20, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.59 | $0.1M | Form 4 |
| Mar 19, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.57 | $0.1M | Form 4 |
| Mar 18, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.60 | $0.1M | Form 4 |
| Mar 17, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.59 | $0.1M | Form 4 |
| Mar 16, 2026 | Ichiro AokiPresident, Director | Sold plan | 50,000 | $2.54 | $0.1M | Form 4 |
| Mar 13, 2026 | Naixi WuChief Financial Officer | Sold plan | 6,000 | $2.51 | $0.0M | Form 4 |
| Mar 9, 2026 | Michael WittmannChief Operating Officer | Sold plan | 18,750 | $2.54 | $0.0M | Form 4 |
| Mar 4, 2026 | Naixi WuChief Financial Officer | Sold | 531 | $2.53 | $0.0M | Form 4 |
| Mar 2, 2026 | Ichiro AokiPresident, Director | Sold | 4,573 | $3.56 | $0.0M | Form 4 |
| Mar 2, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 90,644 | $3.56 | $0.3M | Form 4 |
| Mar 2, 2026 | Naixi WuChief Financial Officer | Sold | 17,162 | $3.56 | $0.1M | Form 4 |
| Mar 2, 2026 | Michael WittmannChief Operating Officer | Sold plan | 37,500 | $3.50 | $0.1M | Form 4 |
| Jan 5, 2026 | Naixi WuChief Financial Officer | Sold | 12,448 | $3.67 | $0.0M | Form 4 |
| Jan 5, 2026 | Donald McClymontChief Executive Officer, Director | Sold | 82,957 | $3.67 | $0.3M | Form 4 |
| Jan 5, 2026 | Ichiro AokiPresident, Director | Sold | 7,188 | $3.67 | $0.0M | Form 4 |
| Jan 5, 2026 | Michael WittmannChief Operating Officer | Sold plan | 15,313 | $3.67 | $0.1M | Form 4 |
| Dec 22, 2025 | Naixi WuChief Financial Officer | Sold | 6,354 | $3.86 | $0.0M | Form 4 |
| Dec 15, 2025 | Donald McClymontChief Executive Officer, Director | Sold plan | 100,000 | $4.09 | $0.4M | Form 4 |
| Dec 11, 2025 | Naixi WuChief Financial Officer | Sold | 10,386 | $4.44 | $0.0M | Form 4 |
| Dec 10, 2025 | Naixi WuChief Financial Officer | Sold | 10,000 | $4.53 | $0.0M | Form 4 |
| Dec 2, 2025 | Donald McClymontChief Executive Officer, Director | Sold | 13,065 | $3.54 | $0.0M | Form 4 |
| Dec 2, 2025 | Michael WittmannChief Operating Officer | Sold plan | 37,500 | $3.74 | $0.1M | Form 4 |
| Dec 2, 2025 | Ichiro AokiPresident, Director | Sold | 1,166 | $3.54 | $0.0M | Form 4 |
| Nov 21, 2025 | Naixi WuChief Financial Officer | Sold | 7,096 | $3.30 | $0.0M | Form 4 |
| Nov 19, 2025 | Ichiro AokiPresident, Director | Sold | 25,000 | $3.44 | $0.1M | Form 4 |
| Nov 18, 2025 | Ichiro AokiPresident, Director | Sold | 75,000 | $3.50 | $0.3M | Form 4 |
| Nov 17, 2025 | Ichiro AokiPresident, Director | Sold | 75,000 | $3.66 | $0.3M | Form 4 |
| Nov 14, 2025 | Ichiro AokiPresident, Director | Sold | 75,000 | $3.91 | $0.3M | Form 4 |
| Nov 13, 2025 | Ichiro AokiPresident, Director | Sold | 250,000 | $3.92 | $1.0M | Form 4 |
| Nov 11, 2025 | Naixi WuChief Financial Officer | Sold | 5,261 | $4.18 | $0.0M | Form 4 |
| Oct 15, 2025 | Donald McClymontChief Executive Officer, Director | Sold plan | 200,000 | $6.01 | $1.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· indie Semiconductor, Inc. owes $222M more than it holds in cash.
Cash, debt and the ratios that show how comfortably indie Semiconductor, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $219M | $322M | $152M | $274M | $145M |
| Debt incl. finance leases | $6.4M | $171M | $165M | $394M | $367M |
| Debt / equity | 0.0x | 0.5x | 0.4x | 0.9x | 1.0x |
| Interest coverage | β60.4x | β70.4x | β15.7x | β18.4x | β8.7x |
| Current ratio | 7.4x | 5.8x | 2.0x | 4.8x | 3.7x |
| Quick ratio | 7.1x | 5.6x | 1.7x | 4.2x | 3.1x |
| Total assets | $469M | $603M | $819M | $941M | $841M |
| Total liabilities | $177M | $289M | $342M | $496M | $457M |
| Shareholders' equity | $313M | $313M | $446M | $418M | $358M |
| Net debt (β = net cash) | β$213M | β$150M | $13.3M | $119M | $222M |
KIRA Β· Its return on capital was β21.0%: every 100 invested in the business earned about β21 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· indie Semiconductor, Inc. passes 2 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 3 / 9 | 3 / 9 | 4 / 9 | 2 / 9 |
| Accruals ratio | β217.2% | β12.8% | 6.2% | β1.9% | β8.4% | β9.6% |
| Altman Z'' | β35.98 | 2.39 | 1.86 | β0.11 | 0.22 | β1.25 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $22.6M | $48.4M | $111M | $223M | $217M | $217M |
| Gross profit | $9.6M | $19.7M | $50.3M | $89.6M | $90.3M | $86.6M |
| Research and development | $22.0M | $58.1M | $121M | $155M | $175M | $154M |
| Operating income | β$19.2M | β$74.8M | β$119M | β$135M | β$170M | β$154M |
| Interest expense | $2.2M | $1.2M | $1.7M | $8.7M | $9.3M | $17.6M |
| Pretax income | β$98.3M | β$119M | β$53.8M | β$133M | β$146M | β$154M |
| Income tax | $0.0M | β$0.3M | β$1.0M | β$4.5M | β$1.9M | β$3.0M |
| Net income | β$97.5M | β$88.0M | β$43.4M | β$118M | β$133M | β$143M |
| Net income to common | β$97.5M | β$88.0M | β$43.4M | β$118M | β$133M | β$143M |
| Diluted EPS | β$3.12 | β$1.26 | β$0.37 | β$0.81 | β$0.76 | β$0.73 |
| Diluted shares | 0.03B | 0.07B | 0.12B | 0.15B | 0.18B | 0.20B |
| Cash flow | ||||||
| Cash from operations | β$21.2M | β$55.8M | β$76.7M | β$104M | β$58.6M | β$57.1M |
| Capital expenditure | $0.6M | $2.7M | $7.6M | $12.8M | $14.3M | $14.3M |
| Free cash flow | β$21.9M | β$58.5M | β$84.3M | β$117M | β$72.9M | β$71.4M |
| Stock-based compensation | $0.0M | $22.9M | $41.9M | $43.7M | $67.2M | $65.1M |
| Acquisitions | $0.0M | $80.3M | $8.7M | $95.0M | $3.2M | $17.7M |
| Share buybacks | β | $0.0M | $7.4M | $0.0M | $0.0M | β |
| Dividends and buybacks | β | $0.0M | $7.4M | $0.0M | $0.0M | β |
| Balance sheet | ||||||
| Cash and short-term investments | $18.7M | $219M | $322M | $152M | $274M | $145M |
| Total debt | $12.8M | $6.4M | $171M | $165M | $394M | $367M |
| Current assets | $30.0M | $248M | $374M | $272M | $409M | $286M |
| Current liabilities | $122M | $33.7M | $64.0M | $139M | $84.9M | $76.5M |
| Inventory | $2.9M | $9.1M | $13.3M | $33.1M | $49.9M | $48.6M |
| Property and equipment, net | $2.2M | $11.1M | $15.8M | $27.0M | $34.3M | $43.3M |
| Goodwill | $1.7M | $114M | $136M | $295M | $266M | $293M |
| Intangible assets | $1.1M | $96.3M | $63.1M | $208M | $209M | $196M |
| Total assets | $35.1M | $469M | $603M | $819M | $941M | $841M |
| Total liabilities | $137M | $177M | $289M | $342M | $496M | $457M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$110M | $313M | $313M | $446M | $418M | $358M |
| Margins | ||||||
| Gross margin | 42.3% | 40.7% | 45.4% | 40.1% | 41.7% | 39.9% |
| Operating margin | β85.1% | β154.5% | β107.5% | β60.7% | β78.5% | β70.9% |
| Net margin | β431.2% | β181.9% | β39.2% | β52.7% | β61.2% | β65.8% |
| FCF margin | β96.7% | β120.8% | β76.1% | β52.5% | β33.7% | β32.9% |
| Returns | ||||||
| Return on capital | β | β58.9% | β57.9% | β23.3% | β25.0% | β21.0% |
| Return on capital employed | 22.1% | β17.2% | β22.1% | β19.9% | β19.9% | β20.2% |
| Return on equity | β | β86.9% | β13.9% | β31.0% | β30.7% | β36.9% |
| Return on assets | β277.6% | β34.9% | β8.1% | β16.5% | β15.1% | β16.1% |
| Return on tangible equity | β | β85.3% | β38.3% | β | β | β |
| Growth | ||||||
| Revenue growth | β | 114.1% | 128.9% | 101.4% | β2.9% | 0.3% |
| Share count change | β | 124.1% | 69.5% | 22.4% | 20.6% | 12.7% |
| Financial health | ||||||
| Debt / equity | β | 0.0x | 0.5x | 0.4x | 0.9x | 1.0x |
| Interest coverage | β8.8x | β60.4x | β70.4x | β15.7x | β18.4x | β8.7x |
| Current ratio | 0.2x | 7.4x | 5.8x | 2.0x | 4.8x | 3.7x |
| Quick ratio | 0.2x | 7.1x | 5.6x | 1.7x | 4.2x | 3.1x |
| Capital allocation | ||||||
| Capex / revenue | 2.8% | 5.5% | 6.8% | 5.7% | 6.6% | 6.6% |
| Stock comp / revenue | 0.0% | 47.3% | 37.8% | 19.6% | 31.0% | 29.9% |
| Quality scores | ||||||
| Piotroski F-score | β | 4.0 | 3.0 | 3.0 | 4.0 | 2.0 |
| Altman Z'' | β36.0 | 2.4 | 1.9 | β0.1 | 0.2 | β1.2 |
| Accruals ratio | β217.2% | β12.8% | 6.2% | β1.9% | β8.4% | β9.6% |
Source: SEC EDGAR XBRL filings (CIK 0001841925). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
