Forensic Analysis · Technology / Software · as of Jun 27, 2026
indie Semiconductor, Inc. (INDI)
A forensic read on indie Semiconductor, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.3
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-42.1%
ROE
$806M
Market cap
Indie Semiconductor, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-19%Return on invested capital.Return on invested capital is -19% and rising from -40% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+22.1%/yrShare-count dilution.Diluted share count changed +66% over the last 3 years to FY2025 (+22.1%/yr). The count is GROWING — existing holders are being diluted. That's ~22.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~66%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $7M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
97d DSOReceivables vs revenue.Days sales outstanding moved from 88 to 97 days FY2024→FY2025 (receivables +11% vs revenue +0%). Receivables are creeping up relative to sales — watch the trend.
30% of revStock-based comp load.Stock-based compensation ran 30% of revenue in FY2025 — about $0.33 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-65.8%
Debt / Equity0.99x
Free Cash Flow$-71.4M
Latest Revenue$217.4M
Return on Equity-40.0%
Revenue Growth YoY+0.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on indie Semiconductor, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about INDI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown