Forensic Analysis · Semiconductors · as of Sep 25, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-4.1
P / E (ttm)
-40.0%
ROE
$712M
Market cap
0.00%
Dividend yield
0.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Indie Semiconductor, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.4, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-19.3%
FY2025
Return on invested capital.Return on invested capital is -19.3% in the latest fiscal year, against -20.1% in FY2023, having run between -22.6% and -19.3% across FY2023–FY2025 with no direction held. After-tax operating profit was ($107M) in FY2023 and ($122M) in FY2025, with operating income at -60.7% of revenue in FY2023, -78.5% in FY2024 and -70.9% in FY2025. The capital base behind it grew +19% across FY2023–FY2025, from $532M to $632M, and the return did not fall doing it, so the dollars added over that window earned at least the -20.1% the older base was already earning.
+16.6%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +36% over the last 2 years to FY2025 (+16.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~16.6% 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 FY2023 has been diluted ~26%.
137d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 120 to 137 FY2024→FY2025 (against cost of goods sold; inventory -3% vs +3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
30% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 30% of revenue in FY2025 — about $0.33 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 16.6% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$217.4M
Revenue Growth YoY+0.3%
Revenue CAGR (2yr)-1.3%
Net Margin-65.8%
Free Cash Flow-$71.4M
Return on Equity-40.0%
Debt / Equity0.99x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Indie Semiconductor, Inc.'s actual 10-K/10-Q/8-K filings?