Forensic Analysis · Semiconductors · as of Aug 11, 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
-0.0
Distress distance
Clean
Earnings quality
5
Forensic signals
-5.5
P / E (ttm)
-40.0%
ROE
$883M
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). 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 -0.0, 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
-19.3%
FY2025
Return on invested capital.Return on invested capital is -19.3% in the latest fiscal year and rising from -40% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+18.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +66% over the last 3 years to FY2025 (+18.5%/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 ~18.5% 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 ~40%.
stopped
FY2022→FY2024
Shareholder 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.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 18.5% a year and is falling.
Key fundamentals
Latest Revenue$217.4M
Revenue Growth YoY+0.3%
Revenue CAGR (3yr)+25.2%
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?