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indie Semiconductor, Inc. (INDI) stock analysis

INDINasdaqSemiconductors & Related DevicesFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 6, 2026Score 7/3045% below fair value
$2.30+0.02 (+0.88%)

Close on Nov 11, 2026Market cap $533.16MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value3Growth2Performance1Health1Dividend0

Weak7 of 30 checks passed

indie Semiconductor passes 7 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
3/6
Growth
2/6
Past performance
1/6
Financial health
1/6
Dividend
0/6

What stands out

  • Margin of safety over 20%

    The price is 44.6% below fair value, more than the 20% cushion we look for.

  • Trading below fair value

    The share price of $2.30 is below our fair value estimate of $4.16.

  • Revenue growing 10%+ a year

    Revenue grew 25.2% a year over the last three fiscal years.

  • Guidance raised

    indie Semiconductor raised its first quarter revenue from our core business outlook on Feb 19, 2026.

What to watch

  • Return on equity under 15%

    Return on equity was -45.8% over the last twelve months and averaged -39.9% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -20.3%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 150% of shareholders' equity, above the 40% we consider low.

  • Interest not well covered

    Operating income covers interest expense -8.2 times; we look for at least 5.

Valuation3/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B below the industry

    indie Semiconductor's price-to-book of 1.86 is below the Electronic Components and Accessories median of 3.49.

  • Trading below fair value

    The share price of $2.30 is below our fair value estimate of $4.16.

  • Margin of safety over 20%

    The price is 44.6% below fair value, more than the 20% cushion we look for.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 25.2% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 13.9% over the last twelve months; the Electronic Components and Accessories median is 17.3%.

  • Guidance raised

    indie Semiconductor raised its first quarter revenue from our core business outlook on Feb 19, 2026.

  • Gross margin slipping

    Gross margin was 35.6% over the last twelve months, against 41.3% a year earlier.

Past performance1/6

  • Return on equity under 15%

    Return on equity was -45.8% over the last twelve months and averaged -39.9% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -20.3%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    indie Semiconductor's return on equity of -45.8% is below the Electronic Components and Accessories median of 4.8%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -60.7% over the last twelve months, against a 5-year average of -80.1%.

  • Net margin below the industry

    indie Semiconductor's net margin of -60.7% is below the Electronic Components and Accessories median of 2.9%.

Financial health1/6

  • High debt

    Debt is 150% of shareholders' equity, above the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt not well covered by cash flow

    Operating cash flow over the last twelve months equals -20.4% of total debt; we look for at least 20%.

  • Interest not well covered

    Operating income covers interest expense -8.2 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 3.37 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -0.60; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    indie Semiconductor has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$4.16

The share price is 45% below this estimate.

20%+ below
Near fair value
20%+ above
$2.30Price$4.16Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/B2.8×2.2×3.5×$3.4950%
P/S4.5×4.2×4.8×$4.8250%
Fair value$4.16100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Own 5-year median 2.2
  • Electronic Components and Accessories median 3.5

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day
$13.91M
Value traded per 1% price move
$3.07M

Downside

High risk

Typical loss in a bad month
44.7%
Volatility (annualized)
93%
Sharpe ratio, 1 year
-0.55
Beta to the S&P 500 (5Y)
2.31

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2019 to 2025

Gross margin

39.9%−2.5 pts over 5 years

Operating margin

-70.9%+14.2 pts over 5 years

Net margin

-65.8%+365.4 pts over 5 years

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