Total debt surged to $431.3M by 2026Q2 (D/E of 1.34), while cash declined to $139.0M from $274.2M in 2024Q4, and retained earnings worsened to -$717.4M, indicating a shrinking equity buffer.
indie Semiconductor, Inc. (INDI) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 311.56M | 285.77M | 408.75M | 271.82M | 373.87M | 248.03M | 29.98M | 928.84K | 34.41M |
| Cash & Short-Term Investments | 138.97M | 155.74M | 274.25M | 151.68M | 321.63M | 219.08M | 18.7M | 497.55K | 24.17M |
| Cash Only | 138.97M | 155.74M | 274.25M | 151.68M | 321.63M | 219.08M | 18.7M | 497.55K | 24.17M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 67.82M | 57.48M | 52.01M | 72.11M | 26.44M | 13.84M | 5.97M | 4.57M | 5.12M |
| Days Sales Outstanding | 94.37 | 96.52 | 87.6 | 117.93 | 87.1 | 104.36 | 96.34 | 73.36 | 65 |
| Inventory | 67.63M | 48.62M | 49.89M | 33.14M | 13.26M | 9.08M | 2.9M | 4.28M | 4.68M |
| Days Inventory Outstanding | 110.1 | 136.69 | 144.09 | 43.47 | 79.99 | 115.47 | 81.16 | 43.49 | 89.44 |
| Other Current Assets | 37.14M | 23.92M | 32.61M | 0 | 12.54M | 383K | 0 | -8.94M | 0 |
| Total Non-Current Assets | 529.97M | 555.02M | 532.64M | 547.06M | 229.49M | 221.22M | 5.15M | 347.46M | 7.13M |
| Property, Plant & Equipment | 58.1M | 57.71M | 50.39M | 40.76M | 27.88M | 11.09M | 2.17M | 2.41M | 1.64M |
| Fixed Asset Turnover | 4.01x | 3.77x | 4.30x | 5.48x | 3.97x | 4.37x | 10.42x | 9.43x | 17.55x |
| Goodwill | 286.84M | 292.64M | 266.37M | 295.1M | 136.46M | 113.57M | 1.74M | 0 | 0 |
| Intangible Assets | 176.55M | 195.91M | 208.94M | 208.13M | 63.12M | 96.28M | 1.09M | 2.28M | 5.3M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347.46M | 0 |
| Other Non-Current Assets | 8.48M | 8.75M | 6.94M | 3.07M | 2.02M | 270K | 154K | 154K | 194K |
| Total Assets | 841.53M | 840.79M | 941.39M | 818.88M | 603.35M | 469.25M | 35.13M | 348.39M | 41.54M |
| Asset Turnover | 0.27x | 0.26x | 0.23x | 0.27x | 0.18x | 0.10x | 0.64x | 0.07x | 0.69x |
| Asset Growth % | -10.81% | -10.69% | 14.96% | 35.72% | 28.58% | 1235.91% | -89.92% | 738.6% | - |
| Total Current Liabilities | 85.3M | 77.83M | 84.88M | 138.88M | 63.96M | 33.72M | 122.2M | 23.43M | 8.02M |
| Accounts Payable | 24.79M | 23.12M | 28.33M | 18.41M | 14.19M | 5.44M | 4.55M | 4.71M | 2.96M |
| Days Payables Outstanding | 46 | 65 | 81.81 | 24.14 | 85.6 | 69.19 | 127.45 | 47.84 | 56.56 |
| Short-Term Debt | 12.32M | 13.57M | 12.22M | 4.11M | 15.7M | 2.27M | 8.49M | 4.18M | 2.32M |
| Deferred Revenue (Current) | 27.65M | 0 | 8.61M | 6.9M | 11.12M | 7.36M | 3.94M | -8.88M | 0 |
| Other Current Liabilities | 16.04M | 31.26M | 21.72M | 100.19M | 7.09M | 14.62M | 105.11M | 22.4M | 2.28M |
| Current Ratio | 3.65x | 3.67x | 4.82x | 1.96x | 5.85x | 7.36x | 0.25x | 0.04x | 4.29x |
| Quick Ratio | 2.86x | 3.05x | 4.23x | 1.72x | 5.64x | 7.09x | 0.22x | -0.14x | 3.71x |
| Cash Conversion Cycle | 158.47 | 168.2 | 149.88 | 137.26 | 81.49 | 150.64 | 50.05 | 69.01 | 97.88 |
| Total Non-Current Liabilities | 434.07M | 380.23M | 411.11M | 202.98M | 225.06M | 143.68M | 14.42M | 12.07M | 21.35M |
| Long-Term Debt | 403.74M | 352.88M | 369.1M | 156.74M | 155.7M | 5.62M | 12.35M | 14.79M | 18.02M |
| Capital Lease Obligations | 50.98M | 13.05M | 14.28M | 10.85M | 10.12M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 58.13M | 14.2M | 11.66M | 13.7M | 7.82M | 19.53M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.69M | 103K | 4.11M | 21.7M | 47.24M | 106.08M | 1.67M | -2.72M | 3.32M |
| Total Liabilities | 519.37M | 458.06M | 495.99M | 341.85M | 289.02M | 177.4M | 136.62M | 35.5M | 29.37M |
| Total Debt | 431.3M | 379.49M | 398.58M | 174.34M | 183.47M | 7.89M | 20.83M | 18.97M | 20.35M |
| Net Debt | 292.32M | 223.75M | 124.33M | 22.67M | -138.16M | -211.19M | 2.13M | 18.47M | -3.82M |
| Debt / Equity | 1.34x | 0.99x | 0.89x | 0.37x | 0.58x | 0.03x | - | 0.06x | 1.67x |
| Debt / EBITDA | -4.04x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.74x | - | - | - | - | - | - | - | - |
| Interest Coverage | -8.27x | -7.77x | -14.80x | -14.08x | -30.99x | -94.99x | -43.84x | - | - |
| Total Equity | 322.16M | 382.73M | 445.39M | 477.02M | 314.33M | 291.86M | -101.49M | 316.27M | 12.17M |
| Equity Growth % | -75.25% | -14.07% | -6.63% | 51.76% | 7.7% | 387.57% | -132.09% | 2498.09% | - |
| Book Value per Share | 1.52 | 1.92 | 2.54 | 3.29 | 2.65 | 4.17 | -0.81 | 2.85 | 0.11 |
| Total Shareholders' Equity | 294.67M | 356.82M | 417.89M | 446.15M | 312.81M | 313.05M | -110.31M | 312.89M | 10.54M |
| Common Stock | 22K | 22K | 21K | 18K | 15K | 14K | 6K | 347.46M | 41.47M |
| Retained Earnings | -717.38M | -638.02M | -494.04M | -361.44M | -243.82M | -200.42M | -153.26M | -34.58M | -31.35M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -13.19M | -3.92M | -24.66M | -6.17M | -11.95M | -1.44M | -209K | -241K | -160K |
| Minority Interest | 27.49M | 25.91M | 27.51M | 30.88M | 1.52M | -21.19M | 8.82M | 3.38M | 1.63M |
Quick answers to the most common questions about buying INDI stock.
As of 2025, indie Semiconductor, Inc. (INDI) had total assets of $840.8M including $285.8M in current assets.
indie Semiconductor, Inc. (INDI) carries total debt of $379.5M, offset by $155.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
indie Semiconductor, Inc. (INDI) has total shareholders' equity (book value) of $356.8M ($1.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
indie Semiconductor, Inc. (INDI) reported a current ratio of 3.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High leverage and cash burn
Metrics are mathematically derived from official filings.
Leverage Rises as Cash Declines
Total debt climbed from $184M in 2024Q1 to $431M by 2026Q2, while cash fell from $138M to $139M, per reported balance sheets, indicating increasing reliance on borrowed funds.
The balance sheet is clearly weakening as the company funds its operations and acquisitions through debt. The D/E ratio has more than tripled from 0.40 to 1.34 over the period, and equity has contracted from $433M to $295M, reflecting cumulative losses. This trajectory suggests that without a path to profitability, the company may face liquidity constraints.
Debt-Fueled Growth Raises Refinancing Risk
Total debt surged to $431M in 2026Q2, up from $184M in 2024Q1, with D/E at 1.34, per financial statements, indicating leverage is now a strategic necessity to fund ongoing cash burn.
The sharp increase in debt, particularly the jump from $195M in 2024Q3 to $379M in 2025Q4, suggests the company is using borrowings to bridge the gap to profitability. With operating margins at -66%, the ability to service this debt from operations appears limited, and refinancing risk is elevated if credit markets tighten. Investors should monitor the maturity profile and interest coverage, which is likely negative.
Goodwill Dominates Asset Base
Goodwill of $287M represents 34% of total assets as of 2026Q2, per reported figures, reflecting an acquisition-heavy strategy that may pose impairment risk if growth stalls.
The asset mix is heavily weighted toward intangible assets from M&A, with goodwill and likely other intangibles forming a large portion of the balance sheet. PPE is modest at $58M, consistent with a fabless model, but the goodwill concentration means that any failure to achieve projected synergies could lead to significant write-downs. The slight decline in goodwill from $290M to $287M suggests no impairments yet, but the risk remains.
Accumulated Losses Erode Equity
Retained earnings worsened to -$717M in 2026Q2 from -$393M in 2024Q1, per balance sheet data, as cumulative losses outpace any equity raises, shrinking the equity buffer.
Equity has declined from $433M to $295M over ten quarters, driven by persistent net losses. The company has not repurchased shares or paid dividends, so the equity erosion is purely from operational losses. While the company may raise additional equity, the current trend suggests a deteriorating capital base that could limit financial flexibility.
Liquidity Buffer Thins Despite High Ratio
Current ratio remains high at 3.65 in 2026Q2, but cash dropped to $139M from $274M in 2024Q4, per reported figures, indicating a shrinking cushion against ongoing burn.
The current ratio appears healthy, but it is inflated by the large debt component classified as current? Actually, the ratio is high because current assets exceed current liabilities, but the cash position is declining. With operating cash flow at -$28.9M in 2026Q2, the cash runway is limited unless the company secures additional financing. The decline in cash from $274M to $139M over six quarters suggests a burn rate that may require external capital within a few quarters.
Debt Maturity and Covenant Risks
The rapid debt increase to $431M, with D/E at 1.34, per balance sheet data, may mask refinancing and covenant risks not fully captured by headline liquidity ratios.
While the current ratio is strong, the composition of debt and its maturity schedule are not disclosed in the provided data. The company's reliance on debt to fund operations, combined with negative operating margins, suggests that it may face covenant breaches or difficulty refinancing at favorable terms. Investors should scrutinize the debt terms and any embedded covenants that could trigger acceleration.