Latest Ratios: P/E Ratio -4.1x · EV/EBITDA N/A · ROE -34.8%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $628M | $704M | $709M | $1.2B | $692M | $839M | $1.7B | $1.1B | — |
| Enterprise Value | $851M | $927M | $833M | $1.2B | $554M | $628M | $1.7B | $1.1B | — |
| P/E Ratio → | -4.13 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.89 | 3.24 | 3.27 | 5.28 | 6.24 | 17.34 | 73.07 | 48.68 | — |
| P/B Ratio | 1.55 | 1.84 | 1.59 | 2.47 | 2.20 | 2.88 | — | 3.50 | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.27 | 3.85 | 5.38 | 5.00 | 12.98 | 73.17 | 49.49 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.3% | 40.3% | 41.7% | -24.7% | 45.4% | 40.7% | 42.3% | -58.1% | 33.5% |
| Operating Margin | -66.3% | -66.3% | -78.5% | -60.7% | -107.5% | -154.5% | -85.1% | -83.3% | -29.5% |
| Net Profit Margin | -66.2% | -66.2% | -61.2% | -52.7% | -39.2% | -181.9% | -431.2% | -90.1% | -35.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -34.8% | -34.8% | -28.8% | -29.7% | -14.3% | -92.5% | -90.8% | -12.5% | -83.8% |
| ROA | -16.2% | -16.2% | -15.1% | -16.5% | -8.1% | -34.9% | -50.8% | -10.5% | -24.6% |
| ROIC | -18.4% | -18.4% | -23.9% | -30.1% | -69.6% | -69.5% | -12.3% | -8.3% | -76.1% |
| ROCE | -17.8% | -17.8% | -22.1% | -22.2% | -24.4% | -42.9% | -16.2% | -10.6% | -25.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 0.89 | 0.37 | 0.58 | 0.03 | — | 0.06 | 1.67 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.58 | 0.28 | 0.05 | -0.44 | -0.72 | — | 0.06 | -0.31 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -7.77 | -7.77 | -14.80 | -14.08 | -30.99 | -94.99 | -43.84 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.67 | 3.67 | 4.82 | 1.96 | 5.85 | 7.36 | 0.25 | 0.04 | 4.29 |
| Quick Ratio | 3.05 | 3.05 | 4.23 | 1.72 | 5.64 | 7.09 | 0.22 | -0.14 | 3.71 |
| Cash Ratio | 2.00 | 2.00 | 3.23 | 1.09 | 5.03 | 6.50 | 0.15 | 0.02 | 3.01 |
| Asset Turnover | — | 0.26 | 0.23 | 0.27 | 0.18 | 0.10 | 0.64 | 0.07 | 0.69 |
| Inventory Turnover | 2.67 | 2.67 | 2.53 | 8.40 | 4.56 | 3.16 | 4.50 | 8.39 | 4.08 |
| Days Sales Outstanding | — | 96.52 | 87.60 | 117.93 | 87.10 | 104.36 | 96.34 | 73.36 | 65.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.1% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.1% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $199M | $175M | $145M | $119M | $70M | $125M | $111M | $106M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying INDI stock.
indie Semiconductor, Inc.'s current P/E ratio is -4.1x. This places it at the 50th percentile of its historical range.
indie Semiconductor, Inc.'s return on equity (ROE) is -34.8%. The historical average is -48.4%.
Based on historical data, indie Semiconductor, Inc. is trading at a P/E of -4.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
indie Semiconductor, Inc. has 40.3% gross margin and -66.3% operating margin.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Gross Margin Recovery Masks Deep Operating Losses
Gross margin rebounded to 36.1% in 2026Q2 from a negative -30.7% in 2025Q3, per reported figures, yet operating margin remains deeply negative at -54.8%, indicating scale has not covered fixed costs.
The gross margin swing reflects a one-off inventory charge in 2025Q3, with the underlying level stabilizing near 40%. However, operating margin improvement from -70.1% to -54.8% is modest and still implies that R&D and SG&A expenses consume more than half of revenue. The gap between gross and operating margins suggests that achieving breakeven requires either a significant revenue step-up or a structural reduction in fixed costs, neither of which is evident in the current trajectory.
Return on Capital Remains Deeply Negative
ROIC has hovered between -4.0% and -7.4% over the past ten quarters, per financial statements, with no trend toward improvement, indicating the company is not yet generating returns above its cost of capital.
Despite revenue growth re-accelerating to 24% YoY in 2026Q2, ROIC remains stuck near -4.4%, as the capital base expands with debt-funded acquisitions while operating losses persist. The negative returns are driven by insufficient operating income relative to invested capital, not by asset inefficiency, as asset turnover is stable at 0.06-0.07. Investors should monitor whether the design-win pipeline can eventually convert into revenue scale that lifts ROIC toward positive territory, but the current data suggests a prolonged period of value destruction.
Working Capital Cycle Lengthens on Inventory Build
Cash conversion cycle extended to 175 days in 2026Q2 from 152 days in 2024Q4, per reported data, driven by rising DIO to 139 days, indicating inventory is absorbing more cash relative to sales.
DSO has improved modestly to 91 days from 101 days a year ago, but DIO has climbed to 139 days, reflecting inventory build-up ahead of anticipated demand. DPO remains low at 55 days, suggesting limited supplier leverage. The lengthening CCC implies that working capital is a growing drag on cash flow, which is particularly concerning given the company's negative FCF margin of -50% in 2026Q2. If inventory does not convert to sales quickly, the cash burn could accelerate.
Debt-Fueled Growth Raises Refinancing Risk
Debt-to-equity rose to 1.34 in 2026Q2 from 0.40 in 2024Q1, per balance sheet data, while interest coverage remains negative at -7.4x, indicating the company is increasingly reliant on borrowed funds to sustain operations.
Total debt has more than doubled to $431M over the past two years, while cash has remained flat near $139M, suggesting that debt is funding ongoing cash burn rather than growth investments. The negative interest coverage ratio indicates that operating income is insufficient to cover interest expense, and the company must rely on external financing or cash reserves. With accumulated losses eroding equity, the balance sheet is becoming more strained, and refinancing risk may increase if capital markets tighten.
Liquidity Buffer Thins Despite High Current Ratio
Current ratio stands at 3.65 in 2026Q2, per reported figures, but cash has dropped to $139M from $274M in 2024Q4, indicating a shrinking cushion against ongoing cash burn.
The high current ratio is supported by inventory and receivables, but the quick ratio of 2.86 still appears comfortable. However, the absolute cash balance is declining rapidly relative to the quarterly burn rate of roughly $30M, implying less than five quarters of cash runway without additional financing. The liquidity position may be adequate in the near term, but it is deteriorating, and any unexpected downturn in automotive demand could accelerate the need for external capital.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly used for semiconductor companies, but for indie Semiconductor, EBITDA is negative and uninformative, per reported data, obscuring the true cash burn and the impact of stock-based compensation.
With negative EBITDA, the multiple is meaningless, and investors should instead focus on EV/Sales or EV/Invested Capital to gauge valuation. The company's heavy use of stock-based compensation (SBC) further distorts EBITDA, as SBC is added back, overstating cash generation. A more appropriate metric is EV/FCF or EV/Revenue, but even these must be adjusted for the one-time charges and acquisition-related amortization that inflate GAAP losses. The market may be pricing in future profitability, but the current financials do not support a conventional EBITDA-based valuation.