indie Semiconductor

INDI

Semiconductors · Technology

Price

$4.15

+0.15 (+3.75%)

Market Cap

$876.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Track this stock — start free trial

Share count rising — dilution

+184.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 70.0M (2021) → 199.3M (2025)

Winston Score History

The full picture

indie Semiconductor makes computer chips designed specifically for cars. Its chips help vehicles with things like driver assistance systems, in-car entertainment, and wireless connectivity. The company sells to major automakers and their suppliers, making it part of the fast-growing automotive semiconductor industry.

indie earns money by selling its chips to car manufacturers and Tier 1 automotive suppliers around the world, with most revenue tied to new vehicle production. The company is relatively small, with a market cap under $1 billion, and competes against much larger chipmakers like Texas Instruments and NXP Semiconductors. Its gross margin of around 22% is thin for a semiconductor company, and its deep operating losses show it is still spending heavily to grow. The main risk is that a slowdown in global auto production — or delays in the rollout of advanced driver assistance features — could significantly pressure revenue before the company reaches profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$154M/ year

↓ Declining (-12% vs prior year)

70.9% of revenue

4.7x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~16 months

$139M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

indie Semiconductor is growing revenue at 24% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

-54.8%

Losing money on operations — -54.8%

Return on the money invested

ROCE

-41.8%

Weak — -41.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-28.3%

Burning cash (-28.3%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.07

Conservative — low debt load (0.07)

Covers its interest

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial