indie Semiconductor, Inc.
INDI Technology Semiconductors
indie Semiconductor, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $217.4 million, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 24.0%, EPS grew 15.0%, free cash flow fell 134.9% and total debt rose 18.0%, each against the same quarter a year earlier.
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indie Semiconductor, Inc. (INDI) Piotroski F-score
indie Semiconductor, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | (2.00) |
| FY2024 | 4 | 1.00 |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (16.06%) | (15.07%) | Fail | 0 |
| Positive operating cash flow | (57.13m) | (58.60m) | Fail | 0 |
| Rising return on assets | (16.06%) | (15.07%) | Fail | 0 |
| Cash flow above net income | 85.94m | 74.00m | Pass | 1 |
| Falling long-term leverage | 0.38 | 0.42 | Pass | 1 |
| Rising current ratio | 3.73 | 4.82 | Fail | 0 |
| No new shares issued | 197,246,000 | 175,030,000 | Fail | 0 |
| Rising gross margin | 39.85% | 41.68% | Fail | 0 |
| Rising asset turnover | 0.24 | 0.25 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| VLN Valens Semiconductor, Ltd. compare | 6 |
| AIP Arteris, Inc. compare | 6 |
| NVEC NVE Corporation compare | 6 |
| POET POET Technologies Inc. compare | 5 |
| LAES SEALSQ Corp. compare | 5 |
| AOSL Alpha and Omega Semiconductor Limited compare | 5 |
| CEVA Ceva, Inc. compare | 3 |
| MRAM EVERSPIN TECH compare | 3 |
| INDI indie Semiconductor, Inc. | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover