MeritValue

indie Semiconductor, Inc.

INDIdata completeness 100%6 fiscal years on file
The thesis, from the filings

indie Semiconductor, Inc. earns about -31% on invested capital, but has diluted owners by 182% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$48.4M1$110.8M2$223.2M3$216.7M3$217.4M3
Net income−$88M4−$43.4M5−$117.6M6−$132.6M6−$143.1M6
Operating cash flow−$55.8M7−$76.7M8−$104.4M9−$58.6M9−$57.1M9
Capital expenditure$2.68M10$7.57M11$12.8M12$14.3M12$14.3M12
Free cash flow (derived)−$58.5M7−$84.3M8−$117.1M9−$72.9M9−$71.4M9
Total debt$8.7M13$171.4M14$321.7M15$762.6M16$706.8M16
Cash & equivalents$219.1M17$321.6M18$151.7M19$274.2M20$145.5M20
Diluted shares70.0M118.7M145.2M175.0M197.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18.15
your share of equity
Profit it earned you last year
−$7.25
Free cash flow it threw off
−$3.62
Debt you’d be carrying
$35.83

10 shares is a claim on $18.15 of net worth that earned you −$7.25 and generated −$3.62 of cash last year, against $35.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-31% avg · 5y
FY21 -91%FY22 -25%FY23 -16%FY24 -12%FY25 -12%

It earned an average -31% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+182% shares · 5y

Share count is up 182% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 8021% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-008027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-009207 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-082535 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-008027 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-009207 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-082535 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-008027 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-009207 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-082535 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-008027 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-009207 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-082535 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-009556 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-008027 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-009207 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-082535 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-009556 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-008027 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-009207 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-082535 (CashAndCashEquivalentsAtCarryingValue)