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INDI

indie Semiconductor, Inc.
$4.23SellTarget $1.76Report: Jan 30, 2026Technology • Semiconductors • Early-Stage Hypergrowth

Price History

Pelican View
Current$4.23-58.4%
Rec: SellConviction: High
Entry Target
$0.00
N/A
Fair Value
$1.76
(58% below current)
Stop Loss
$0.00
N/A
Position Size
None
Time Horizon
N/A

Key Metrics

Market Data
52 Week High$6.05
52 Week Low$1.53
Avg. 3 Month Volume3.31M
Efficiency
LTM Gross MarginN/A
LTM EBITDA MarginN/A
LTM EBIT MarginN/A
LTM Operating MarginN/A
LTM ROAN/A
LTM ROEN/A
LTM ROICN/A
LTM ROCEN/A
Capital Structure
Market Cap (MM)$0
Enterprise Value (MM)$0
Shares OutstandingN/A
Total Debt (MM)N/A
Cash & Equivalents (MM)N/A
LTM Net Debt (MM)N/A
LTM Net Debt/EBITDAN/A
Growth
TTM Rev. GrowthN/A
Last 3-Yr Rev. CAGRN/A
Last 3-Yr EBITDA CAGRN/A
Last 3-Yr EPS CAGRN/A
Valuation
Street Target Price$8.00
LTM EV/RevenueN/A
LTM EV/Gross ProfitN/A
LTM EV/EBITN/A
LTM EV/EBITDAN/A
LTM P/EN/A
LTM EV/FCFN/A
LTM P/FCFN/A
LTM P/TBN/A
LTM P/BN/A
Dividend YieldN/A
Payout RatioN/A
About the Company

indie Semiconductor, Inc. and its consolidated subsidiaries (collectively, the Company) offer highly innovative automotive semiconductors and software solutions for Advanced Driver Assistance Systems (ADAS), autonomous vehicle, connected car, user experience and electrification applications. The Company focuses on edge sensors across multiple modalities spanning LiDAR, radar, ultrasound and computer vision. These functions represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces are transforming the in-cabin experience to mirror and seamlessly connect to the mobile platforms people rely on every day. The Company is an approved vendor to Tier 1 automotive suppliers and its platforms can be found in marquee automotive manufacturers around the world. The Company is a fabless semiconductor supplier, engaging subcontractors to manufacture its products.

Revenue Generation

The Company generates revenue primarily from the design and sale of semiconductor solutions. Revenue is derived from (i) non-recurring engineering (NRE) fees for the development of integrated circuits (ICs) and prototypes and (ii) product sales, the sale of semiconductors under separate commercial supply arrangements. Product revenue is recognized when control transfers to the customer, typically upon shipment or receipt as determined by contractual shipping terms. The Company's primary geographic markets are the United States, Greater China, Europe, South Korea, and other regions. The Company's revenue is disaggregated by geography of the shipping location.

Investment Thesis
Executive Summaryindie Semiconductor is currently trapped in a 'Valley of Death' where aggressive R&D spending and acquisition-led growth have failed to translate into operational leverage, resulting in a structural revenue decline of 5% YoY and a TTM free cash flow burn of $64.6M. While management points to a $7.4B strategic backlog, the financial reality is an economically insolvent balance sheet with a negative tangible book value of -$125.5M and a leadership team that has sold $6.8M in stock over the last year with zero open-market purchases. We conclude the market is excessively valuing a 'vanity' backlog while ignoring the imminent risk of dilutive financing required to sustain operations.

Recent Activity

2025-11-15-5.97%
Further increase in Baron Capital ownership position.
2025-10-30-9.03%
The Vanguard Group filed an amended Schedule 13G/A reporting ownership of indie Semiconductor common stock.
2025-10-29+5.30%
indie Semiconductor agreed to sell its 34.38% stake in Wuxi indie Microelectronics for $135 million.

Valuation Table

MethodImplied ValueWeightWeighted Value
DCF$0.0025%$0.00
Comps$2.2670%$1.58
Historicals$3.555%$0.18
Total Weighted$1.76