indie Semiconductor, Inc. (NASDAQ: INDI)

Sector: Technology Industry: Semiconductor Equipment & Materials CIK: 0001841925
Market Cap 760.80 Mn
P/B 2.06
P/E -5.27
P/S 3.50
ROIC (Qtr) -20.46
Div Yield % 0.00
Rev 1y % (Qtr) -0.54
Total Debt (Qtr) 367.23 Mn
Debt/Equity (Qtr) 0.99

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 171.16M provide 11.90x coverage of short-term debt 14.39M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong free cash flow of (64.58M) provides 3.65x coverage of acquisition spending (17.67M), indicating disciplined M&A strategy.
  • Tangible assets of 360.32M provide robust 7.90x coverage of other current liabilities 45.62M, indicating strong asset backing.
  • Strong cash position of 171.16M provides 3.75x coverage of other current liabilities 45.62M, indicating excellent liquidity.
  • Cash reserves of 171.16M provide robust 2.16x coverage of current liabilities 79.16M, indicating strong short-term solvency.

Bear case

  • Investment activities of (32.76M) provide weak support for R&D spending of 156.83M, which is -0.21x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 171.16M provide limited coverage of acquisition spending of (17.67M), which is -9.68x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • The company's operating cash flow of (49.50M) shows concerning coverage of stock compensation expenses of 62.48M, with a -0.79 ratio indicating potential earnings quality issues.
  • Free cash flow of (64.58M) provides weak coverage of capital expenditures of 15.09M, with a -4.28 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (128.55M) show weak coverage of depreciation charges of 42.51M, with a -3.02 ratio indicating high capital intensity and potential reinvestment needs.

Peer comparison

Companies in the Semiconductor Equipment & Materials
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ASML Asml Holding Nv 596.49 Bn 243.99 49.68 3.18 Bn
2 AMAT Applied Materials Inc /De 306.44 Bn 110.83 20.97 6.56 Bn
3 LRCX Lam Research Corp 292.93 Bn 47.14 14.25 4.48 Bn
4 KLAC Kla Corp 190.42 Bn 41.78 14.94 5.89 Bn
5 TER Teradyne, Inc 49.92 Bn 61.37 15.61 0.27 Bn
6 ENTG Entegris Inc 16.38 Bn 147.43 21.20 3.91 Bn
7 NVMI Nova Ltd. 13.55 Bn 55.28 15.88 0.88 Bn
8 ONTO Onto Innovation Inc. 10.25 Bn 58.57 10.23 0.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.08 3.78
EV to Cash from Ops. EV/CFO -18.66 31.10
EV to Debt EV to Debt 2.52 2,381.40
EV to EBIT EV/EBIT -7.19 33.45
EV to EBITDA EV/EBITDA -8.27 21.36
EV to Free Cash Flow [EV/FCF] EV/FCF -14.30 76.88
EV to Market Cap EV to Market Cap 1.21 0.93
EV to Revenue EV/Rev 4.25 57.80
Price to Book Value [P/B] P/B 2.06 9.83
Price to Earnings [P/E] P/E -5.27 39.76
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.91
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.71
Dividend per Basic Share Div per Share (Qtr) 0.00 0.63
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 8.75
Interest Coverage Int. cover (Qtr) -7.92 69.41
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 14.75 -55.93
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 59.67 22.64
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 6.33
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -20.58 -204.64
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 5.52 -87.31
EBIT Growth (1y) % EBIT 1y % (Qtr) -17.62 -107.43
EBT Growth (1y) % EBT 1y % (Qtr) -22.87 -121.11
EPS Growth (1y) % EPS 1y % (Qtr) -13.64 -283.91
FCF Growth (1y) % FCF 1y % (Qtr) 24.89 59.47
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -4.09 43.54
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.25 0.54
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 2.16 1.54
Current Ratio Curr Ratio (Qtr) 3.75 4.04
Debt to Equity Ratio Debt/Equity (Qtr) 0.99 0.29
Interest Cover Ratio Int Coverage (Qtr) -7.92 69.41
Times Interest Earned Times Interest Earned (Qtr) -7.92 69.41
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -39.60 -1,802.89
EBIT Margin % EBIT Margin % (Qtr) -59.13 -1,926.71
EBT Margin % EBT Margin % (Qtr) -66.60 -1,933.27
Gross Margin % Gross Margin % (Qtr) 41.30 22.64
Net Profit Margin % Net Margin % (Qtr) -66.40 -2,101.38