indie Semiconductor, Inc. — Earnings Quality Grade F
INDI · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 97 days, change +9 days YoY
AR growth 10.5% exceeds revenue growth 0.3%
Revenue 0.3%, CFFO 2.5%. Cash follows revenue
Expense Quality
Inventory -2.5% vs COGS 3.5%. Normal
CapEx growth -11.0% vs revenue 0.3%. Normal
SG&A/Gross Profit = 89.7%, exceeds 70%
Gross margin 39.9%, change -1.8pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -10.2%. Low accruals
Cash $0.1B covers only 39% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 136% of equity. Over 50%
Interest coverage = -9.1x (<2x). Financial stress
Other assets grew 26.2% vs revenue 0.3%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
M-Score = -2.77 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25