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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $43.2M, roughly 1.3× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -53.8%, a 177.8% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs -0.0%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-16.1M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 5.3%).
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
ADAM vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $58.0M |
| Net Profit | $53.5M | $-31.2M |
| Gross Margin | — | 37.3% |
| Operating Margin | — | -58.5% |
| Net Margin | 124.0% | -53.8% |
| Revenue YoY | 61.6% | -0.0% |
| Net Profit YoY | 270.5% | 9.1% |
| EPS (diluted) | $0.45 | $-0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $58.0M | ||
| Q3 25 | $36.6M | $53.7M | ||
| Q2 25 | $36.4M | $51.6M | ||
| Q1 25 | $33.1M | $54.1M | ||
| Q4 24 | $26.7M | $58.0M | ||
| Q3 24 | $20.2M | $54.0M | ||
| Q2 24 | $19.0M | $52.4M | ||
| Q1 24 | $17.9M | $52.4M |
| Q4 25 | $53.5M | $-31.2M | ||
| Q3 25 | $44.8M | $-38.3M | ||
| Q2 25 | $8.5M | $-39.0M | ||
| Q1 25 | $42.2M | $-34.5M | ||
| Q4 24 | $-31.4M | $-34.4M | ||
| Q3 24 | $42.8M | $-49.7M | ||
| Q2 24 | $-15.6M | $-19.2M | ||
| Q1 24 | $-57.9M | $-31.2M |
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 40.6% | ||
| Q1 25 | — | 41.7% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 39.3% | ||
| Q2 24 | — | 42.2% | ||
| Q1 24 | — | 42.5% |
| Q4 25 | — | -58.5% | ||
| Q3 25 | — | -71.4% | ||
| Q2 25 | 11.7% | -83.3% | ||
| Q1 25 | — | -72.0% | ||
| Q4 24 | -119.0% | -58.4% | ||
| Q3 24 | — | -92.5% | ||
| Q2 24 | -124.7% | -70.0% | ||
| Q1 24 | -448.8% | -94.8% |
| Q4 25 | 124.0% | -53.8% | ||
| Q3 25 | 122.5% | -71.3% | ||
| Q2 25 | 23.4% | -75.6% | ||
| Q1 25 | 127.4% | -63.9% | ||
| Q4 24 | -117.5% | -59.2% | ||
| Q3 24 | 211.7% | -92.1% | ||
| Q2 24 | -81.9% | -36.6% | ||
| Q1 24 | -324.1% | -59.6% |
| Q4 25 | $0.45 | $-0.16 | ||
| Q3 25 | $0.36 | $-0.19 | ||
| Q2 25 | $-0.04 | $-0.20 | ||
| Q1 25 | $0.33 | $-0.18 | ||
| Q4 24 | $-0.46 | $-0.18 | ||
| Q3 24 | $0.36 | $-0.28 | ||
| Q2 24 | $-0.29 | $-0.11 | ||
| Q1 24 | $-0.75 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $145.5M |
| Total DebtLower is stronger | $735.8M | $353.4M |
| Stockholders' EquityBook value | $1.4B | $358.0M |
| Total Assets | $12.6B | $840.8M |
| Debt / EquityLower = less leverage | 0.52× | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $145.5M | ||
| Q3 25 | $185.3M | $160.9M | ||
| Q2 25 | $160.4M | $192.6M | ||
| Q1 25 | $177.1M | $236.6M | ||
| Q4 24 | $167.4M | $274.2M | ||
| Q3 24 | $195.1M | $96.9M | ||
| Q2 24 | $235.5M | $112.3M | ||
| Q1 24 | $226.9M | $138.2M |
| Q4 25 | $735.8M | $353.4M | ||
| Q3 25 | $766.6M | $353.5M | ||
| Q2 25 | $653.0M | $352.5M | ||
| Q1 25 | $654.4M | $379.0M | ||
| Q4 24 | $573.2M | $381.3M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $358.0M | ||
| Q3 25 | $1.4B | $369.2M | ||
| Q2 25 | $1.4B | $390.4M | ||
| Q1 25 | $1.4B | $405.6M | ||
| Q4 24 | $1.4B | $417.9M | ||
| Q3 24 | $1.4B | $458.6M | ||
| Q2 24 | $1.4B | $470.7M | ||
| Q1 24 | $1.5B | $432.9M |
| Q4 25 | $12.6B | $840.8M | ||
| Q3 25 | $12.4B | $855.1M | ||
| Q2 25 | $10.6B | $867.6M | ||
| Q1 25 | $10.0B | $909.0M | ||
| Q4 24 | $9.2B | $941.4M | ||
| Q3 24 | $8.9B | $797.5M | ||
| Q2 24 | $8.2B | $797.3M | ||
| Q1 24 | $7.4B | $803.6M |
| Q4 25 | 0.52× | 0.99× | ||
| Q3 25 | 0.55× | 0.96× | ||
| Q2 25 | 0.47× | 0.90× | ||
| Q1 25 | 0.47× | 0.93× | ||
| Q4 24 | 0.41× | 0.91× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-14.4M |
| Free Cash FlowOCF − Capex | $125.9M | $-16.1M |
| FCF MarginFCF / Revenue | 291.6% | -27.8% |
| Capex IntensityCapex / Revenue | 18.9% | 3.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-14.4M | ||
| Q3 25 | $6.9M | $-6.2M | ||
| Q2 25 | $39.2M | $-7.6M | ||
| Q1 25 | $25.8M | $-29.0M | ||
| Q4 24 | $14.1M | $-6.7M | ||
| Q3 24 | $-922.0K | $-22.8M | ||
| Q2 24 | $-993.0K | $-19.7M | ||
| Q1 24 | $-13.1M | $-9.3M |
| Q4 25 | $125.9M | $-16.1M | ||
| Q3 25 | — | $-10.3M | ||
| Q2 25 | — | $-13.6M | ||
| Q1 25 | — | $-31.4M | ||
| Q4 24 | $-10.6M | $-8.6M | ||
| Q3 24 | $-8.6M | $-29.3M | ||
| Q2 24 | $-8.6M | $-23.4M | ||
| Q1 24 | $-19.1M | $-11.7M |
| Q4 25 | 291.6% | -27.8% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | -26.4% | ||
| Q1 25 | — | -58.0% | ||
| Q4 24 | -39.6% | -14.8% | ||
| Q3 24 | -42.3% | -54.3% | ||
| Q2 24 | -44.9% | -44.7% | ||
| Q1 24 | -107.0% | -22.3% |
| Q4 25 | 18.9% | 3.0% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 11.6% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | 92.3% | 3.2% | ||
| Q3 24 | 37.7% | 12.1% | ||
| Q2 24 | 39.7% | 7.0% | ||
| Q1 24 | 33.5% | 4.4% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
