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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $55.5M, roughly 1.3× indie Semiconductor, Inc.). On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs 2.6%). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (2.9% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $55.5M |
| Net Profit | $29.2M | — |
| Gross Margin | — | 38.0% |
| Operating Margin | 39.7% | -70.1% |
| Net Margin | 39.9% | — |
| Revenue YoY | 4.0% | 2.6% |
| Net Profit YoY | -28.2% | — |
| EPS (diluted) | $0.19 | — |
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.
| Q1 26 | — | $55.5M | ||
| Q4 25 | $73.3M | $58.0M | ||
| Q3 25 | $61.6M | $53.7M | ||
| Q2 25 | $70.9M | $51.6M | ||
| Q1 25 | $65.8M | $54.1M | ||
| Q4 24 | $70.5M | $58.0M | ||
| Q3 24 | $71.6M | $54.0M | ||
| Q2 24 | $81.1M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $29.2M | $-31.2M | ||
| Q3 25 | $50.8M | $-38.3M | ||
| Q2 25 | $20.7M | $-39.0M | ||
| Q1 25 | $26.0M | $-34.5M | ||
| Q4 24 | $40.7M | $-34.4M | ||
| Q3 24 | $-91.5M | $-49.7M | ||
| Q2 24 | $35.8M | $-19.2M |
| Q1 26 | — | 38.0% | ||
| 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 26 | — | -70.1% | ||
| Q4 25 | 39.7% | -58.5% | ||
| Q3 25 | 82.8% | -71.4% | ||
| Q2 25 | 29.4% | -83.3% | ||
| Q1 25 | 39.7% | -72.0% | ||
| Q4 24 | 57.9% | -58.4% | ||
| Q3 24 | -127.8% | -92.5% | ||
| Q2 24 | 44.2% | -70.0% |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | -53.8% | ||
| Q3 25 | 82.4% | -71.3% | ||
| Q2 25 | 29.3% | -75.6% | ||
| Q1 25 | 39.5% | -63.9% | ||
| Q4 24 | 57.7% | -59.2% | ||
| Q3 24 | -127.9% | -92.1% | ||
| Q2 24 | 44.1% | -36.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.19 | $-0.16 | ||
| Q3 25 | $0.34 | $-0.19 | ||
| Q2 25 | $0.12 | $-0.20 | ||
| Q1 25 | $0.16 | $-0.18 | ||
| Q4 24 | $0.25 | $-0.18 | ||
| Q3 24 | $-0.69 | $-0.28 | ||
| Q2 24 | $0.23 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $174.4M |
| Total DebtLower is stronger | — | $402.8M |
| Stockholders' EquityBook value | $1.9B | $348.9M |
| Total Assets | $9.9B | $869.6M |
| Debt / EquityLower = less leverage | — | 1.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.4M | ||
| Q4 25 | $139.8M | $145.5M | ||
| Q3 25 | $245.9M | $160.9M | ||
| Q2 25 | $177.6M | $192.6M | ||
| Q1 25 | $166.4M | $236.6M | ||
| Q4 24 | $317.4M | $274.2M | ||
| Q3 24 | $194.3M | $96.9M | ||
| Q2 24 | $174.7M | $112.3M |
| Q1 26 | — | $402.8M | ||
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | — | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $348.9M | ||
| Q4 25 | $1.9B | $358.0M | ||
| Q3 25 | $1.9B | $369.2M | ||
| Q2 25 | $1.8B | $390.4M | ||
| Q1 25 | $1.9B | $405.6M | ||
| Q4 24 | $1.9B | $417.9M | ||
| Q3 24 | $1.9B | $458.6M | ||
| Q2 24 | $2.0B | $470.7M |
| Q1 26 | — | $869.6M | ||
| Q4 25 | $9.9B | $840.8M | ||
| Q3 25 | $9.5B | $855.1M | ||
| Q2 25 | $9.8B | $867.6M | ||
| Q1 25 | $8.8B | $909.0M | ||
| Q4 24 | $8.4B | $941.4M | ||
| Q3 24 | $9.1B | $797.5M | ||
| Q2 24 | $9.3B | $797.3M |
| Q1 26 | — | 1.15× | ||
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | — | 0.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $142.5M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $142.5M | $-14.4M | ||
| Q3 25 | $31.7M | $-6.2M | ||
| Q2 25 | $63.2M | $-7.6M | ||
| Q1 25 | $39.3M | $-29.0M | ||
| Q4 24 | $200.3M | $-6.7M | ||
| Q3 24 | $47.2M | $-22.8M | ||
| Q2 24 | $50.2M | $-19.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-16.1M | ||
| Q3 25 | — | $-10.3M | ||
| Q2 25 | — | $-13.6M | ||
| Q1 25 | — | $-31.4M | ||
| Q4 24 | — | $-8.6M | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | — | $-23.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | -27.8% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | -26.4% | ||
| Q1 25 | — | -58.0% | ||
| Q4 24 | — | -14.8% | ||
| Q3 24 | — | -54.3% | ||
| Q2 24 | — | -44.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 11.6% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | — | 7.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
INDI
| Product revenue | $51.6M | 93% |
| Contract revenue | $3.9M | 7% |
