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Side-by-side financial comparison of ESTABLISHMENT LABS HOLDINGS INC. (ESTA) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
ESTABLISHMENT LABS HOLDINGS INC. is the larger business by last-quarter revenue ($64.6M vs $55.5M, roughly 1.2× indie Semiconductor, Inc.). On growth, ESTABLISHMENT LABS HOLDINGS INC. posted the faster year-over-year revenue change (45.2% vs 2.6%). Over the past eight quarters, ESTABLISHMENT LABS HOLDINGS INC.'s revenue compounded faster (31.9% CAGR vs 2.9%).
Astera Labs, Inc. is an American fabless semiconductor manufacturer and artificial intelligence company. The company specializes in designing high-speed connectivity solutions for data centers and AI infrastructure. The company has been listed on the Nasdaq since March 2024.
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.
ESTA vs INDI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $64.6M | $55.5M |
| Net Profit | — | — |
| Gross Margin | 70.5% | 38.0% |
| Operating Margin | -6.1% | -70.1% |
| Net Margin | — | — |
| Revenue YoY | 45.2% | 2.6% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.07 | — |
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 | $64.6M | $58.0M | ||
| Q3 25 | $53.8M | $53.7M | ||
| Q2 25 | $51.3M | $51.6M | ||
| Q1 25 | $41.4M | $54.1M | ||
| Q4 24 | $44.5M | $58.0M | ||
| Q3 24 | $40.2M | $54.0M | ||
| Q2 24 | $44.1M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-31.2M | ||
| Q3 25 | $-11.1M | $-38.3M | ||
| Q2 25 | $-16.6M | $-39.0M | ||
| Q1 25 | $-20.7M | $-34.5M | ||
| Q4 24 | — | $-34.4M | ||
| Q3 24 | $-16.7M | $-49.7M | ||
| Q2 24 | $-17.2M | $-19.2M |
| Q1 26 | — | 38.0% | ||
| Q4 25 | 70.5% | 37.3% | ||
| Q3 25 | 70.1% | 40.1% | ||
| Q2 25 | 68.8% | 40.6% | ||
| Q1 25 | 67.2% | 41.7% | ||
| Q4 24 | 68.5% | 42.6% | ||
| Q3 24 | 63.9% | 39.3% | ||
| Q2 24 | 65.6% | 42.2% |
| Q1 26 | — | -70.1% | ||
| Q4 25 | -6.1% | -58.5% | ||
| Q3 25 | -7.5% | -71.4% | ||
| Q2 25 | -27.5% | -83.3% | ||
| Q1 25 | -41.0% | -72.0% | ||
| Q4 24 | -41.9% | -58.4% | ||
| Q3 24 | -32.7% | -92.5% | ||
| Q2 24 | -21.2% | -70.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -53.8% | ||
| Q3 25 | -20.7% | -71.3% | ||
| Q2 25 | -32.3% | -75.6% | ||
| Q1 25 | -50.1% | -63.9% | ||
| Q4 24 | — | -59.2% | ||
| Q3 24 | -41.5% | -92.1% | ||
| Q2 24 | -38.9% | -36.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.07 | $-0.16 | ||
| Q3 25 | $-0.38 | $-0.19 | ||
| Q2 25 | $-0.57 | $-0.20 | ||
| Q1 25 | $-0.70 | $-0.18 | ||
| Q4 24 | $-1.21 | $-0.18 | ||
| Q3 24 | $-0.59 | $-0.28 | ||
| Q2 24 | $-0.62 | $-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 | $75.6M | $174.4M |
| Total DebtLower is stronger | — | $402.8M |
| Stockholders' EquityBook value | $23.5M | $348.9M |
| Total Assets | $357.2M | $869.6M |
| Debt / EquityLower = less leverage | — | 1.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $174.4M | ||
| Q4 25 | $75.6M | $145.5M | ||
| Q3 25 | $70.6M | $160.9M | ||
| Q2 25 | $54.6M | $192.6M | ||
| Q1 25 | $69.2M | $236.6M | ||
| Q4 24 | $90.3M | $274.2M | ||
| Q3 24 | — | $96.9M | ||
| Q2 24 | — | $112.3M |
| Q1 26 | — | $402.8M | ||
| Q4 25 | — | $353.4M | ||
| Q3 25 | — | $353.5M | ||
| Q2 25 | — | $352.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | $0 | $381.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $348.9M | ||
| Q4 25 | $23.5M | $358.0M | ||
| Q3 25 | $16.4M | $369.2M | ||
| Q2 25 | $22.8M | $390.4M | ||
| Q1 25 | $38.5M | $405.6M | ||
| Q4 24 | $53.1M | $417.9M | ||
| Q3 24 | $32.7M | $458.6M | ||
| Q2 24 | $45.0M | $470.7M |
| Q1 26 | — | $869.6M | ||
| Q4 25 | $357.2M | $840.8M | ||
| Q3 25 | $338.9M | $855.1M | ||
| Q2 25 | $329.7M | $867.6M | ||
| Q1 25 | $333.4M | $909.0M | ||
| Q4 24 | $346.8M | $941.4M | ||
| Q3 24 | $282.7M | $797.5M | ||
| Q2 24 | $285.1M | $797.3M |
| Q1 26 | — | 1.15× | ||
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 0.00× | 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 | $-162.0K | — |
| Free Cash FlowOCF − Capex | $-2.0M | — |
| FCF MarginFCF / Revenue | -3.1% | — |
| Capex IntensityCapex / Revenue | 2.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-56.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-162.0K | $-14.4M | ||
| Q3 25 | $-11.3M | $-6.2M | ||
| Q2 25 | $-18.8M | $-7.6M | ||
| Q1 25 | $-20.7M | $-29.0M | ||
| Q4 24 | $-20.7M | $-6.7M | ||
| Q3 24 | $-12.5M | $-22.8M | ||
| Q2 24 | $-14.2M | $-19.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.0M | $-16.1M | ||
| Q3 25 | $-13.1M | $-10.3M | ||
| Q2 25 | $-20.4M | $-13.6M | ||
| Q1 25 | $-21.5M | $-31.4M | ||
| Q4 24 | $-21.3M | $-8.6M | ||
| Q3 24 | $-13.9M | $-29.3M | ||
| Q2 24 | $-15.0M | $-23.4M |
| Q1 26 | — | — | ||
| Q4 25 | -3.1% | -27.8% | ||
| Q3 25 | -24.4% | -19.2% | ||
| Q2 25 | -39.7% | -26.4% | ||
| Q1 25 | -51.9% | -58.0% | ||
| Q4 24 | -47.8% | -14.8% | ||
| Q3 24 | -34.6% | -54.3% | ||
| Q2 24 | -33.9% | -44.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 3.0% | ||
| Q3 25 | 3.4% | 7.8% | ||
| Q2 25 | 3.2% | 11.6% | ||
| Q1 25 | 1.8% | 4.4% | ||
| Q4 24 | 1.2% | 3.2% | ||
| Q3 24 | 3.7% | 12.1% | ||
| Q2 24 | 1.8% | 7.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESTA
Segment breakdown not available.
INDI
| Product revenue | $51.6M | 93% |
| Contract revenue | $3.9M | 7% |
