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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Midland States Bancorp, Inc. (MSBI). Click either name above to swap in a different company.
Midland States Bancorp, Inc. is the larger business by last-quarter revenue ($79.5M vs $55.5M, roughly 1.4× indie Semiconductor, Inc.). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (2.9% CAGR vs -6.4%).
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.
Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expa...
INDI vs MSBI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $79.5M |
| Net Profit | — | $18.5M |
| Gross Margin | 38.0% | — |
| Operating Margin | -70.1% | — |
| Net Margin | — | 23.2% |
| Revenue YoY | 2.6% | — |
| Net Profit YoY | — | 739.3% |
| EPS (diluted) | — | $0.74 |
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 | $79.5M | ||
| Q4 25 | $58.0M | $85.6M | ||
| Q3 25 | $53.7M | $81.1M | ||
| Q2 25 | $51.6M | $82.2M | ||
| Q1 25 | $54.1M | $76.1M | ||
| Q4 24 | $58.0M | $93.9M | ||
| Q3 24 | $54.0M | $92.7M | ||
| Q2 24 | $52.4M | $90.9M |
| Q1 26 | — | $18.5M | ||
| Q4 25 | $-31.2M | $-2.9M | ||
| Q3 25 | $-38.3M | $7.6M | ||
| Q2 25 | $-39.0M | $12.0M | ||
| Q1 25 | $-34.5M | $-141.0M | ||
| Q4 24 | $-34.4M | $-30.8M | ||
| Q3 24 | $-49.7M | $20.4M | ||
| Q2 24 | $-19.2M | $25.7M |
| 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 | -58.5% | -5.5% | ||
| Q3 25 | -71.4% | 13.9% | ||
| Q2 25 | -83.3% | 18.1% | ||
| Q1 25 | -72.0% | -181.2% | ||
| Q4 24 | -58.4% | -66.5% | ||
| Q3 24 | -92.5% | 26.9% | ||
| Q2 24 | -70.0% | 35.0% |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -53.8% | -4.9% | ||
| Q3 25 | -71.3% | 9.3% | ||
| Q2 25 | -75.6% | 14.6% | ||
| Q1 25 | -63.9% | -185.4% | ||
| Q4 24 | -59.2% | -52.5% | ||
| Q3 24 | -92.1% | 22.1% | ||
| Q2 24 | -36.6% | 28.3% |
| Q1 26 | — | $0.74 | ||
| Q4 25 | $-0.16 | $-0.22 | ||
| Q3 25 | $-0.19 | $0.24 | ||
| Q2 25 | $-0.20 | $0.44 | ||
| Q1 25 | $-0.18 | $-6.58 | ||
| Q4 24 | $-0.18 | $-1.49 | ||
| Q3 24 | $-0.28 | $0.83 | ||
| Q2 24 | $-0.11 | $1.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $174.4M | $89.4M |
| Total DebtLower is stronger | $402.8M | $33.2M |
| Stockholders' EquityBook value | $348.9M | $569.5M |
| Total Assets | $869.6M | $6.5B |
| Debt / EquityLower = less leverage | 1.15× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.4M | $89.4M | ||
| Q4 25 | $145.5M | $127.8M | ||
| Q3 25 | $160.9M | $166.1M | ||
| Q2 25 | $192.6M | $176.6M | ||
| Q1 25 | $236.6M | $102.0M | ||
| Q4 24 | $274.2M | $114.8M | ||
| Q3 24 | $96.9M | $121.9M | ||
| Q2 24 | $112.3M | $124.6M |
| Q1 26 | $402.8M | $33.2M | ||
| 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 | $569.5M | ||
| Q4 25 | $358.0M | $565.5M | ||
| Q3 25 | $369.2M | $584.0M | ||
| Q2 25 | $390.4M | $573.7M | ||
| Q1 25 | $405.6M | $571.4M | ||
| Q4 24 | $417.9M | $710.8M | ||
| Q3 24 | $458.6M | $771.2M | ||
| Q2 24 | $470.7M | $736.8M |
| Q1 26 | $869.6M | $6.5B | ||
| Q4 25 | $840.8M | $6.5B | ||
| Q3 25 | $855.1M | $6.9B | ||
| Q2 25 | $867.6M | $7.1B | ||
| Q1 25 | $909.0M | $7.3B | ||
| Q4 24 | $941.4M | $7.5B | ||
| Q3 24 | $797.5M | $7.7B | ||
| Q2 24 | $797.3M | $7.7B |
| Q1 26 | 1.15× | 0.06× | ||
| Q4 25 | 0.99× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.93× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDI
| Product revenue | $51.6M | 93% |
| Contract revenue | $3.9M | 7% |
MSBI
| Net Interest Income | $57.4M | 72% |
| Noninterest Income | $22.1M | 28% |
