vs
Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $57.6M, roughly 1.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -0.0%). indie Semiconductor, Inc. produced more free cash flow last quarter ($-16.1M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
INDI vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $57.6M |
| Net Profit | $-31.2M | — |
| Gross Margin | 37.3% | 86.7% |
| Operating Margin | -58.5% | — |
| Net Margin | -53.8% | — |
| Revenue YoY | -0.0% | 94.1% |
| Net Profit YoY | 9.1% | 71.6% |
| EPS (diluted) | $-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 | $58.0M | $57.6M | ||
| Q3 25 | $53.7M | $49.5M | ||
| Q2 25 | $51.6M | $39.5M | ||
| Q1 25 | $54.1M | $28.5M | ||
| Q4 24 | $58.0M | $29.7M | ||
| Q3 24 | $54.0M | $16.4M | ||
| Q2 24 | $52.4M | $7.3M | ||
| Q1 24 | $52.4M | — |
| Q4 25 | $-31.2M | — | ||
| Q3 25 | $-38.3M | $-30.0M | ||
| Q2 25 | $-39.0M | $-75.8M | ||
| Q1 25 | $-34.5M | $-94.3M | ||
| Q4 24 | $-34.4M | — | ||
| Q3 24 | $-49.7M | $-85.6M | ||
| Q2 24 | $-19.2M | $-91.4M | ||
| Q1 24 | $-31.2M | — |
| Q4 25 | 37.3% | 86.7% | ||
| Q3 25 | 40.1% | 87.5% | ||
| Q2 25 | 40.6% | 87.2% | ||
| Q1 25 | 41.7% | 86.9% | ||
| Q4 24 | 42.6% | 87.1% | ||
| Q3 24 | 39.3% | 85.6% | ||
| Q2 24 | 42.2% | 81.2% | ||
| Q1 24 | 42.5% | — |
| Q4 25 | -58.5% | — | ||
| Q3 25 | -71.4% | -30.8% | ||
| Q2 25 | -83.3% | -151.7% | ||
| Q1 25 | -72.0% | -276.5% | ||
| Q4 24 | -58.4% | — | ||
| Q3 24 | -92.5% | -433.0% | ||
| Q2 24 | -70.0% | -1055.4% | ||
| Q1 24 | -94.8% | — |
| Q4 25 | -53.8% | — | ||
| Q3 25 | -71.3% | -60.5% | ||
| Q2 25 | -75.6% | -191.9% | ||
| Q1 25 | -63.9% | -330.7% | ||
| Q4 24 | -59.2% | — | ||
| Q3 24 | -92.1% | -523.3% | ||
| Q2 24 | -36.6% | -1248.6% | ||
| Q1 24 | -59.6% | — |
| Q4 25 | $-0.16 | — | ||
| Q3 25 | $-0.19 | $-0.41 | ||
| Q2 25 | $-0.20 | $-1.05 | ||
| Q1 25 | $-0.18 | $-1.31 | ||
| Q4 24 | $-0.18 | — | ||
| Q3 24 | $-0.28 | $-1.32 | ||
| Q2 24 | $-0.11 | $-1.56 | ||
| Q1 24 | $-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 | $145.5M | $130.0M |
| Total DebtLower is stronger | $353.4M | $209.1M |
| Stockholders' EquityBook value | $358.0M | $-438.2M |
| Total Assets | $840.8M | $259.1M |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $130.0M | ||
| Q3 25 | $160.9M | $135.2M | ||
| Q2 25 | $192.6M | $149.6M | ||
| Q1 25 | $236.6M | $212.3M | ||
| Q4 24 | $274.2M | $297.3M | ||
| Q3 24 | $96.9M | $334.7M | ||
| Q2 24 | $112.3M | $276.2M | ||
| Q1 24 | $138.2M | — |
| Q4 25 | $353.4M | $209.1M | ||
| Q3 25 | $353.5M | $207.1M | ||
| Q2 25 | $352.5M | $205.1M | ||
| Q1 25 | $379.0M | $203.2M | ||
| Q4 24 | $381.3M | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $358.0M | $-438.2M | ||
| Q3 25 | $369.2M | $-422.5M | ||
| Q2 25 | $390.4M | $-405.8M | ||
| Q1 25 | $405.6M | $-338.4M | ||
| Q4 24 | $417.9M | $-253.6M | ||
| Q3 24 | $458.6M | $-187.1M | ||
| Q2 24 | $470.7M | $-233.8M | ||
| Q1 24 | $432.9M | — |
| Q4 25 | $840.8M | $259.1M | ||
| Q3 25 | $855.1M | $240.3M | ||
| Q2 25 | $867.6M | $250.2M | ||
| Q1 25 | $909.0M | $294.2M | ||
| Q4 24 | $941.4M | $378.3M | ||
| Q3 24 | $797.5M | $387.0M | ||
| Q2 24 | $797.3M | $319.4M | ||
| Q1 24 | $803.6M | — |
| Q4 25 | 0.99× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.93× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-14.4M | $-166.8M |
| Free Cash FlowOCF − Capex | $-16.1M | $-167.0M |
| FCF MarginFCF / Revenue | -27.8% | -290.0% |
| Capex IntensityCapex / Revenue | 3.0% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $-166.8M | ||
| Q3 25 | $-6.2M | $-14.1M | ||
| Q2 25 | $-7.6M | $-62.7M | ||
| Q1 25 | $-29.0M | $-84.9M | ||
| Q4 24 | $-6.7M | $-266.8M | ||
| Q3 24 | $-22.8M | $-63.6M | ||
| Q2 24 | $-19.7M | $-70.7M | ||
| Q1 24 | $-9.3M | — |
| Q4 25 | $-16.1M | $-167.0M | ||
| Q3 25 | $-10.3M | $-14.1M | ||
| Q2 25 | $-13.6M | $-62.8M | ||
| Q1 25 | $-31.4M | $-84.9M | ||
| Q4 24 | $-8.6M | $-266.9M | ||
| Q3 24 | $-29.3M | $-63.6M | ||
| Q2 24 | $-23.4M | $-70.8M | ||
| Q1 24 | $-11.7M | — |
| Q4 25 | -27.8% | -290.0% | ||
| Q3 25 | -19.2% | -28.6% | ||
| Q2 25 | -26.4% | -159.0% | ||
| Q1 25 | -58.0% | -297.9% | ||
| Q4 24 | -14.8% | -899.8% | ||
| Q3 24 | -54.3% | -389.0% | ||
| Q2 24 | -44.7% | -966.2% | ||
| Q1 24 | -22.3% | — |
| Q4 25 | 3.0% | 0.4% | ||
| Q3 25 | 7.8% | 0.1% | ||
| Q2 25 | 11.6% | 0.2% | ||
| Q1 25 | 4.4% | 0.1% | ||
| Q4 24 | 3.2% | 0.5% | ||
| Q3 24 | 12.1% | 0.3% | ||
| Q2 24 | 7.0% | 0.6% | ||
| Q1 24 | 4.4% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
PHAT
Segment breakdown not available.
