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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $58.0M, roughly 1.6× indie Semiconductor, Inc.). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -53.8%, a 48.0% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -0.0%). indie Semiconductor, Inc. produced more free cash flow last quarter ($-16.1M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
INDI vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $91.6M |
| Net Profit | $-31.2M | $-5.4M |
| Gross Margin | 37.3% | — |
| Operating Margin | -58.5% | -1.0% |
| Net Margin | -53.8% | -5.9% |
| Revenue YoY | -0.0% | 7.2% |
| Net Profit YoY | 9.1% | -95.8% |
| EPS (diluted) | $-0.16 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $53.7M | $89.8M | ||
| Q2 25 | $51.6M | $88.6M | ||
| Q1 25 | $54.1M | $87.9M | ||
| Q4 24 | $58.0M | $85.4M | ||
| Q3 24 | $54.0M | $87.6M | ||
| Q2 24 | $52.4M | $85.8M | ||
| Q1 24 | $52.4M | $69.2M |
| Q4 25 | $-31.2M | $-5.4M | ||
| Q3 25 | $-38.3M | $-9.4M | ||
| Q2 25 | $-39.0M | $-9.0M | ||
| Q1 25 | $-34.5M | $-9.1M | ||
| Q4 24 | $-34.4M | $-2.7M | ||
| Q3 24 | $-49.7M | $-5.3M | ||
| Q2 24 | $-19.2M | $-12.9M | ||
| Q1 24 | $-31.2M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | -71.4% | -8.0% | ||
| Q2 25 | -83.3% | -10.3% | ||
| Q1 25 | -72.0% | -6.9% | ||
| Q4 24 | -58.4% | -6.7% | ||
| Q3 24 | -92.5% | -4.8% | ||
| Q2 24 | -70.0% | -18.5% | ||
| Q1 24 | -94.8% | -4.0% |
| Q4 25 | -53.8% | -5.9% | ||
| Q3 25 | -71.3% | -10.5% | ||
| Q2 25 | -75.6% | -10.2% | ||
| Q1 25 | -63.9% | -10.4% | ||
| Q4 24 | -59.2% | -3.2% | ||
| Q3 24 | -92.1% | -6.0% | ||
| Q2 24 | -36.6% | -15.0% | ||
| Q1 24 | -59.6% | 310.0% |
| Q4 25 | $-0.16 | $-0.13 | ||
| Q3 25 | $-0.19 | $-0.20 | ||
| Q2 25 | $-0.20 | $-0.19 | ||
| Q1 25 | $-0.18 | $-0.19 | ||
| Q4 24 | $-0.18 | $-0.34 | ||
| Q3 24 | $-0.28 | $-0.13 | ||
| Q2 24 | $-0.11 | $-0.24 | ||
| Q1 24 | $-0.19 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $353.4M | $642.4M |
| Stockholders' EquityBook value | $358.0M | $880.8M |
| Total Assets | $840.8M | $1.9B |
| Debt / EquityLower = less leverage | 0.99× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $27.3M | ||
| Q3 25 | $160.9M | $22.6M | ||
| Q2 25 | $192.6M | $29.1M | ||
| Q1 25 | $236.6M | $87.5M | ||
| Q4 24 | $274.2M | $46.3M | ||
| Q3 24 | $96.9M | $43.1M | ||
| Q2 24 | $112.3M | $43.8M | ||
| Q1 24 | $138.2M | $389.7M |
| Q4 25 | $353.4M | $642.4M | ||
| Q3 25 | $353.5M | $535.4M | ||
| Q2 25 | $352.5M | $513.1M | ||
| Q1 25 | $379.0M | $515.8M | ||
| Q4 24 | $381.3M | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $358.0M | $880.8M | ||
| Q3 25 | $369.2M | $892.7M | ||
| Q2 25 | $390.4M | $902.0M | ||
| Q1 25 | $405.6M | $910.5M | ||
| Q4 24 | $417.9M | $918.6M | ||
| Q3 24 | $458.6M | $925.4M | ||
| Q2 24 | $470.7M | $933.1M | ||
| Q1 24 | $432.9M | $871.6M |
| Q4 25 | $840.8M | $1.9B | ||
| Q3 25 | $855.1M | $1.9B | ||
| Q2 25 | $867.6M | $1.8B | ||
| Q1 25 | $909.0M | $1.8B | ||
| Q4 24 | $941.4M | $1.7B | ||
| Q3 24 | $797.5M | $1.7B | ||
| Q2 24 | $797.3M | $1.7B | ||
| Q1 24 | $803.6M | $1.4B |
| Q4 25 | 0.99× | 0.73× | ||
| Q3 25 | 0.96× | 0.60× | ||
| Q2 25 | 0.90× | 0.57× | ||
| Q1 25 | 0.93× | 0.57× | ||
| Q4 24 | 0.91× | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-16.1M | $-78.6M |
| FCF MarginFCF / Revenue | -27.8% | -85.8% |
| Capex IntensityCapex / Revenue | 3.0% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $28.8M | ||
| Q3 25 | $-6.2M | $30.7M | ||
| Q2 25 | $-7.6M | $20.9M | ||
| Q1 25 | $-29.0M | $20.5M | ||
| Q4 24 | $-6.7M | $20.6M | ||
| Q3 24 | $-22.8M | $24.3M | ||
| Q2 24 | $-19.7M | $2.5M | ||
| Q1 24 | $-9.3M | $15.2M |
| Q4 25 | $-16.1M | $-78.6M | ||
| Q3 25 | $-10.3M | $-51.4M | ||
| Q2 25 | $-13.6M | $-65.3M | ||
| Q1 25 | $-31.4M | $-62.7M | ||
| Q4 24 | $-8.6M | $-72.0M | ||
| Q3 24 | $-29.3M | $-51.3M | ||
| Q2 24 | $-23.4M | $-78.3M | ||
| Q1 24 | $-11.7M | $-54.9M |
| Q4 25 | -27.8% | -85.8% | ||
| Q3 25 | -19.2% | -57.2% | ||
| Q2 25 | -26.4% | -73.7% | ||
| Q1 25 | -58.0% | -71.3% | ||
| Q4 24 | -14.8% | -84.3% | ||
| Q3 24 | -54.3% | -58.5% | ||
| Q2 24 | -44.7% | -91.3% | ||
| Q1 24 | -22.3% | -79.3% |
| Q4 25 | 3.0% | 117.2% | ||
| Q3 25 | 7.8% | 91.4% | ||
| Q2 25 | 11.6% | 97.3% | ||
| Q1 25 | 4.4% | 94.7% | ||
| Q4 24 | 3.2% | 108.4% | ||
| Q3 24 | 12.1% | 86.2% | ||
| Q2 24 | 7.0% | 94.2% | ||
| Q1 24 | 4.4% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
