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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($55.5M vs $33.9M, roughly 1.6× Spok Holdings, Inc). On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (2.6% vs -0.1%). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (2.9% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
INDI vs SPOK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $33.9M |
| Net Profit | — | $2.9M |
| Gross Margin | 38.0% | 76.7% |
| Operating Margin | -70.1% | 11.6% |
| Net Margin | — | 8.7% |
| Revenue YoY | 2.6% | -0.1% |
| Net Profit YoY | — | -19.6% |
| EPS (diluted) | — | $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.
| Q1 26 | $55.5M | — | ||
| Q4 25 | $58.0M | $33.9M | ||
| Q3 25 | $53.7M | $33.9M | ||
| Q2 25 | $51.6M | $35.7M | ||
| Q1 25 | $54.1M | $36.3M | ||
| Q4 24 | $58.0M | $33.9M | ||
| Q3 24 | $54.0M | $34.9M | ||
| Q2 24 | $52.4M | $34.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-31.2M | $2.9M | ||
| Q3 25 | $-38.3M | $3.2M | ||
| Q2 25 | $-39.0M | $4.6M | ||
| Q1 25 | $-34.5M | $5.2M | ||
| Q4 24 | $-34.4M | $3.6M | ||
| Q3 24 | $-49.7M | $3.7M | ||
| Q2 24 | $-19.2M | $3.4M |
| Q1 26 | 38.0% | — | ||
| Q4 25 | 37.3% | 76.7% | ||
| Q3 25 | 40.1% | 78.3% | ||
| Q2 25 | 40.6% | 79.5% | ||
| Q1 25 | 41.7% | 80.1% | ||
| Q4 24 | 42.6% | 78.5% | ||
| Q3 24 | 39.3% | 79.5% | ||
| Q2 24 | 42.2% | 78.9% |
| Q1 26 | -70.1% | — | ||
| Q4 25 | -58.5% | 11.6% | ||
| Q3 25 | -71.4% | 12.9% | ||
| Q2 25 | -83.3% | 15.1% | ||
| Q1 25 | -72.0% | 16.6% | ||
| Q4 24 | -58.4% | 13.7% | ||
| Q3 24 | -92.5% | 14.2% | ||
| Q2 24 | -70.0% | 13.2% |
| Q1 26 | — | — | ||
| Q4 25 | -53.8% | 8.7% | ||
| Q3 25 | -71.3% | 9.5% | ||
| Q2 25 | -75.6% | 12.8% | ||
| Q1 25 | -63.9% | 14.3% | ||
| Q4 24 | -59.2% | 10.8% | ||
| Q3 24 | -92.1% | 10.5% | ||
| Q2 24 | -36.6% | 10.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.16 | $0.13 | ||
| Q3 25 | $-0.19 | $0.15 | ||
| Q2 25 | $-0.20 | $0.22 | ||
| Q1 25 | $-0.18 | $0.25 | ||
| Q4 24 | $-0.18 | $0.17 | ||
| Q3 24 | $-0.28 | $0.18 | ||
| Q2 24 | $-0.11 | $0.17 |
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 | $25.3M |
| Total DebtLower is stronger | $402.8M | — |
| Stockholders' EquityBook value | $348.9M | $146.4M |
| Total Assets | $869.6M | $206.1M |
| Debt / EquityLower = less leverage | 1.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.4M | — | ||
| Q4 25 | $145.5M | $25.3M | ||
| Q3 25 | $160.9M | $21.4M | ||
| Q2 25 | $192.6M | $20.2M | ||
| Q1 25 | $236.6M | $19.9M | ||
| Q4 24 | $274.2M | $29.1M | ||
| Q3 24 | $96.9M | $27.8M | ||
| Q2 24 | $112.3M | $23.9M |
| 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 | $358.0M | $146.4M | ||
| Q3 25 | $369.2M | $148.7M | ||
| Q2 25 | $390.4M | $150.9M | ||
| Q1 25 | $405.6M | $151.7M | ||
| Q4 24 | $417.9M | $154.7M | ||
| Q3 24 | $458.6M | $156.3M | ||
| Q2 24 | $470.7M | $158.2M |
| Q1 26 | $869.6M | — | ||
| Q4 25 | $840.8M | $206.1M | ||
| Q3 25 | $855.1M | $209.7M | ||
| Q2 25 | $867.6M | $208.7M | ||
| Q1 25 | $909.0M | $204.5M | ||
| Q4 24 | $941.4M | $217.1M | ||
| Q3 24 | $797.5M | $216.8M | ||
| Q2 24 | $797.3M | $216.4M |
| 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 | — | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-14.4M | $11.5M | ||
| Q3 25 | $-6.2M | $8.1M | ||
| Q2 25 | $-7.6M | $7.0M | ||
| Q1 25 | $-29.0M | $2.3M | ||
| Q4 24 | $-6.7M | $8.4M | ||
| Q3 24 | $-22.8M | $11.1M | ||
| Q2 24 | $-19.7M | $7.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-16.1M | $10.1M | ||
| Q3 25 | $-10.3M | $7.6M | ||
| Q2 25 | $-13.6M | $6.0M | ||
| Q1 25 | $-31.4M | $1.5M | ||
| Q4 24 | $-8.6M | $7.5M | ||
| Q3 24 | $-29.3M | $10.3M | ||
| Q2 24 | $-23.4M | $6.8M |
| Q1 26 | — | — | ||
| Q4 25 | -27.8% | 29.9% | ||
| Q3 25 | -19.2% | 22.4% | ||
| Q2 25 | -26.4% | 16.8% | ||
| Q1 25 | -58.0% | 4.2% | ||
| Q4 24 | -14.8% | 22.3% | ||
| Q3 24 | -54.3% | 29.4% | ||
| Q2 24 | -44.7% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 4.1% | ||
| Q3 25 | 7.8% | 1.6% | ||
| Q2 25 | 11.6% | 2.9% | ||
| Q1 25 | 4.4% | 2.1% | ||
| Q4 24 | 3.2% | 2.5% | ||
| Q3 24 | 12.1% | 2.4% | ||
| Q2 24 | 7.0% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
