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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $58.0M, roughly 1.7× indie Semiconductor, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -53.8%, a 46.8% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -0.0%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-16.1M). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
INDI vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $100.0M |
| Net Profit | $-31.2M | $-7.0M |
| Gross Margin | 37.3% | 28.0% |
| Operating Margin | -58.5% | -10.7% |
| Net Margin | -53.8% | -7.0% |
| Revenue YoY | -0.0% | 14.5% |
| Net Profit YoY | 9.1% | 76.0% |
| EPS (diluted) | $-0.16 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $53.7M | $161.9M | ||
| Q2 25 | $51.6M | $172.6M | ||
| Q1 25 | $54.1M | $111.4M | ||
| Q4 24 | $58.0M | $87.3M | ||
| Q3 24 | $54.0M | $150.5M | ||
| Q2 24 | $52.4M | $160.1M | ||
| Q1 24 | $52.4M | $110.6M |
| Q4 25 | $-31.2M | $-7.0M | ||
| Q3 25 | $-38.3M | $8.1M | ||
| Q2 25 | $-39.0M | $16.0M | ||
| Q1 25 | $-34.5M | $-6.0M | ||
| Q4 24 | $-34.4M | $-29.2M | ||
| Q3 24 | $-49.7M | $5.9M | ||
| Q2 24 | $-19.2M | $13.3M | ||
| Q1 24 | $-31.2M | $-7.9M |
| Q4 25 | 37.3% | 28.0% | ||
| Q3 25 | 40.1% | 35.4% | ||
| Q2 25 | 40.6% | 37.1% | ||
| Q1 25 | 41.7% | 29.5% | ||
| Q4 24 | 42.6% | 24.6% | ||
| Q3 24 | 39.3% | 32.4% | ||
| Q2 24 | 42.2% | 33.1% | ||
| Q1 24 | 42.5% | 27.7% |
| Q4 25 | -58.5% | -10.7% | ||
| Q3 25 | -71.4% | 13.3% | ||
| Q2 25 | -83.3% | 14.3% | ||
| Q1 25 | -72.0% | -4.4% | ||
| Q4 24 | -58.4% | -14.9% | ||
| Q3 24 | -92.5% | 8.9% | ||
| Q2 24 | -70.0% | 12.5% | ||
| Q1 24 | -94.8% | -1.9% |
| Q4 25 | -53.8% | -7.0% | ||
| Q3 25 | -71.3% | 5.0% | ||
| Q2 25 | -75.6% | 9.3% | ||
| Q1 25 | -63.9% | -5.4% | ||
| Q4 24 | -59.2% | -33.4% | ||
| Q3 24 | -92.1% | 3.9% | ||
| Q2 24 | -36.6% | 8.3% | ||
| Q1 24 | -59.6% | -7.1% |
| Q4 25 | $-0.16 | $-0.06 | ||
| Q3 25 | $-0.19 | $0.07 | ||
| Q2 25 | $-0.20 | $0.13 | ||
| Q1 25 | $-0.18 | $-0.05 | ||
| Q4 24 | $-0.18 | $-0.24 | ||
| Q3 24 | $-0.28 | $0.05 | ||
| Q2 24 | $-0.11 | $0.11 | ||
| Q1 24 | $-0.19 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $353.4M | $279.8M |
| Stockholders' EquityBook value | $358.0M | $405.9M |
| Total Assets | $840.8M | $823.2M |
| Debt / EquityLower = less leverage | 0.99× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | — | ||
| Q3 25 | $160.9M | — | ||
| Q2 25 | $192.6M | — | ||
| Q1 25 | $236.6M | — | ||
| Q4 24 | $274.2M | — | ||
| Q3 24 | $96.9M | — | ||
| Q2 24 | $112.3M | — | ||
| Q1 24 | $138.2M | — |
| Q4 25 | $353.4M | $279.8M | ||
| Q3 25 | $353.5M | $281.1M | ||
| Q2 25 | $352.5M | $281.5M | ||
| Q1 25 | $379.0M | $306.9M | ||
| Q4 24 | $381.3M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $358.0M | $405.9M | ||
| Q3 25 | $369.2M | $408.4M | ||
| Q2 25 | $390.4M | $398.4M | ||
| Q1 25 | $405.6M | $381.1M | ||
| Q4 24 | $417.9M | $387.2M | ||
| Q3 24 | $458.6M | $416.6M | ||
| Q2 24 | $470.7M | $408.1M | ||
| Q1 24 | $432.9M | $391.8M |
| Q4 25 | $840.8M | $823.2M | ||
| Q3 25 | $855.1M | $844.4M | ||
| Q2 25 | $867.6M | $822.1M | ||
| Q1 25 | $909.0M | $824.6M | ||
| Q4 24 | $941.4M | $794.2M | ||
| Q3 24 | $797.5M | $853.4M | ||
| Q2 24 | $797.3M | $830.0M | ||
| Q1 24 | $803.6M | $808.6M |
| Q4 25 | 0.99× | 0.69× | ||
| Q3 25 | 0.96× | 0.69× | ||
| Q2 25 | 0.90× | 0.71× | ||
| Q1 25 | 0.93× | 0.81× | ||
| Q4 24 | 0.91× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-16.1M | $14.1M |
| FCF MarginFCF / Revenue | -27.8% | 14.1% |
| Capex IntensityCapex / Revenue | 3.0% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $23.3M | ||
| Q3 25 | $-6.2M | $51.0M | ||
| Q2 25 | $-7.6M | $36.0M | ||
| Q1 25 | $-29.0M | $-46.9M | ||
| Q4 24 | $-6.7M | $6.2M | ||
| Q3 24 | $-22.8M | $37.2M | ||
| Q2 24 | $-19.7M | $52.4M | ||
| Q1 24 | $-9.3M | $-34.5M |
| Q4 25 | $-16.1M | $14.1M | ||
| Q3 25 | $-10.3M | $45.2M | ||
| Q2 25 | $-13.6M | $29.1M | ||
| Q1 25 | $-31.4M | $-50.3M | ||
| Q4 24 | $-8.6M | $-98.0K | ||
| Q3 24 | $-29.3M | $33.2M | ||
| Q2 24 | $-23.4M | $47.9M | ||
| Q1 24 | $-11.7M | $-39.9M |
| Q4 25 | -27.8% | 14.1% | ||
| Q3 25 | -19.2% | 27.9% | ||
| Q2 25 | -26.4% | 16.8% | ||
| Q1 25 | -58.0% | -45.2% | ||
| Q4 24 | -14.8% | -0.1% | ||
| Q3 24 | -54.3% | 22.1% | ||
| Q2 24 | -44.7% | 29.9% | ||
| Q1 24 | -22.3% | -36.0% |
| Q4 25 | 3.0% | 9.2% | ||
| Q3 25 | 7.8% | 3.6% | ||
| Q2 25 | 11.6% | 4.0% | ||
| Q1 25 | 4.4% | 3.1% | ||
| Q4 24 | 3.2% | 7.2% | ||
| Q3 24 | 12.1% | 2.7% | ||
| Q2 24 | 7.0% | 2.8% | ||
| Q1 24 | 4.4% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
