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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $58.0M, roughly 1.6× indie Semiconductor, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -53.8%, a 78.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -0.0%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-16.1M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
INDI vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $92.9M |
| Net Profit | $-31.2M | $23.2M |
| Gross Margin | 37.3% | 78.7% |
| Operating Margin | -58.5% | 24.1% |
| Net Margin | -53.8% | 25.0% |
| Revenue YoY | -0.0% | 23.3% |
| Net Profit YoY | 9.1% | 17.3% |
| EPS (diluted) | $-0.16 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $53.7M | $67.5M | ||
| Q2 25 | $51.6M | $63.2M | ||
| Q1 25 | $54.1M | $52.6M | ||
| Q4 24 | $58.0M | $75.4M | ||
| Q3 24 | $54.0M | $57.9M | ||
| Q2 24 | $52.4M | $52.7M | ||
| Q1 24 | $52.4M | $51.3M |
| Q4 25 | $-31.2M | $23.2M | ||
| Q3 25 | $-38.3M | $5.1M | ||
| Q2 25 | $-39.0M | $-553.0K | ||
| Q1 25 | $-34.5M | $-11.2M | ||
| Q4 24 | $-34.4M | $19.8M | ||
| Q3 24 | $-49.7M | $-901.0K | ||
| Q2 24 | $-19.2M | $-4.7M | ||
| Q1 24 | $-31.2M | $-3.9M |
| Q4 25 | 37.3% | 78.7% | ||
| Q3 25 | 40.1% | 73.5% | ||
| Q2 25 | 40.6% | 73.7% | ||
| Q1 25 | 41.7% | 69.0% | ||
| Q4 24 | 42.6% | 77.6% | ||
| Q3 24 | 39.3% | 71.9% | ||
| Q2 24 | 42.2% | 69.5% | ||
| Q1 24 | 42.5% | 68.9% |
| Q4 25 | -58.5% | 24.1% | ||
| Q3 25 | -71.4% | 5.1% | ||
| Q2 25 | -83.3% | -3.2% | ||
| Q1 25 | -72.0% | -24.3% | ||
| Q4 24 | -58.4% | 24.5% | ||
| Q3 24 | -92.5% | -4.3% | ||
| Q2 24 | -70.0% | -11.5% | ||
| Q1 24 | -94.8% | -10.7% |
| Q4 25 | -53.8% | 25.0% | ||
| Q3 25 | -71.3% | 7.5% | ||
| Q2 25 | -75.6% | -0.9% | ||
| Q1 25 | -63.9% | -21.4% | ||
| Q4 24 | -59.2% | 26.3% | ||
| Q3 24 | -92.1% | -1.6% | ||
| Q2 24 | -36.6% | -8.9% | ||
| Q1 24 | -59.6% | -7.5% |
| Q4 25 | $-0.16 | $0.46 | ||
| Q3 25 | $-0.19 | $0.10 | ||
| Q2 25 | $-0.20 | $-0.01 | ||
| Q1 25 | $-0.18 | $-0.23 | ||
| Q4 24 | $-0.18 | $0.40 | ||
| Q3 24 | $-0.28 | $-0.02 | ||
| Q2 24 | $-0.11 | $-0.10 | ||
| Q1 24 | $-0.19 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $353.4M | — |
| Stockholders' EquityBook value | $358.0M | $354.6M |
| Total Assets | $840.8M | $488.0M |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $137.5M | ||
| Q3 25 | $160.9M | $135.4M | ||
| Q2 25 | $192.6M | $116.9M | ||
| Q1 25 | $236.6M | $112.9M | ||
| Q4 24 | $274.2M | $116.2M | ||
| Q3 24 | $96.9M | $101.7M | ||
| Q2 24 | $112.3M | $102.5M | ||
| Q1 24 | $138.2M | $110.6M |
| 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 24 | — | — |
| Q4 25 | $358.0M | $354.6M | ||
| Q3 25 | $369.2M | $321.9M | ||
| Q2 25 | $390.4M | $306.8M | ||
| Q1 25 | $405.6M | $295.5M | ||
| Q4 24 | $417.9M | $292.0M | ||
| Q3 24 | $458.6M | $257.5M | ||
| Q2 24 | $470.7M | $243.0M | ||
| Q1 24 | $432.9M | $233.9M |
| Q4 25 | $840.8M | $488.0M | ||
| Q3 25 | $855.1M | $453.3M | ||
| Q2 25 | $867.6M | $435.6M | ||
| Q1 25 | $909.0M | $424.6M | ||
| Q4 24 | $941.4M | $432.7M | ||
| Q3 24 | $797.5M | $390.4M | ||
| Q2 24 | $797.3M | $376.8M | ||
| Q1 24 | $803.6M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-16.1M | $12.8M |
| FCF MarginFCF / Revenue | -27.8% | 13.8% |
| Capex IntensityCapex / Revenue | 3.0% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $15.0M | ||
| Q3 25 | $-6.2M | $22.1M | ||
| Q2 25 | $-7.6M | $8.2M | ||
| Q1 25 | $-29.0M | $6.6M | ||
| Q4 24 | $-6.7M | $22.2M | ||
| Q3 24 | $-22.8M | $10.2M | ||
| Q2 24 | $-19.7M | $18.5M | ||
| Q1 24 | $-9.3M | $7.2M |
| Q4 25 | $-16.1M | $12.8M | ||
| Q3 25 | $-10.3M | $19.5M | ||
| Q2 25 | $-13.6M | $81.0K | ||
| Q1 25 | $-31.4M | $-7.6M | ||
| Q4 24 | $-8.6M | $8.5M | ||
| Q3 24 | $-29.3M | $-9.2M | ||
| Q2 24 | $-23.4M | $1.8M | ||
| Q1 24 | $-11.7M | $-6.8M |
| Q4 25 | -27.8% | 13.8% | ||
| Q3 25 | -19.2% | 28.8% | ||
| Q2 25 | -26.4% | 0.1% | ||
| Q1 25 | -58.0% | -14.5% | ||
| Q4 24 | -14.8% | 11.2% | ||
| Q3 24 | -54.3% | -15.9% | ||
| Q2 24 | -44.7% | 3.4% | ||
| Q1 24 | -22.3% | -13.3% |
| Q4 25 | 3.0% | 2.4% | ||
| Q3 25 | 7.8% | 3.9% | ||
| Q2 25 | 11.6% | 12.9% | ||
| Q1 25 | 4.4% | 27.0% | ||
| Q4 24 | 3.2% | 18.3% | ||
| Q3 24 | 12.1% | 33.5% | ||
| Q2 24 | 7.0% | 31.8% | ||
| Q1 24 | 4.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
