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Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
indie Semiconductor, Inc. is the larger business by last-quarter revenue ($58.0M vs $51.6M, roughly 1.1× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -53.8%, a 121.2% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -0.0%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-16.1M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
INDI vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $51.6M |
| Net Profit | $-31.2M | $34.8M |
| Gross Margin | 37.3% | — |
| Operating Margin | -58.5% | 97.0% |
| Net Margin | -53.8% | 67.3% |
| Revenue YoY | -0.0% | 32.8% |
| Net Profit YoY | 9.1% | 67.0% |
| EPS (diluted) | $-0.16 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $53.7M | $49.1M | ||
| Q2 25 | $51.6M | $47.6M | ||
| Q1 25 | $54.1M | $37.5M | ||
| Q4 24 | $58.0M | $38.9M | ||
| Q3 24 | $54.0M | $35.1M | ||
| Q2 24 | $52.4M | $32.4M | ||
| Q1 24 | $52.4M | $29.5M |
| Q4 25 | $-31.2M | $34.8M | ||
| Q3 25 | $-38.3M | $25.4M | ||
| Q2 25 | $-39.0M | $26.0M | ||
| Q1 25 | $-34.5M | $18.9M | ||
| Q4 24 | $-34.4M | $20.8M | ||
| Q3 24 | $-49.7M | $15.8M | ||
| Q2 24 | $-19.2M | $14.8M | ||
| Q1 24 | $-31.2M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | -71.4% | 72.1% | ||
| Q2 25 | -83.3% | 71.3% | ||
| Q1 25 | -72.0% | 71.7% | ||
| Q4 24 | -58.4% | 82.5% | ||
| Q3 24 | -92.5% | 60.6% | ||
| Q2 24 | -70.0% | 61.3% | ||
| Q1 24 | -94.8% | 78.8% |
| Q4 25 | -53.8% | 67.3% | ||
| Q3 25 | -71.3% | 51.7% | ||
| Q2 25 | -75.6% | 54.6% | ||
| Q1 25 | -63.9% | 50.4% | ||
| Q4 24 | -59.2% | 53.5% | ||
| Q3 24 | -92.1% | 45.1% | ||
| Q2 24 | -36.6% | 45.6% | ||
| Q1 24 | -59.6% | 58.5% |
| Q4 25 | $-0.16 | $0.90 | ||
| Q3 25 | $-0.19 | $0.65 | ||
| Q2 25 | $-0.20 | $0.69 | ||
| Q1 25 | $-0.18 | $0.51 | ||
| Q4 24 | $-0.18 | $0.56 | ||
| Q3 24 | $-0.28 | $0.44 | ||
| Q2 24 | $-0.11 | $0.42 | ||
| Q1 24 | $-0.19 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $353.4M | — |
| Stockholders' EquityBook value | $358.0M | $672.5M |
| Total Assets | $840.8M | $7.4B |
| Debt / EquityLower = less leverage | 0.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $92.1M | ||
| Q3 25 | $160.9M | $99.0M | ||
| Q2 25 | $192.6M | $79.6M | ||
| Q1 25 | $236.6M | $51.7M | ||
| Q4 24 | $274.2M | $49.9M | ||
| Q3 24 | $96.9M | $44.1M | ||
| Q2 24 | $112.3M | $47.4M | ||
| Q1 24 | $138.2M | $34.8M |
| 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 24 | — | — |
| Q4 25 | $358.0M | $672.5M | ||
| Q3 25 | $369.2M | $634.3M | ||
| Q2 25 | $390.4M | $597.9M | ||
| Q1 25 | $405.6M | $563.2M | ||
| Q4 24 | $417.9M | $516.9M | ||
| Q3 24 | $458.6M | $484.6M | ||
| Q2 24 | $470.7M | $471.3M | ||
| Q1 24 | $432.9M | $452.9M |
| Q4 25 | $840.8M | $7.4B | ||
| Q3 25 | $855.1M | $7.0B | ||
| Q2 25 | $867.6M | $6.5B | ||
| Q1 25 | $909.0M | $6.0B | ||
| Q4 24 | $941.4M | $5.5B | ||
| Q3 24 | $797.5M | $5.2B | ||
| Q2 24 | $797.3M | $4.9B | ||
| Q1 24 | $803.6M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $-16.1M | $17.9M |
| FCF MarginFCF / Revenue | -27.8% | 34.6% |
| Capex IntensityCapex / Revenue | 3.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $18.2M | ||
| Q3 25 | $-6.2M | $11.5M | ||
| Q2 25 | $-7.6M | $7.7M | ||
| Q1 25 | $-29.0M | $3.5M | ||
| Q4 24 | $-6.7M | $37.8M | ||
| Q3 24 | $-22.8M | $-17.6M | ||
| Q2 24 | $-19.7M | $11.5M | ||
| Q1 24 | $-9.3M | $10.6M |
| Q4 25 | $-16.1M | $17.9M | ||
| Q3 25 | $-10.3M | $11.4M | ||
| Q2 25 | $-13.6M | $7.6M | ||
| Q1 25 | $-31.4M | $3.5M | ||
| Q4 24 | $-8.6M | $37.5M | ||
| Q3 24 | $-29.3M | $-17.6M | ||
| Q2 24 | $-23.4M | $11.4M | ||
| Q1 24 | $-11.7M | $10.5M |
| Q4 25 | -27.8% | 34.6% | ||
| Q3 25 | -19.2% | 23.2% | ||
| Q2 25 | -26.4% | 15.9% | ||
| Q1 25 | -58.0% | 9.2% | ||
| Q4 24 | -14.8% | 96.4% | ||
| Q3 24 | -54.3% | -50.3% | ||
| Q2 24 | -44.7% | 35.1% | ||
| Q1 24 | -22.3% | 35.8% |
| Q4 25 | 3.0% | 0.5% | ||
| Q3 25 | 7.8% | 0.1% | ||
| Q2 25 | 11.6% | 0.2% | ||
| Q1 25 | 4.4% | 0.2% | ||
| Q4 24 | 3.2% | 0.7% | ||
| Q3 24 | 12.1% | 0.2% | ||
| Q2 24 | 7.0% | 0.3% | ||
| Q1 24 | 4.4% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
