Does INDIE SEMICONDUCTOR, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores INDIE SEMICONDUCTOR, INC. (INDI) 34.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 69, returns on capital 0, balance-sheet safety 28, capital discipline 44.

How has INDI's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 34.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

INDIE SEMICONDUCTOR, INC.

INDI · Technology · $755.5M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power69

Median gross margin 41.2% over 6y, very stable.

Returns on capital0

Median ROIC -25.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -9x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $3.83
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for INDI yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — INDI has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#384 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#382ALKT ALKAMI TECHNOLOGY, INC.35.1 out of 100, No moatNo moat
#383KE KIMBALL ELECTRONICS, INC.34.9 out of 100, No moatNo moat
#385BLZE BACKBLAZE, INC.34.8 out of 100, No moatNo moat
#386CMBMF Cambium Networks Corporation34.7 out of 100, No moatNo moat

Compare INDI with its nearest peers →All Technology companies on the Index →

Common questions about INDI

Does INDIE SEMICONDUCTOR, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores INDIE SEMICONDUCTOR, INC. (INDI) 34.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 69, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has INDI's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 34.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INDI. See the disclaimer.