Mind Gym (MIND) AI Stock Analysis

• Market Cap: £12.54M
• Dividend Yield: N/A
• Average Volume (3M): 4.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: -27.82%
• EPS Growth: -3083.87%
• Country: UK
• Employees: 256
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): -0.02
• Shares Outstanding: 100,409,540
• 10 Day Avg. Volume: 3,301
• 30 Day Avg. Volume: 4,604
• PEG Ratio: 0.10
• Price to Book (P/B): 6.07
• Price to Sales (P/S): 0.56
• P/FCF Ratio: 50.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): >-0.01
• Revenue Forecast (FY): £32.49M

• Rating: 44 Neutral
• Price Target: 12.50 p ▲(4.17% Upside)
• Action: Reiterated Date: 12/07/25
• Date: Action: Reiterated 12/07/25

Mind Gym's overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. The company's strategic transformation efforts, while promising, have yet to yield positive financial results. The valuation remains unattractive due to ongoing losses and lack of dividend yield. Despite some positive signs from corporate events, the immediate outlook remains challenging.

Positive Factors

Enterprise B2B recurring model

Mind Gym's core business sells learning and behavior-change programs to enterprise clients, often as multi-program or blended engagements. This B2B, services-led model creates durable client relationships, recurring contract potential, and long sales cycles that support stable revenue over months.

Improving operating cash flow

Recent positive operating cash flow after prior deficits shows improved cash generation and liquidity management. Sustainable OCF helps fund operations and transformation without constant external financing, giving the company time to execute strategic changes if the improvement persists.

Conservative leverage position

A manageable debt-to-equity ratio indicates restrained leverage, preserving financial flexibility. Lower financial strain enhances resilience during revenue volatility, enabling the company to invest in sales effectiveness or product development without undue insolvency risk.

Negative Factors

Significant revenue decline

A ~28% revenue contraction is a durable red flag: shrinking top line reduces operational scale and pricing leverage, makes fixed-cost absorption harder, and undermines the commercial case for investment. Continued decline would erode client reach and hamper recovery efforts.

Persistent net losses and weak margins

Sustained net losses and negative operating margins limit reinvestment ability and strain equity. Persistent unprofitability increases financing needs, hinders strategic flexibility, and could impair credibility with large enterprise clients who seek stable suppliers.

Declining equity and rising liabilities

Falling shareholders' equity alongside growing liabilities weakens the balance sheet cushion, reducing capacity to absorb shocks. This structural deterioration raises refinancing risk and could constrain hiring, R&D, or the ability to sustain transformation investments long-term.

Mind Gym Business Overview & Revenue Model

Company Description

Mind Gym plc operates as a behavioral science company in the United Kingdom, Singapore, the United States, and Canada. It offers research, strategic advice, management and employee development, employee communication, and related services. The company also provides various solutions for performance management; leadership development; diversity, equity, and inclusion; onboarding; personal effectiveness; respect; customer services; change; and ethics. Mind Gym plc was incorporated in 1999 and is based in London, the United Kingdom.

How the Company Makes Money

Mind Gym makes money primarily by selling workplace learning and behavior-change solutions to organizations (typically large employers). Revenue is generated from fees for delivering learning programs (often facilitated workshops and blended learning engagements) and from associated learning products and services. These engagements may be sold as discrete programs or as multi-program arrangements across a client’s workforce. Mind Gym may also generate revenue from digital delivery of its content and tools when clients access programs via online formats, and from professional services connected to program design, adaptation, and rollout. Specific details on pricing structures, the split between in-person and digital revenues, and material partnerships are null.

Mind Gym Financial Statement Overview

Summary

Mind Gym is facing financial headwinds with declining revenues and profitability issues. The balance sheet exhibits some stability but is marred by decreasing equity and increasing liabilities. Cash flow improvements offer a glimmer of hope, though the overall financial health requires strategic intervention to enhance profitability and stabilize operations.

Income Statement

Mind Gym has shown a declining revenue trend over the past few years, with significant fluctuations in profitability. The gross profit margin remains relatively strong but the net profit margin has deteriorated due to consistent net losses. Negative EBIT and EBITDA margins indicate operational challenges.

Balance Sheet

The company's debt-to-equity ratio is manageable, suggesting a conservative use of leverage. However, declining stockholders' equity and increasing liabilities signal potential balance sheet vulnerabilities. The equity ratio has decreased, revealing reduced financial stability.

Cash Flow

Mind Gym's cash flow situation shows some improvement with positive operating cash flow recently, after a period of deficits. Free cash flow has fluctuated but remains positive, which is a positive indicator of liquidity management. However, the volatility in cash flows raises sustainability concerns.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	31.91M	38.61M	44.91M	55.01M	48.67M	39.38M
Gross Profit	26.33M	33.44M	38.72M	48.65M	42.38M	34.42M
EBITDA	-6.05M	-3.56M	-9.20M	5.35M	1.25M	947.00K
Net Income	-9.90M	-8.19M	-10.89M	2.94M	1.60M	-232.00K
Balance Sheet
Total Assets	11.20M	12.41M	22.38M	37.42M	34.64M	34.59M
Cash, Cash Equivalents and Short-Term Investments	355.00K	570.00K	1.37M	7.59M	10.02M	16.83M
Total Debt	2.31M	1.16M	2.02M	3.11M	2.21M	3.17M
Total Liabilities	10.22M	8.86M	10.54M	14.60M	15.01M	17.13M
Stockholders Equity	984.00K	3.55M	11.84M	22.81M	19.63M	17.45M
Cash Flow
Free Cash Flow	-113.00K	431.00K	-4.90M	-1.50M	-5.79M	2.19M
Operating Cash Flow	-65.00K	1.93M	-665.00K	3.63M	352.00K	5.41M
Investing Cash Flow	-978.00K	-1.50M	-4.20M	-5.07M	-6.13M	-3.20M
Financing Cash Flow	-713.00K	-1.10M	-1.26M	-1.32M	-1.20M	-1.03M

Mind Gym Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MIND, the sentiment is Negative. The current price of 12 is below the 20-day moving average (MA) of 12.95, below the 50-day MA of 12.75, and below the 200-day MA of 14.59, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 17.15 is Positive, neither overbought nor oversold. The STOCH value of 46.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:MIND.

Mind Gym Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SRP	79 Outperform	£2.99B	19.41	16.69%	1.27%	0.84%	-62.73%
MTO	76 Outperform	£2.16B	13.52	20.62%	2.58%	11.42%	-17.18%
ITRK	65 Neutral	£5.51B	21.21	31.07%	3.44%	1.14%	17.74%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RWS	60 Neutral	£283.15M	-3.42	-12.22%	15.28%	-3.91%	-310.36%
MIND	44 Neutral	£12.54M	-1.51	-168.28%	―	-27.82%	-3083.87%
CPI	41 Neutral	£286.17M	-2.81	-142.88%	―	-4.87%	―

Mind Gym Corporate Events

MindGym launches strategic review that may lead to full takeover offer

MindGym PLC has launched a private strategic review in response to recent press speculation, confirming it is in early-stage discussions with selected third parties that could potentially lead to an offer for the entire share capital of the company under the UK Takeover Code. The board, which has appointed J Goodwin & Co LLP as financial adviser, is examining a wide spectrum of options including joint ventures, commercial partnerships, acquisitions, disposals or demergers of parts of the business, changes to strategy or management, returns of capital to shareholders, or a full sale of the company, though it stressed there is no certainty that any offer will materialise or on what terms. The announcement triggers an official offer period under the Takeover Code, imposing disclosure obligations on significant shareholders and market participants, and signals a potentially pivotal moment for MindGym’s future ownership structure and strategic direction, with implications for investors as the board seeks to unlock value amid heightened regulatory transparency requirements.

The most recent analyst rating on (GB:MIND) stock is a Hold with a £11.00 price target. To see the full list of analyst forecasts on Mind Gym stock, see the GB:MIND Stock Forecast page.