MIND Technology (MIND) AI Stock Analysis

• Market Cap: $79.08M
• Dividend Yield: N/A
• Average Volume (3M): 178.89K
• Price to Earnings (P/E): 22.8
• Beta (1Y): 1.46
• Revenue Growth: 2.21%
• EPS Growth: -15.60%
• Country: US
• Employees: 146
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.04
• Shares Outstanding: 9,038,082
• 10 Day Avg. Volume: 159,582
• 30 Day Avg. Volume: 178,887
• PEG Ratio: -0.05
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 1.58
• P/FCF Ratio: 345.20
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: 1.32
• Enterprise Value/Gross Profit: 2.96
• Enterprise Value/Ebitda: 9.71
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.64
• Revenue Forecast (FY): $47.01M

• Rating: 66 Neutral
• Price Target: $10.00 ▲(12.61% Upside)

The score is led by improved fundamentals and a conservatively levered balance sheet, indicating reduced financial risk after a multi-year turnaround. However, weakening top-line momentum, margin/FCF softness versus FY2025, and bearish-to-neutral technical signals temper the outlook, while valuation is only moderate with no dividend support.

Positive Factors

Conservatively levered balance sheet

Extremely low leverage and rising equity materially reduce financial risk, giving management flexibility to fund R&D, service contracts, or opportunistic M&A without stressing liquidity. This supports resilience through sector cycles and long-term strategic optionality.

High recurring after‑market revenue

A sustained 64% share from after-market and service revenue creates predictable, recurring cash flow and lowers sensitivity to one-off hardware sales. That recurring mix supports stable margins, higher lifetime customer value, and predictability in planning and investment.

Return to profitability and positive cash generation

Transition from multi-year losses to profitability, healthy gross margins and positive FCF indicate sustainable core economics. Consistent cash generation enables reinvestment in product development and services, reducing dependence on external funding over the medium term.

Negative Factors

Weakening top-line momentum

Declining revenue trends reduce scale benefits and make fixed costs a larger share of the base, impairing long-term margin expansion. Persistent top-line weakness risks slowing R&D, service expansion, and weakens bargaining leverage with large energy and government customers.

Margin compression vs. FY2025

Falling net margins versus the prior-year peak indicate reduced operating leverage or mix shifts. Lower profitability reduces reinvestment capacity and increases earnings sensitivity to modest volume declines or pricing pressure in cyclical marine and energy end markets.

Declining free cash flow and working‑capital volatility

A notable YoY FCF decline and volatile working capital can strain liquidity and limit steady funding for capex or contracts. Structural working‑capital swings increase financing needs, raise execution risk on large projects, and can amplify stress during industry downturns.

MIND Technology Business Overview & Revenue Model

Company Description

MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries. The company's products include the GunLink seismic source acquisition and control systems that provide operators of marine seismic surveys with precise monitoring and control of energy sources; the BuoyLink RGPS tracking system, which is used to offer precise positioning of marine seismic energy sources and streamers; Digishot energy source controllers; Sleeve Gun energy sources; and SeaLink product line of marine sensors and solid streamer systems. It also provides streamer weight collars, depth and pressure transducers, air control valves, and source array systems; spare and replacement parts; and repair and engineering services, training and field service operations, and umbilical terminations, as well as side scan sonar equipment and systems. The company markets its products to governmental and commercial customers through internal sales organization and a network of distributors and representatives. It operates in the United States, Europe, Canada, Latin America, the Asia/South Pacific, Eurasia, and internationally. The company was formerly known as Mitcham Industries, Inc. MIND Technology, Inc. was incorporated in 1987 and is headquartered in The Woodlands, Texas.

How the Company Makes Money

MIND Technology generates revenue primarily through the sale of its advanced sonar systems and related services. The company has a diversified revenue model that includes direct sales of hardware and software, subscription-based services for ongoing support and maintenance, and project-based contracts for specialized marine services. Key revenue streams include government contracts, partnerships with energy companies, and collaborations with research institutions. Additionally, MIND Technology benefits from recurring revenues through maintenance agreements and service contracts, which provide a steady income stream beyond initial product sales.

MIND Technology Financial Statement Overview

Summary

Strong balance sheet strength (very low leverage) and a clear turnaround to profitability support the score. Offsetting this, TTM revenue is down (~5%), margins have compressed versus FY2025, and free cash flow is positive but down year-over-year with signs of working-capital volatility.

Income Statement

Profitability has improved materially versus prior years: the company moved from large losses in 2022–2024 to solid profitability in 2025, with TTM (Trailing-Twelve-Months) net margin at ~6.6% (down from ~10.8% in FY2025). Gross margin remains healthy (~44–45%) and indicates decent pricing and/or cost control. The main weakness is growth and momentum: TTM (Trailing-Twelve-Months) revenue is down ~5% and margins have compressed from FY2025 levels, suggesting earnings are currently more sensitive to volume and/or mix than last year.

Balance Sheet

The balance sheet is conservatively levered, with very low debt relative to equity (debt-to-equity ~0.03 in TTM (Trailing-Twelve-Months)), which reduces financial risk and provides flexibility. Equity has also increased versus prior years, supporting the asset base. A key watch item is that returns on equity, while positive in FY2025 and TTM (Trailing-Twelve-Months) (~10%), are below the FY2025 peak (~19%), implying profitability is normalizing rather than accelerating.

Cash Flow

Cash generation has improved significantly versus 2022–2024, with TTM (Trailing-Twelve-Months) operating cash flow (~$5.9M) and free cash flow (~$5.1M) both positive. However, free cash flow is down ~22% year-over-year on a TTM (Trailing-Twelve-Months) basis, and cash conversion is somewhat mixed: recent cash flows track earnings reasonably well, but FY2025 showed weak operating cash flow relative to profit, highlighting potential working-capital volatility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2023	Dec 2023	Dec 2023
Income Statement
Total Revenue	46.20M	46.86M	36.51M	36.51M	36.51M	36.51M
Gross Profit	20.57M	20.97M	14.79M	14.79M	14.79M	14.79M
EBITDA	6.28M	8.00M	2.03M	2.03M	2.03M	2.03M
Net Income	3.05M	5.07M	-2.07M	-2.07M	-2.07M	-2.07M
Balance Sheet
Total Assets	47.34M	36.72M	33.49M	33.49M	33.49M	33.49M
Cash, Cash Equivalents and Short-Term Investments	19.39M	5.34M	5.29M	5.29M	5.29M	5.29M
Total Debt	1.27M	1.32M	1.32M	1.32M	1.32M	1.32M
Total Liabilities	7.40M	9.39M	10.85M	10.85M	10.85M	10.85M
Stockholders Equity	39.94M	27.33M	22.64M	22.64M	22.64M	22.64M
Cash Flow
Free Cash Flow	5.13M	214.00K	-5.26M	-5.26M	-5.26M	-5.26M
Operating Cash Flow	5.86M	651.00K	-4.97M	-4.97M	-4.97M	-4.97M
Investing Cash Flow	-736.00K	20.00K	11.02M	11.02M	11.02M	11.02M
Financing Cash Flow	10.75M	-619.00K	-1.53M	-1.53M	-1.53M	-1.53M

MIND Technology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIND, the sentiment is Negative. The current price of 8.88 is below the 20-day moving average (MA) of 9.64, below the 50-day MA of 9.30, and above the 200-day MA of 8.77, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 42.92 is Neutral, neither overbought nor oversold. The STOCH value of 15.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIND.

MIND Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MIND	66 Neutral	$79.08M	22.80	9.37%	―	2.21%	-15.60%
CPSH	64 Neutral	$96.01M	-131.53	-3.84%	―	38.22%	70.68%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SOTK	61 Neutral	$64.57M	41.06	8.45%	―	-0.21%	-0.41%
ODYS	54 Neutral	$101.89M	-5.69	-65.21%	―	-15.76%	-25.27%
ELTK	51 Neutral	$58.96M	51.50	2.70%	2.16%	2.54%	-79.99%
OPTX	45 Neutral	$215.24M	-71.80	-27.25%	―	-44.83%	-296.14%

MIND Technology Corporate Events

MIND Technology Reports Q3 2025 Financial Results

On December 9, 2025, MIND Technology, Inc. announced its financial results for the fiscal third quarter ending October 31, 2025. The company reported revenues of $9.7 million, a decrease from the previous quarter and the same quarter last year. Despite the revenue decline, MIND Technology achieved an operating income of $774,000 and a net income of $62,000. The company highlighted strong after-market activity, accounting for 64% of revenues in the first nine months of the fiscal year. MIND Technology ended the quarter with $36.0 million in working capital, including $19.4 million in cash, and anticipates improved performance in the fourth quarter due to recent and expected orders.

The most recent analyst rating on (MIND) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on MIND Technology stock, see the MIND Stock Forecast page.