A Business at a Glance
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MIND TECHNOLOGY, INC
MIND
$46M
Mkt Cap
$5.55
+0.91%
MIND TECHNOLOGY, INC (MIND) has a current P/E ratio of 14.5, compared to its historical median P/E of 3.9. The stock is currently considered Expensive based on its historical valuation range.
MIND TECHNOLOGY, INC (MIND) has a 5-year average return on invested capital (ROIC) of -14.5%. This is below average and may indicate limited pricing power.
MIND TECHNOLOGY, INC (MIND) has a market capitalization of $46M. It is classified as a small-cap stock.
MIND TECHNOLOGY, INC (MIND) does not currently pay a regular dividend.
Based on historical P/E analysis, MIND TECHNOLOGY, INC (MIND) appears expensive. The current P/E of 14.5 is 269% above its historical median of 3.9. The estimated fair value CAGR (P/E method) is -12.8%.
MIND TECHNOLOGY, INC (MIND) operates in the Search, Detection, Navigation, Guidance, Aeronautical Sys industry, within the Technology sector.
MIND TECHNOLOGY, INC (MIND) reported annual revenue of $41 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business MIND Technology, Inc. (“MIND” and, together with its consolidated subsidiaries, the “Company”, “we”, “us” and “our”), a Delaware corporation, was incorporated in 1987. We provide technology to the oceanographic, hydrographic, seismic and maritime security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom. Effective with the sale of our Klein Marine Systems, Inc. subsidiary (“Klein”) in August 2023, during our fiscal year ended January 31, 2024 ("fiscal 2024"), we operate in one segment, Seamap Marine Products. Our Seamap Marine Products business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), which designs, manufactures and sells specialized marine seismic equipment.
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 41M | 41M | 47M | 37M | 25M | 23M |
| Net Income | 750K | 750K | 18M | -3.5M | -13M | -18M |
| EPS | $0.09 | $0.09 | $4.32 | $-0.42 | $-1.53 | $-2.18 |
| Free Cash Flow | 1.9M | 1.9M | 214K | -5.3M | -3.5M | -18M |
| ROIC | 3.3% | 7.7% | 24.9% | 1.6% | -47.3% | -59.3% |
| Gross Margin | 45.6% | 45.6% | 44.7% | 43.7% | 39.8% | 26.1% |
| Debt/Equity | 0.00 | 0.19 | 0.34 | 0.48 | 0.43 | 0.39 |
| Dividends/Share | $0.00 | - | $0.00 | $0.11 | $0.23 | $0.31 |
| Operating Income | 2.9M | 2.9M | 6.8M | 518K | -5.6M | -15M |
| Operating Margin | 7.0% | 7.0% | 14.5% | 1.4% | -22.6% | -62.9% |
| ROE | 1.8% | 2.2% | 70.5% | -15.4% | -47.3% | -59.3% |
| Shares Outstanding | 8M | 8M | 4M | 8M | 8M | 8M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 83M | 52M | 41M | 48M | 43M | 43M | 21M | 23M | 25M | 37M | 47M | 41M | 41M |
| Gross Margin | 28.0% | 5.2% | -18.1% | 12.6% | 27.3% | 30.4% | 34.5% | 26.1% | 39.8% | 43.7% | 44.7% | 45.6% | 45.6% |
| R&D | N/A | 931K | 974K | 1.5M | 1.2M | 1.9M | 3.0M | 3.6M | 1.4M | 2.1M | 1.9M | 1.6M | 1.6M |
| SG&A | 25M | 18M | 20M | 20M | 21M | 14M | 13M | 15M | 13M | 12M | 11M | 13M | 13M |
| EBIT | -6.7M | -27M | -31M | -20M | -13M | -6.3M | -14M | -15M | -5.6M | 518K | 6.8M | 2.9M | 2.9M |
| Op. Margin | -8.1% | -51.6% | -76.3% | -40.8% | -30.3% | -14.7% | -67.5% | -62.9% | -22.6% | 1.4% | 14.5% | 7.0% | 7.0% |
| Net Income | -9.2M | -39M | -34M | -22M | -22M | -13M | -23M | -18M | -13M | -3.5M | 18M | 750K | 750K |
| Net Margin | -11.1% | -74.8% | -82.0% | -45.5% | -50.2% | -31.3% | -106.3% | -77.8% | -50.5% | -9.6% | 37.6% | 1.8% | 1.8% |
| Non-Recurring | 0 | 3.0M | 0 | 1.5M | 0 | 760K | 321K | 921K | 445K | 2.7M | 68K | 227K | 227K |
| Returns on Capital | |||||||||||||
| ROIC | -5.1% | -26.5% | -33.1% | -29.9% | -35.2% | -25.6% | -57.8% | -59.3% | -47.3% | 1.6% | 24.9% | 7.7% | 3.3% |
| ROE | -5.8% | -30.8% | -36.2% | -29.9% | -35.2% | -25.6% | -57.8% | -59.3% | -47.3% | -15.4% | 70.5% | 2.2% | 1.8% |
| ROA | -4.8% | -24.6% | -29.3% | -26.1% | -31.0% | -21.6% | -46.0% | -44.0% | -33.7% | -10.6% | 50.1% | 1.7% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 25M | 15M | 3.2M | 719K | -5.5M | -5.8M | -6.4M | -17M | -2.9M | -5.0M | 651K | 2.6M | 2.6M |
| Free Cash Flow | 25M | 15M | 2.9M | 312K | -6.3M | -6.9M | -6.5M | -18M | -3.5M | -5.3M | 214K | 1.9M | 1.9M |
| Owner Earnings | 22M | 11M | 18K | -2.3M | -8.7M | -9.2M | -9.9M | -20M | -4.9M | -6.4M | -528K | 163K | 163K |
| CapEx | 451K | 336K | 283K | 407K | 814K | 1.0M | 90K | 834K | 570K | 290K | 437K | 663K | 663K |
| Maint. CapEx | 2.2M | 2.5M | 2.4M | 2.1M | 2.5M | 2.5M | 2.8M | 2.2M | 1.3M | 1.2M | 944K | 873K | 873K |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.2M | 2.5M | 2.4M | 2.1M | 2.5M | 2.5M | 2.8M | 2.2M | 1.3M | 1.2M | 944K | 873K | 873K |
| CapEx/OCF | 1.8% | 2.2% | 9.0% | 56.6% | N/A | N/A | N/A | N/A | N/A | N/A | 67.1% | N/A | 25.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 486K | 905K | 1.7M | 2.1M | 1.7M | 2.5M | 1.9M | 946K | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 0.2% | 0.3% | 0.6% | 0.8% | 1.1% | 1.5% | 2.8% | 2.0% | N/A | N/A | N/A |
| Share Buybacks | 9.8M | 3K | 4K | 0 | 0 | 0 | 0 | 2K | 1K | 0 | 0 | 0 | 0 |
| Buyback Yield | 145.3% | 0.1% | 0.1% | N/A | N/A | N/A | N/A | 0.1% | 0.0% | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 1.3M | 1.3M | 737K | 903K | 781K | 854K | 708K | 643K | 654K | 261K | 235K | 1.6M | 1.6M |
| Debt Repayment | 9.1M | 3.2M | 3.2M | 2.8M | 0 | 0 | 0 | 0 | 0 | 3.8M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 21M | 17M | 3.5M | -9.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -19M |
| Cash & Equiv. | 5.2M | 3.8M | 2.9M | 9.9M | 9.4M | 3.1M | 4.6M | 5.1M | 778K | 5.3M | 5.3M | 19M | 19M |
| Long-Term Debt | 23M | 17M | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.18 | 0.20 | 0.08 | 0.00 | 0.15 | 0.22 | 0.31 | 0.39 | 0.43 | 0.48 | 0.34 | 0.19 | 0.00 |
| Interest Coverage | -7.5 | -36.2 | -47.9 | -419.3 | -180.8 | -136.7 | -358.2 | -469.2 | -1412.5 | 0.8 | N/A | N/A | N/A |
| Equity | 146M | 105M | 81M | 66M | 57M | 48M | 30M | 30M | 23M | 23M | 27M | 41M | 41M |
| Total Assets | 180M | 135M | 95M | 74M | 65M | 58M | 40M | 42M | 33M | 33M | 37M | 49M | 49M |
| Total Liabilities | 33M | 30M | 14M | 7.8M | 8.6M | 11M | 9.3M | 12M | 9.8M | 11M | 9.4M | 7.8M | 7.8M |
| Intangibles | 11M | 10M | 9.0M | 8.0M | 10M | 8.1M | 6.8M | 6.0M | 3.6M | 2.9M | 2.3M | 1.8M | 1.8M |
| Retained Earnings | 52M | 13M | -20M | -42M | -64M | -77M | -100M | -118M | -128M | -128M | -108M | -108M | -108M |
| Working Capital | 44M | 30M | 22M | 26M | 29M | 31M | 19M | 19M | 13M | 18M | 23M | 37M | 37M |
| Current Assets | 54M | 43M | 35M | 33M | 36M | 39M | 27M | 29M | 22M | 28M | 32M | 45M | 45M |
| Current Liabilities | 10M | 12M | 13M | 7.5M | 7.4M | 8.4M | 7.8M | 11M | 8.9M | 10M | 8.6M | 7.4M | 7.4M |
| Per Share Data | |||||||||||||
| EPS | -1.23 | -5.37 | -4.65 | -3.03 | -2.97 | -1.83 | -3.00 | -2.18 | -1.53 | -0.42 | 4.32 | 0.09 | 0.09 |
| Owner EPS | 2.91 | 1.56 | 0.00 | -0.32 | -1.20 | -1.26 | -1.31 | -2.43 | -0.60 | -0.76 | -0.13 | 0.02 | 0.02 |
| Book Value | 19.65 | 14.55 | 11.19 | 9.09 | 7.80 | 6.55 | 4.04 | 3.67 | 2.80 | 2.68 | 6.71 | 4.97 | 4.97 |
| Cash Flow/Share | 3.38 | 2.08 | 0.44 | 0.10 | -0.75 | -0.80 | -0.85 | -2.08 | -0.35 | -0.59 | 0.16 | 0.31 | 0.19 |
| Dividends/Share | N/A | 0.00 | 0.07 | 0.12 | 0.24 | 0.28 | 0.22 | 0.31 | 0.23 | 0.11 | 0.00 | N/A | 0.00 |
| Shares Out. | 7.5M | 7.2M | 7.2M | 7.2M | 7.3M | 7.3M | 7.5M | 8.2M | 8.2M | 8.4M | 4.1M | 8.3M | 8.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.9 | N/A | 61.7 |
| P/FCF | 16.3 | 13.1 | 116.9 | 886.9 | N/A | N/A | N/A | N/A | N/A | N/A | 165.7 | N/A | 24.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.5 |
| Price/Book | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 2.1 | 2.5 | N/A | 1.1 |
| Price/Sales | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | 1.2 | 0.8 | N/A | 1.1 |
| FCF Yield | 368.4% | 459.7% | 51.3% | 6.8% | -130.8% | -184.1% | -228.7% | -969.4% | -44.9% | -11.0% | 0.3% | N/A | 4.2% |
| Market Cap | 6.7M | 3.2M | 5.6M | 4.6M | 4.8M | 3.7M | 2.8M | 1.9M | 7.7M | 48M | 69M | 0 | 46M |
| Avg. Price | 117.63 | 44.25 | 34.72 | 39.91 | 37.12 | 34.45 | 19.81 | 19.99 | 8.36 | 5.68 | 4.88 | 0.00 | 5.55 |
| Year-End Price | 54.10 | 26.60 | 46.40 | 38.20 | 39.60 | 30.70 | 22.50 | 13.50 | 5.50 | 6.02 | 8.70 | 0.00 | 5.55 |
MIND TECHNOLOGY, INC passes 0 of 9 quality checks, indicating weak fundamentals.
MIND TECHNOLOGY, INC trades at 14.5x trailing earnings, compared to its 15-year median P/E of 3.9x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average gross margin is 40.0%. At current prices, the estimated annualized return to fair value is -12.8%.
MIND TECHNOLOGY, INC (MIND) has a net profit margin of 1.8%. This is a modest margin.
MIND TECHNOLOGY, INC (MIND) generated $2 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MIND TECHNOLOGY, INC (MIND) has a debt-to-equity ratio of 0.19. This indicates a conservatively financed balance sheet.
MIND TECHNOLOGY, INC (MIND) reported earnings per share (EPS) of $0.09 in its most recent fiscal year.
MIND TECHNOLOGY, INC (MIND) has a return on equity (ROE) of 2.2%. This indicates moderate shareholder returns.
MIND TECHNOLOGY, INC (MIND) has a 5-year average gross margin of 40.0%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for MIND TECHNOLOGY, INC (MIND), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MIND TECHNOLOGY, INC (MIND) has a book value per share of $4.97, based on its most recent annual SEC filing.
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