MINDNasdaqSearch, Detection, Navigation, Guidance, Aeronautical SysFiscal year ends January 31
MIND TECHNOLOGY, INC
Financials through Q2 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 9, 2026
$4.22−0.09 (-2.09%)
Close on Oct 19, 2026
- Market cap
- $38.36M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
45.6%+11.1 pts over 5 years
Operating margin
7.0%+74.5 pts over 5 years
Net margin
1.8%+97.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -12.6% | +17.9% | +14.1% | -2.3% | |
| Gross profit | -11.0% | +23.3% | +20.6% | +21.5% | |
| Operating income | -58.1% | – | – | – | |
| Net income | -85.2% | – | – | – | |
| Free cash flow | +798.6% | – | – | -18.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -35.7% | -52.0% | 2.2% | |
| Return on assets | -28.9% | -41.4% | 1.7% | |
| Current ratio | 2.60 | 3.42 | 6.03 | |
| Debt to equity | 0.08 | – | – | |
| Net debt to EBITDA | -0.10× | – | – | |
| Inventory turnover | 3.9× | 1.2× | 1.8× | |
| Capex to revenue | 0.7% | 0.4% | 1.6% | |
| Diluted shares | 1M | 1M | 8M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Mind Technology generated $28.24M from operations and spent $2.80M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$28.24M
Used
$2.80M
Capital expenditure$2.79M100%Dividends$00%Share buybacks$3.00K0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.8%
×Asset turnover0.95×
×Equity multiplier1.25×
=Return on equity, FY20262.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 1.8% | 0.95× | 1.25× | 2.2% |
| FY2025 | 10.8% | 1.33× | 1.40× | 20.3% |
| FY2024 | 0.8% | 1.10× | 1.45× | 1.2% |
| FY2023 | -35.3% | 0.67× | 1.40× | -33.1% |
| FY2022 | -65.3% | 0.57× | 1.35× | -49.7% |
| FY2021 | -95.7% | 0.43× | 1.26× | -52.0% |
| FY2020 | -37.7% | 0.48× | 1.18× | -21.6% |
| FY2019 | -46.2% | 0.62× | 1.13× | -32.4% |
| FY2018 | -43.6% | 0.57× | 1.15× | -28.7% |
| FY2017 | -80.9% | 0.36× | 1.23× | -35.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
5of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$750.00K
- Cash generatingOperating cash flow above zero$2.59M
- Return on assets improvedROA up on the prior year15.2% → 2.0%
- Earnings backed by cashOperating cash flow above net income$2.59M vs $750.00K
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.71 → 6.03
- No dilutionShare count did not rise4M → 8M
- Gross margin improvedGross margin up on the prior year44.74% → 45.58%
- More efficientAsset turnover rose1.40 → 1.12