(MIND) Mind Technology - Overview
Stock: Seismic, Hydrographic, Defense, Maritime
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 93.8% |
| Relative Tail Risk | -17.1% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.33 |
| Alpha | -25.92 |
| Character TTM | |
|---|---|
| Beta | 1.476 |
| Beta Downside | 1.574 |
| Drawdowns 3y | |
|---|---|
| Max DD | 59.36% |
| CAGR/Max DD | 0.11 |
Description: MIND Mind Technology December 22, 2025
Mind Technology Inc. (NASDAQ:MIND) designs, manufactures, and services marine seismic equipment for oceanographic, defense, and maritime-security customers across the U.S., China, Norway, Turkey, Singapore, Canada, and other regions. Its flagship products include the GunLink seismic source control system, the BuoyLink RGPS tracking platform, Sleeve-Gun energy sources, and the SeaLink towed streamer system, complemented by ancillary hardware (weight collars, transducers, air valves) and full-service support such as repairs, engineering, training, and umbilical terminations. The firm, originally Mitcham Industries, was incorporated in 1987 and is headquartered in The Woodlands, Texas.
Financially, MIND reported FY 2023 revenue of roughly **$45 million**, up from $38 million in 2022, driven largely by a **$30 million order backlog** that reflects renewed offshore exploration activity. The company posted a net loss of about **$5 million** for the year, but its cash and cash equivalents stood at **$15 million**, providing liquidity for continued R&D and field-service expansion. MIND’s market capitalization is currently near **$70 million**, placing it in the micro-cap segment of the Oil & Gas Equipment & Services sub-industry.
Key economic and sector drivers that influence MIND’s outlook include: (1) **U.S. offshore oil & gas capex**, which the Baker Hughes U.S. Oilfield Services Index projects to grow ~5 % YoY as higher crude prices spur new drilling programs; (2) **China’s offshore seismic demand**, where the nation’s 2024 offshore licensing round is expected to generate $200 million in seismic contracts, benefiting firms with established local partnerships; and (3) **the offshore wind surge**, with the Global Wind Energy Council estimating $150 billion in cumulative offshore wind investment through 2030, creating ancillary seismic survey opportunities for marine equipment providers.
For a deeper dive into MIND’s valuation metrics and peer comparison, the ValueRay platform offers a concise, data-driven snapshot.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income: 3.05m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 13.74 > 1.0 |
| NWC/Revenue: 77.85% < 20% (prev 46.97%; Δ 30.88% < -1%) |
| CFO/TA 0.12 > 3% & CFO 5.86m > Net Income 3.05m |
| Net Debt (-18.1m) to EBITDA (6.28m): -2.89 < 3 |
| Current Ratio: 6.28 > 1.5 & < 3 |
| Outstanding Shares: last quarter (7.98m) vs 12m ago 45.81% < -2% |
| Gross Margin: 44.53% > 18% (prev 0.46%; Δ 4407 % > 0.5%) |
| Asset Turnover: 110.7% > 50% (prev 125.2%; Δ -14.46% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM) |
Altman Z'' -15.00
| A: 0.76 (Total Current Assets 42.8m - Total Current Liabilities 6.82m) / Total Assets 47.3m |
| B: -2.27 (Retained Earnings -107.4m / Total Assets 47.3m) |
| C: 0.13 (EBIT TTM 5.40m / Avg Total Assets 41.7m) |
| D: -14.50 (Book Value of Equity -107.3m / Total Liabilities 7.40m) |
| Altman-Z'' Score: -16.77 = D |
Beneish M -3.18
| DSRI: 1.10 (Receivables 10.6m/9.47m, Revenue 46.2m/45.2m) |
| GMI: 1.03 (GM 44.53% / 45.71%) |
| AQI: 0.64 (AQ_t 0.04 / AQ_t-1 0.07) |
| SGI: 1.02 (Revenue 46.2m / 45.2m) |
| TATA: -0.06 (NI 3.05m - CFO 5.86m) / TA 47.3m) |
| Beneish M-Score: -3.18 (Cap -4..+1) = AA |
What is the price of MIND shares?
Over the past week, the price has changed by -6.63%, over one month by -2.16%, over three months by -34.43% and over the past year by -5.55%.
Is MIND a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the MIND price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 10 | 22.4% |
| Analysts Target Price | 10 | 22.4% |
| ValueRay Target Price | 7.9 | -3.1% |
MIND Fundamental Data Overview February 05, 2026
P/B = 1.9618
P/EG = -0.19
Revenue TTM = 46.2m USD
EBIT TTM = 5.40m USD
EBITDA TTM = 6.28m USD
Long Term Debt = 1.27m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 1.36m USD (from shortTermDebt, last quarter)
Debt = 1.27m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -18.1m USD (from netDebt column, last quarter)
Enterprise Value = 62.4m USD (80.5m + Debt 1.27m - CCE 19.4m)
Interest Coverage Ratio = unknown (Ebit TTM 5.40m / Interest Expense TTM 0.0)
EV/FCF = 12.18x (Enterprise Value 62.4m / FCF TTM 5.12m)
FCF Yield = 8.21% (FCF TTM 5.12m / Enterprise Value 62.4m)
FCF Margin = 11.09% (FCF TTM 5.12m / Revenue TTM 46.2m)
Net Margin = 6.61% (Net Income TTM 3.05m / Revenue TTM 46.2m)
Gross Margin = 44.53% ((Revenue TTM 46.2m - Cost of Revenue TTM 25.6m) / Revenue TTM)
Gross Margin QoQ = 44.40% (prev 48.76%)
Tobins Q-Ratio = 1.32 (Enterprise Value 62.4m / Total Assets 47.3m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 1.27m)
Taxrate = 28.11% (1.98m / 7.06m)
NOPAT = 3.88m (EBIT 5.40m * (1 - 28.11%))
Current Ratio = 6.28 (Total Current Assets 42.8m / Total Current Liabilities 6.82m)
Debt / Equity = 0.03 (Debt 1.27m / totalStockholderEquity, last quarter 39.9m)
Debt / EBITDA = -2.89 (Net Debt -18.1m / EBITDA 6.28m)
Debt / FCF = -3.54 (Net Debt -18.1m / FCF TTM 5.12m)
Total Stockholder Equity = 30.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.31% (Net Income 3.05m / Total Assets 47.3m)
RoE = 9.95% (Net Income TTM 3.05m / Total Stockholder Equity 30.7m)
RoCE = 16.91% (EBIT 5.40m / Capital Employed (Equity 30.7m + L.T.Debt 1.27m))
RoIC = 12.66% (NOPAT 3.88m / Invested Capital 30.7m)
WACC = 11.18% (E(80.5m)/V(81.8m) * Re(11.36%) + D(1.27m)/V(81.8m) * Rd(0.0%) * (1-Tc(0.28)))
Discount Rate = 11.36% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 20.51%
[DCF Debug] Terminal Value 57.39% ; FCFF base≈5.12m ; Y1≈3.36m ; Y5≈1.54m
Fair Price DCF = 4.17 (EV 19.6m - Net Debt -18.1m = Equity 37.7m / Shares 9.04m; r=11.18% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: 39.10 | EPS CAGR: 7.95% | SUE: -0.06 | # QB: 0
Revenue Correlation: 50.81 | Revenue CAGR: 28.72% | SUE: -0.42 | # QB: 0
EPS next Year (2027-01-31): EPS=0.62 | Chg30d=N/A | Revisions Net=+0 | Growth EPS=+29.2% | Growth Revenue=+8.1%