MIND Technology Inc. Common Stock (DE) (MIND)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a durable business bought at a sensible price. MIND Technology sells specialized marine seismic and oceanographic instruments to a narrow customer set. That niche can create switching costs, but scale is tiny: 157 employees and a $40.5M market cap at the close on 2026-10-13. The record is erratic. In fiscal 2025, the year ended 2025-01-31, revenue was $46.9M and net income was $5.1M. In fiscal 2026, the year ended 2026-01-31, revenue fell to $40.9M and net income to $750,000. More recently, in fiscal Q1 2027, the quarter ended 2026-04-30, revenue was $9.7M and net loss was $411,000; in fiscal Q2 2027, the quarter ended 2026-07-31, revenue was $5.6M and net loss was $1.7M. That is a sharp deterioration. FairStock calculations show trailing free cash flow of -$3.9M, FCF yield -9.5%, Piotroski 2/9, Altman Z 1.47, ROE -6.81%, and ROCE -1.41%. Debt is low at D/E 0.02, which helps survival, but negative cash generation is a warning. Price to book is 1.00, so the market values it near accounting net worth, but with negative earnings and shrinking revenue that is not an automatic bargain. FairStock's Lynch category is TURNAROUND — returned to profit after a loss within the last three years — but the latest quarters suggest the turnaround is not yet secure. I would want evidence of stable revenue, positive cash flow, and a stronger balance-sheet score before calling this a margin-of-safety situation. A FairStock score of 23/100 does not suggest a high-quality compounder.

In plain English: MIND Technology makes specialized equipment used for mapping and surveying the ocean and for marine seismic work. The business is very small and has been losing money lately, with sales falling from earlier levels. At $4.46, the stock is priced near its accounting value, but weak profits and negative cash flow mean it does not look clearly cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2027 10-Q (period ended 2026-07-31) · fiscal Q1 2027 10-Q (period ended 2026-04-30) · fiscal Q3 2026 10-Q (period ended 2025-10-31) · fiscal Q2 2026 10-Q (period ended 2025-07-31) · FY2026 10-K (period ended 2026-01-31) · FY2025 10-K (period ended 2025-01-31) · FY2024 10-K (period ended 2024-01-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer