MIND Technology

MIND

Hardware, Equipment & Parts · Technology

Price

$4.53

-0.12 (-2.58%)

Market Cap

$41.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Mixed

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Share count rising — dilution

+64.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.5M (2022) → 9.0M (2026)

Winston Score History

The full picture

MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+58.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2M/ year

↓ Declining (-17% vs prior year)

3.9% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$18M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$18M cash & investments at current burn rate

Growth context

MIND Technology is growing revenue at 22% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

42.4%

Healthy — 42.4% gross margin

Profit after running costs

Operating Margin

0.1%

Thin — 0.1% operating margin

Return on the money invested

ROCE

8.5%

Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-5.3%

Shrinking sales (-5.3% YoY)

Profit growth

EPS YoY

-94.2%

Earnings shrinking (-94.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-216%

Weak — only -216% of profit becomes cash

Spare cash per sale

FCF Margin

-7.7%

Burning cash (-7.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.0x

Growth-priced — P/E 27.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

-21.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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