Mind TECHNOLOGY, Inc. (MIND) intrinsic value & 10-year financials
Mind TECHNOLOGY, Inc. (MIND) has a Graham intrinsic value of $0.66 per share. At $4.31 on Oct 17, 2026, the stock trades 553% above that value. Over the last 10 fiscal years revenue grew -0.0% a year to $40.9M, with an average return on invested capital of -20.6%.
- Graham intrinsic value
- $0.66
- Share price (Oct 17, 2026)
- $4.31
- Price vs Graham value
- 553% above
- Market cap
- $35.9M
- Revenue (FY2026)
- $40.9M
- Revenue growth (10-yr CAGR)
- -0.0%
- ROIC (10-yr avg)
- -20.6%
- Free cash flow (FY2026)
- $1.9M
MIND 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $40.9M | $750.0K | — | $1.9M | 7.0% | 6.3% |
| FY2025 | $46.9M | $5.1M | — | $214.0K | 14.5% | 24.1% |
| FY2024 | $36.5M | $274.0K | — | -$5.2M | 1.4% | 1.3% |
| FY2023 | $35.1M | -$8.8M | -$0.00 | -$3.5M | -21.7% | -30.9% |
| FY2022 | $23.1M | -$15.1M | -$0.00 | -$18.0M | -62.9% | -55.4% |
| FY2021 | $21.2M | -$20.3M | -$0.00 | -$6.5M | -67.5% | -39.9% |
| FY2020 | $29.6M | -$11.3M | -$0.00 | -$6.9M | -35.1% | -22.8% |
| FY2019 | $25.8M | -$19.8M | -$0.00 | -$6.3M | -50.5% | -23.3% |
| FY2018 | $0 | -$21.1M | -$0.00 | $312.0K | — | -28.1% |
| FY2017 | $41.0M | -$33.2M | -$0.00 | $2.9M | -76.3% | -37.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MIND TECHNOLOGY, INC is facing top-line stagnation, with revenue contracting over the decade.
MIND TECHNOLOGY, INC has historically struggled to out-earn its cost of capital, averaging just -20.6% ROIC.
Over the decade, MIND TECHNOLOGY, INC shows that management has aggressively returned capital to shareholders by retiring 100.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MIND TECHNOLOGY, INC is modeled at -0.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.66 per share.