MIND Technology

MIND

Hardware, Equipment & Parts · Technology

Price

$5.17

-0.13 (-2.45%)

Market Cap

$47.0M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

MIND Technology, Inc., together with its subsidiaries, provides technology to the oceanographic, hydrographic, defense, seismic, and maritime security industries. The company's products include the GunLink seismic source acquisition and control systems that provide operators of marine seismic surveys with precise monitoring and control of energy sources; the BuoyLink RGPS tracking system, which is used to offer precise positioning of marine seismic energy sources and streamers; Digishot energy s

Winston Score History

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

-34.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-111.5% YoY

YoY Growth Rate

Earnings declining

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

Insiders holding steady — not selling despite ability to

Cash Runway

~4 years

$19M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$19M cash & investments at current burn rate

Revenue declining

MIND Technology's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Gross Margin

38.5%

Modest — 38.5% gross margin

Operating Margin

0.8%

Thin — 0.8% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.8%

Steady sales growth (10.8% YoY)

EPS YoY

-83.5%

Earnings shrinking (-83.5% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

15%

Weak — only 15% of profit becomes cash

FCF Margin

-0.2%

Burning cash (-0.2%)

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

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-48.7

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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