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ZYBERNO

Stock Report

Updated Sep 1, 2026

MIND TECHNOLOGY, INC (MIND)

NASDAQ

$4.35

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

34.0/100

WEAK BUSINESS

MIND TECHNOLOGY, INC (MIND) scores 34/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full MIND quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+2.0%

Fairly Priced

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full MIND valuation analysis · → View full MIND Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (6.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.04x)

Operating Margin (Operational Efficiency):AVERAGE (8.4%)

Return on Capital (Capital Efficiency):POOR (7.0%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MIND TECHNOLOGY, INC (MIND) stock report — Zyberno Score 34/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, MIND TECHNOLOGY, INC (MIND) shows a Brina Gap of +2.0%, which strengthens the case: based on the company's ROIC (7.0%) and reinvestment rate (75.7%), the business can fundamentally grow at 5.3% — but the current enterprise value implies the market expects 3.3%.

Over the trailing twelve months, MIND generated -$3.30M in Owner Earnings. Capital was deployed as follows: $474.00K invested in capital expenditures. Reinvestment rate: 75.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.35

Market Cap:$39.54M

Valuation Multiples (3)

P/B Ratio:0.95x

P/S Ratio:0.93x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$23.45M

Ev Ebitda Ratio:4.80x

Price Action & Momentum (3)

12-1 Momentum:

-55.2% (10th pctile)

📈 Click to view full MIND Momentum analysis →

Momentum Percentile:10 / 100

% of 52-Week High:30.0%

B. Profitability Assessment

Return Metrics (7)

ROE:

6.0%

📊 Click to view full MIND ROE analysis →

ROA:5.0%

Roic:

7.0%

📊 Click to view full MIND ROIC analysis →

Reinvestment Rate:75.7%

Fundamental Growth Rate (g):5.3%

Market-Implied Growth Rate:3.3%

Brina Gap:

2.0%

☷ Click to view full MIND Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:8.4%

Net Margin Ttm:5.3%

Ebitda Margin:11.4%

TTM Performance (3)

Gross Margin Ttm:45.5%

Operating Margin Ttm:8.4%

Net Margin Ttm:5.3%

Yield Metrics (2)

Earnings Yield:-$19.62

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+2.00

📊 Click to view full MIND Earnings Surprise analysis →

EPS Surprise vs Expected:93.5%

Latest Earnings Filed:2023-05-01

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):8.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-36.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):28.1%

Operating Cash Flow Growth Rate (Linear):57.4%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-45.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:5.20x

Quick Ratio:3.98x

Cash Ratio:1.97x

Leverage Analysis (3)

Debt To Equity Ttm:0.04x

Debt-to-Equity Ratio:0.04x

Debt To Ebitda:0.32x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:37,757,000.00

Cash And Cash Equivalents:17,656,000.00

Long Term Debt:$910.00K

Net Debt:-$16.09M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $42.72M

Linear Growth: 8.6%

📊 Click to view full MIND Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

Gross profit TTM: $19.43M

Linear Growth: 14.2%

📊 Click to view full MIND Gross Profit analysis & methodology →

Operating income TTM: $3.58M

Linear Growth: -45.2%

📊 Click to view full MIND Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $2.27M

Linear Growth: -36.1%

📊 Click to view full MIND Net Income analysis & methodology →

Income Before Tax:$3.64M

Ebitda Ttm:4,888,000.00

Operating Expenses (5)

Operating Expenses:15,900,000.00

R And D Expense:1,516,000.00

Sga Expense:13,508,000.00

Income Tax Expense:$2.33M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:15.7%

Sga To Revenue Percentage:139.7%

Ebitda Margin:11.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$50.76M

Current Assets:$46.74M

Ppe Net:10,608,000.00

Goodwill:0.00

Intangible Assets:$1.61M

Liability Structure (4)

Total Liabilities:9,239,000.00

Current Liabilities:8,984,000.00

Long Term Debt:$910.00K

Short Term Debt:$655.00K

Equity & Capital (3)

Equity:$41.52M

Retained Earnings:-$108.11M

Common Stock:40,000,000.00

Working Capital Items (3)

Accounts Receivable:16,515,000.00

Inventory:10,977,000.00

Accounts Payable:1,499,000.00

Special Items (2)

Contract Liabilities:1,499,000.00

Stock Based Compensation:518,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$2.83M

Linear Growth: 57.4%

Free cash flow TTM: -$3.30M

Linear Growth: 28.1%

📊 Click to view full MIND Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$48.00K

Capital Expenditures Ttm:474,000.00

Financing Activities (3)

Financing Cash Flow:$0.00

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:1,307,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-49.67

-$0.92

Earnings Per Share Ttm:$0.25

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.70

Operating Cash Flow Per Share:$0.28

Book Value & Capital (2)

Book Value Per Share:$4.57

Cash Per Share:1.94

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.93x

Working Capital Turnover Ttm:1.13x

Receivables Management (2)

Receivables Turnover Ttm:2.59x

Days Sales Outstanding Ttm:141.11

Inventory Management (2)

Inventory Turnover Ttm:3.89x

Days Inventory Outstanding Ttm:93.79

Payables & Cash Cycle (2)

Days Payable Outstanding:12.81

Cash Conversion Cycle:222.10

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:90.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$3.30M

Damodaran Growth Analysis (4)

Reinvestment Rate:75.7%

Fundamental Growth Rate (g):5.3%

Market-Implied Growth Rate:3.3%

Brina Gap:

2.0%

☷ Click to view full MIND Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):8.6%

Net Income Growth Rate (Linear):-36.1%

Operating Income Growth Rate (Linear):-45.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):28.1%

Operating Cash Flow Growth Rate (Linear):57.4%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):14.2%

Book Value Growth Rate (Linear):11.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:MIND

Company Name:MIND TECHNOLOGY, INC

Sector:Unknown

Industry:Search, Detection, Navigation, Guidance, Aeronautical Sys

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:9.09M

Shares Outstanding Basic:9.09M

Shares Outstanding Diluted:1.41M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 01:59:59 UTC

Data Timestamp:2026-08-20T08:28:44.658438