Forensic Analysis · Industrials / Manufacturing / Defense · as of Oct 23, 2026
Mind Technology, Inc (MIND)
A forensic read on Mind Technology, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.8
Distress distance
Clean
Earnings quality
5
Forensic signals
2.2%
ROE
-12.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mind Technology, Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.28×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was -0.28× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
112d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 92 to 112 days FY2025→FY2026 (receivables +6% vs revenue -13%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Only -28¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 (-$1.7M against $6.1M), and the receivables balance is one of the places the rest is sitting. Across FY2024–FY2026 the day count ran 66 → 92 → 112 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-28%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 4 consecutive quarters (Oct 2025 +29, Jan 2026 +46, Apr 2026 +64, Jul 2026 +172 days). In the latest of them the receivable balance grew +38% against sales -59%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
204d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 191 to 204 FY2025→FY2026 (against cost of goods sold; inventory -19% vs -14% in cost of sales). Inventory ended the year no higher than it began, but days on hand lengthened on the year's average balance — watch for markdowns.
8.2%
FY2026
Return on invested capital.Return on invested capital is 8.2% in the latest fiscal year, against 1.9% in FY2024, having run between 1.9% and 24.1% across FY2024–FY2026 with no direction held. After-tax operating profit was $336,700 in FY2024 and $2M in FY2026, with operating income at 1.4% of revenue in FY2024, 14.5% in FY2025 and 7.0% in FY2026. The capital base behind it grew +27% across FY2024–FY2026, from $18M to $23M, and the return did not fall doing it, so the dollars added over that window earned at least the 1.9% the older base was already earning.
4% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 4% of revenue and 81% of free cash flow in FY2026 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 104.2% a year across FY2025–FY2026, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$40.9M
Revenue Growth YoY-12.6%
Revenue CAGR (2yr)+5.9%
Net Margin1.8%
Free Cash Flow$1.9M
Return on Equity2.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mind Technology, Inc's actual 10-K/10-Q/8-K filings?