Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 10, 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.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.8
Distress distance
Clean
Earnings quality
6
Forensic signals
1.8%
ROE
-12.6%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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, valuation). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 6 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.
109d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 72 to 109 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. 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 3 consecutive quarters (Oct 2025 +29, Jan 2026 +46, Apr 2026 +64 days). In the latest of them the receivable balance grew +112% against sales +22%, 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.
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 4.5% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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%
Net Margin1.8%
Free Cash Flow$1.9M
Return on Equity1.8%
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?
Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.
Mind Technology, Inc (MIND) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $1,000 of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.
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 is building a little faster than sales — watch for markdowns.
8.2%
FY2026
Return on invested capital.Return on invested capital is 8.2% in the latest fiscal year and rising from -19% — around its ~9% cost of capital, so growth is roughly value-neutral.