Tearsheet

MIND Technology (MIND)

Market Price (12/28/2025): $9.2 | Market Cap: $74.0 Mil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

MIND Technology (MIND)

Market Price (12/28/2025): $9.2
Market Cap: $74.0 Mil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%	Weak multi-year price returns 3Y Excs Rtn is -160%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -20%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%	Key risks MIND key risks include [1] a drastically shrinking backlog in its Seamap business, Show more.
2	Attractive yield FCF Yield is 6.9%
3	Megatrend and thematic drivers Megatrends include Ocean Technology, and Offshore Energy Infrastructure. Themes include Marine Geophysical Survey, and Subsea Site Characterization.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Attractive yield FCF Yield is 6.9%
3	Megatrend and thematic drivers Megatrends include Ocean Technology, and Offshore Energy Infrastructure. Themes include Marine Geophysical Survey, and Subsea Site Characterization.
4	Weak multi-year price returns 3Y Excs Rtn is -160%
5	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -20%
7	Key risks MIND key risks include [1] a drastically shrinking backlog in its Seamap business, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022
Share Price CYE	$9.20	$7.94	$6.59	$45.99
Market Cap CYE ($ Mil)	74.0	43.5	9.3	64.7
Total Debt ($ Mil)	1.3	1.3	1.3	1.7
Total Cash ($ Mil)	19.4	5.3	5.3	0.8
Enterprise Value ($ Mil)	55.9	44.8	10.6	66.4
Valuation Ratios
P/S TTM	1.6	0.7	0.3	0.3
P/EBIT TTM	13.3	4.7	17.9	-1.1
P/E TTM	24.3	6.4	33.8	-0.7
P/FCF TTM	14.4	151.3	-1.8	-1.9
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9

	12/28/25	2024	2023
Share Price CYE	$9.20	$7.94	$6.59
Market Cap CYE ($ Mil)	74.0	43.5	9.3
Total Debt ($ Mil)	1.3	1.3	1.3
Total Cash ($ Mil)	19.4	5.3	5.3
Enterprise Value ($ Mil)	55.9	44.8	10.6
Valuation Ratios
P/S TTM	1.6	0.7	0.3
P/EBIT TTM	13.3	4.7	17.9
P/E TTM	24.3	6.4	33.8
P/FCF TTM	14.4	151.3	-1.8
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	MIND	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-20.0%	7.3%
Rev Chg LTM	2.2%	6.1%
Rev Chg 3Y Avg	24.5%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	12.0%	18.8%
CFO/Rev LTM	12.7%	20.4%
Net Inc Mgn	6.6%	13.1%
VALUATION	LOW
P/S	1.6	3.3
P/CFO	12.6	15.8
P/FCF	14.4	20.7
P/E	24.3	23.7
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
Cash/Assets	0.41	0.07

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Metric	Value	Date	Source
Backlog of Marine Technology Products	approximately $12.8 million	7312025	Link
Aftermarket Revenue as a Percentage of Total Revenue	about 68%	7312025	Link

Recent
12/09/2025	Earnings Release	Rev: $9.0 Mil (A) vs. $14 Mil (E) EPS: 0.01 (A) vs. $0.31 (E)
Upcoming
4/20/2026	Earnings Release	Rev: - EPS: -

MIND Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Lowered Full-Year Expectations and Deteriorating Backlog (September 2025)

Following its second-quarter fiscal 2026 results, reported around September 9, 2025, MIND Technology's management lowered its full-year expectations, projecting results similar to fiscal 2025 instead of an anticipated improvement, alongside a deteriorating backlog of orders.

2. Analyst Downgrade to "Sell" (September 20, 2025)

In response to the underwhelming Q2 fiscal 2026 performance and outlook, analysts downgraded MIND Technology's shares from "Hold" to "Sell" and reduced their price targets.

3. Significant Earnings and Revenue Miss in Q3 Fiscal 2026 (December 9, 2025)

MIND Technology reported its fiscal 2026 third-quarter earnings, which significantly missed analyst estimates, with an EPS of $0.01 against an expected $0.16, and revenue of $9.69 million compared to a consensus of $10.90 million.

4. Substantial Stock Price Decline (December 2025)

Around December 11, 2025, the stock experienced a significant monthly decline of 41%, which contributed to the overall negative movement in the specified period.

5. Further Analyst Downgrade to "Hold" (December 13, 2025)

Following the disappointing Q3 fiscal 2026 results, Wall Street Zen downgraded MIND Technology's rating from "Buy" to "Hold."

Stock Movement Drivers

Fundamental Drivers

The 10.3% change in MIND stock from 9/27/2025 to 12/27/2025 was primarily driven by a 56.2% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	8.37	9.23	10.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	48.61	46.20	-4.97%
Net Income Margin (%)	8.81%	6.61%	-24.98%
P/E Multiple	15.58	24.33	56.18%
Shares Outstanding (Mil)	7.97	8.05	-0.97%
Cumulative Contribution			10.26%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
MIND	10.3%
Market (SPY)	4.3%	37.2%
Sector (XLK)	5.1%	34.2%

Fundamental Drivers

The 7.2% change in MIND stock from 6/28/2025 to 12/27/2025 was primarily driven by a 11.7% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	8.61	9.23	7.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	45.09	46.20	2.46%
Net Income Margin (%)	6.99%	6.61%	-5.44%
P/E Multiple	21.78	24.33	11.71%
Shares Outstanding (Mil)	7.97	8.05	-0.97%
Cumulative Contribution			7.19%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
MIND	7.2%
Market (SPY)	12.6%	35.0%
Sector (XLK)	17.0%	29.6%

Fundamental Drivers

The 18.5% change in MIND stock from 12/27/2024 to 12/27/2025 was primarily driven by a 155.9% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	7.79	9.23	18.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	45.20	46.20	2.21%
Net Income Margin (%)	9.92%	6.61%	-33.41%
P/E Multiple	9.51	24.33	155.92%
Shares Outstanding (Mil)	5.47	8.05	-47.01%
Cumulative Contribution			-7.70%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
MIND	18.5%
Market (SPY)	17.0%	31.3%
Sector (XLK)	24.0%	30.7%

Fundamental Drivers

The -76.9% change in MIND stock from 12/28/2022 to 12/27/2025 was primarily driven by a -472.3% change in the company's Shares Outstanding (Mil).

	12282022	12272025	Change
Stock Price ($)	40.01	9.23	-76.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	24.60	46.20	87.81%
P/S Multiple	2.29	1.61	-29.71%
Shares Outstanding (Mil)	1.41	8.05	-472.26%
Cumulative Contribution			-591.45%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
MIND	40.1%
Market (SPY)	48.0%	21.0%
Sector (XLK)	53.5%	18.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MIND Return	-22%	-25%	-73%	-86%	20%	13%	-97%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
MIND Win Rate	50%	42%	8%	50%	50%	50%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MIND Max Drawdown	-75%	-39%	-76%	-91%	-52%	-42%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See MIND Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	MIND	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-84.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	548.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-78.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	354.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-53.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	116.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-89.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	808.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,017 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

MIND Technology's stock fell -84.6% during the 2022 Inflation Shock from a high on 2/10/2021. A -84.6% loss requires a 548.6% gain to breakeven.

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About MIND Technology (MIND)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

MIND Technology, Inc., together with its subsidiaries, provides marine technology products. The company designs, manufactures, and sells specialized marine seismic equipment; and side scan sonar and water-side security systems. It operates in the United States, Europe, the Middle East, the Asia-Pacific, Canada, and Latin America. The company was formerly known as Mitcham Industries, Inc. and changed its name to MIND Technology, Inc. in August 2020. MIND Technology, Inc. was incorporated in 1987 and is headquartered in The Woodlands, Texas.

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Trimble for the ocean floor.

National Instruments for offshore data collection.

A specialized Teledyne for marine technology.

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Marine Seismic Data Acquisition Systems: Provides specialized equipment and software for acquiring seismic data in marine environments, primarily for energy exploration and scientific research.
Hydrographic and Oceanographic Survey Systems: Offers advanced systems for mapping the seafloor, detecting underwater objects, and collecting environmental data for various marine applications.
Equipment Rental Services: Provides temporary access to its specialized marine seismic and survey equipment for customers needing flexible solutions.
Technical Support and Parts: Supplies spare parts, offers repair services, and provides ongoing maintenance for its range of marine technology products.

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Major Customers of MIND Technology (MIND)

MIND Technology primarily sells its specialized marine technology and seismic exploration equipment to other companies and organizations, operating under a Business-to-Business (B2B) model.

While MIND Technology's public filings (such as its 10-K reports) indicate that a significant portion of its revenue can come from a few individual customers (e.g., in fiscal year 2023, two customers accounted for approximately 17% and 12% of total revenues, respectively), the company does not disclose the specific names of these major customers in its SEC filings. This is a common practice, often due to competitive and confidentiality reasons.

However, MIND Technology's customer base generally consists of the following categories of organizations that utilize its advanced seismic acquisition systems and other marine technology products:

Seismic contractors (including major international seismic contractors involved in oil and gas exploration and other subsea surveys)
Governmental agencies (such as naval forces, coast guards, and geological survey departments)
Oceanographic and research institutions
Defense industry participants

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Robert P. Capps President & Chief Executive Officer

Mr. Capps was appointed President and Chief Executive Officer of MIND Technology in January 2022, having previously served as Co-Chief Executive Officer since September 2015 and as a member of the board since July 2004. He also held the position of Executive Vice President and Chief Financial Officer of MIND Technology starting in June 2006. With over 35 years of financial experience, Mr. Capps has spent more than 20 years as a chief financial officer for several public companies. His prior roles include Executive Vice President and Chief Financial Officer of TeraForce Technology Corporation, a publicly-held provider of defense electronics products, from 1999 to 2006. From 1996 to 1999, he was Executive Vice President and Chief Financial Officer of Dynamex, Inc., a NASDAQ-listed supplier of same-day transportation services. Before Dynamex, Mr. Capps served as Executive Vice President and Chief Financial Officer of Hadson Corporation, a New York Stock Exchange-listed energy company. He is a Certified Public Accountant.

Mark Cox Vice President & Chief Financial Officer

Mark Cox serves as the Vice President and Chief Financial Officer of MIND Technology. His employment agreement was renewed in January 2025, solidifying his continued leadership in his roles. He is also the Chief Accounting Officer.

Guy Malden Executive Vice President, Marine Systems

Mr. Malden brings over 35 years of experience in the geophysical industry. From 1993 to 2003, he held various management roles with seismic equipment manufacturers, including Syntron, Inc. Prior to that, from 1975 to 1993, he served in various field and management capacities with Geophysical Service Inc./Halliburton Geophysical Services. He holds a degree in Marine Geology.

Mark Welker Vice President, Seamap

Mark Welker was appointed Vice President – Seamap in July 2016 and possesses over 25 years of experience in the manufacturing sector of the marine seismic industry. His career began in 1982 with Syntron Inc. From 1992 to 1996, as Managing Director of Syntron Asia Pte Ltd, he established a streamer manufacturing and repair facility in Singapore. He then moved to Syntron Inc. from 1996 to 1998 as Vice President of Worldwide Manufacturing, during which he also established and managed a joint venture cable factory in China. In 2001, he became Managing Director of Seamap Pte Ltd in Singapore, a company that MIND Technology acquired in 2005.

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The key risks to MIND Technology (symbol: MIND) are primarily centered around its shrinking backlog, market weakness in its core sectors, and intensifying competition.

Shrinking Backlog and Market Weakness in Key Sectors: MIND Technology faces a challenging outlook due to a shrinking backlog of orders and broader macro headwinds. The backlog for its Seamap Marine Products business significantly decreased by approximately 56% from $38.4 million at January 31, 2024, to $16.9 million as of January 31, 2025. This decline is influenced by customer cautiousness, a temporary softening in the seismic market, and secular weakness in the offshore energy and U.S. offshore wind sectors. Management has indicated that fiscal 2026 results are expected to be similar to fiscal 2025, reflecting this muted outlook.
Intensifying Competition and Risk of Falling Behind in Defense Technology: The company is experiencing intensifying competition across both its energy and defense markets. There is also a risk that MIND Technology could be falling behind in defense technology, which could impact its competitive positioning and growth prospects in this segment.
Projected Decline in Adjusted EBITDA and Profitability Challenges: Despite some revenue growth, MIND Technology is projected to face profitability challenges. The Adjusted EBITDA for fiscal year 2026 is expected to be significantly lower, at $2,918K, compared to $8,237K in fiscal year 2025. This substantial projected decline warrants attention from investors, indicating potential pressures on the company's overall profitability.

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The accelerating adoption of advanced Ocean Bottom Node (OBN) seismic acquisition systems, particularly those offered by key competitors like Sercel, poses a clear emerging threat to MIND Technology. This shift challenges MIND's historical strength in traditional towed streamer seismic equipment by offering superior data quality and operational flexibility for many high-value exploration and production monitoring projects. The increasing preference for OBN technology among energy companies risks diminishing demand for MIND's legacy offerings and creates intense competition for its own OBN solutions, which are newer to the market compared to established competitor systems.

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MIND Technology (NASDAQ: MIND) operates in the marine technology sector, providing specialized solutions for marine survey, seismic, and maritime security industries. Its primary products include GunLink seismic source acquisition and control systems, BuoyLink RGPS tracking systems, Sleeve Gun energy sources, and SeaLink towed seismic streamer systems.

The addressable markets for MIND Technology's main products and services are identified as follows:

Global Seismic Services Market: This market was valued at USD 9.04 billion in 2024 and is projected to reach USD 15.13 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.74% during the forecast period. North America held a significant share, valued at USD 2.76 billion in 2024.
Global Marine Sensor Technology Market: This market is expected to reach USD 5.3 billion by 2026, with a CAGR of 8.9% from 2021 to 2026.
Global Marine Research and Monitoring Market: This market is projected to reach USD 7.2 billion by 2027, with a CAGR of 6.8% from 2022 to 2027. Ocean observation technologies are expected to generate USD 3.5 billion in revenue by 2025.

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MIND Technology (NASDAQ: MIND) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, stemming from its strategic focus and favorable market conditions.

Robust Backlog and Order Pipeline: The company consistently points to a strong backlog of firm orders and a significant pipeline of pending and highly confident orders as a primary indicator of future revenue. For instance, in Q2 FY2025, MIND Technology reported a strong backlog of approximately $26 million, with additional orders exceeding $6 million received subsequent to July 31. Although the backlog can fluctuate due to substantial deliveries, management has expressed confidence in converting these orders into revenue in coming quarters.
Expansion of Aftermarket Revenue: Growth in aftermarket services, including spare parts, repairs, and technical support, is expected to be a significant contributor to revenue. Aftermarket revenue accounted for approximately 68% of total revenues in the first half of fiscal year 2026, highlighting its crucial role and higher-margin nature. The company recently expanded its Texas repair facility, aiming to further boost recurring and U.S.-based aftermarket revenue.
New Product Development: MIND Technology is actively investing in research and development for its next-generation streamer system and continued enhancements to its Spectral Ai Software Suite. These ongoing R&D efforts are expected to lead to the launch of new products or improved services, creating additional revenue streams.
Favorable Macroeconomic Tailwinds and Diversified Market Demand: The company is benefiting from strong general market conditions within the marine technology space. This includes sustained demand across its core industries: oceanographic, hydrographic, defense, seismic, and security. Additionally, MIND Technology is capitalizing on the energy transition, which is opening up alternative revenue streams in emerging sectors such as carbon storage, geothermal, offshore wind, and deep-sea mining.
Strategic Price Increases and Enhanced Production Efficiencies: Price increases implemented in fiscal year 2024, coupled with improved production efficiencies, have already contributed to higher gross profit margins. Maintaining or further optimizing these strategies can lead to increased revenue and profitability, especially if demand remains strong and volumes grow.

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Capital Allocation Decisions for MIND Technology (MIND) over the Last 3-5 Years

Share Repurchases

On August 28, 2025, MIND Technology's Board of Directors authorized the repurchase of up to $4.0 million of the company's common stock.
This stock buyback program is authorized to continue at any time through August 31, 2027.

Share Issuance

As of August 28, 2025, an "at-the-market" (ATM) program was established, allowing the company to sell up to $25.0 million of common stock from time to time.
MIND Technology completed the conversion of all its 9% Series A Cumulative Preferred Stock into common stock on September 4, 2024, issuing approximately 6.6 million new common shares.
In November 2021, the company offered 360,000 shares of its 9.00% Series A Cumulative Preferred Stock, with underwriters having an option to purchase an additional 54,000 shares, for an estimated total of $10.25 million.

Outbound Investments

In August 2023, MIND Technology sold its Klein Sonar Unit, which was a divestiture of an operational unit.

Capital Expenditures

By July 31, 2025, the company completed an expansion at its Texas repair facility to enhance manufacturing and repair capabilities.
Research and development expense for the third quarter of fiscal 2025 (ended October 31, 2024) was $562,000, primarily focused on the development of its next-generation streamer system.

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International Business Machines

QCOM (5.0%)

Qualcomm

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MIND: 24.5% | 1.6x)

CCL (45.9% | 1.5x)

Carnival

SLF (88.9% | 1.0x)

Sun Life Financial

SW (55.9% | 0.6x)

Smurfit WestRock

RNR (44.8% | 1.1x)

RenaissanceRe

NCLH (43.8% | 1.1x)

Norwegian Cruise Line

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MIND: 24.5% | 13.4x)

APO (89.3% | 10.8x)

Apollo Asset Management

CCL (45.9% | 9.4x)

Carnival

IBKR (48.1% | 3.5x)

Interactive Brokers

SW (55.9% | 9.3x)

Smurfit WestRock

WYNN (25.0% | 8.8x)

Wynn Resorts

Higher Rev Chg LTM (Value for MIND: 2.2%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

JPM (8.6%)

JPMorgan Chase

Higher Rev Chg 3Y Avg (Value for MIND: 24.5%)

HOOD (47.5%)

Robinhood Markets

KKR (44.5%)

KKR

MELI (39.5%)

MercadoLibre

DASH (27.8%)

DoorDash

AEM (26.0%)

Agnico Eagle Mines

Higher Op Mgn LTM (Value for MIND: 12.0%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for MIND: 12.7%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for MIND: 11.1%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for MIND: 4.1%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Information Technology Sector
	MIND	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	24.3	28.3	17.2	46.7	44.3	30.0	16.5	14.5	19.0	23.9	21.0
P/EBIT	13.4	20.5	13.9	39.8	37.7	10.7	23.9	11.8	20.7	65.5	24.0
What You Get
Rev Chg Q	-20.0%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	2.2%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	24.5%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	-3.9%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	MIND Technology Earnings Notes
2	Would You Still Hold MIND Technology Stock If It Fell 30%?	Return
3	MIND Technology Market Price	Market Price
4	Day 5 of Loss Streak for MIND Technology Stock with -29% Return (vs. -9.2% YTD) [3/4/2025]	Notification
5	MIND Technology vs. S&P500 Correlation	Correlation
6	MIND Technology Price Volatility	Volatility
7	Day 5 of Gains Streak for MIND Technology Stock with 25% Return (vs. -40% YTD) [9/15/2024]	Notification
8	Day 5 of Gains Streak for MIND Technology Stock with 25% Return (vs. -40% YTD) [9/14/2024]	Notification
9	Day 5 of Gains Streak for Mitcham Industries Stock with 14% Return (vs. 61% YTD) [7/28/2023]	Notification
10	Day 8 of Loss Streak for Mitcham Industries Stock with -29% Return (vs. -0.9% YTD) [5/2/2023]	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to MIND. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	14.4%	14.4%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	13.1%	13.1%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.3%	17.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	12.0%	12.0%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.5%	5.5%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for MIND Technology

Peers to compare with:

Financials

	MIND	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MIND Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	9.23	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	46	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	6	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	5	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-1	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	6	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-0	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	MIND	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MIND Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	2.2%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	24.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-20.0%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-5.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	12.0%	6.6%	4.8%	17.7%	22.5%	31.9%	14.8%
Op Mgn 3Y Avg	7.4%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-1.7%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	12.7%	6.7%	8.5%	20.6%	23.8%	26.6%	16.7%
CFO/Rev 3Y Avg	-2.9%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	11.1%	5.1%	1.8%	18.1%	22.1%	23.5%	14.6%
FCF/Rev 3Y Avg	-3.9%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	MIND	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MIND Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.1	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.6	0.4	1.0	4.4	5.4	10.0	3.0
P/EBIT	13.4	6.8	19.9	25.1	22.5	31.3	21.2
P/E	24.3	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	12.7	5.9	11.2	21.1	22.5	37.5	16.9
Total Yield	4.1%	14.1%	2.3%	5.0%	5.4%	2.8%	4.5%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-29.4%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.2	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	MIND	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MIND Tec.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	3.9%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	10.3%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	7.2%	-4.0%	34.5%	6.6%	15.2%	36.3%	11.2%
12M Rtn	18.5%	-27.0%	16.2%	40.5%	34.5%	7.5%	17.3%
3Y Rtn	-76.9%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	4.0%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	6.0%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	-5.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.0%
12M Excs Rtn	2.2%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	0.7%
3Y Excs Rtn	-160.2%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	Mitcham Industries vs. Adamis Pharmaceuticals: With Return Forecast Of 552%, Adamis Pharmaceuticals Is A Better Bet
1	Mitcham Industries vs. Acacia Research: With Return Forecast Of 85%, Mitcham Industries Is A Better Bet
2	Mitcham Industries vs. Digimarc: With Return Forecast Of 85%, Mitcham Industries Is A Better Bet
3	Mitcham Industries vs. Interpace Diagnostics Group: With Return Forecast Of 63%, Interpace Diagnostics Group Is A Better Bet
4	Mitcham Industries vs. Abraxas Petroleum: With Return Forecast Of 204%, Abraxas Petroleum Is A Better Bet
5	Mitcham Industries vs. Coffee: With Return Forecast Of 51%, Coffee Is A Better Bet
6	Mitcham Industries vs. SeaChange: Similar Revenue, But Mitcham Industries Is A Better Bet
7	Mitcham Industries vs. eMagin: Similar Revenue, But Mitcham Industries Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 1/31	LTM	2025	2024	2023	2022	2021	2020
Period End	10/31/2025	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021	1/31/2020
Filing Date	12/11/2025	4/25/2025	4/30/2024	5/1/2023	4/29/2022	4/16/2021	4/28/2020
Key Financials
Total Revenue	46	47	37	25	23	21	30
EBITDA	6	8	2	-4	-12	-7	2
Operating Income	6	7	1	-6	-15	-12	-6
Net Income	3	5	0	-9	-15	-20	-11
EPS	0.38	4.32	-2.50	-8.98	-13.10	-18.00	-11.00
Growth Rates
Total Revenue Growth	2.2%	28.4%	46.0%	8.2%	8.9%	-29.1%	-30.3%
EBITDA Growth	-8.4%	281.6%	154.1%	69.5%	-72.0%	-420.4%	285.6%
Operating Income Growth	-12.5%	1216.2%	109.2%	61.2%	-23.3%	-113.3%	57.5%
Net Income Growth	-31.9%	1751.8%	103.1%	41.5%	25.7%	-79.9%	43.1%
Margins
EBITDA Margin	13.9%	16.6%	5.6%	-15.0%	-53.4%	-33.8%	7.5%
Operating Income Margin	12.0%	14.5%	1.4%	-22.6%	-62.9%	-55.6%	-18.5%
Net Income Margin	6.6%	10.8%	0.8%	-35.3%	-65.3%	-95.7%	-37.7%
Cash & Debt
Total Cash	19	5	5	1	5	5	3
Total Debt	1	1	1	2	2	2	2
Net Debt / (Cash)	-18	-4	-4	1	-3	-2	-1
Cash Flows
Net Cash from Operations	6	1	-5	-3	-17	-6	-6
Free Cash from Operations	5	0	-5	-3	-18	-7	-10
Returns to Shareholders
Dividends	0	-0	1	2	3	2	2
Share Repurchases	-0	-0	-0	0	0	-0	-0

$ Mil \| FY: 1/31	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023
Filing Date	12/11/2025	9/10/2025	6/11/2025	4/25/2025	12/12/2024	9/12/2024	6/11/2024	4/30/2024	12/14/2023	9/14/2023	6/14/2023	5/1/2023
Key Financials Quarterly
Total Revenue	10	14	8	15	12	10	10	13	5	8	11	9
Ebitda	1	3	-0	3	2	2	1	2	-1	-0	1	1
Operating Income	1	3	-1	3	2	1	1	2	-1	-1	0	1
Net Income	0	2	-1	2	1	1	1	1	1	-1	-0	1
EPS	0.01	0.24	-0.12	0.25	2.87	-0.11	0.00	0.35	-0.27	-1.74	-0.84	-0.20
Key Financials TTM
Total Revenue TTM	46	49	45	47	45	38	36	37	32	30	31	30
Ebitda TTM	6	8	6	8	7	4	2	2	1	-0	-1	-4
Operating Income TTM	6	7	5	7	6	3	1	1	-1	-3	-3	-6
Net Income TTM	3	4	3	5	4	4	1	0	-0	-6	-7	-9
Growth Rates Quarterly
Total Revenue Growth	-20.0%	35.1%	-18.4%	12.5%	143.4%	32.7%	-8.7%	50.8%	63.7%	-13.2%	16.6%	136.0%
EBITDA Growth	-53.0%	72.9%	-143.4%	32.3%	284.3%	2480.0%	2.6%	80.9%	52.1%	93.5%	148.7%	127.2%
Operating Income Growth	-58.7%	86.3%	-190.1%	20.0%	229.1%	286.4%	74.2%	289.7%	50.0%	50.5%	116.9%	111.7%
Net Income Growth	-95.2%	141.7%	-201.7%	40.9%	127.3%	153.4%	497.5%	116.4%	111.0%	22.2%	90.1%	111.4%
Margins Quarterly
EBITDA Margin	10.2%	21.2%	-5.5%	20.0%	17.3%	16.6%	10.3%	17.0%	-22.9%	-0.9%	9.2%	14.1%
Operating Income Margin	8.0%	19.6%	-8.3%	18.5%	15.5%	14.2%	7.5%	17.3%	-29.2%	-10.1%	4.0%	6.7%
Net Income Margin	0.6%	14.2%	-12.3%	13.5%	10.7%	8.0%	9.9%	10.8%	11.4%	-19.8%	-2.3%	7.5%
Cash & Debt
Total Cash	19	8	9	5	4	2	1	5	6	0	1	1
Total Debt	1	1	1	1	2	2	2	1	2	5	5	2
Net Debt / (Cash)	-18	-7	-8	-4	-2	-0	1	-4	-4	4	4	1
Cash Flows Quarterly
FCF from Operations	1	-1	4	2	2	1	-5	1	-2	-0	-3	-1
Cash Flows TTM
FCF from Operations TTM	6	7	9	1	-1	-5	-7	-5	-6	-4	-2	-3
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.2%	6.1%	-2.1%	6.3%	4.3%	2.1%	1.5%	4.2%	-4.0%	-2.2%	1.2%	1.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	2.4%	3.5%	2.6%	3.7%	3.3%	0.9%	0.5%	0.4%	-0.8%	-1.9%	-2.5%	-4.7%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Seamap Marine Products	37	25	17
Corporate Expenses	0		0
Eliminations			-0
Klein Marine Products			6
Klein				4	7
Seamap				17	22
Seismic Asia Pacific Pty Ltd (SAP)					0
Total	37	25	23	21	30

Operating Income by Segment

$ Mil	2025	2023
Seamap Marine Products	7	-4
Corporate Expenses	-7	-5
Eliminations		0
Klein Marine Products		-5
Total	1	-15

Assets by Segment

$ Mil	2025	2023
Seamap Marine Products	33	24
Corporate	1	1
Klein Marine Products		9
Other		8
Total	33	42

Price Behavior

Price Behavior

Market Price	$9.23
Market Cap ($ Bil)	0.1
First Trading Date	12/29/2006
Distance from 52W High	-35.4%
	50 Days	200 Days
DMA Price	$10.23	$8.34
DMA Trend	up	up
Distance from DMA	-9.8%	10.7%
	3M	1YR
Volatility	98.3%	89.3%
Downside Capture	285.34	162.76
Upside Capture	277.31	154.80
Correlation (SPY)	36.6%	31.0%

MIND Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.66	3.17	2.83	3.14	1.52	0.90
Up Beta	-1.46	1.38	2.47	4.40	1.16	0.83
Down Beta	3.05	3.45	2.97	3.73	1.83	1.30
Up Capture	440%	474%	246%	361%	361%	3%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	31	63	119	353
Down Capture	479%	283%	280%	195%	114%	95%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	19	31	61	126	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of MIND With Other Asset Classes (Last 1Y)
	MIND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.4%	25.0%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	88.8%	27.5%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.61	0.79	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		30.3%	30.7%	6.4%	9.1%	18.8%	23.2%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of MIND With Other Asset Classes (Last 5Y)
	MIND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-47.2%	18.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	90.5%	24.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.11	0.69	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		14.2%	15.9%	5.2%	8.1%	7.9%	9.3%

Based On 10-Year Data

		Comparison of MIND With Other Asset Classes (Last 10Y)
	MIND	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-28.4%	22.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	81.9%	24.2%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.06	0.85	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		13.4%	16.5%	0.5%	11.9%	13.2%	4.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	935,558
Short Interest: % Change Since 11302025	38.6%
Average Daily Volume	338,003
Days-to-Cover Short Interest	2.77
Basic Shares Quantity	8,046,000
Short % of Basic Shares	11.6%

Returns Analyses

	Title
0	Would You Still Hold MIND Technology Stock If It Fell 30%?
1	MIND Technology Stock Return Comparison
2	[10/6/2021] Mitcham Industries (MIND) Stock Price Forecast: AI Forecasts MIND Stock Price To Be Around $1.82 In A Month (Up 1.1%)
3	MIND Technology Total Shareholder Return (TSR): -52.5% in 2023 and -38.7% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
12/9/2025	-24.1%	-25.4%
9/9/2025	-14.5%	-11.8%	5.5%
4/22/2025	26.5%	17.5%	18.2%
12/10/2024	42.3%	69.7%	83.9%
9/11/2024	5.2%	4.7%	4.4%
4/29/2024	29.0%	23.5%	-7.4%
12/13/2023	-17.0%	0.0%	-4.3%
9/13/2023	1.3%	-12.3%	-23.9%
...
SUMMARY STATS
# Positive	9	7	7
# Negative	7	9	9
Median Positive	11.3%	17.5%	15.0%
Median Negative	-12.2%	-11.8%	-13.2%
Max Positive	42.3%	69.7%	83.9%
Max Negative	-24.1%	-29.1%	-36.9%

	Forward Returns
12/9/2025	-24.1%	-25.4%
9/9/2025	-14.5%	-11.8%	5.5%
4/22/2025	26.5%	17.5%	18.2%
12/10/2024	42.3%	69.7%	83.9%
9/11/2024	5.2%	4.7%	4.4%
4/29/2024	29.0%	23.5%	-7.4%
12/13/2023	-17.0%	0.0%	-4.3%
9/13/2023	1.3%	-12.3%	-23.9%
4/19/2023	11.3%	-13.0%	4.4%
12/13/2022	-0.8%	-3.0%	18.0%
9/12/2022	-7.4%	-1.9%	-17.9%
4/20/2022	-12.2%	-29.1%	-36.9%
11/22/2021	17.1%	17.9%	15.0%
9/8/2021	4.5%	-4.0%	-9.6%
4/12/2021	-0.8%	-3.8%	-5.0%
4/21/2020	5.3%	1.0%	-16.8%
SUMMARY STATS
# Positive	9	7	7
# Negative	7	9	9
Median Positive	11.3%	17.5%	15.0%
Median Negative	-12.2%	-11.8%	-13.2%
Max Positive	42.3%	69.7%	83.9%
Max Negative	-24.1%	-29.1%	-36.9%

SEC Filings

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Report Date	Filing Date	Filing
10312025	12112025	10-Q 10/31/2025
7312025	9102025	10-Q 7/31/2025
4302025	6112025	10-Q 4/30/2025
1312025	4252025	10-K 1/31/2025
10312024	12122024	10-Q 10/31/2024
7312024	9122024	10-Q 7/31/2024
4302024	6112024	10-Q 4/30/2024
1312024	4302024	10-K 1/31/2024
10312023	12142023	10-Q 10/31/2023
7312023	9142023	10-Q 7/31/2023
4302023	6142023	10-Q 4/30/2023
1312023	5012023	10-K 1/31/2023
10312022	12142022	10-Q 10/31/2022
7312022	9132022	10-Q 7/31/2022
4302022	6092022	10-Q 4/30/2022
1312022	4292022	10-K 1/31/2022

Insider Activity

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External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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MIND Technology (MIND)

Market Price (12/28/2025): $9.2 | Market Cap: $74.0 MilSector: Information Technology | Industry: Electronic Equipment & Instruments

MIND Technology (MIND)

Market Price (12/28/2025): $9.2Market Cap: $74.0 MilSector: Information TechnologyIndustry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MIND Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About MIND Technology (MIND)

Major Customers of MIND Technology (MIND)

Capital Allocation Decisions for MIND Technology (MIND) over the Last 3-5 Years

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than MIND Technology (MIND)

INDUSTRY: Electronic Equipment & Instruments

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MIND: 24.5% | 13.4x)

Higher Rev Chg LTM (Value for MIND: 2.2%)

Higher Rev Chg 3Y Avg (Value for MIND: 24.5%)

Higher Op Mgn LTM (Value for MIND: 12.0%)

Higher CFO/Rev LTM (Value for MIND: 12.7%)

Higher FCF/Rev LTM (Value for MIND: 11.1%)

Higher Total Yield (Value for MIND: 4.1%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MIND: 24.5% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MIND: 24.5% | 13.4x)

Higher Rev Chg LTM (Value for MIND: 2.2%)

Higher Rev Chg 3Y Avg (Value for MIND: 24.5%)

Higher Op Mgn LTM (Value for MIND: 12.0%)

Higher CFO/Rev LTM (Value for MIND: 12.7%)

Higher FCF/Rev LTM (Value for MIND: 11.1%)

Higher Total Yield (Value for MIND: 4.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MIND: 24.5% | 1.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MIND: 24.5% | 13.4x)

Higher Rev Chg LTM (Value for MIND: 2.2%)

Higher Rev Chg 3Y Avg (Value for MIND: 24.5%)

Higher Op Mgn LTM (Value for MIND: 12.0%)

Higher CFO/Rev LTM (Value for MIND: 12.7%)

Higher FCF/Rev LTM (Value for MIND: 11.1%)

Higher Total Yield (Value for MIND: 4.1%)

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Market Price (12/28/2025): $9.2 | Market Cap: $74.0 Mil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Market Price (12/28/2025): $9.2
Market Cap: $74.0 Mil
Sector: Information Technology
Industry: Electronic Equipment & Instruments