Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Mind Technology, Inc.MIND · business equipment | |
|---|---|
| Grade |  Astrongest fifth of 497 graded peers; percentile 17.1, sampling error 2.2 points; lower is stronger |
| Rank | 86 of 497 |
| Profitability | C/Dpercentile 60.1 |
| Solvency | A/Bpercentile 21.8 |
| Growth and financing | Bpercentile 32.3 |
| Reliability | 0.83 AUCfailure model, filers with $12.5M to $120M assets; 95% interval 0.79 to 0.86; 201 events, 2020 to 2025 |
| Peer failure rate | 1.07% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $12.5M to $120M assetstotal assets $49.3M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active · fortress balance sheetnot computable: distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Apr 20, 2026172 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $4.582026-10-08; market equity $41.6M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Apr 20, 2026; the document on sec.gov.
MIND Technology, Inc. (“MIND” and, together with its consolidated subsidiaries, the “Company”, “we”, “us” and “our”), a Delaware corporation, was incorporated in 1987. We provide technology to the oceanographic, hydrographic, seismic and maritime security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom. We operate in one segment, Seamap. Our Seamap business includes Seamap Pte Ltd, MIND Maritime Acoustics, LLC, Seamap (Malaysia) Sdn Bhd and Seamap (UK) Ltd (collectively “Seamap”), which designs, manufactures and sells specialized marine seismic equipment.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 60.1 | |||||||
| Gross profitability | 37.9% | [1,5] | 28.5% | 30.5 | 558 | 2026-01-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (4.3%) | [1,6-8] | (7.4%) | 68.4 | 621 | 2026-01-31 | |
| Gross margin stability, five years | 7.2 pts | [2,5,9-16] | 2.4 pts | 81.5 | 429 | 2026-01-31 | |
| Solvency, sleeve percentile 21.8 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 3.79 | [1,17-22] | 2.18 | 30.4 | 566 | 2026-01-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 3.77x | |||||
| latest aligned inputs end 2017-01-31; latest annual assets end 2026-01-31 | |||||||
| Current ratio | 6.03x | [17-18] | 2.02x | 13.2 | 666 | 2026-01-31 | |
| Growth and financing, sleeve percentile 32.3 | |||||||
| Revenue growth, three-year compound | 17.9% | [2,10,12,14] | 6.4% | 21.4 | 538 | 2026-01-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 1,862.4% | [17-18,20,23-28] | 14.3% | 0.4 | 226 | 2026-01-31 | |
| Asset growth, three years | 14.5% | [1,8,29-30] | 5.0% | 26.0 | 563 | 2026-01-31 | |
| Net share issuance, one year | 14.0% | [31-32] | 0.5% | 81.5 | 407 | 2026-04-17 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.278; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 81 | Manhattan Associates Inc. (MANH) Manhattan Associates Inc. (MANH) Astrongest fifth; percentile 16.1 Nasdaq · Services-Prepackaged Software market equity $12.1B; last close $207.00 No active warnings; 8 of 14 inputs | 16.1 | A | |
| 82 | Sprout Social, Inc. (SPT) Sprout Social, Inc. (SPT) Astrongest fifth; percentile 16.3 Nasdaq · Services-Prepackaged Software last close $11.06 Warnings: fortress balance sheet; 9 of 14 inputs | 16.3 | A | fortress balance sheet |
| 83 | Viant Technology Inc. (DSP) Viant Technology Inc. (DSP) Astrongest fifth; percentile 16.5 Nasdaq · Services-Computer Programming, Data Processing, Etc. last close $13.19 No active warnings; 7 of 14 inputs | 16.5 | A | |
| 84 | Byrna Technologies Inc. (BYRN) Byrna Technologies Inc. (BYRN) Astrongest fifth; percentile 16.7 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $110.7M; last close $4.72 No active warnings; 9 of 14 inputs | 16.7 | A | |
| 85 | Fortinet, Inc. (FTNT) Fortinet, Inc. (FTNT) Astrongest fifth; percentile 16.9 Nasdaq · Computer Peripheral Equipment, NEC market equity $138.7B; last close $189.12 No active warnings; 11 of 14 inputs | 16.9 | A | |
| 86 | Mind Technology, Inc. (MIND) Mind Technology, Inc. (MIND) Astrongest fifth; percentile 17.1 Nasdaq · Search, Detection, Navigation, Guidance, Aeronautical Sys market equity $41.9M; last close $4.58 Warnings: fortress balance sheet; 9 of 14 inputs | 17.1 | A | fortress balance sheet |
| 87 | Vertiv Holdings Co. (VRT) Vertiv Holdings Co. (VRT) Astrongest fifth; percentile 17.3 NYSE · Electronic Components, NEC market equity $93.8B; last close $243.70 No active warnings; 12 of 14 inputs | 17.3 | A | |
| 88 | Amphenol Corp. (APH) Amphenol Corp. (APH) Astrongest fifth; percentile 17.5 NYSE · Electronic Connectors market equity $105.2B; last close $85.32 No active warnings; 13 of 14 inputs | 17.5 | A | |
| 89 | Jack Henry & Associates Inc. (JKHY) Jack Henry & Associates Inc. (JKHY) Astrongest fifth; percentile 17.7 Nasdaq · Services-Computer Integrated Systems Design market equity $10.5B; last close $149.03 No active warnings; 10 of 14 inputs | 17.7 | A | |
| 90 | Hubspot Inc. (HUBS) Hubspot Inc. (HUBS) A/Bon the A/B boundary; percentile 17.9 NYSE · Services-Prepackaged Software market equity $11.6B; last close $231.91 No active warnings; 10 of 14 inputs | 17.9 | A/B | |
| 91 | Teradyne, Inc. (TER) Teradyne, Inc. (TER) A/Bon the A/B boundary; percentile 18.1 Nasdaq · Instruments For Meas & Testing of Electricity & Elec Signals market equity $62.3B; last close $398.81 Warnings: fortress balance sheet; 11 of 14 inputs | 18.1 | A/B | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 12.9 | 2204 |
| sector peers, equal sleeves (the grade) | A | 17.1 | 497 |
| same exchange, equal sleeves | A | 15.8 | 1219 |
| sector peers, equal inputs | A/B | 20.0 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (46.2%) | 2.2% | 14 | hotter than 14 of 100 peers |
| Distance from 52-week high | (67.7%) | (30.0%) | 12 | closer to its high than 12 of 100 peers |
| EBIT to enterprise value | 10.9% | 1.5% | 96 | pricier than 4 of 100 peers |
| Free cash flow yield | 4.6% | 2.7% | 65 | pricier than 35 of 100 peers |
| Book value to price | 0.96 | 0.23 | 88 | pricier than 12 of 100 peers |
| Sales to price | 0.98 | 0.30 | 77 | pricier than 23 of 100 peers |
| Composite equity issuance, five years | 188.7% | 3.9% | 95 | more equity-funded than 95 of 100 peers |
| Relative strength against the sector, log excess return | (0.90) | (0.26) | 14 | ahead of 14 of 100 peers |
Inputs: market equity $41.9M; EBIT $2.9M; free cash flow $1.9M; book equity $40.3M; sales $40.9M; debt $0; cash $15.8M[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-01-31 | ||
|---|---|---|
| Return on assets above zero | 2.0% | ✓ pass[6,8] |
| Operating cash flow above zero | $2.6M | ✓ pass[7] |
| Return on assets improved | (13.1 pts) | ✗ fail[6,8,29,34] |
| Operating cash flow exceeds net income | $1.8M | ✓ pass[6-7] |
| Long-term leverage fell | n/a[1,8,29] | |
| Current ratio improved | 231.6 pts | ✓ pass[17-18,27-28] |
| No new shares issued | 14.0% | ✗ fail[31-32] |
| Gross margin improved | 0.8 pts | ✓ pass[2,5,9-10] |
| Asset turnover improved | (28.4 pts) | ✗ fail[2,8,10,29] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $15.8M[35] |
| Operating cash flow, four quarters | -$3.5M[7,35-39] |
| Months of runway | 54.7 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 30 |
| 10-Q received Sep 9, 2026 | |
| Median daily dollar volume | $387,734 |
| 63 sessions | |
| Days since newest grade input | 172 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $49.3M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $40.9M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $9.9M | 2018-01-31 | 2019-04-05 | 10-K | filing · viewer · series |
| 4 | total debt | us-gaap:LongTermDebt | $0 | 2018-01-31 | 2018-04-13 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $18.7M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | $750,000 | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.6M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $36.7M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $21.0M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $46.9M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $16.0M | 2024-01-31 | 2025-04-25 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $36.5M | 2024-01-31 | 2025-04-25 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $9.9M | 2023-01-31 | 2024-04-30 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $25.0M | 2023-01-31 | 2024-04-30 | 10-K | filing · viewer · series |
| 15 | gross profit | us-gaap:GrossProfit | $6.0M | 2022-01-31 | 2023-05-01 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $23.1M | 2022-01-31 | 2023-05-01 | 10-K | filing · viewer · series |
| 17 | current assets | us-gaap:AssetsCurrent | $44.9M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 18 | current liabilities | us-gaap:LiabilitiesCurrent | $7.4M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 19 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$107.7M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 20 | operating income | us-gaap:OperatingIncomeLoss | $2.9M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 21 | book equity | us-gaap:StockholdersEquity | $41.4M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 22 | liabilities | us-gaap:Liabilities | $7.8M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $663,000 | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 24 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $873,000 | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 25 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $2.9M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 26 | income tax | us-gaap:IncomeTaxExpenseBenefit | $2.2M | 2026-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $32.1M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $8.6M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 29 | assets | us-gaap:Assets | $33.5M | 2024-01-31 | 2025-04-25 | 10-K | filing · viewer · series |
| 30 | assets | us-gaap:Assets | $32.9M | 2023-01-31 | 2024-04-30 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 9,089,055 | 2026-04-17 | 2026-04-20 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 7,969,421 | 2025-04-23 | 2025-04-25 | 10-K | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 9,089,055 | 2026-09-08 | 2026-09-09 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $5.1M | 2025-01-31 | 2026-04-20 | 10-K | filing · viewer · series |
| 35 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $15.8M | 2026-07-31 | 2026-09-09 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.1M | 2026-07-31 | 2026-09-09 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.3M | 2026-04-30 | 2026-06-11 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $3.8M | 2025-10-31 | 2025-12-11 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.9M | 2025-07-31 | 2026-09-09 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 17.1 is 2.9 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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