Cash flow generation remains highly erratic, with operating cash flow to net income ratios swinging from -4.98 in 2025Q1 to 14.42 in 2026Q3, driven primarily by unpredictable working capital changes.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Cash from Operations | -2.83M | 2.59M | 651K | -4.97M | -2.9M | -17.13M | -6.36M | -5.82M | -5.46M | 719K | 3.15M | 14.92M | 25.2M | 21.21M | 44.26M | 35.96M | 30.14M | 14.09M | 17.62M | 31M | 3.59M | 11.19M | 17.03M | 4.45M | -1.84M | 12.27M | 13.32M | 8.42M | 10.4M | 3.8M | 4.2M |
| Operating CF Margin % | - | 6.32% | 1.39% | -13.6% | -11.61% | -74.15% | -29.98% | -19.44% | -12.71% | 1.49% | 7.69% | 28.8% | 30.31% | 23.03% | 42.28% | 31.87% | 42.23% | 25.53% | 26.37% | 40.57% | 7.33% | 32.35% | 64.58% | 19.86% | -9.62% | 45.13% | 64.69% | 79.07% | 27.44% | 9.05% | 28.57% |
| Operating CF Growth % | -562.7% | 297.24% | 113.11% | -70.98% | 83.05% | -169.4% | -9.33% | -6.6% | -858.97% | -77.2% | -78.86% | -40.8% | 18.81% | -52.06% | 23.08% | 19.32% | 113.97% | -20.05% | -43.18% | 764.58% | -67.95% | -34.29% | 282.67% | 341.45% | -115.02% | -7.92% | 58.33% | -19.08% | 173.68% | -9.52% | 31.25% |
| Net Income | 1.31M | 750K | 5.07M | -1.1M | -8.83M | -15.09M | -14M | -11.29M | -19.84M | -21.07M | -33.15M | -38.74M | -9.19M | 4.77M | 17.05M | 24.32M | 4.73M | 520K | 9.06M | 11.44M | 9.29M | 10.86M | 2.13M | -3.57M | -7.68M | -8.46M | -2.95M | -4.86M | -8.5M | 6.4M | 2.7M |
| Depreciation & Amortization | 876K | 873K | 944K | 1.18M | 1.89M | 2.21M | 2.8M | 7.77M | 11.81M | 16.64M | 28.27M | 32.11M | 36.99M | 31.04M | 34.94M | 28.77M | 22.72M | 18.74M | 16.53M | 11.88M | 8.92M | 8.96M | 10.6M | 13.68M | 15.19M | 16.02M | 13.12M | 9.85M | 12.4M | 6.6M | 3.1M |
| Stock-Based Compensation | 2.07M | 1.55M | 235K | 261K | 654K | 643K | 708K | 854K | 781K | 903K | 737K | 1.29M | 1.3M | 1.14M | 1.59M | 1.33M | 1.1M | 1.4M | 2.19M | 2.25M | 1.65M | 153M | 461M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -215K | 35K | -153K | -62K | -106K | 32K | 553K | 1.2M | 162K | 934K | 10.31M | -3.24M | -2.17M | -9.51M | -285K | 230K | -120K | 1.2M | 1.1M | -2.52M | -3M | -458.47M | 0 | 0 | 2.71M | -4K | 0 | -6.9M | 800K | 600K |
| Other Non-Cash Items | -468K | 227K | -389K | -766K | 1.13M | -537K | -1.07M | 1.86M | 3.38M | -1.61M | 1.12M | 5.17M | 4.04M | -3.56M | -6.26M | -3.22M | -526K | 800K | 1.05M | -3.17M | -1.98M | 2.84B | 2.53M | -2.39M | -608K | 224K | -63K | -782K | 15.8M | -500K | 0 |
| Working Capital Changes | -6.61M | -599K | -5.25M | -4.39M | 2.32M | -4.26M | 5.18M | -5.57M | -2.79M | 5.7M | 5.24M | 4.77M | -4.69M | -10M | 6.45M | -14.96M | 1.89M | -7.26M | -12.41M | 7.5M | -11.76M | -2.23M | 1.87M | -3.26M | -4.54M | 1.77M | 3.21M | 4.21M | -2.4M | -9.5M | -2.2M |
| Change in Receivables | -8.7M | -755K | -5.25M | -3.32M | 4.86M | -3.25M | 4.7M | -1.72M | 952K | 4.41M | 7.34M | -238K | 605K | -9.14M | 13.33M | -16.69M | -2.02M | -5M | -1.31M | -4.45M | -6.78M | -808M | -1.1B | -4.17B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.26M | 2.37M | -441K | -3.6M | -1.76M | -3.07M | 1.18M | -2.81M | -781K | 685K | 850K | 677K | -279K | -2.84M | 718K | -2.61M | 727K | -754K | 1.28M | 847K | -5.09M | -268K | -1.6B | 3.31B | 0 | 0 | 0 | 466K | -1.2M | -500K | 0 |
| Change in Payables | 100K | -2M | 45K | -334K | 775K | 713K | -2.51M | -1.01M | 0 | -455K | 0 | -1.24M | -2.3M | 100K | -4.09M | 2.68M | 1.96M | -836K | -7.29M | 7.63M | 1.05M | -1.09B | 2.69B | 846M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -474K | -663K | 20K | 11.02M | 470K | 5.36M | 3.21M | -2.09M | -15K | 9M | 4.41M | -10.27M | -31.24M | -37.21M | -34.7M | -57.31M | -32.75M | -23.86M | -27.75M | -31.15M | -8.7M | -8.62M | -6.04M | -660K | -1.34M | -6.37M | -16.84M | -7.35M | -15.5M | -44.5M | -11.6M |
| Capital Expenditures | -474K | -663K | -437K | -290K | -582K | -834K | -566K | -3.99M | -2.53M | -1.32M | -919K | -2.51M | -19.9M | -44.06M | -45.66M | -1.52M | -33.12M | -27.19M | -32.41M | -30.85M | -14.54M | -8.97M | -6.04M | -3.63M | -5.2M | -18.02M | -27.71M | -12.79M | -32.9M | -34.9M | -200K |
| CapEx % of Revenue | 1.11% | 1.62% | 0.93% | 0.79% | 2.33% | 3.61% | 2.67% | 13.34% | 5.89% | 2.73% | 2.24% | 4.84% | 23.93% | 47.83% | 43.62% | 1.35% | 46.41% | 49.28% | 48.51% | 40.37% | 29.74% | 25.93% | 22.93% | 16.22% | 27.12% | 66.3% | 134.54% | 120.14% | 86.81% | 83.1% | 1.36% |
| Acquisitions | 0 | 0 | 0 | 10.83M | 0 | 761K | 257K | 239K | -147K | 0 | 0 | -10M | -14.5M | 0 | 0 | 0 | -2.1M | 3.32M | 2.98M | -3.78M | -1M | -2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 457K | 476K | 1.05M | 5.44M | 3.52M | 1.66M | 2.66M | 10.31M | 5.33M | 2.24M | 3.16M | 7.54M | 11.65M | -55.69M | 2.47M | 2.08M | 1.68M | 3.49M | 4.3M | 5.43M | 6.56M | 5.05M | 3.86M | 4.56M | 4.14M | 1.91M | 14.7M | 10.4M | -11.4M |
| Cash from Financing | 11.78M | 11.79M | -619K | -1.53M | -1.9M | 12.19M | 4.51M | 1.75M | 5.14M | -3.04M | -7.31M | -5.64M | -5.43M | 16.81M | -9.88M | 22.14M | 10.33M | 10.59M | 3.3M | 768K | 1.25M | 722K | -4.68M | -2.53M | 105K | -1.97M | 4.25M | 0 | 200K | 47.9M | 7.1M |
| Debt Issued (Net) | 0 | 0 | 0 | -803K | 0 | 0 | 1.61M | 0 | 0 | -6.31M | -14.12M | -5.82M | 4.11M | 17.86M | -9.94M | -12.37M | 9.25M | 9.4M | 3.04M | -1.5M | 0 | -918K | -5M | -2.53M | 120K | -706K | 7.3M | 0 | 0 | -4.6M | 2.6M |
| Equity Issued (Net) | 11.78M | 11.79M | 0 | 0 | -1K | 14.72M | 4.58M | 3.77M | 6.85M | 4.17M | 7.29M | -3K | -9.76M | -2.2M | 329K | 31.03M | 0 | -17K | 140K | 356K | 861K | 1.64M | 319K | 0 | -15K | -1.26M | -3.05M | 0 | 200K | 52.5M | 4.5M |
| Dividends Paid | 0 | 0 | 0 | -946K | -1.89M | -2.53M | -1.68M | -2.05M | -1.71M | -905K | -486K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -1K | -2K | 0 | 0 | 0 | -4.17M | -4K | -3K | -9.76M | -2.2M | 0 | 0 | 0 | -17K | 0 | 0 | 0 | 0 | 0 | 0 | -15K | -1.48M | -3.19M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -619K | 214K | 0 | 0 | 0 | 26K | 0 | 0 | -10.9M | 182K | 221K | 1.15M | -269K | 3.49M | 1.07M | 1.2M | 121K | 1.91M | 390K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 8.48M | 13.71M | 47K | 4.51M | -4.34M | 503K | 1.38M | -6.32M | -597K | 6.63M | -258K | -1.41M | -9.99M | 12K | -137K | 640K | 8.52M | 1.07M | -8.82M | 1.3M | -3.86M | 3.29M | 6.3M | 1.7M | -3.07M | 3.93M | 729K | 1.06M | 200K | 47.9M | 7.1M |
| Free Cash Flow | -3.3M | 1.92M | 214K | -5.26M | -3.49M | -17.97M | -6.93M | -9.81M | -7.99M | -597K | 2.23M | 12.41M | 5.3M | -22.84M | -1.4M | -27.71M | -2.98M | -13.1M | -14.79M | 151K | -10.96M | 2.22M | 10.98M | -819K | -7.04M | -5.75M | -14.39M | -4.37M | -22.5M | -31.1M | 4M |
| FCF Margin % | -7.73% | 4.7% | 0.46% | -14.4% | -13.94% | -77.76% | -32.65% | -32.78% | -18.6% | -1.24% | 5.45% | 23.95% | 6.38% | -24.8% | -1.34% | -24.56% | -4.18% | -23.75% | -22.14% | 0.2% | -22.41% | 6.42% | 41.66% | -3.66% | -36.74% | -21.16% | -69.85% | -41.07% | -59.37% | -74.05% | 27.21% |
| FCF Growth % | -137.25% | 798.6% | 104.07% | -50.76% | 80.59% | -159.43% | 29.38% | -22.78% | -1238.02% | -126.71% | -81.99% | 133.99% | 123.22% | -1529.32% | 94.94% | -829.21% | 77.24% | 11.44% | -9896.69% | 101.38% | -593.87% | -79.8% | 1441.15% | 88.36% | -22.36% | 60.02% | -229.05% | 80.57% | 27.65% | -877.5% | 42.86% |
| FCF per Share | -0.36 | 0.21 | 0.03 | -0.96 | -0.63 | -3.26 | -1.33 | -2.02 | -1.65 | -0.12 | 0.46 | 2.58 | 1.06 | -4.33 | -0.26 | -5.85 | -0.73 | -3.29 | -3.62 | 0.04 | -2.73 | 0.56 | 2.95 | -0.23 | -2.00 | -1.63 | -3.99 | -1.12 | -5.73 | -40.46 | 8.89 |
| FCF Conversion (FCF/Net Income) | -2.52x | 3.45x | 0.13x | 2.40x | 0.33x | 1.14x | 0.34x | 0.52x | 0.28x | -0.03x | -0.10x | -0.39x | -2.74x | 4.45x | 2.60x | 1.48x | 6.37x | 27.09x | 1.94x | 2.71x | 0.39x | 1.03x | 8.00x | -0.71x | 0.18x | -1.45x | -4.52x | -1.73x | -1.22x | 0.59x | 1.56x |
| Interest Paid | 0 | 0 | 0 | 634K | 4K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.53M | 2.2M | 1.65M | 847K | 371K | 355K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project-based revenue volatility
As reported in recent financial filings, MIND's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging wildly from -4.98 in 2025Q1 to 14.42 in 2026Q3, suggesting that reported earnings are a poor proxy for the company's actual ability to generate cash from operations.
The extreme variance in the conversion ratio indicates that net income is heavily influenced by non-cash items and timing differences rather than operational efficiency. Investors should monitor this divergence, as it implies that the company's profitability is highly sensitive to accounting adjustments and the lumpy nature of hardware delivery cycles.
Based on the provided cash flow data, MIND's free cash flow trajectory is highly erratic, oscillating between a peak of $3.8M in 2026Q1 and a low of -$4.8M in 2025Q1, reflecting the inherent difficulty in maintaining consistent cash generation within a project-based hardware business model.
The lack of a sustained positive FCF trend suggests that the company struggles to cover its operational and capital requirements during periods of revenue contraction. This inconsistency warrants further investigation into whether the current cost structure can support long-term value creation without recurring revenue streams.
According to quarterly cash flow statements, working capital changes are the primary driver of cash flow volatility, with a significant $4.5M inflow in 2026Q1 followed by a $3.6M outflow in 2026Q2, indicating that inventory and receivable management are the dominant factors impacting the company's liquidity.
These sharp fluctuations suggest that MIND's cash position is highly dependent on the timing of customer payments and inventory build-ups associated with large-scale system deliveries. Such reliance on working capital cycles creates significant uncertainty for analysts attempting to forecast near-term cash availability.
As indicated by the financial statements, stock-based compensation has become a recurring feature, reaching $714,000 in 2026Q4, which effectively masks the underlying cash burn of the business by inflating net income figures while failing to provide a true reflection of operational cash-generating capacity.
The consistent use of SBC, combined with the volatility in operating cash flow, suggests that the company may be relying on equity-based incentives to preserve cash. Analysts should be cautious, as this practice may obscure the true cost of operations and the sustainability of the current business model.
Quick answers to the most common questions about buying MIND stock.
MIND Technology, Inc. (MIND) generated $2.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
MIND Technology, Inc. (MIND) generated $1.9M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MIND Technology, Inc. (MIND) spent $0.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.