Latest Ratios: P/E Ratio -12.9x · EV/EBITDA N/A · ROE 2.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30M | $79M | $74M | $33M | $36M | $76M | $111M | $138M | $193M | $182M | $235M |
| Enterprise Value | $12M | $61M | $70M | $29M | $37M | $73M | $109M | $137M | $183M | $172M | $238M |
| P/E Ratio → | -12.90 | 87.50 | 14.48 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.87 | 1.93 | 1.58 | 0.90 | 1.45 | 3.29 | 5.23 | 4.61 | 4.49 | 3.76 | 5.72 |
| P/B Ratio | 0.73 | 1.91 | 2.70 | 1.46 | 1.58 | 2.51 | 3.65 | 2.89 | 3.40 | 2.76 | 2.90 |
| P/FCF | — | 41.13 | 345.20 | — | — | — | — | — | — | — | 104.98 |
| P/OCF | 11.74 | 30.59 | 113.48 | — | — | — | — | — | — | 252.79 | 74.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.49 | 1.49 | 0.79 | 1.49 | 3.15 | 5.13 | 4.58 | 4.27 | 3.56 | 5.81 |
| EV / EBITDA | — | 16.39 | 9.00 | 17.10 | — | — | — | 61.28 | — | — | — |
| EV / EBIT | 4.34 | 21.08 | 9.90 | 31.77 | — | — | — | — | — | — | — |
| EV / FCF | — | 31.80 | 326.43 | — | — | — | — | — | — | — | 106.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.4% | 43.4% | 42.7% | 40.5% | 34.4% | 16.5% | 21.3% | 35.0% | 21.5% | 8.2% | -23.9% |
| Operating Margin | 7.0% | 7.0% | 14.5% | 1.4% | -22.6% | -62.9% | -55.6% | -18.5% | -33.1% | -37.8% | -76.3% |
| Net Profit Margin | 1.8% | 1.8% | 10.8% | -5.7% | -35.3% | -65.3% | -87.0% | -37.7% | -46.2% | -43.6% | -80.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.2% | 2.2% | 20.3% | -9.1% | -33.1% | -49.7% | -47.3% | -21.6% | -32.4% | -28.7% | -35.7% |
| ROA | 1.7% | 1.7% | 14.5% | -6.2% | -23.6% | -36.9% | -37.7% | -18.3% | -28.6% | -25.0% | -28.9% |
| ROIC | 9.2% | 9.2% | 24.4% | 1.8% | -16.6% | -39.6% | -23.6% | -8.8% | -20.7% | -19.5% | -22.8% |
| ROCE | 8.2% | 8.2% | 26.6% | 2.2% | -20.5% | -46.0% | -28.9% | -10.3% | -22.9% | -24.8% | -30.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.05 | 0.06 | 0.08 | 0.06 | 0.08 | 0.05 | — | — | 0.08 |
| Debt / EBITDA | 0.29 | 0.29 | 0.17 | 0.78 | — | — | — | 1.03 | — | — | — |
| Net Debt / Equity | — | -0.43 | -0.15 | -0.18 | 0.04 | -0.11 | -0.08 | -0.02 | -0.17 | -0.15 | 0.04 |
| Net Debt / EBITDA | -4.81 | -4.81 | -0.52 | -2.34 | — | — | — | -0.35 | — | — | — |
| Debt / FCF | — | -9.34 | -18.77 | — | — | — | — | — | — | — | 1.55 |
| Interest Coverage | — | — | — | 1.35 | -9.39 | — | — | -120.22 | — | — | -47.92 |
Net cash position: cash ($19M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.03 | 6.03 | 3.71 | 2.76 | 2.49 | 2.73 | 3.42 | 3.63 | 4.89 | 4.39 | 2.60 |
| Quick Ratio | 4.53 | 4.53 | 2.12 | 1.46 | 0.77 | 1.42 | 1.96 | 2.06 | 3.44 | 2.95 | 1.72 |
| Cash Ratio | 2.56 | 2.56 | 0.62 | 0.51 | 0.09 | 0.48 | 0.59 | 0.37 | 1.26 | 1.32 | 0.22 |
| Asset Turnover | — | 0.83 | 1.28 | 1.09 | 0.76 | 0.55 | 0.53 | 0.51 | 0.66 | 0.66 | 0.43 |
| Inventory Turnover | 2.08 | 2.08 | 1.95 | 1.62 | 1.07 | 1.38 | 1.46 | 1.47 | 3.13 | 4.08 | 4.25 |
| Days Sales Outstanding | — | 112.05 | 92.04 | 65.64 | 58.27 | 128.36 | 81.67 | 80.80 | 102.69 | 79.34 | 140.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 2.9% | 5.2% | 3.3% | 1.5% | 1.5% | 0.9% | 0.5% | 0.2% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 1.1% | 6.9% | — | — | — | — | — | — | — | — |
| FCF Yield | — | 2.4% | 0.3% | — | — | — | — | — | — | — | 1.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.3% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 2.9% | 5.2% | 3.3% | 1.5% | 1.5% | 0.9% | 2.8% | 0.2% |
| Shares Outstanding | — | $9M | $8M | $5M | $6M | $6M | $5M | $5M | $5M | $5M | $5M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MIND stock.
MIND Technology, Inc.'s current P/E ratio is -12.9x. The historical average is 35.0x.
MIND Technology, Inc.'s return on equity (ROE) is 2.2%. The historical average is -6.8%.
Based on historical data, MIND Technology, Inc. is trading at a P/E of -12.9x. Compare with industry peers and growth rates for a complete picture.
MIND Technology, Inc. has 43.4% gross margin and 7.0% operating margin.
MIND Technology, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Project-based revenue volatility
Metrics are mathematically derived from official filings.
Market Valuation Reflects Turnaround Uncertainty
According to current market data, MIND trades at a P/S ratio of 1.11 and an EV/EBITDA of 7.34, suggesting that investors are pricing the firm as a distressed micro-cap rather than a growth-oriented technology manufacturer, despite its pivot toward specialized defense and hydrographic sonar markets.
The P/E ratio of 49.90 appears artificially inflated by depressed earnings, which may not accurately reflect the company's normalized earning power. Investors should monitor whether the current valuation provides a floor or if the lack of forward earnings visibility warrants a deeper discount relative to broader industrial peers.
Capital Efficiency Remains Highly Erratic
Based on reported financial statements, MIND's ROIC has oscillated from a peak of 9.9% in 2026Q2 to 0.0% in 2027Q1, illustrating the difficulty of compounding returns in a business model where project-based revenue recognition creates significant quarterly swings in operational efficiency.
The volatility in ROIC suggests that the company struggles to maintain consistent asset utilization, likely due to the lumpy nature of its seismic and sonar hardware deliveries. This inconsistency warrants further investigation into whether the current capital base is being deployed effectively or if it remains trapped in underutilized inventory.
Working Capital Cycles Impede Liquidity
As reported in recent filings, MIND's cash conversion cycle has remained elevated, reaching 289 days in 2027Q1, which highlights the structural challenge of managing long-dated inventory and receivables within a project-heavy hardware business model compared to more agile technology peers.
The high DIO of 177 days suggests that inventory turnover is a significant bottleneck, potentially tying up cash that could otherwise be used for R&D or market expansion. Investors should monitor whether management can optimize these working capital metrics to improve the overall cash conversion efficiency.
Liquidity Buffer Supports Operational Runway
According to the latest balance sheet data, MIND maintains a current ratio of 5.20 and a quick ratio of 3.98, providing a substantial liquidity cushion that appears sufficient to navigate the ongoing revenue contraction and the inherent volatility of its project-based maritime business.
This strong liquidity position is a critical defensive feature, as it mitigates the risk of insolvency during periods of low project activity. However, the reliance on cash reserves rather than operational cash flow suggests that the company is currently in a survival phase rather than a growth phase.
Misapplication of P/E Multiples
The P/E ratio is frequently misapplied to MIND, as the company's earnings are heavily distorted by non-recurring restructuring costs and the inherent lumpiness of project-based revenue, which obscures the underlying cash-generating potential of its specialized sonar and seismic hardware segments.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better assess the company's operational performance. Relying on P/E in this context may lead to erroneous conclusions about the company's valuation, as it fails to account for the significant impact of working capital swings on net income.