Revenue growth remains under pressure with a recent quarterly figure of $5.1 million, while operating margins have exhibited significant volatility, compressing from 25.4% in 2024Q4 to 18.1% in 2026Q1.
MIND C.T.I. Ltd (MNDO) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 19.41M | 19.46M | 21.45M | 21.61M | 21.55M | 26.33M | 23.37M | 22.66M | 18.14M | 18.06M | 18.05M | 20.93M | 25.02M | 18.48M | 20.21M | 18.91M | 19.89M | 17.57M | 19.47M | 18.45M | 20.06M | 15.6M | 17.81M | 12.94M | 10.01M | 10.47M | 15.61M | 8.2M |
| Revenue Growth % | -3.72% | -9.27% | -0.77% | 0.28% | -18.15% | 12.65% | 3.13% | 24.97% | 0.4% | 0.06% | -13.74% | -16.35% | 35.39% | -8.56% | 6.85% | -4.89% | 13.16% | -9.75% | 5.56% | -8.04% | 28.58% | -12.38% | 37.65% | 29.26% | -4.4% | -32.95% | 90.5% | - |
| Cost of Goods Sold | 8.85M | 9.54M | 10.71M | 10.75M | 10.04M | 12.45M | 11.15M | 10.13M | 6.15M | 7.03M | 6.83M | 8.63M | 9.95M | 7.87M | 7.85M | 6.48M | 6.17M | 6.41M | 5.78M | 5.78M | 5.67M | 4.01M | 4.39M | 3.21M | 2.48M | 2.11M | 2.19M | 1.12M |
| COGS % of Revenue | - | 49.01% | 49.93% | 49.72% | 46.61% | 47.28% | 47.72% | 44.68% | 33.89% | 38.94% | 37.84% | 41.24% | 39.77% | 42.59% | 38.85% | 34.24% | 31.01% | 36.49% | 29.7% | 31.35% | 28.29% | 25.74% | 24.68% | 24.8% | 24.77% | 20.18% | 14.05% | 13.69% |
| Gross Profit | 10.56M | 9.92M | 10.74M | 10.87M | 11.51M | 13.88M | 12.22M | 12.54M | 11.99M | 11.03M | 11.22M | 12.3M | 15.07M | 10.61M | 12.36M | 12.44M | 13.72M | 11.16M | 13.69M | 12.66M | 14.38M | 11.59M | 13.41M | 9.73M | 7.53M | 8.36M | 13.42M | 7.07M |
| Gross Margin % | 54.4% | 50.99% | 50.07% | 50.28% | 53.39% | 52.72% | 52.28% | 55.32% | 66.11% | 61.06% | 62.16% | 58.76% | 60.23% | 57.41% | 61.15% | 65.76% | 68.99% | 63.51% | 70.3% | 68.65% | 71.71% | 74.26% | 75.32% | 75.2% | 75.23% | 79.82% | 85.95% | 86.31% |
| Gross Profit Growth % | - | -7.6% | -1.19% | -5.57% | -17.1% | 13.58% | -2.53% | 4.58% | 8.7% | -1.71% | -8.76% | -18.39% | 42.05% | -14.15% | -0.64% | -9.34% | 22.92% | -18.47% | 8.11% | -11.97% | 24.16% | -13.61% | 37.87% | 29.21% | -9.9% | -37.73% | 89.71% | - |
| Operating Expenses | 7.5M | 7.83M | 6.36M | 6.12M | 5.98M | 7.05M | 6.76M | 7.5M | 6.64M | 6.34M | 6.01M | 5.88M | 7.61M | 8.45M | 7.99M | 8.5M | 7.73M | 8.99M | 15.98M | 11.4M | 11.88M | 8.74M | 10.21M | 8.53M | 9.16M | 14.42M | 10.51M | 5.25M |
| OpEx % of Revenue | - | 40.27% | 29.66% | 28.3% | 27.76% | 26.79% | 28.91% | 33.08% | 36.61% | 35.12% | 33.32% | 28.11% | 30.43% | 45.73% | 39.51% | 44.95% | 38.88% | 51.17% | 82.08% | 61.83% | 59.23% | 56.03% | 57.36% | 65.96% | 91.49% | 137.72% | 67.3% | 64.06% |
| Selling, General & Admin | 3.34M | 3.78M | 2.97M | 2.58M | 2.49M | 3M | 2.79M | 3.31M | 2.89M | 2.93M | 2.5M | 2.94M | 3.07M | 3.42M | 3.34M | 3.83M | 3.67M | 4.54M | 6.12M | 5.4M | 5.76M | 3.65M | 6.38M | 5.21M | 5.43M | 9.98M | 6.76M | 3.14M |
| SG&A % of Revenue | - | 19.45% | 13.84% | 11.93% | 11.54% | 11.41% | 11.96% | 14.61% | 15.95% | 16.2% | 13.84% | 14.04% | 12.29% | 18.51% | 16.54% | 20.25% | 18.48% | 25.86% | 31.41% | 29.25% | 28.73% | 23.43% | 35.84% | 40.31% | 54.29% | 95.32% | 43.32% | 38.26% |
| Research & Development | 4.15M | 4.05M | 3.39M | 3.54M | 3.5M | 4.05M | 3.96M | 4.19M | 3.75M | 3.42M | 3.52M | 2.94M | 4.54M | 5.03M | 4.64M | 4.67M | 4.06M | 4.45M | 6.18M | 5.71M | 6.12M | 5.09M | 3.83M | 3.32M | 3.72M | 4.44M | 3.74M | 1.92M |
| R&D % of Revenue | - | 20.82% | 15.81% | 16.37% | 16.22% | 15.37% | 16.95% | 18.47% | 20.66% | 18.92% | 19.48% | 14.06% | 18.14% | 27.22% | 22.97% | 24.71% | 20.4% | 25.31% | 31.76% | 30.98% | 30.5% | 32.6% | 21.53% | 25.66% | 37.2% | 42.4% | 23.97% | 23.4% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 21K | 0 | 0 | 20K | 21K | 0 | 0 | 49K | 0 | 3.68M | 295K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 196K |
| Operating Income | 3.06M | 2.09M | 4.38M | 4.75M | 5.52M | 6.83M | 5.46M | 5.04M | 5.35M | 4.69M | 5.21M | 6.42M | 7.46M | 2.16M | 4.37M | 3.94M | 5M | 2.17M | -2.29M | 1.26M | 2.5M | 2.85M | 3.2M | 1.2M | -1.63M | -6.06M | 2.91M | 1.82M |
| Operating Margin % | 15.77% | 10.72% | 20.41% | 21.97% | 25.63% | 25.93% | 23.37% | 22.24% | 29.5% | 25.94% | 28.84% | 30.66% | 29.8% | 11.68% | 21.63% | 20.81% | 25.12% | 12.34% | -11.78% | 6.82% | 12.48% | 18.24% | 17.96% | 9.24% | -16.26% | -57.9% | 18.66% | 22.25% |
| Operating Income Growth % | - | -52.34% | -7.83% | -14.03% | -19.1% | 24.99% | 8.39% | -5.79% | 14.17% | -9.99% | -18.86% | -13.96% | 245.39% | -50.62% | 11.11% | -21.22% | 130.29% | 194.55% | -282.35% | -49.76% | -11.99% | -11.04% | 167.62% | 173.45% | 73.16% | -308.1% | 59.7% | - |
| EBITDA | 3.31M | 2.36M | 4.56M | 4.95M | 5.72M | 7.02M | 5.66M | 5.19M | 5.43M | 4.79M | 5.37M | 6.59M | 7.69M | 2.41M | 4.64M | 4.23M | 5.58M | 2.95M | -1.21M | 2.21M | 3.9M | 3.83M | 3.88M | 2M | -683K | -5.26M | 3.29M | 2.02M |
| EBITDA Margin % | 17.05% | 12.11% | 21.28% | 22.88% | 26.53% | 26.67% | 24.23% | 22.9% | 29.96% | 26.52% | 29.73% | 31.48% | 30.74% | 13.04% | 22.97% | 22.37% | 28.04% | 16.77% | -6.19% | 11.97% | 19.42% | 24.56% | 21.78% | 15.47% | -6.82% | -50.21% | 21.09% | 24.65% |
| EBITDA Growth % | 12.4% | -48.37% | -7.72% | -13.5% | -18.58% | 24% | 9.09% | -4.47% | 13.44% | -10.75% | -18.55% | -14.32% | 219.22% | -48.1% | 9.74% | -24.15% | 89.24% | 344.36% | -154.62% | -43.31% | 1.64% | -1.19% | 93.8% | 392.97% | 87.01% | -259.69% | 62.97% | - |
| D&A (Non-Cash Add-back) | 249K | 270K | 186K | 196K | 193K | 194K | 200K | 151K | 84K | 104K | 161K | 173K | 233K | 250K | 270K | 295K | 582K | 778K | 1.09M | 950K | 1.39M | 987K | 680K | 806K | 944K | 805K | 379K | 196K |
| EBIT | 3.39M | 2.77M | 4.99M | 5.55M | 5.7M | 6.93M | 5.87M | 5.54M | 5.58M | 6.22M | 5.38M | 6.32M | 7.16M | 2.32M | 4.67M | 4.11M | 5.04M | 19.98M | -5.9M | -11.85M | 2.28M | 4.11M | 7.04M | 1.2M | -1.63M | -6.06M | 2.91M | 1.82M |
| Net Interest Income | 488K | 681K | 726K | 710K | 237K | 61K | 232K | 370K | 301K | 239K | 237K | 201K | 319K | 132K | 307K | 311K | 94K | 244K | 920K | 1.84M | 946K | 1.44M | 3.71M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 488K | 681K | 750K | 737K | 320K | 110K | 255K | 384K | 312K | 253K | 250K | 215K | 332K | 132K | 307K | 311K | 94K | 244K | 920K | 1.84M | 946K | 1.44M | 3.71M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 24K | 27K | 83K | 49K | 23K | 14K | 11K | 14K | 13K | 14K | 13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 488K | 681K | 587K | 777K | 93K | 55K | 379K | 483K | 222K | 1.52M | 166K | -114K | -306K | 163K | 298K | 171K | -944K | 17.82M | -7.29M | -13.11M | -222K | 1.26M | 3.84M | 2.61M | 2.08M | 1.68M | 1.08M | 137K |
| Pretax Income | 3.55M | 2.77M | 4.96M | 5.53M | 5.62M | 6.88M | 5.84M | 5.52M | 5.57M | 6.21M | 5.37M | 6.3M | 7.15M | 2.32M | 4.67M | 4.11M | 5.04M | 19.98M | -5.9M | -11.85M | 2.28M | 4.11M | 7.04M | 3.8M | 451K | -4.38M | 3.99M | 1.96M |
| Pretax Margin % | 18.28% | 14.22% | 23.15% | 25.57% | 26.06% | 26.14% | 24.99% | 24.37% | 30.73% | 34.38% | 29.76% | 30.11% | 28.58% | 12.56% | 23.11% | 21.71% | 25.36% | 113.71% | -30.29% | -64.22% | 11.38% | 26.31% | 39.53% | 29.39% | 4.51% | -41.87% | 25.57% | 23.93% |
| Income Tax | 274K | 163K | 334K | 359K | 330K | 936K | 459K | 458K | 438K | 597K | 1.17M | 1.28M | 1.67M | 137K | 392K | -185K | 188K | 197K | 525K | 108K | 1.37M | 43K | 162K | 169K | 117K | 7K | 245K | 447K |
| Effective Tax Rate % | 7.72% | 5.89% | 6.73% | 6.5% | 5.88% | 13.6% | 7.86% | 8.29% | 7.86% | 9.62% | 21.76% | 20.37% | 23.33% | 5.9% | 8.39% | -4.51% | 3.73% | 0.99% | -8.9% | -0.91% | 60.17% | 1.05% | 2.3% | 4.45% | 25.94% | -0.16% | 6.14% | 22.79% |
| Net Income | 3.27M | 2.6M | 4.63M | 5.17M | 5.29M | 5.95M | 5.38M | 5.07M | 5.13M | 5.61M | 4.2M | 5.02M | 5.48M | 2.19M | 4.28M | 4.29M | 4.86M | 19.79M | -6.42M | -11.96M | 909K | 4.06M | 6.88M | 3.63M | 334K | -4.39M | 3.75M | 1.51M |
| Net Margin % | 16.87% | 13.38% | 21.59% | 23.91% | 24.53% | 22.59% | 23.03% | 22.35% | 28.31% | 31.07% | 23.28% | 23.98% | 21.91% | 11.82% | 21.17% | 22.69% | 24.42% | 112.59% | -32.98% | -64.81% | 4.53% | 26.04% | 38.62% | 28.08% | 3.34% | -41.93% | 24.01% | 18.47% |
| Net Income Growth % | 4.27% | -43.76% | -10.39% | -2.27% | -11.1% | 10.48% | 6.28% | -1.34% | -8.52% | 33.52% | -16.24% | -8.48% | 150.94% | -48.92% | -0.3% | -11.64% | -75.46% | 408.06% | 46.27% | -1415.18% | -77.62% | -40.93% | 89.29% | 987.72% | 107.61% | -217.13% | 147.56% | - |
| Net Income (Continuing) | 3.27M | 2.6M | 4.63M | 5.17M | 5.29M | 5.95M | 5.38M | 5.07M | 5.13M | 5.61M | 4.2M | 5.02M | 5.48M | 2.19M | 4.28M | 4.29M | 4.86M | 19.79M | -6.42M | -11.96M | 909K | 4.06M | 6.88M | 3.63M | 334K | -4.39M | 3.75M | 1.51M |
| Discontinued Operations | 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 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 | 89K | 0 |
| EPS (Diluted) | 0.16 | 0.13 | 0.23 | 0.25 | 0.26 | 0.29 | 0.27 | 0.25 | 0.26 | 0.29 | 0.22 | 0.26 | 0.29 | 0.12 | 0.23 | 0.23 | 0.26 | 1.04 | -0.30 | -0.55 | 0.04 | 0.19 | 0.32 | 0.17 | 0.02 | -0.21 | -0.73 | 0.10 |
| EPS Growth % | 5.01% | -43.48% | -8% | -3.85% | -10.34% | 7.41% | 8% | -3.85% | -10.34% | 31.82% | -15.38% | -10.34% | 141.67% | -47.83% | 0% | -11.54% | -75% | 446.67% | 45.45% | -1475% | -78.95% | -40.63% | 88.24% | 955.9% | 107.67% | 71.23% | -830% | - |
| EPS (Basic) | - | 0.13 | 0.23 | 0.26 | 0.26 | 0.30 | 0.27 | 0.26 | 0.27 | 0.29 | 0.22 | 0.26 | 0.29 | 0.12 | 0.23 | 0.23 | 0.26 | 1.04 | -0.30 | -0.55 | 0.04 | 0.19 | 0.33 | 0.18 | 0.02 | -0.21 | -0.73 | 0.10 |
| Diluted Shares Outstanding | 20.23M | 20.63M | 20.58M | 20.47M | 20.4M | 20.27M | 20.14M | 19.96M | 19.56M | 19.56M | 19.31M | 19.28M | 19.03M | 18.89M | 18.85M | 18.8M | 18.61M | 19.01M | 21.47M | 21.59M | 21.55M | 21.62M | 21.47M | 21.14M | 20.76M | 20.65M | 16.9M | 14.98M |
| Basic Shares Outstanding | 20.15M | 20.47M | 20.3M | 20.16M | 20.1M | 20.01M | 19.91M | 19.75M | 19.34M | 19.29M | 19.23M | 19.18M | 18.95M | 18.87M | 18.77M | 18.68M | 18.47M | 19.01M | 21.47M | 21.59M | 21.52M | 21.43M | 21.09M | 20.73M | 20.68M | 20.65M | 16.9M | 14.67M |
| Dividend Payout Ratio | - | 172.89% | 105.14% | 93.65% | 98.87% | 87.39% | 88.71% | 99.92% | 112.95% | 110% | 123.53% | 114.75% | 82.87% | 207.41% | 105.31% | 139.08% | 75.91% | 74.7% | - | - | 331.02% | 126.61% | 39.78% | 80.62% | - | - | 53.71% | 25.96% |
Quick answers to the most common questions about buying MNDO stock.
For fiscal year 2025, MIND C.T.I. Ltd (MNDO) reported total revenue of $19.5M. This represents a 137.4% increase compared to $8.2M in 1999.
MIND C.T.I. Ltd (MNDO) is profitable, generating $2.6M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
MIND C.T.I. Ltd (MNDO) reported an operating income of $2.1M, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
MIND C.T.I. Ltd (MNDO) generated $9.9M in gross profit for the year, representing a gross profit margin of 51.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue contraction and margin volatility
Persistent Revenue Contraction Trends
As indicated by the most recent quarterly data, MNDO has struggled with top-line momentum, reporting a revenue decline that reflects a broader trend of deceleration across its core billing and messaging segments, with quarterly figures consistently failing to recapture the $5.8 million peak observed in early 2024.
The consistent year-over-year revenue contraction suggests that the company is facing structural headwinds in its mid-market telecom client base. Investors should monitor whether this decline is a result of intentional churn in lower-margin messaging traffic or a broader loss of competitive relevance in the billing software space.
Structural Margin Volatility Persists
According to the provided income statement history, gross margins have exhibited significant instability, fluctuating between 43.3% and 55.6% over the last ten quarters, which suggests a lack of pricing power or an unfavorable shift in the mix between high-margin software and variable-cost messaging services.
The inability to maintain a stable gross margin floor indicates that the company's cost structure is highly sensitive to the specific nature of its project-based revenue. This volatility complicates earnings predictability and suggests that the company may be sacrificing margin to retain volume in its messaging segment.
Operating Leverage Under Significant Pressure
Based on reported financial figures, operating margins have compressed from a high of 25.4% in late 2024 to 18.1% in the most recent quarter, demonstrating that the company's fixed cost base is failing to scale efficiently as revenue trends downward.
The decline in operating income relative to gross profit suggests that SG&A and R&D expenses are becoming increasingly burdensome. Without a clear path to revenue stabilization, the current operating leverage appears to be working against the company, potentially threatening the sustainability of its dividend policy.
Sustainability of Current Earnings Quality
Financial statements reveal that while the company remains profitable, the quality of earnings is increasingly questionable due to the reliance on non-operating items and the potential for lumpy, project-based revenue recognition to mask underlying operational deterioration in the core billing business.
Short-term profitability metrics may be artificially supported by the absence of significant debt-related interest expenses, which masks the underlying operational weakness. Investors should be wary that the current net income levels may not be representative of long-term cash-generating capacity if the revenue contraction continues to accelerate.