MIND Technology, Inc.
MIND Technology Scientific & Technical Instruments
MIND Technology, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $40.9 million, down 12.6% from fiscal 2025. In the quarter to July 2026, revenue fell 58.5%, EPS fell 179.2% and free cash flow fell 41.5%, each against the same quarter a year earlier.
Follow MIND
MIND Technology, Inc. (MIND) Altman Z-score
MIND Technology, Inc.'s Altman Z-score for fiscal 2026 is 4.40, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.40 | 3.46 |
| FY2025 | 0.94 | 4.05 |
| FY2024 | −3.11 | 1.08 |
| FY2023 | −4.19 | 0.83 |
| FY2023 | −5.03 | (2.01) |
| FY2022 | −3.02 | 0.92 |
| FY2022 | −3.94 | (2.06) |
| FY2021 | −1.88 | 0.69 |
| FY2021 | −2.57 | (3.46) |
| FY2020 | 0.89 | 0.71 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.76 | — | 0.91 | |
| Retained earnings / total assets | (2.19) | — | −3.06 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 9.21 | — | 5.52 | |
| Sales / total assets | 0.83 | — | 0.83 | |
| Altman Z-score | Safe zone | 4.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.79 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LGL LGL Group, Inc. (The) compare | 16.5× |
| SOTK Sono-Tek Corporation compare | 8.3× |
| WRAP Wrap Technologies, Inc. compare | 5.9× |
| ODYS Odysight.ai Inc. compare | 4.9× |
| MIND MIND Technology, Inc. | 4.4× |
| GNSS Genasys Inc. compare | −2.2× |
| ARBE Arbe Robotics Ltd. compare | −4.9× |
| MVIS Microvision, Inc. compare | −12.2× |
| ACFN Acorn Energy Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets