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.
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MIND Technology, Inc. (MIND) Beneish M-score
MIND Technology, Inc.'s Beneish M-score for fiscal 2026 is −2.64; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.64 | (1.40) |
| FY2025 | −1.24 | 0.19 |
| FY2024 | −1.43 | 2.06 |
| FY2023 | −3.48 | (2.15) |
| FY2022 | −1.33 | 0.16 |
| FY2022 | −1.49 | 2.18 |
| FY2021 | −3.67 | 0.46 |
| FY2021 | −4.13 | (0.78) |
| FY2020 | −3.35 | 0.37 |
| FY2019 | −3.73 | 1.42 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.22 | — | 1.12 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.63 | — | 0.26 | |
| Sales growth index | 0.87 | — | 0.78 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 1.35 | — | −0.23 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 0.64 | — | −0.21 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ODYS Odysight.ai Inc. compare | −4.2× |
| ACFN Acorn Energy Inc. compare | −2.8× |
| MIND MIND Technology, Inc. | −2.6× |
| SOTK Sono-Tek Corporation compare | −2.5× |
| GNSS Genasys Inc. compare | −2.5× |
| LGL LGL Group, Inc. (The) compare | −2.2× |
| WRAP Wrap Technologies, Inc. compare | 1.6× |
| MVIS Microvision, Inc. compare | — |
| ARBE Arbe Robotics Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI