MIND C.T.I. Ltd.
MNDO Technology Software Application
MIND C.T.I. Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $19.5 million, down 9.27% from fiscal 2024. In the quarter to June 2026, revenue fell 2.97%, EPS grew 100.0% and free cash flow fell 86.6%, each against the same quarter a year earlier.
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MIND C.T.I. Ltd. (MNDO) Altman Z-score
MIND C.T.I. Ltd.'s Altman Z-score for fiscal 2025 is 3.17, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.17 | (2.30) |
| FY2024 | 5.47 | 0.45 |
| FY2023 | 5.02 | 0.08 |
| FY2022 | 4.94 | (0.97) |
| FY2021 | 5.91 | 0.89 |
| FY2020 | 5.02 | 0.27 |
| FY2019 | 4.74 | (2.47) |
| FY2018 | 7.21 | 0.44 |
| FY2017 | 6.78 | 1.36 |
| FY2016 | 5.41 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.47 | |
| Retained earnings / total assets | (0.12) | — | −0.16 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 3.31 | — | 1.98 | |
| Sales / total assets | 0.64 | — | 0.64 | |
| Altman Z-score | Safe zone | 3.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.08 | ||
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 |
|---|---|
| MNDO MIND C.T.I. Ltd. | 3.2× |
| IPM Intelligent Protection Management Corp. compare | 0.9× |
| AWRE Aware, Inc. compare | −0.2× |
| PDC Earlyworks Co., Ltd. Unsponsored ADR compare | −0.6× |
| YAAS Youxin Technology Ltd compare | −1.8× |
| FTFT Future FinTech Group Inc. compare | −6.6× |
| IDAI T Stamp Inc. compare | −6.9× |
| AIFF Firefly Neuroscience, Inc. compare | −15.1× |
| YMT Yimutian Inc. - Sponsored ADR compare | −15.4× |
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