MIND Technology (FRA:MI70) Beneish M-Score: -1.12 (As of Jul. 12, 2026)

What is MIND Technology Beneish M-Score?

MIND Technology FRA:MI70 +9.31% 49 Beneish M-Score is -1.12 as of Jul. 12, 2026. GuruFocus rates FRA:MI70 with a GF Score™ of 49/100 and a GF Value™ of €1.17 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,408 Hardware companies, MIND Technology ranks worse than 92.4% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.12 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for MIND Technology's Beneish M-Score or its related term are showing as below:

FRA:MI70' s Beneish M-Score Range Over the Past 10 Years
Min: -7.65 Med: -3.3 Max: -0.71
Current: -1.12

During the past 13 years, the highest Beneish M-Score of MIND Technology was -0.71. The lowest was -7.65. And the median was -3.30.

MIND Technology Beneish M-Score Related Terms

MIND Technology Beneish M-Score Historical Data

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The historical data trend for MIND Technology's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

MIND Technology Beneish M-Score Chart

MIND Technology Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Beneish M-Score

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-1.62

-3.74

-1.18

-1.29

-2.65

MIND Technology Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Beneish M-Score	Get a 7-Day Free Trial															-3.34	-2.57	-2.63	-2.65	-1.12

FRA:MI70 vs LGL, ACFN, TRCK: Beneish M-Score Comparison

For the Scientific & Technical Instruments subindustry, MIND Technology's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

MIND Technology Beneish M-Score vs Hardware Industry

For the Hardware industry and Technology sector, MIND Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where MIND Technology's Beneish M-Score falls into.

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49GF Score

MIND Technology Inc FRA:MI70

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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MIND Technology Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of MIND Technology for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.3398

0.528 * 0.9789

0.404 * 0.6074

0.892 * 0.8717

0.115 * 0.9952

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2053

4.679 * 0.079282

0.327 * 0.6874

-1.09

This Year (Apr26) TTM:

Last Year (Apr25) TTM:

Total Receivables was €14.12 Mil.
Revenue was 8.27 + 8.336 + 8.322 + 11.622 = €36.55 Mil.
Gross Profit was 3.503 + 3.396 + 3.877 + 5.852 = €16.63 Mil.
Total Current Assets was €39.96 Mil.
Total Assets was €43.40 Mil.
Property, Plant and Equipment(Net PPE) was €1.80 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.75 Mil.
Selling, General, & Admin. Expense(SGA) was €11.56 Mil.
Total Current Liabilities was €7.68 Mil.
Long-Term Debt & Capital Lease Obligation was €0.22 Mil.
Net Income was -0.351 + -0.231 + 0.053 + 1.653 = €1.12 Mil.
Non Operating Income was 0.044 + 0.104 + 0.003 + -0.056 = €0.10 Mil.
Cash Flow from Operations was -1.151 + -1.036 + 0.768 + -0.993 = €-2.41 Mil.

Total Receivables was €6.92 Mil.
Revenue was 7.033 + 14.533 + 11.112 + 9.253 = €41.93 Mil.
Gross Profit was 2.965 + 6.327 + 4.976 + 4.405 = €18.67 Mil.
Total Current Assets was €28.22 Mil.
Total Assets was €32.24 Mil.
Property, Plant and Equipment(Net PPE) was €2.02 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.83 Mil.
Selling, General, & Admin. Expense(SGA) was €11.00 Mil.
Total Current Liabilities was €7.96 Mil.
Long-Term Debt & Capital Lease Obligation was €0.58 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(14.12 / 36.55)	/	(6.923 / 41.931)
	=	0.38632	/	0.165105
	=	2.3398

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(18.673 / 41.931)	/	(16.628 / 36.55)
	=	0.445327	/	0.454938
	=	0.9789

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (39.964 + 1.801) / 43.402)	/	(1 - (28.22 + 2.019) / 32.241)
	=	0.037717	/	0.062095
	=	0.6074

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	36.55	/	41.931
	=	0.8717

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.834 / (0.834 + 2.019))	/	(0.749 / (0.749 + 1.801))
	=	0.292324	/	0.293725
	=	0.9952

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(11.556 / 36.55)	/	(10.999 / 41.931)
	=	0.31617	/	0.262312
	=	1.2053

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0.218 + 7.681) / 43.402)	/	((0.579 + 7.957) / 32.241)
	=	0.181996	/	0.264756
	=	0.6874

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1.124 - 0.095	-	-2.412)	/	43.402
	=	0.079282

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

MIND Technology has a M-score of -1.09 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.12 mean?

MIND Technology (FRA:MI70) has a Beneish M-Score of -1.12 as of Jul. 12, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MIND Technology and its competitors. According to the industry distribution chart, MIND Technology ranks #2225 out of 2408 companies in the Hardware industry, placing it in the top 92.4%.

Is MIND Technology's Beneish M-Score too high?

MIND Technology's current Beneish M-Score is -1.12. Based on the distribution chart, MIND Technology ranks #2225 out of 2408 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, MIND Technology has a GF Score™ of 49/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does MIND Technology's Beneish M-Score compare to LGL and ACFN?

According to the Hardware industry distribution chart, MIND Technology ranks #2225 out of 2408 companies for Beneish M-Score. This places MIND Technology in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Hardware company?

A good Beneish M-Score depends on the Hardware industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on MIND Technology and its competitors. MIND Technology's current Beneish M-Score is -1.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is MIND Technology stock overvalued right now?

Based on GuruFocus' analysis, MIND Technology (FRA:MI70) is currently considered Significantly Overvalued. The stock's GF Value™ is €1.17, compared to a current price of €4.46 — trading 281.2% above its estimated fair value. The current Beneish M-Score is -1.12. MIND Technology's overall GF Score™ is 49/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For MIND Technology (FRA:MI70), the current Beneish M-Score is -1.12 as of Jul. 12, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is MIND Technology (FRA:MI70) Overvalued in 2026?

Based on GuruFocus' analysis, MIND Technology stock appears to be overvalued. The current stock price of €4.46 is trading 281.2% above its estimated GF Value™ of €1.17. GuruFocus considers MIND Technology to be Significantly Overvalued.

Key valuation signals for FRA:MI70:

Beneish M-Score: -1.12
GF Value™: €1.17 vs. price of €4.46 (281.2% above fair value)
GF Score™: 49/100 with 4 warning signs

No single metric tells the full story. See the FRA:MI70 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

MIND Technology Business Description

Industry Technology Hardware

Comparable Companies LGL ACFN TRCK AATC ELSE WRAP ODYS ARAI ASTC GNSS TSE:6861 COHR KEYS GRMN TDY TPE:2360 MKSI OSTO:HEXA B FTV TRMB

Other Exchanges MIND:USA

Address 2002 Timberloch Place, Suite 550, The Woodlands, TX, USA, 77380

Website https://www.mind-technology.com

MIND Technology Inc provides technology and solutions for exploration, survey, and defense applications in oceanographic, hydrographic, defense, seismic, and security industries. The company operates in single segment namely, Seamap which provides services and products, including engineering, repairs and software licensing, utilized in marine exploration, marine survey and maritime security for marine survey companies, seismic survey contractors, research institutes, non-military government organizations and operators of port facilities and other offshore installations. The company generates more revenue from Seamap Marine Products. The company's geographical segments include the United States; China, Norway; Turkey; Singapore; and Canada & Other.

49GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€4.46

Price

€1.17

GF Value

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