MIND CTI LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MIND CTI LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18.1	18.1	18.1	22.7	23.4	26.3	21.6	21.6	21.4	19.5
Cost of revenue	6.83	7.03	6.15	10.1	11.2	12.5	10	10.7	10.7	9.54
Gross profit	11.2	11	12	12.5	12.2	13.9	11.5	10.9	10.7	9.92
Research and development	3.52	3.42	3.75	4.19	3.96	4.05	3.5	3.54	3.39	4.05
Selling and marketing	1.11	1.25	1.27	1.23	0.97	1.4	0.97	1.16	1.29	1.47
General and administrative	1.39	1.68	1.62	2.09	1.82	1.6	1.52	1.42	1.68	2.32
Operating expenses		6.34	6.64	7.5	6.76	7.05	5.98	6.12	6.36	7.84
Operating income	5.21	4.69	5.35	5.04	5.46	6.83	5.52	4.75	4.38	2.09
Interest expense	0.01	0.01	0.01	0.01	0.02	0.05	0.06
Other non-operating income	0.17	0.63	0.22	0.48	0.38	0.06	0.09	0.78	0.59	0.68
Pre-tax income	5.37	6.21	5.57	5.52	5.84	6.88	5.62	5.53	4.96	2.77
Income tax	1.17	0.6	0.44	0.46	0.46	0.94	0.33	0.36	0.33	0.16
Net income	4.2	5.61	5.13	5.07	5.38	5.95	5.29	5.17	4.63	2.6
EBITDA	5.37	4.79	5.43	5.19	5.66	7.02	5.72	4.95	4.56	2.36
EPS, basic	0.22	0.29	0.27	0.26	0.27	0.30	0.26	0.26	0.23	0.13
EPS, diluted	0.22	0.29	0.27	0.25	0.27	0.29	0.26	0.25	0.22	0.13
Shares, basic (weighted)	19.2	19.3	19.3	19.7	19.9	20	20.1	20.2	20.3	20.5
Shares, diluted (weighted)	19.3	19.6	19.6	20	20.1	20.3	20.4	20.5	20.6	20.6
Dividend per share	0.27	0.32	0.30	0.26	0.24	0.26	0.26	0.24	0.24	0.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.17	5.01	2.74	6.48	8.26	4.18	5.27	2.96	4.45	8.12
Short-term investments	5.03	6.1	8.71	6.8	7.18	14.1	12	13.5	0.19	0.2
Receivables	1.1	0.52					2.36	2.3	2.5	1.71
Inventory	0.01	0	0	0
Other current assets	0.32	0.35	0.21	0.23	0.27	0.15	0.29	0.54	0.49	0.49
Total current assets	20.6	19.4	18.7	19.1	19.7	20.5	20.3	19.7	18.9	16.1
Property, plant and equipment	0.5	0.2	0.16	0.17	0.16	0.18	0.23	0.22	0.16	0.13
Lease right-of-use assets			0	1.29	1.78	1.46	0.95	0.69	0.86	0.88
Goodwill	5.43	5.43	5.43	7.91	8.14	7.93	7.79	7.87	7.73	9.96
Intangible assets			0	0.76	0.7	0.52	0.37	0.27	0.14	1.38
Long-term investments	0.83	0.54	0.11	0.13	1.58	0.21
Total assets	29	27.4	26	31.1	32.4	33.1	31.7	31.6	30.7	30.2
Accounts payable	0.05	0.11	0.15	2.07	1.28	0.84	0.94	0.99	0.77	0.55
Deferred revenue	4.08	3.56	1.79	1.89	2.11	2.16	1.99	1.52	0.85	1.96
Total current liabilities	5.36	4.51	3.44	6.07	5.65	5.64	5.17	4.47	3.28	4.2
Lease liabilities			0	0.98	1.49	1.1	0.62	0.42	0.64	0.67
Other non-current liabilities			1.52	1.78	1.87	2.36	1.93
Total liabilities	7.72	6.36	5	9.16	9.3	9.41	7.94	7.14	6.41	7.12
Paid-in capital	26	26.2	26.4	27.1	27.2	27.3	27.5	27.8	27.9	28
Retained earnings	-2.29	-2.85	-3.08	-3.08	-2.47	-1.72	-1.66	-1.33	-1.57	-3.47
Treasury stock	-1.61	-1.55	-1.52	-1.2	-1.14	-1.09	-1.06	-1.01	-0.88	-0.93
Other comprehensive income	-0.87	-0.8	-0.88	-0.88	-0.52	-0.84	-1.07	-1	-1.21	-0.63
Shareholders' equity	21.3	21	21	21.9	23.1	23.7	23.8	24.5	24.3	23
Total equity	21.3	21	21	21.9	23.1	23.7	23.8	24.5	24.3	23
Total liabilities and equity	29	27.4	26	31.1	32.4	33.1	31.7	31.6	30.7	30.2
Shares outstanding	19.3	19.3	19.4	19.9	20	20.1	20.1	20.2	20.4	20.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.2	5.61	5.13	5.07	5.38	5.95	5.29	5.17	4.63	2.6
Depreciation and amortization	0.16	0.1	0.08	0.15	0.2	0.19	0.19	0.2	0.19	0.27
Stock-based compensation	0.14	0.18	0.22	0.2	0.21	0.17	0.26	0.28	0.25	0.2
Deferred income tax	0.15	0.06	-0	-0.03	-0.13	-0.1	0.01	0.01	-0.04	-0.1
Change in receivables	1.15	-0.14	-0.75	0.81	1.07	0.24	-0.67	-0.55	-0	1.5
Change in inventory	0	0	0	0
Change in payables						0.4	0.14	0.02	-0.17	-0.33
Cash from operations	5.24	2.75	4.47	6.68	6.5	6.9	4.56	4.1	4.11	3.99
Capital expenditures	-0.07	-0.07	-0.05	-0.05	-0.07	-0.08	-0.13	-0.06	-0.01	-0.03
Purchases of investments	-1	0					-0.01
Sales and maturities of investments	1.07	-0.8	1.85	2.53	0.55	1.37
Cash from investing	-2.45	-0.78	-0.92	2.05	-0.03	-5.69	1.83	-1.54	2.29	4.27
Stock issued	0.09	0.05	0.04
Dividends paid	-5.19	-6.17	-5.8	-5.06	-4.78	-5.2	-5.23	-4.84	-4.87	-4.5
Cash from financing	-5.11	-6.12	-5.76	-5.06	-4.78	-5.2	-5.23	-4.84	-4.87	-4.63
Exchange rate effect	0	0	0	0.01	0.09	-0.09	-0.08	-0.03	-0.04	0.04
Net change in cash	-2.31	-4.15	-2.21	3.68	1.78	-4.08	1.08	-2.31	1.49	3.66
Free cash flow	5.18	2.68	4.42	6.63	6.43	6.82	4.43	4.04	4.1	3.96
Income taxes paid	0.84	0.94	-0.02	0.01	0.45	0.9	0.41	0.42	0.39	0.38

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.0%	Gross profit / revenue.
Operating margin	10.7%	Operating income / revenue.
EBITDA margin	12.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	13.4%	Net income / revenue.
FCF margin	20.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.5%	Cash from operations / revenue.
Effective tax rate	5.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.6%	Net income / average total assets.
Return on invested capital (ROIC)	11.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	20.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-52.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-27.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-17.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-48.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-25.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-16.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-43.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-13.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-40.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-8.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-5.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-1.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.83x	Current assets / current liabilities.
Quick ratio	2.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.98x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	23.6%	Total liabilities / total assets.
Working capital	$11.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$11.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	138x	Revenue / average property, plant and equipment.
Receivables turnover	9.24x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
FCF conversion	152.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.13	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.94	Revenue / diluted weighted shares.
FCF per share	$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$1.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.57	Tangible book value / shares outstanding.
Cash per share	$0.41	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.22	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	172.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	113.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$20.2M	Share price x shares outstanding.
Enterprise value	$11.9M	Market cap + total debt - cash - short-term investments.
P/E	7.75x	Market cap / net income. Only when net income is positive.
P/S	1.04x	Market cap / revenue.
P/B	0.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.72x	Market cap / tangible book value, when positive.
P/FCF	5.10x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.06x	Market cap / cash from operations, when positive.
EV/Sales	0.61x	Enterprise value / revenue.
EV/EBIT	5.69x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.04x	Enterprise value / EBITDA, when both are positive.
EV/FCF	3.00x	Enterprise value / free cash flow, when both are positive.
FCF yield	19.6%	Free cash flow / market cap.
Earnings yield	12.9%	Net income / market cap (the inverse of P/E).
Dividend yield	22.3%	Dividends paid over the period / market cap.
Shareholder yield	22.3%	(Dividends paid + share buybacks) / market cap.

What was MIND CTI LTD's revenue in fiscal 2025?

MIND CTI LTD reported revenue of $19.5M for fiscal 2025, 9.3% lower than the year before.

Was MIND CTI LTD profitable in fiscal 2025?

Yes. Net income was $2.6M, a net margin of 13.4%.

How much free cash flow did MIND CTI LTD generate in fiscal 2025?

Cash from operations of $4.0M minus capital expenditures of $27.0K left free cash flow of $4.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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