MIND CTI LTD
MNDOdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
MIND CTI LTD earns about 25% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $2.6 and $3.19 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $26.3M1 | $21.6M1 | $21.6M2 | $21.4M2 | $19.5M2 |
| Net income | $5.95M3 | $5.29M4 | $5.17M5 | $4.63M5 | $2.6M5 |
| Operating cash flow | $6.9M6 | $4.56M7 | $4.1M8 | $4.11M8 | $3.99M8 |
| Capital expenditure | $82,0009 | $130,00010 | $64,00011 | $10,00011 | $27,00011 |
| Free cash flow (derived) | $6.82M6 | $4.43M7 | $4.04M8 | $4.1M8 | $3.96M8 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $4.18M12 | $5.27M13 | $2.96M14 | $4.45M15 | $8.12M15 |
| Diluted shares | 20.3M | 20.4M | 20.5M | 20.6M | 20.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $11.17 of net worth that earned you $1.26 and generated $1.92 of cash last year.
It earned about 25% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $2.6 and $3.19 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$4.04M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$4.04M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$5.17M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.19 |
| Base | 0.0% | $3.19 |
| Bull | 5.0% | $3.87 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001213900-24-023205 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001091 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-023205 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-024756 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001091 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-023205 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-024756 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001091 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-023205 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-024756 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001091 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001213900-22-019076 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001213900-24-023205 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-024756 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-001091 (CashAndCashEquivalentsAtCarryingValue)