MNDO
MIND C.T.I. LtdMIND C.T.I. Ltd., together with its subsidiaries, designs, develops, markets, supports, implements, and operates billing and customer care systems in the Americas, Europe, Israel, the Asia Pacific, and Africa. It operates in two segments, Billing and Related Services and Messaging. The company offers billing and customer care solutions that support various services, such as voice, data, and content services, as well as prepaid, postpaid, and pay-in-advance payment models in a single platform. It
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 4.4 | 0.7 | -- | 0.6 | -- | 0.8 | -0.0 | 19.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 4.3 | 0.7 | -- | 0.5 | -- | 0.7 | -0.0 | 18.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 4.3 | 0.7 | -- | 0.5 | -- | 0.7 | -0.0 | 18.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 4.4 | 0.6 | -- | 0.5 | -- | 0.4 | -0.0 | 17.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 4.6 | 0.7 | -- | 0.6 | -- | 0.9 | -0.0 | 16.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 4.5 | 0.7 | -- | 0.5 | -- | 0.7 | -0.0 | 16.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 4.5 | 0.7 | -- | 0.5 | -- | 0.8 | -0.0 | 15.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 4.7 | 0.7 | -- | 0.5 | -- | 0.5 | -0.0 | 14.4 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 5.1 | 1.0 | 0.9 | 0.9 | 0.6 | 0.6 | -0.0 | 14.0 | 0.9 | 20.5 | 35.0% | -- | 3.3x |
| Act | 2025-Q4 | 4.9 | 0.9 | 0.8 | 1.0 | 1.3 | 1.3 | -0.0 | 13.6 | 0.9 | 20.8 | 37.0% | -- | -- |
| Act | 2025-Q3 | 4.8 | 0.8 | 0.6 | 0.7 | 1.2 | 1.2 | -0.0 | 12.5 | 1.0 | 20.7 | 28.2% | -- | -- |
| Act | 2025-Q2 | 4.8 | 0.6 | 0.3 | 0.5 | 0.9 | 0.9 | -0.0 | 11.4 | 1.0 | 20.7 | 12.5% | -- | -- |
| Act | 2025-Q1 | 5.0 | 0.6 | 0.4 | 0.5 | 0.7 | 0.7 | -0.0 | 14.9 | 0.8 | 20.6 | 20.0% | -- | -- |
| Act | 2024-Q4 | 5.2 | 1.4 | 1.3 | 1.2 | 0.3 | 0.3 | -0.0 | 15.8 | 0.8 | 20.7 | 45.5% | -- | -- |
| Act | 2024-Q3 | 5.2 | 1.0 | 0.7 | 0.9 | 1.0 | 1.0 | -0.0 | 15.5 | 0.5 | 20.7 | 32.7% | -- | -- |
| Act | 2024-Q2 | 5.3 | 1.3 | 1.1 | 1.1 | 2.0 | 2.0 | -0.0 | 14.6 | 0.5 | 20.6 | 49.4% | -- | -- |
| Act | 2024-Q1 | 5.8 | 1.5 | 1.2 | 1.3 | 0.9 | 0.9 | -0.0 | 17.5 | 0.6 | 20.5 | 65.3% | -- | -- |
| Act | 2023-Q4 | 5.6 | 1.6 | 1.2 | 1.4 | 0.7 | 0.7 | -0.0 | 16.6 | 0.6 | 20.5 | 40.3% | -- | -- |
| Act | 2023-Q3 | 5.3 | 1.4 | 1.2 | 1.3 | 1.0 | 1.0 | -0.0 | 15.9 | 0.7 | 20.5 | 47.3% | -- | -- |
| Act | 2023-Q2 | 5.3 | 1.3 | 1.1 | 1.1 | 1.9 | 1.9 | -0.0 | 15.0 | 0.8 | 20.5 | 47.8% | -- | -- |
| Act | 2023-Q1 | 5.5 | 1.5 | 1.3 | 1.3 | 0.6 | 0.5 | -0.0 | 18.0 | 0.8 | 20.4 | 65.6% | -- | -- |
| Act | 2022-Q4 | 5.4 | 1.4 | 1.2 | 1.3 | 1.4 | 1.4 | -0.0 | 17.5 | 0.9 | 20.4 | 41.3% | -- | -- |
| Act | 2022-Q3 | 5.3 | 1.4 | 1.4 | 1.3 | 1.0 | 1.0 | -0.0 | 16.0 | 0.9 | 20.4 | 54.8% | -- | -- |
| Act | 2022-Q2 | 5.2 | 1.4 | 1.3 | 1.2 | 1.6 | 1.6 | -0.1 | 15.1 | 1.2 | 20.4 | 60.0% | 19.9x | -- |
| Act | 2022-Q1 | 5.7 | 1.7 | 1.6 | 1.5 | 0.5 | 0.5 | -0.0 | 18.9 | 1.4 | 20.3 | 76.1% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 1.50 | — | 27.3% | 6 | — | — | — | — |
| 2023 | 1.56 | +0.3% | 26.5% | 6 | — | — | — | — |
| 2024 | 1.76 | -0.8% | 24.0% | 5 | — | — | — | — |
| 2025 | 1.15 | -9.3% | 14.9% | 3 | — | — | — | — |
| TTM | — | -5.5% | 16.7% | 3 | — | — | — | — |
| 2026E | — | -6.4% | 0.1% | 0 | — | — | — | — |
| 2027E | — | -4.9% | 0.1% | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
MIND C.T.I. is a classic value trap — optically cheap (2.4x EV/FCF, 20% trailing dividend yield now eliminated) but facing structural revenue decline in a shrinking niche (legacy telecom billing). Revenue has declined for multiple consecutive years and management guidance points to continued headwinds. The elimination of the dividend removes the primary reason income investors held the stock. While the $13.6M cash balance (~62% of market cap) provides downside protection, the operating business is deteriorating rapidly (operating income down 52% YoY) with no credible growth catalyst. AI-driven competitive disruption and telecom consolidation are secular headwinds that small-scale players like MNDO cannot overcome. The share buyback may slow the decline in per-share value but won't reverse the fundamental trajectory. Geopolitical risk from Israel-Iran tensions adds a tail risk. This is a melting ice cube with a cash cushion — not a buy despite the low multiples.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| MORGAN STANLEY | $1.1M | $1.62 | −$42K | −$159K | -0.3% | $1.65T |
| ACADIAN ASSET MANAGEMENT LLC | $221K | $2.09 | +$0 | +$0 | -0.5% | $70.48B |
| Glenorchy Capital Ltd | $195K | $1.61 | −$4K | −$94K | +2.7% | $185M |
| CITADEL ADVISORS LLC | $114K | $1.36 | +$14K | +$109K | -0.4% | $138.22B |
| RBF Capital, LLC | $86K | $1.15 | −$2K | +$3K | +0.1% | $2.03B |
| BNP PARIBAS FINANCIAL MARKETS | $71K | $1.59 | −$12K | −$18K | -0.2% | $149.31B |
| ADVISOR GROUP HOLDINGS, INC. | $27K | $1.36 | +$6K | +$22K | -0.3% | $67.63B |
| RENAISSANCE TECHNOLOGIES LLC | $26K | $1.45 | +$12K | +$26K | +1.2% | $63.91B |
| Signal Advisors Wealth, LLC | $21K | $1.15 | −$21K | +$21K | -0.7% | $1.40B |
| LPL Financial LLC | $13K | $1.15 | +$1K | +$13K | -0.2% | $372.65B |
| Centiva Capital, LP | $12K | $1.15 | +$12K | +$12K | +0.5% | $2.14B |
| WELLS FARGO & COMPANY/MN | $10K | $1.67 | +$0 | −$23K | -0.2% | $497.71B |
| SBI Securities Co., Ltd. | $3K | $1.44 | +$0 | −$0 | +0.9% | $3.62B |
| UBS Group AG | $2K | $1.57 | +$0 | +$2K | -0.3% | $562.11B |
| Caitong International Asset Management Co., Ltd | $0 | $1.15 | +$0 | +$0 | +1.3% | $540M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 90.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
Corporate
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
MIND CTI LTD: Shrinking Core and Unsustainable Payouts Amidst Regional Escalation
Counter-Thesis
Counter-Thesis & Recent News
MIND C.T.I. reported a significant performance decline in its FY2025 results (published March 10, 2026), with annual revenue falling 9.3% to $19.4 million and net income plunging 43% to $2.6 million. Most notably, the Board of Directors has ended the company's long-standing policy of paying an annual dividend, pivoting instead to a share repurchase program, which removes the primary incentive for its traditional income-seeking investor base (Sources: Stock Titan, Quiver Quantitative).
The bear case is centered on structural decay and the loss of the stock's 'yield play' status. Revenue and profitability are trending downward simultaneously; operating income fell from $4.4 million (20% margin) in 2024 to just $2.1 million (11% margin) in 2025. With earnings per share (EPS) shrinking to $0.13 and management warning of continued 'revenue headwinds' into 2026, the company lacks a viable growth catalyst to offset its shrinking core billing business (Sources: Intellectia.AI, Grafa).
Key red flags include a massive 52% year-over-year drop in operating income and the abrupt elimination of the annual dividend. Additionally, the company's dividend payout ratio previously reached an unsustainable 169% before the cut. Technical indicators currently show the stock in a firm 'Downtrend' with its price and moving averages crossing negatively (Sources: Market Chameleon, WallStreetZen).
MNDO is facing 'intensified market competition' and severe pricing pressure from the 'rapid emergence of AI-driven solutions' that automate billing and customer care more efficiently. Furthermore, ongoing consolidation in the telecommunications industry is shrinking the company's addressable market as merged entities move toward larger, integrated BSS/OSS providers (Sources: Stock Titan, DayTraders.com).
Sentiment among the existing customer base appears weak, as management explicitly cited 'continued customer churn' and 'lower spending levels' as primary drivers for the revenue decline. Customers are increasingly focused on cost reduction and are prioritizing AI-integrated efficiency tools over MNDO's legacy product suite (Source: Benzinga via DayTraders.com).