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olivLaw · US equity research

MIND C.T.I. Ltd. MNDO

Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)

0.90USD+1.12% · 1 dayClose 04 Nov 2026

MIND C.T.I. Ltd. develops convergent billing and customer care software for telecom operators, plus enterprise messaging and UC analytics services. Total revenues fell 9.3% in 2025 to 19.4 million USD, and the company replaced its annual dividend with a share repurchase program.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, MIND C.T.I. Ltd. (MNDO) stock was 0.90 USD (+1.12% on the day), with market capitalisation 18.3 m USD, P/E 6.9 on diluted EPS of 0.13 USD over the last 12 months, dividend yield 24.44%, beta 0.25, 52-week range 0.87–1.26 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
18.3 m USD
shares as of 31 Dec 2025
P/E (TTM)
6.9
Diluted EPS TTM 0.13 · TTM to 31 Dec 2025
E/P (TTM)
14.44%
TTM to 31 Dec 2025
Dividend yield
24.44%
DPS 12m 0.22
Beta (2y)
0.25
Volatility (1y) 41%
52-week range
0.871.26

Price history

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Technical reading

RSI (14)
42.1
weak (30–45)
Bollinger (20, 2)
0.86 – 0.96
in the lower half of the band · %B 0.38 · band width 10.5%
SMA 50 / 200
0.97 / 1.05
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.03 / -0.03
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−8.2%−1.1%−7.1 pp—
3 months−15.9%−0.5%−15.4 pp—
6 months−10.9%+4.4%−15.3 pp—
Year to date−21.1%+12.3%−33.4 pp—
1 year−15.1%+13.5%−28.6 pp−42.9%
3 years−51.6%+76.4%−128.0 pp−39.6%
5 years−72.2%+63.7%−135.9 pp—
Max drawdown (1y)
−31.0%
12 Jan 2026 → 02 Nov 2026
Max drawdown (5y)
−73.9%
09 Nov 2021 → 02 Nov 2026
Compound annual growth (5y)
−22.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 9-quarter history (min 7.8, median 9.0, max 10.7; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue18.1 m22.7 m23.4 m26.3 m21.6 m21.6 m21.4 m19.5 m
Revenue YoY+0.4%+25.0%+3.1%+12.7%−18.2%+0.3%−0.8%−9.3%
Net income5.1 m5.1 m5.4 m5.9 m5.3 m5.2 m4.6 m2.6 m
Net income YoY−8.5%−1.3%+6.3%+10.5%−11.1%−2.3%−10.4%−43.8%
Diluted EPS0.270.250.270.290.260.250.220.13
Diluted EPS YoY−6.9%−7.4%+8.0%+7.4%−10.3%−3.8%−12.0%−40.9%
net %28.3%22.3%23.0%22.6%24.5%23.9%21.6%13.4%
Free cash flow4.4 m6.6 m6.4 m6.8 m4.4 m4.0 m4.1 m4.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
8.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
23.0 m USD
Total assets
30.2 m USD
Debt / equity
unavailable
Current ratio
3.83x
ROE
11.0%
ROA
8.6%
FCF margin
20.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
21.6 m
2024
21.4 m
2025
19.5 m

SEC (XBRL)· 18 Mar 2026verified

Cost of revenue
2023
10.7 m
2024
10.7 m
2025
9.5 m

SEC (XBRL)· 18 Mar 2026verified

Gross profit
2023
10.9 m
2024
10.7 m
2025
9.9 m

SEC (XBRL)· 18 Mar 2026verified

Research & development
2023
3.5 m
2024
3.4 m
2025
4.1 m

SEC (XBRL)· 18 Mar 2026verified

Operating income
2023
4.7 m
2024
4.4 m
2025
2.1 m

SEC (XBRL)· 18 Mar 2026verified

Depreciation & amortisation
2023
196.0 k
2024
186.0 k
2025
270.0 k

SEC (XBRL)· 18 Mar 2026verified

EBITDA
2023
4.9 m ≈
2024
4.6 m ≈
2025
2.4 m ≈

SEC (XBRL)· 18 Mar 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Mar 2023verified

Pre-tax income
2023
5.5 m
2024
5.0 m
2025
2.8 m

SEC (XBRL)· 18 Mar 2026verified

Income tax
2023
359.0 k
2024
334.0 k
2025
163.0 k

SEC (XBRL)· 18 Mar 2026verified

Net income
2023
5.2 m
2024
4.6 m
2025
2.6 m

SEC (XBRL)· 18 Mar 2026verified

Diluted EPS
2023
0.25
2024
0.22
2025
0.13

SEC (XBRL)· 18 Mar 2026verified

Weighted average diluted shares
2023
20.5 m
2024
20.6 m
2025
20.6 m

SEC (XBRL)· 18 Mar 2026verified

Dividend per share
2023
0.24
2024
0.24
2025
0.22

SEC (XBRL)· 18 Mar 2026verified

Balance sheet · USD

Cash
2023
3.0 m
2024
4.5 m
2025
8.1 m

SEC (XBRL)· 18 Mar 2026verified

Receivables
2023
2.3 m
2024
2.5 m
2025
1.7 m

SEC (XBRL)· 18 Mar 2026verified

Current assets
2023
19.7 m
2024
18.9 m
2025
16.1 m

SEC (XBRL)· 18 Mar 2026verified

Property, plant & equipment, net
2023
216.0 k
2024
156.0 k
2025
126.0 k

SEC (XBRL)· 18 Mar 2026verified

Goodwill
2023
7.9 m
2024
7.7 m
2025
10.0 m

SEC (XBRL)· 18 Mar 2026verified

Intangibles (excl. goodwill)
2023
266.0 k
2024
135.0 k
2025
1.4 m

SEC (XBRL)· 18 Mar 2026verified

Total assets
2023
31.6 m
2024
30.7 m
2025
30.2 m

SEC (XBRL)· 18 Mar 2026verified

Accounts payable
2023
989.0 k
2024
769.0 k
2025
546.0 k

SEC (XBRL)· 18 Mar 2026verified

Current liabilities
2023
4.5 m
2024
3.3 m
2025
4.2 m

SEC (XBRL)· 18 Mar 2026verified

Total liabilities
2023
7.1 m
2024
6.4 m
2025
7.1 m

SEC (XBRL)· 18 Mar 2026verified

Equity
2023
24.5 m †
2024
24.3 m †
2025
23.0 m †

SEC (XBRL)· 18 Mar 2026verified

Shares outstanding at year end
2023
20.1 m
2024
20.4 m
2025
20.4 m

SEC (XBRL)· 18 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
4.1 m
2024
4.1 m
2025
4.0 m

SEC (XBRL)· 18 Mar 2026verified

Capex
2023
64.0 k
2024
10.0 k
2025
27.0 k

SEC (XBRL)· 18 Mar 2026verified

Free cash flow
2023
4.0 m ≈
2024
4.1 m ≈
2025
4.0 m ≈

SEC (XBRL)· 18 Mar 2026derived

Investing cash flow
2023
-1.5 m
2024
2.3 m
2025
4.3 m

SEC (XBRL)· 18 Mar 2026verified

Financing cash flow
2023
-4.8 m
2024
-4.9 m
2025
-4.6 m

SEC (XBRL)· 18 Mar 2026verified

Dividends paid
2023
4.8 m
2024
4.9 m
2025
4.5 m

SEC (XBRL)· 18 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-9.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-52.3%
computed by olivLawFY 2025
Net income growth (YoY)
-43.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-21.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-13.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-40.9%
computed by olivLawFY 2025
EPS CAGR 3Y
-20.6%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-13.6%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-3.5%
computed by olivLawFY 2025

Profitability

Gross margin
51.0%
computed by olivLawFY 2025
EBITDA margin
12.1%
computed by olivLawFY 2025
EBIT margin
10.7%
computed by olivLawFY 2025
Net margin
13.4%
computed by olivLawFY 2025
FCF margin
20.3%
computed by olivLawFY 2025

Returns

ROE
11.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
8.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
8.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
169.2%
computed by olivLawFY 2025
Payout ratio (FCF)
113.7%
computed by olivLawFY 2025

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
3.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
4.0 m USD
computed by olivLawFY 2025
Capital expenditure
27.0 k USD
computed by olivLawFY 2025
Free cash flow
4.0 m USD
computed by olivLawFY 2025
FCF conversion
152.0%
computed by olivLawFY 2025
Cash conversion
169.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
39 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
25 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
18.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
7.0x
computed by olivLawFY 2025
P/E (TTM)
6.9x
computed by olivLawFY 2025
Earnings yield
14.4%
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
4.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
21.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
24.4%
computed by olivLawFY 2025
Shareholder yield (distributions)
24.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.90 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 18.3 m USD

Key indicators

Market capitalisation
18.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
6.9x
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
11.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
13.4%
computed by olivLawFY 2025
Revenue growth (YoY)
-9.3%
computed by olivLawFY 2025
Dividend yield
24.4%
computed by olivLawFY 2025

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 18 Mar 2026
verified 498

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming Services (SIC 7371)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality51.0%27 (on a fixed band)14%
EBIT margin · Quality10.7%61 (vs peers)11%
FCF margin · Quality20.3%81 (on a fixed band)11%
Revenue CAGR 3Y · Growth-3.3%0 (on a fixed band)22%
Revenue growth (YoY) · Growth-9.3%32 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet3.8x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation21.6%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns24.6%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth11/100 · 2/2 factors with a value
  • Quality54/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MIND CTI LTD (MNDO). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 19.5 m USD in 2025; YoY growth -9.3%; net margin 13.4%; ROE 11.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF margin: 20.3%
  • Current ratio: 3.8x
  • FCF yield: 21.6%
  • Shareholder yield (distributions): 24.6%

What contradicts it

  • Gross margin: 51.0%
  • Revenue CAGR 3Y: -3.3%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies

Multiples and returns vs the median

P/E
6.9x
vertical median 16.1x
below median (−57.0%)
EV/EBITDA
—
vertical median 3.6x
P/S
0.9x
vertical median 2.6x
below median (−63.4%)
P/B
0.8x
vertical median 2.0x
below median (−60.5%)
ROE
11.0%
vertical median 3.7%
above median (+198.9%)
Net margin
13.4%
vertical median 2.8%
above median (+374.9%)
EBIT margin
10.7%
vertical median 3.7%
above median (+191.3%)
Revenue YoY
-9.3%
vertical median 4.3%
below median (−318.1%)
Net debt/EBITDA
—
vertical median 0.0x
Dividend yield
24.4%
vertical median 2.0%
above median (+1,136.9%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
INFYInfosys Limited49.6 bn16.129.0%16.4%+3.9%−30% / −30%
ZSZscaler Inc36.6 bn—-2.9%-1.9%+25.4%−11% / +14%
CTSHCognizant Technology Solutions Corporation29.4 bn12.017.4%11.8%+7.0%−15% / −7%
VRSNVerisign Inc28.5 bn33.6—49.1%+6.4%+26% / +50%
WITWipro Limited22.7 bn15.416.4%14.7%−3.2%−21% / −11%
EPAMEpam Systems, Inc.7.1 bn18.611.2%7.2%+15.4%−27% / −47%
DOCSDoximity, Inc.6.2 bn40.917.2%25.5%+13.1%−33% / +49%
DOXAmdocs Limited4.9 bn10.314.1%9.9%+2.4%−43% / −48%
RGTIRigetti Computing, Inc.3.7 bn—-43.8%-1,787.4%−34.3%−56% / +958%
FORTYFormula Systems (1985) Ltd.1.8 bn23.412.2%2.9%+5.2%−20% / +96%
MGRTMega Fortune Co Ltd1.6 bn698.921.1%16.1%+233.3%+1,864% / unavailable
PERIPerion Network Ltd.446.8 m—-1.1%-1.8%−11.7%+12% / −59%
MFImF International Limited367.8 m36.43.9%232.8%+29.4%−68% / unavailable
IAInnovative Solutions And Support, Inc.353.7 m18.828.5%20.5%+78.6%+103% / +167%
GDEVGDEV Inc.176.1 m2.6—17.1%−3.9%−44% / −57%
ATGLAlpha Technology Group Ltd146.5 m—-184.7%-952.0%−40.2%−61% / −39%
MLGOMicroAlgo Inc.135.7 m1.27.6%30.2%−20.3%−61% / −100%
MWCMicware Co., Ltd.82.0 m8.120.0%7.3%unavailableunavailable / unavailable
PDCPerpetuals.com Ltd74.9 m—-75.8%-1,069.9%−47.0%−61% / −13%
CINTCI&T Inc73.8 m10.313.8%8.3%+11.5%−31% / −40%
CYCUCycurion, Inc.65.1 m—-76.7%-98.0%−14.8%−91% / unavailable
XTIAXti Aerospace, Inc.37.7 m——-89.6%+602.4%−40% / −100%
MNDOMind Cti Ltd18.3 m6.911.0%13.4%−9.3%−15% / −52%
CHGAChange Agents Corporation17.8 m—-606.9%-643.1%+6.2%−97% / −99%
RDNWRideNow Group, Inc.11.7 m——-0.8%−10.5%+7% / −9%

1- and 3-year price returns: for MNDO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.48
Total return -36% · Per year -36%
0.86
Total return 9% · Per year 9%
1.29
Total return 60% · Per year 60%
3 years
0.40
Total return -28% · Per year -10%
0.80
Total return 29% · Per year 9%
1.34
Total return 99% · Per year 26%
5 years
0.33
Total return -21% · Per year -5%
0.75
Total return 47% · Per year 8%
1.38
Total return 139% · Per year 19%
What moves the 3-year price the most
  • Exit P/E± 0.20
  • Net margin± 0.14
  • Annual revenue growth± 0.12
  • Annual dilution± 0.01

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (06 Aug 2026), 6-K (24 Jun 2026), 6-K (26 May 2026), 6-K (11 May 2026), 6-K (31 Mar 2026).

In brief

MIND C.T.I. Ltd. develops convergent billing and customer care software for telecom operators, plus enterprise messaging and UC analytics services. Total revenues fell 9.3% in 2025 to 19.4 million USD 1, and the company replaced its annual dividend with a share repurchase program 1.

SWOT

Strengths

  • A convergent billing platform installed for many operators worldwide and recognized for quality and reliability 1.
  • A diversified revenue mix across billing, messaging and enterprise software, with services making up most of revenues 1.
  • Development teams in Romania and Germany and a modular platform that allows relatively quick customization 1.

Weaknesses

  • Revenues fell in 2025, and the company says it could not recruit new customers in 2024 or 2025 1.
  • Reliance on a small number of large customers, one of which represents a significant share of revenues 1.
  • The aurenz acquisition missed its objectives, and general and administrative and R&D expenses grew faster than revenues 1.

Opportunities

  • If demand for IoT and the AI chatbot grows, the recently launched products could add new revenue 1.
  • Further acquisitions could widen the portfolio and geographic reach, in line with the stated strategy 1.
  • New partnerships and geographies could offset the decline in traditional telecom markets 1.

Threats

  • Telecom consolidation and tighter operator budgets could cost customers and push prices down 1.
  • AI could let competitors copy functionality quickly, which could compress margins 1.
  • Cybersecurity incidents and loss of skilled engineers could disrupt operations 1.

Risks

  • Customer losses and price pressurehigh

    The company says it could not attract new customers in 2024 or 2025, and competition and lower prices could reduce revenues and margins 1.

  • Dependence on the telecom industryhigh

    Its business depends largely on communications operators, which can cut budgets or merge, reducing demand 1.

  • Customer concentrationmedium

    One customer accounted for approximately 15% of total revenues in 2025, and the company expects to depend on a small number of changing customers 1.

  • Acquisition and integration riskmedium

    The aurenz integration missed its objectives, and future acquisitions could dilute shareholders or add debt 1.

  • Cybersecurity and staffingmedium

    Attacks on systems or loss of engineers in Romania could affect products and delivery capacity 1.

Investment thesis

What would need to be true (bull case)

  • If the new IoT and AI products gain traction, the company could renew its portfolio and offset the decline in billing 1.
  • If acquisitions become profitable, revenue from enterprise software and UC analytics could grow substantially 1.
  • Long-standing large customers could sustain a recurring revenue base, especially under the managed services model 1.

What would break the thesis

  • If customer losses continue and telecom consolidation accelerates, revenues could keep falling 1.
  • If AI lets competitors copy the product, margins could fall further than the company expects 1.
  • If the aurenz acquisition keeps missing its objectives, costs could remain high relative to revenues 1.

What to watch

  • Trend in billing revenues and number of new customers wonQ1 2027
  • aurenz results and achievement of performance objectives2027
  • Progress of the share repurchase programnext 10-K
  • Adoption of the IoT products and the AI chatbot2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (06 Aug 2026), 6-K (24 Jun 2026), 6-K (26 May 2026), 6-K (11 May 2026), 6-K (31 Mar 2026).

The business

Incorporated in Israel in 1995 and headquartered in Yoqneam, the company supplies convergent billing and customer care solutions for tier 2 and tier 3 service providers, including wireline, wireless, VoIP and MVNO operators 1. Its portfolio also includes PhonEX ONE, a system for telecom expense management and call accounting 1. Since 2019, through Message Mobile and GTX, MIND offers enterprise and wholesale messaging, and in January 2025 it acquired aurenz, a German UC analytics and call accounting provider 1. Development and support are concentrated in Iasi and Suceava, Romania 1.

Revenue comes from licenses, implementation fees, maintenance and monthly managed services for billing software, while messaging revenue depends on messages delivered 1. Services made up 96% of revenues and licenses 4% in 2025 1.

The company changed its capital return policy: annual dividends, which until 2025 were roughly the prior year's EBITDA, were discontinued in favor of a share repurchase program 1.

Segments

Billing and customer care

The billing segment generated 50% of total revenues in 2025, about 12.6 million USD 1. Revenues declined because of shrinking telecom markets and the loss of some customers 1.

Enterprise and wholesale messaging

Messaging accounted for 35% of revenues in 2025, about 6.9 million USD 1. The decline came from lower message volumes used by customers 1.

Enterprise software

Enterprise software (PhonEX ONE and aurenz) represented 15% of revenues in 2025 1. Growth came mainly from the aurenz acquisition, which did not meet its performance objectives because of a delayed government project 1.

Market context

The company operates in fragmented, highly competitive markets where larger rivals have more resources and name recognition 1. Its core segment depends on the communications industry, where consolidation and telcos shifting budgets toward 5G have reduced demand for billing systems 1. Europe accounted for 58.7% of revenues in 2025 and the Americas for 34.4% 1.

The company notes that artificial intelligence can let competitors replicate product capabilities quickly, which could put pressure on pricing and margins 1.

Trends

  • Telecom operator consolidationheadwind

    Consolidation in telecom has cost the company long-term customers, and it expects revenues and profitability may not hold in the near term 1.

  • Artificial intelligencemixed

    AI could open new products such as the chatbot integrated into billing, but it can also reduce differentiation and pressure prices if competitors use it more effectively 1.

  • Operator 5G investmentheadwind

    Operators have cut investment in billing platforms to prioritize 5G infrastructure, which limits demand for new projects 1.

  • Acquisitions and integrationmixed

    The aurenz acquisition added revenue but did not meet its 2025 performance objectives, showing integration risk 1. The company says it is actively evaluating other acquisitions 1.

Competitive position

Competition in billing software is intense, and larger competitors can offer bundled products or lower prices 1. Some rivals have lower cost structures and compete on price, and alliances among them could increase competitive pressure 1.

In enterprise software the main competitors are local companies, and the company points to rapid deployment, its convergent platform and long experience as advantages 1.

  • Large billing and communications software vendors

    The filing refers to competitors with greater financial resources and name recognition but does not name them 1.

  • Lower-priced billing vendors

    Competitors with lower cost structures that compete on price, not named in the source 1.

  • Local enterprise software companies

    The main competitors in enterprise software according to the source 1.

  • Global messaging and CPaaS providers

    Competition comes from messaging platforms and from apps that no longer rely on third-party messaging solutions, per the source 1.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.