mF International
MFINASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $5.72 Prior regular-session close from the quote source.
- $6.20–$6.35 Regular-session low and high so far today.
- 910 Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $4.60–$26.86 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MFI if its niche financial-software capability becomes a repeatable, cash-generating operating business rather than a tiny, low-margin services operation masked by balance-sheet and non-operating items.
MFI price history
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Investment thesis
What must happen next
mF’s specialized financial-technology workflow knowledge continues to matter enough to win customer work against in-house systems and larger software vendors.StrengtheningMateriality: High
GAAP annual revenue increased from $3.36 million in FY2024 to $4.35 million in FY2025. If customer relevance holds, the company has a path to scale from a small base; if not, revenue growth becomes episodic and low-quality.
Watch: Financial-services customers standardize on in-house trading or workflow systems instead of third-party niche vendors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $3.36 million in FY2024 to $4.35 million in FY2025.
Open source ↗mF must prove its added customer work is differentiated software/support revenue rather than lower-margin customization and implementation labor.WeakeningMateriality: High
The company remained gross-profit positive in FY2025, with GAAP annual gross_profit of $1.29 million. Revenue growth creates owner value only if it carries durable gross profit; low-margin bespoke work would make scale far less valuable.
Watch: Customers require heavy customization for each deployment, preventing product reuse.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The company remained gross-profit positive in FY2025, with GAAP annual gross_profit of $1.29 million.
Open source ↗The operating organization has to absorb public-company, R&D, and selling costs through scale rather than letting overhead overwhelm the gross-profit pool.WeakeningMateriality: Medium
GAAP annual operating_income was positive in FY2023 at $0.86 million, suggesting the business has previously operated profitably at modest scale. Without operating leverage, even real demand will not translate into durable earnings or cash flow.
Watch: Public-company compliance, product-development, and sales costs keep rising faster than contract gross profit.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income was positive in FY2023 at $0.86 million, suggesting the business has previously operated profitably at modest scale.
Open source ↗The enlarged cash position and low liabilities give mF time to invest in product and sales without immediate creditor pressure, provided management does not burn or misallocate the runway.StrengtheningMateriality: Medium
Cash increased from $2.53 million at FY2024 year-end to $28.70 million at FY2025 year-end. Runway reduces near-term financing risk, but only if capital is used to build operating value rather than fund losses or uneconomic deals.
Watch: Management deploys cash into unrelated acquisitions, related-party transactions, or speculative assets rather than core software capability.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash increased from $2.53 million at FY2024 year-end to $28.70 million at FY2025 year-end.
Open source ↗Reported profitability must come from operating customer economics rather than non-operating or one-time items, because owners need recurring cash earnings to justify value.HoldingMateriality: Medium
GAAP annual operating_cash_flow improved from negative $2.82 million in FY2024 to negative $2.04 million in FY2025. If net income does not convert into operating cash flow, the stock is vulnerable to a quality-of-earnings reset.
Watch: Future net income continues to be driven by non-operating gains while the customer business remains loss-making.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow improved from negative $2.82 million in FY2024 to negative $2.04 million in FY2025.
Open source ↗
Full investment case & evidence
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Original research
mF’s specialized financial-technology workflow knowledge continues to matter enough to win customer work against in-house systems and larger software vendors. If customer relevance holds, the company has a path to scale from a small base; if not, revenue growth becomes episodic and low-quality.
mF must prove its added customer work is differentiated software/support revenue rather than lower-margin customization and implementation labor. Revenue growth creates owner value only if it carries durable gross profit; low-margin bespoke work would make scale far less valuable.
The operating organization has to absorb public-company, R&D, and selling costs through scale rather than letting overhead overwhelm the gross-profit pool. Without operating leverage, even real demand will not translate into durable earnings or cash flow.
The enlarged cash position and low liabilities give mF time to invest in product and sales without immediate creditor pressure, provided management does not burn or misallocate the runway. Runway reduces near-term financing risk, but only if capital is used to build operating value rather than fund losses or uneconomic deals.
Reported profitability must come from operating customer economics rather than non-operating or one-time items, because owners need recurring cash earnings to justify value. If net income does not convert into operating cash flow, the stock is vulnerable to a quality-of-earnings reset.
All standing thesis claims
Original report summary
its niche financial-software capability becomes a repeatable, cash-generating operating business rather than a tiny, low-margin services operation masked by balance-sheet and non-operating items.
Bull case and bear case
Bull case and bear case for MF International
Where the evidence on MF International disagrees: Mixed on the latest evidence (Nov 8, 2026). Of its 5 thesis points, 2 strengthening, 1 holding and 2 weakening.
Bull case: what the evidence supports
mF’s specialized financial-technology workflow knowledge continues to matter enough to win customer work against in-house systems and larger software vendors.
The enlarged cash position and low liabilities give mF time to invest in product and sales without immediate creditor pressure, provided management does not burn or misallocate the runway.
Reported profitability must come from operating customer economics rather than non-operating or one-time items, because owners need recurring cash earnings to justify value.
Bear case: what the evidence questions
mF must prove its added customer work is differentiated software/support revenue rather than lower-margin customization and implementation labor.
The operating organization has to absorb public-company, R&D, and selling costs through scale rather than letting overhead overwhelm the gross-profit pool.
Thesis-Break Engine
Thesis-break watch · MF International
No break has crossed MF International’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
MF International filed an SEC report on 2026-10-23: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
MF International filed an SEC report on 2026-09-10: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
MF International filed an SEC report on 2026-08-20: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Financial-services customers standardize on in-house trading or workflow systems instead of third-party niche vendors.
- Customers require heavy customization for each deployment, preventing product reuse.
- Public-company compliance, product-development, and sales costs keep rising faster than contract gross profit.
- Management deploys cash into unrelated acquisitions, related-party transactions, or speculative assets rather than core software capability.
- Future net income continues to be driven by non-operating gains while the customer business remains loss-making.
MFI news
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Financial statements
MFI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MFI: quick answers
- What is MFI's short interest?
- As of October 30, 2026, 22,624 MFI shares were sold short, down 10.2% from the count before. At the stock's average daily volume that is 18 days to cover. FINRA publishes the count twice a month. MFI short interest history