Equity Research Analysis: Mind Medicine (MindMed) Inc. (DFTX)
|Blank Capital Research Unit|Spot: $17.39
Price$17.39
Composite Score45.7/100
RatingREDUCE (2★)
Rank#2692 OF 7,333
Market Cap$897M
ROE
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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#2692
Positioning
Market Dominance
Manufacturing
Pharmaceutical Products
$897M
Robert Barrow
Mind Medicine (MindMed) Inc. develops novel products to treat brain health disorders related to psychiatry, addiction, pain, and neurology. The company develops MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder.
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| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$DFTX Mind Medicine (MindMed) Inc. | 46 | 23 | 37 | 82 | - | - | -112.6% | -62.1% | - | - | - | - | 0.0% | 31.0x | $897M | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
Mind Medicine (MindMed) Inc. (DFTX) receives a "Reduce" rating with a composite score of 45.7/100. It ranks #2692 out of 7,333 stocks in our coverage universe and carries a 2-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
Robert Barrow
Chief Executive Officer
Labor Force
40
23
25
44
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for DFTX
Outperforming peers — winners tend to keep winning over 3-12 months
Fair valuation relative to peers
Weak fundamentals — higher risk of value trap
Average volatility — neutral timing signal
Aggressive spending — empire-building risk, dilutive growth
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for DFTX.
View All RatingsInsufficient data for Financial Analysis
ROIC -176.6% vs WACC 9.6% (spread -186.2%)
GM N/A vs sector 43%, OM N/A vs sector 1%
Capital turnover 0.00x
Rev growth N/A, 5yr history
Interest coverage -35.8x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Mind Medicine (MindMed) Inc. receives a Reduce rating from our analysis, with a composite score of 45.7/100 and 2 out of 5 stars, ranking #2692 out of 7,333 stocks. DFTX's factor profile shows weakness across multiple dimensions, suggesting the stock may underperform going forward. Existing holders may want to consider trimming positions or tightening stop-losses.
Mind Medicine (MindMed) Inc. registers a weak quality score of just 23/100, indicating significant profitability challenges. The company reports a return on equity of -112.6% (sector avg: -2.5%). Low quality scores are often associated with businesses in turnaround mode, early-stage growth, or structurally challenged industries.
With a value score of 37/100, DFTX appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/B ratio of 12.92x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
Mind Medicine (MindMed) Inc.'s investment score of 25/100 suggests limited reinvestment activity. Key growth metrics include a return on assets of -62.1% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
DFTX shows strong momentum characteristics with a score of 82/100. The stock has been trending above key moving averages, indicating solid demand from institutional buyers. Revenue growth data is not currently available, while a beta of 1.56 reflects its sensitivity to broader market moves. This level of momentum typically signals sustained investor confidence and favorable near-term price action.
DFTX's stability score of 44/100 signals elevated volatility and/or leverage concerns. Key stability metrics include a beta of 1.56 and a debt-to-equity ratio of 31.00x (sector avg: 0.2x). Investors should be prepared for wider-than-average price swings and consider position sizing accordingly to manage portfolio risk.
Mind Medicine (MindMed) Inc.'s short interest score of 24/100 reveals significant bearish positioning, suggesting institutional investors are actively betting against the stock. Specific risk factors include high market sensitivity (beta: 1.56), elevated leverage (D/E: 31.00x), small-cap liquidity risk. At $897M (small-cap), DFTX carries meaningful risk and is best suited for investors with high risk tolerance who have thoroughly evaluated the bear thesis.
Mind Medicine (MindMed) Inc. is a small-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #2692 of 7,333 overall (63rd percentile). Key comparisons include ROE of -112.6% trailing the -2.5% sector median. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While DFTX currently exhibits a REDUCE profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
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Improvement in Quality (23) would have the largest impact on the composite score.
ROE 4440% ABOVE SECTOR MEDIAN (FAVORABLE)
Debt/Equity 15400% ABOVE SECTOR MEDIAN
Div. Yield NaN% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate Mind Medicine (MindMed) Inc. (DFTX) as a Reduce with a composite score of 45.7/100 at a current price of $17.39. The quantitative profile shows weakness across multiple dimensions, suggesting limited upside potential and elevated risk of underperformance relative to peers over the next 12 months.
The rating is primarily driven by strength in momentum (82th percentile) and stability (44th percentile), which together account for the majority of the composite score. Offsetting weakness in quality (23th percentile) and investment (25th percentile) tempers our overall conviction. We assign a No Moat rating (16/100), High uncertainty, and Poor capital allocation.
Key items to watch: quarterly earnings execution and sector-level competitive dynamics. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
Mind Medicine (MindMed) Inc. holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 45.7/100 places it at rank #2692 in our full 7,333-stock universe. At $897M in market capitalization, Mind Medicine (MindMed) Inc. is a small-cap player in the Manufacturing space, which limits certain scale advantages but may allow for more agile strategic execution.
Momentum indicators (82th percentile) are constructive regarding the near-term price trend. Revenue growth data is unavailable, limiting our ability to confirm whether momentum is fundamentally supported.
Margin data is not available for Mind Medicine (MindMed) Inc., which limits our assessment of the company's cost structure and operating efficiency. We rely on factor-based signals to infer business quality in the absence of detailed margin data.
At a current price of $17.39, Mind Medicine (MindMed) Inc. is trading at a premium to fundamental value. Our value factor score of 37/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. The premium valuation implies the market is pricing in significant future growth or quality improvements that are not yet fully reflected in current fundamentals.
The stock currently trades at P/B of 12.9x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
Positive momentum (82th percentile) indicates institutional accumulation and favorable technical dynamics that tend to persist in the intermediate term.
The Reduce rating (composite 45.7/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Below-average quality (23th percentile) raises durability concerns about the fundamental profile and increases the risk of negative earnings surprises.
High beta of 1.56 means amplified losses in market selloffs — in a broad market correction, this stock would likely decline more than the index.
We assign a High uncertainty rating to Mind Medicine (MindMed) Inc.. Key risk factors include elevated market sensitivity (beta of 1.56), weak quality scores (23th percentile). The wide range of potential outcomes widens our fair value estimate and increases the possibility of permanent capital impairment. Investors considering this name should size positions accordingly and demand a meaningful margin of safety before initiating.
Specific risk factors that inform our assessment include: elevated market sensitivity (beta of 1.56); weak quality scores (23th percentile). Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 44th percentile and quality factor at the 23th percentile provide a quantitative summary of the overall risk landscape.
We identify limited risk mitigants at this time, which contributes to our high uncertainty assessment. Investors should monitor for improvement in balance sheet metrics, margin stability, and business predictability that could warrant a downgrade in our risk assessment over time.
We rate Mind Medicine (MindMed) Inc.'s capital allocation as Poor. Key concerns include low returns on equity (-112.6%), weak asset returns (ROA -62.1%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — Mind Medicine (MindMed) Inc. significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, Mind Medicine (MindMed) Inc. receives a Reduce rating with a composite score of 45.7/100 (rank #2692 of 7,333). Our quantitative framework assigns a No Moat (16/100, trend: stable), High uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 42/100.
Our analysis does not support a constructive view on Mind Medicine (MindMed) Inc. at this time. The combination of limited competitive advantages, high uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign Mind Medicine (MindMed) Inc. a meaningful economic moat, scoring 16/100 on our composite assessment. The ROIC-WACC spread of -186.2% is the primary signal of economic value creation. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, margin superiority, reached only 10/20.
The strongest moat sources are margin superiority (10/20) and financial resilience (5.9/20). GM N/A vs sector 43%, OM N/A vs sector 1%. Interest coverage -35.8x. These pillars form the core of Mind Medicine (MindMed) Inc.'s competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (0/20) and reinvestment efficiency (0/20). ROIC -176.6% vs WACC 9.6% (spread -186.2%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect Mind Medicine (MindMed) Inc.'s moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers are not clearly identifiable from current fundamentals. This may reflect a company in transition, a cyclical downturn, or structural challenges in the business model. We assign a quality factor of 23/100 which further underscores our concern regarding earnings sustainability.
Return metrics include ROE of -112.6% and ROA of -62.1%. Relative to the Manufacturing sector, sector comparison data is limited, and ROE of -112.6% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 31%. The sector median D/E is 0%, putting Mind Medicine (MindMed) Inc. at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
NEW YORK, February 24, 2026--Definium Therapeutics, Inc. (formerly Mind Medicine (MindMed) Inc.), (NASDAQ: DFTX), a late-stage clinical biopharmaceutical company developing a new generation of therapeutics intended to address underlying causes of psychiatric and neurological disorders, today announced that members of the Company’s management team will participate in the following investor conferences:
NEW YORK, February 19, 2026--Definium Therapeutics, Inc. (formerly Mind Medicine (MindMed) Inc.), (NASDAQ: DFTX), a late-stage clinical biopharmaceutical company developing a new generation of therapeutics intended to address underlying causes of psychiatric and neurological disorders, today announced that it will host a live webcast at 4:30 p.m. EST on Thursday, February 26, 2026 to report financial results for the full year ended December 31, 2025, and discuss recent business updates.
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