ZMIME
Comparison · 2 models · Updated Nov 2, 2026

Mistral Small 3.2 24B vs Phi-4-mini

Mistral Small 3.2 24B comes out ahead, 65 to 56 on our weighted score, though Phi-4-mini is 13% cheaper per token.

  1. Our pick

    Mistral AI

    Mistral Small 3.2 24B

    Released Jun 20, 2025

    65/100
    • ECI—
    • Price$0.10 / $0.305
    • Context256K
    Full specs Remove Mistral Small 3.2 24B

  2. Microsoft

    Phi-4-mini

    Released Feb 26, 2025

    56/100
    • ECI—
    • Price$0.075 / $0.30
    • Context128K
    Full specs Remove Phi-4-mini

  3. Add a model

    Make it a three-way comparison.

01 — Verdict

Mistral Small 3.2 24B is our pick

Mistral Small 3.2 24B is the better all-round choice, scoring 65/100 against Phi-4-mini (56). It leads on inputs & features and context window. Phi-4-mini wins on price. The score weighs price 50%, inputs & features 30%, context window 20%. None of the shared benchmarks cover every model here yet, so capability is left out of this verdict.

  • CapabilityNot enough dataNo independent benchmark covers every model here yet
  • Lowest pricePhi-4-miniPhi-4-mini $0.131 · Mistral Small 3.2 24B $0.151 per 1M tokens (3:1 blend)
  • Longest contextMistral Small 3.2 24BMistral Small 3.2 24B 256,000 · Phi-4-mini 128,000 tokens
  • Widest inputsMistral Small 3.2 24BMistral Small 3.2 24B: Text, Images · Phi-4-mini: Text
  • Self-hostingAll open weightsEvery model here can be downloaded and run on your own hardware
How the score is built
MeasureWeightMistral Small 3.2 24BPhi-4-mini
Price50%8588
Inputs & features30%5025
Context window20%3624
Overall100%65/10056/100

Left out because at least one model lacks the data: capability. The remaining weights were rescaled.

02 — Side by side

Every spec in one table

Highlighted cells lead their row. Dashes mean the data is not published.

Mistral Small 3.2 24B vs Phi-4-mini specifications side by side
SpecificationMistral Small 3.2 24BMistral AIPhi-4-miniMicrosoft
Capability
Capabilities Index (ECI)——
ECI rank——
Price per million tokens
Input$0.10$0.075 (best)
Output$0.305$0.30 (best)
Cached input——
Blended (3:1)$0.151$0.131 (best)
Long-context rateSame rateSame rate
Price sourceMedian of 8 providersOfficial Azure API
Limits
Context window256,000 tokens (best)128,000 tokens
Max output16,384 tokens (best)4,096 tokens
Inputs and features
TextYesYes
ImagesYesNo
PDFsNoNo
AudioNoNo
VideoNoNo
ReasoningNoNo
Tool callingYesYes
Structured outputNoNo
Availability
WeightsOpenOpen
API model ID—phi-4-mini
API providers8 (best)2
ReleasedJun 20, 2025Feb 26, 2025
Knowledge cutoffOct 31, 2023Jun 2024
03 — Cost

What would a month cost?

Enter your expected volume in millions of tokens. List prices only; caching and batch discounts would lower these.

  • Mistral Small 3.2 24B$1.61
  • Phi-4-mini$1.35
04 — Questions

Which should you choose?

Which is better: Mistral Small 3.2 24B or Phi-4-mini?

Mistral Small 3.2 24B is the better all-round choice, scoring 65/100 against Phi-4-mini (56). It leads on inputs & features and context window. Phi-4-mini wins on price. The score weighs price 50%, inputs & features 30%, context window 20%. None of the shared benchmarks cover every model here yet, so capability is left out of this verdict.

Which is cheaper, Mistral Small 3.2 24B or Phi-4-mini?

Phi-4-mini is cheaper at $0.075 input / $0.30 output per million tokens (official Azure API price). Mistral Small 3.2 24B costs $0.10 input / $0.305 output per million tokens (median across 8 API providers). At a typical mix of three input tokens to one output token, that is $0.131 per million tokens for Phi-4-mini versus $0.151 for Mistral Small 3.2 24B (1.2× as much).

Which scores higher on benchmarks?

There is no independent benchmark that covers both models yet. Mistral Small 3.2 24B has not been scored yet and Phi-4-mini has not been scored yet.

Which is better for coding?

There are no published SWE-bench Verified results for Mistral Small 3.2 24B and Phi-4-mini yet, so there is no like-for-like coding score. Test both on a sample of your own tasks. Both support tool calling for agent workflows.

Which has the bigger context window?

Mistral Small 3.2 24B has the largest context window at 256,000 tokens, against 128,000 for Phi-4-mini. Maximum output per response: Mistral Small 3.2 24B up to 16,384, Phi-4-mini up to 4,096 tokens.

Which can read images, PDFs, audio or video?

Mistral Small 3.2 24B accepts text and images; Phi-4-mini accepts text. Mistral Small 3.2 24B handles the widest range of inputs.

Are any of these open source?

Yes, both publish their weights, so you can self-host them.

Which is newer?

Mistral Small 3.2 24B is the newest, released Jun 20, 2025. Phi-4-mini came out Feb 26, 2025. Knowledge cutoff: Mistral Small 3.2 24B Oct 31, 2023, Phi-4-mini Jun 2024.

How do you decide the winner?

Each model gets a 0–100 score on capability (50%, independent benchmark results); price (25%, blended price per million tokens (3 input : 1 output), log scale); inputs & features (15%, image, PDF, audio and video input, tool calling, structured output and reasoning); context window (10%, maximum tokens per request, log scale). Dimensions missing for any model are dropped and the remaining weights rescaled, so every model is judged on the same evidence. Specs and prices come from public model listings and the labs’ own API pages; capability scores come from independent benchmark runs. Data updated Nov 2, 2026.

05 — Keep comparing

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