A stable minimal surface has nonnegative second variation of surface area for every admissible normal variation fixing the boundary. For a two-sided minimal surface in three-dimensional Euclidean space, the quadratic form is
Here is the gradient for the induced Riemannian metric. The gradient term penalizes rapid changes in the displacement; the principal curvature term can make the second variation negative. A plane has only the nonnegative gradient term. Nonnegativity alone, especially with zero modes, does not prove a strict local minimum or a global minimum.
For a finite catenoid between fixed rings, the answer depends on the ring separation, waist radius, and allowed variations. The axisymmetric second variation of a catenoid tests a specified restricted class. Comparing with two disconnected disks tests a different class of competitors, including a change in topology. Consequently, a stationary catenoid can have greater surface area than two disks without immediately collapsing under every small perturbation.

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