A Business at a Glance
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MITEK SYSTEMS INC
MITK
$781M
Mkt Cap
$16.87
+6.03%
MITEK SYSTEMS INC (MITK) has a current P/E ratio of 48.2, compared to its historical median P/E of 57.7. The stock is currently considered Fair based on its historical valuation range.
MITEK SYSTEMS INC (MITK) has a 5-year average return on invested capital (ROIC) of 5.9%. This is below average and may indicate limited pricing power.
MITEK SYSTEMS INC (MITK) has a market capitalization of $757M. It is classified as a small-cap stock.
MITEK SYSTEMS INC (MITK) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.55%.
Based on historical P/E analysis, MITEK SYSTEMS INC (MITK) appears fair. The current P/E of 48.2 is 16% below its historical median of 57.7. The estimated fair value CAGR (P/E method) is 7.0%.
MITEK SYSTEMS INC (MITK) operates in the Computer Peripheral Equipment, Nec industry, within the Technology sector.
MITEK SYSTEMS INC (MITK) reported annual revenue of $180 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS. Mitek Systems, Inc. (“Mitek” or the “Company”) is a global provider of digital identity verification and fraud prevention solutions. The Company’s technologies help organizations verify identities, mitigate fraud risk, and enable secure digital interactions in response to increasingly complex and evolving threats, including those driven by artificial intelligence (“AI”). Mitek’s platform addresses key use cases across digital interactions and customer lifecycle, including new account openings, account access, and mobile check deposit. Core capabilities include AI, machine learning, computer vision, and proprietary biometric liveness, and deepfake detection technologies that support identity verification, detect manipulation, and help prevent digital impersonation. The Company’s Mobile Check Deposit product enables approximately 1.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 190M | 180M | 172M | 173M | 145M | 120M |
| Net Income | 17M | 8.8M | 3.3M | 8.0M | 3.7M | 8.0M |
| EPS | $0.37 | $0.19 | $0.07 | $0.17 | $0.08 | $0.18 |
| Free Cash Flow | 45M | 54M | 30M | 31M | 20M | 36M |
| ROIC | 9.1% | 7.8% | 1.5% | 5.7% | 4.9% | 9.8% |
| Gross Margin | - | 59.8% | 58.6% | 57.2% | 54.3% | 58.7% |
| Debt/Equity | 0.21 | 0.65 | 0.01 | 0.68 | 0.78 | 0.63 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 27M | 17M | 2.2M | 16M | 12M | 13M |
| Operating Margin | 14.5% | 9.3% | 1.3% | 9.0% | 8.4% | 11.1% |
| ROE | 6.9% | 3.9% | 1.6% | 4.3% | 2.0% | 4.9% |
| Shares Outstanding | 45M | 46M | 47M | 47M | 46M | 44M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 19M | 25M | 35M | 45M | 64M | 85M | 101M | 120M | 145M | 173M | 172M | 180M | 190M |
| Gross Margin | 55.6% | 61.1% | 54.7% | 54.7% | 44.1% | 45.6% | 54.8% | 58.7% | 54.3% | 57.2% | 58.6% | 59.8% | N/A |
| R&D | 6.0M | 5.6M | 7.8M | 10M | 18M | 22M | 23M | 28M | 30M | 29M | 35M | 35M | 32M |
| SG&A | 9.6M | 7.6M | 8.6M | 11M | 17M | 20M | 22M | 22M | 27M | 43M | 53M | 44M | 46M |
| EBIT | -5.4M | 1.9M | 1.8M | 2.8M | -7.8M | -4.6M | 8.9M | 13M | 12M | 16M | 2.2M | 17M | 27M |
| Op. Margin | -28.2% | 7.5% | 5.3% | 6.1% | -12.3% | -5.4% | 8.8% | 11.1% | 8.4% | 9.0% | 1.3% | 9.3% | 14.5% |
| Net Income | -5.3M | 2.5M | 2.0M | 14M | -12M | -724K | 7.8M | 8.0M | 3.7M | 8.0M | 3.3M | 8.8M | 17M |
| Net Margin | -27.6% | 10.0% | 5.6% | 31.0% | -18.6% | -0.9% | 7.7% | 6.7% | 2.6% | 4.7% | 1.9% | 4.9% | 8.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 3.1M | 114K | 0 | 1.8M | 2.1M | 1.8M | 840K | 518K |
| Returns on Capital | |||||||||||||
| ROIC | -21.3% | 7.9% | 11.0% | 27.9% | -15.1% | -0.7% | 9.0% | 9.8% | 4.9% | 5.7% | 1.5% | 7.8% | 9.1% |
| ROE | -21.3% | 9.3% | 5.6% | 27.9% | -15.1% | -0.7% | 6.5% | 4.9% | 2.0% | 4.3% | 1.6% | 3.9% | 6.9% |
| ROA | -16.5% | 7.2% | 4.5% | 23.5% | -11.9% | -0.6% | 5.1% | 2.7% | 0.9% | 2.1% | 0.8% | 2.0% | 4.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -2.5M | 6.1M | 7.9M | 10M | 5.6M | 14M | 24M | 37M | 21M | 32M | 32M | 55M | 48M |
| Free Cash Flow | -2.6M | 6.0M | 7.6M | 10.0M | 1.3M | 13M | 23M | 36M | 20M | 31M | 30M | 54M | 45M |
| Owner Earnings | -6.4M | 2.3M | 3.0M | 4.6M | -3.9M | 3.2M | 13M | 24M | 6.4M | 19M | 17M | 37M | 31M |
| CapEx | 135K | 73K | 250K | 488K | 4.3M | 1.1M | 803K | 1.4M | 1.1M | 1.0M | 1.4M | 1.2M | 3.6M |
| Maint. CapEx | 471K | 433K | 790K | 322K | 615K | 1.4M | 1.5M | 1.4M | 1.4M | 1.7M | 1.8M | 1.3M | 1.3M |
| Growth CapEx | 0 | 0 | 0 | 166K | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M |
| D&A | 471K | 433K | 790K | 322K | 615K | 1.4M | 1.5M | 1.4M | 1.4M | 1.7M | 1.8M | 1.3M | 1.3M |
| CapEx/OCF | N/A | 1.2% | 3.2% | 4.7% | 76.6% | 7.5% | 3.3% | 3.7% | 5.3% | 3.3% | 4.5% | 2.1% | 7.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M | 190K | 15M | 0 | 24M | 4.7M | 19M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.2% | 0.0% | 3.4% | N/A | 6.0% | 1.0% | 2.5% |
| Stock-Based Comp | 3.4M | 3.4M | 4.1M | 5.5M | 8.9M | 9.6M | 9.6M | 12M | 13M | 10M | 13M | 17M | 16M |
| Debt Repayment | 0 | 0 | 0 | 0 | 270K | 0 | 0 | 5.5M | 0 | 0 | 290K | 224K | 224K |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -60M | -58M | 44M | 6.6M | -128M | -36M | -28M |
| Cash & Equiv. | 7.8M | 2.8M | 9.0M | 12M | 9.0M | 17M | 20M | 30M | 32M | 59M | 93M | 154M | 78M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 121M | 128M | 135M | 2.7M | 4.3M | 48M |
| Debt/Equity | 0.30 | 0.27 | 0.23 | 0.17 | 0.33 | 0.27 | 0.00 | 0.63 | 0.78 | 0.68 | 0.01 | 0.65 | 0.21 |
| Interest Coverage | -839.1 | 573.5 | 1824.0 | N/A | -269.2 | N/A | N/A | 2.6 | 1.5 | 1.7 | 0.2 | 1.7 | 3.1 |
| Equity | 24M | 30M | 39M | 61M | 95M | 107M | 132M | 193M | 171M | 205M | 215M | 240M | 239M |
| Total Assets | 31M | 39M | 48M | 72M | 127M | 136M | 169M | 420M | 364M | 405M | 414M | 459M | 357M |
| Total Liabilities | 7.2M | 8.3M | 8.9M | 10M | 32M | 29M | 37M | 227M | 194M | 200M | 199M | 219M | 117M |
| Intangibles | N/A | 3.4M | 2.8M | 2.3M | 33M | 24M | 19M | 29M | 76M | 65M | 54M | 40M | 33M |
| Retained Earnings | -36M | -34M | -32M | -17M | -21M | -21M | -14M | -6.1M | -17M | -9.3M | -30M | -26M | -32M |
| Working Capital | 21M | 24M | 32M | 41M | 17M | 34M | 60M | 165M | 89M | 139M | 143M | 39M | 97M |
| Current Assets | 28M | 31M | 40M | 51M | 38M | 54M | 84M | 204M | 138M | 190M | 185M | 248M | 157M |
| Current Liabilities | 6.2M | 7.4M | 8.3M | 9.5M | 20M | 20M | 24M | 39M | 48M | 51M | 42M | 209M | 60M |
| Per Share Data | |||||||||||||
| EPS | -0.17 | 0.08 | 0.06 | 0.40 | -0.33 | -0.02 | 0.18 | 0.18 | 0.08 | 0.17 | 0.07 | 0.19 | 0.37 |
| Owner EPS | -0.21 | 0.07 | 0.09 | 0.13 | -0.11 | 0.09 | 0.30 | 0.55 | 0.14 | 0.41 | 0.37 | 0.80 | 0.69 |
| Book Value | 0.77 | 0.96 | 1.21 | 1.74 | 2.67 | 2.97 | 3.05 | 4.35 | 3.70 | 4.35 | 4.59 | 5.19 | 5.34 |
| Cash Flow/Share | -0.08 | 0.19 | 0.24 | 0.30 | 0.16 | 0.39 | 0.56 | 0.84 | 0.46 | 0.67 | 0.68 | 1.20 | 0.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.1M | 31.6M | 32.6M | 35.2M | 35.8M | 36.2M | 43.4M | 44.3M | 46.2M | 47.2M | 46.8M | 46.3M | 44.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 40.7 | 141.7 | 24.1 | N/A | N/A | 71.8 | 100.2 | 120.9 | 63.1 | 122.1 | 52.3 | 46.0 |
| P/FCF | N/A | 17.1 | 36.5 | 34.1 | 191.2 | 25.8 | 24.1 | 22.2 | 22.3 | 16.6 | 13.2 | 8.5 | 17.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 56.5 | 55.8 | 39.7 | 32.7 | 185.4 | 15.9 | 26.5 |
| Price/Book | 3.1 | 3.4 | 7.0 | 5.5 | 2.6 | 3.2 | 4.2 | 4.1 | 2.6 | 2.5 | 1.9 | 1.9 | 3.2 |
| Price/Sales | 7.1 | 4.1 | 5.8 | 5.9 | 4.8 | 4.4 | 4.0 | 6.2 | 4.3 | 2.8 | 3.1 | 2.4 | 4.0 |
| FCF Yield | -3.5% | 5.9% | 2.7% | 2.9% | 0.5% | 3.9% | 4.2% | 4.5% | 4.5% | 6.0% | 7.6% | 11.8% | 5.9% |
| Market Cap | 75M | 103M | 278M | 340M | 252M | 341M | 561M | 800M | 447M | 507M | 400M | 460M | 757M |
| Avg. Price | 4.34 | 3.29 | 6.12 | 7.66 | 8.49 | 10.21 | 9.31 | 16.75 | 13.47 | 10.28 | 11.57 | 9.47 | 16.87 |
| Year-End Price | 2.42 | 3.26 | 8.50 | 9.65 | 7.05 | 9.41 | 12.93 | 18.04 | 9.67 | 10.73 | 8.55 | 9.93 | 16.87 |
MITEK SYSTEMS INC passes 3 of 9 quality checks, indicating weak fundamentals.
MITEK SYSTEMS INC trades at 48.2x trailing earnings, compared to its 15-year median P/E of 57.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.6x vs a median of 22.3x. The company's 5-year average ROIC is 5.9% with a gross margin of 57.7%. Total shareholder yield (buybacks) is 2.5%. At current prices, the estimated annualized return to fair value is +16.1%.
MITEK SYSTEMS INC (MITK) has a net profit margin of 4.9%. This is a modest margin.
MITEK SYSTEMS INC (MITK) generated $54 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MITEK SYSTEMS INC (MITK) has a debt-to-equity ratio of 0.65. This indicates moderate leverage.
MITEK SYSTEMS INC (MITK) reported earnings per share (EPS) of $0.19 in its most recent fiscal year.
MITEK SYSTEMS INC (MITK) has a return on equity (ROE) of 3.9%. This indicates moderate shareholder returns.
MITEK SYSTEMS INC (MITK) has a 5-year average gross margin of 57.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for MITEK SYSTEMS INC (MITK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MITEK SYSTEMS INC (MITK) has a book value per share of $5.19, based on its most recent annual SEC filing.