(MITK) Mitek Systems - Overview
Sector: Technology | Industry: Software - Application | Exchange: NASDAQ (USA) | Market Cap: 776m USD | Total Return: 87.2% in 12m
Avg Turnover: 18.6M
EPS Trend: 21.6%
Qual. Beats: 0
Rev. Trend: 86.9%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind
Mitek Systems, Inc. (MITK) specializes in digital identity verification and fraud prevention software. The company’s core product suite includes mobile remote deposit capture (RDC), automated check data extraction, and cloud-based fraud mitigation services. Its identity platform utilizes biometric technologies, such as facial and voice liveness detection, to verify document authenticity and prevent spoofing across financial services and retail sectors.
Operating within the Application Software sub-industry, Mitek utilizes a Business-to-Business (B2B) model, primarily serving financial institutions and brokerages. The identity verification market is characterized by high integration costs and recurring revenue streams, as clients embed these SDKs directly into their proprietary mobile applications. Investors may find it useful to examine ValueRay for deeper insights into the companys competitive positioning. Miteks longevity in the sector, dating back to 1986, has allowed it to establish a significant footprint in the digital imaging standards used by major U.S. banks.
- Mobile deposit capture volume remains the primary driver of recurring revenue
- Expansion of identity verification platform increases market share in digital banking
- Cloud-hosted fraud mitigation services improve long-term software-as-a-service margins
- Strategic acquisitions in biometric authentication enhance global competitiveness and product depth
- Financial sector digital transformation cycles dictate enterprise software adoption rates
| Net Income: 16.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA 1.40 > 1.0 |
| NWC/Revenue: 50.93% < 20% (prev 4.71%; Δ 46.22% < -1%) |
| CFO/TA 0.13 > 3% & CFO 48.1m > Net Income 16.6m |
| Net Debt (-22.6m) to EBITDA (47.5m): -0.48 < 3 |
| Current Ratio: 2.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (48.5m) vs 12m ago 4.13% < -2% |
| Gross Margin: 88.00% > 18% (prev 0.86%; Δ 8.71k% > 0.5%) |
| Asset Turnover: 48.47% > 50% (prev 41.70%; Δ 6.77% > 0%) |
| Interest Coverage Ratio: 3.56 > 6 (EBITDA TTM 47.5m / Interest Expense TTM 8.97m) |
| A: 0.27 (Total Current Assets 156.5m - Total Current Liabilities 59.9m) / Total Assets 356.9m |
| B: -0.09 (Retained Earnings -31.7m / Total Assets 356.9m) |
| C: 0.08 (EBIT TTM 31.9m / Avg Total Assets 391.1m) |
| D: -0.29 (Book Value of Equity -34.2m / Total Liabilities 117.5m) |
| Altman-Z'' = 1.73 = BBB |
| DSRI: 1.09 (Receivables 71.9m/61.7m, Revenue 189.6m/177.4m) |
| GMI: 0.98 (GM 88.00% / 85.84%) |
| AQI: 1.07 (AQ_t 0.54 / AQ_t-1 0.51) |
| SGI: 1.07 (Revenue 189.6m / 177.4m) |
| TATA: -0.09 (NI 16.6m - CFO 48.1m) / TA 356.9m) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of May 30, 2026, the stock is trading at USD 17.18 with a total of 629,019 shares traded.
Over the past week, the price has changed by +11.85%,
over one month by +26.23%,
over three months by +17.83% and
over the past year by +87.15%.
Mitek Systems has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy MITK.
- StrongBuy: 3
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 18.5 | 7.7% |
P/E Trailing = 50.5588
P/E Forward = 9.1324
P/S = 4.0945
P/B = 3.2436
P/EG = 1.2756
Revenue TTM = 189.6m USD
EBIT TTM = 31.9m USD
EBITDA TTM = 47.5m USD
Long Term Debt = 47.5m USD (from longTermDebt, last quarter)
Short Term Debt = 3.39m USD (from shortTermDebt, last quarter)
Debt = 55.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 2.52m
Net Debt = -22.6m USD (calculated: Debt 55.0m - CCE 77.6m)
Enterprise Value = 753.7m USD (776.3m + Debt 55.0m - CCE 77.6m)
Interest Coverage Ratio = 3.56 (Ebit TTM 31.9m / Interest Expense TTM 8.97m)
EV/FCF = 16.92x (Enterprise Value 753.7m / FCF TTM 44.5m)
FCF Yield = 5.91% (FCF TTM 44.5m / Enterprise Value 753.7m)
FCF Margin = 23.49% (FCF TTM 44.5m / Revenue TTM 189.6m)
Net Margin = 8.74% (Net Income TTM 16.6m / Revenue TTM 189.6m)
Gross Margin = 88.00% ((Revenue TTM 189.6m - Cost of Revenue TTM 22.8m) / Revenue TTM)
Gross Margin QoQ = none% (prev 81.00%)
Tobins Q-Ratio = 2.11 (Enterprise Value 753.7m / Total Assets 356.9m)
Interest Expense / Debt = 16.29% (Interest Expense 8.97m / Debt 55.0m)
Taxrate = 25.13% (3.20m / 12.7m)
NOPAT = 23.9m (EBIT 31.9m * (1 - 25.13%))
Current Ratio = 2.61 (Total Current Assets 156.5m / Total Current Liabilities 59.9m)
Debt / Equity = 0.23 (Debt 55.0m / totalStockholderEquity, last quarter 239.5m)
Debt / EBITDA = -0.48 (Net Debt -22.6m / EBITDA 47.5m)
Debt / FCF = -0.51 (Net Debt -22.6m / FCF TTM 44.5m)
Total Stockholder Equity = 237.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 4.23% (Net Income 16.6m / Total Assets 356.9m)
RoE = 6.15% (Net Income TTM 16.6m / Total Stockholder Equity 269.4m)
RoCE = 10.07% (EBIT 31.9m / Capital Employed (Equity 269.4m + L.T.Debt 47.5m))
RoIC = 7.95% (NOPAT 23.9m / Invested Capital 300.4m)
WACC = 8.43% (E(776.3m)/V(831.3m) * Re(8.16%) + D(55.0m)/V(831.3m) * Rd(16.29%) * (1-Tc(0.25)))
Discount Rate = 8.16% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 33.33 | Cagr: 2.42%
[DCF] Terminal Value 74.39% ; FCFF base≈45.6m ; Y1≈43.7m ; Y5≈42.1m
[DCF] Fair Price = 14.97 (EV 653.3m - Net Debt -22.6m = Equity 675.9m / Shares 45.2m; r=8.43% [WACC]; 5y FCF grow -5.47% → 2.50% )
EPS Correlation: 21.62 | EPS CAGR: 1.99% | SUE: 0.67 | # QB: 0
Revenue Correlation: 86.92 | Revenue CAGR: 3.76% | SUE: 0.95 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.28 | Chg30d=+0.00% | Revisions=+14% | Analysts=5
EPS current Year (2026-09-30): EPS=1.11 | Chg30d=-2.79% | Revisions=+14% | GrowthEPS=+17.3% | GrowthRev=+8.2%
EPS next Year (2027-09-30): EPS=1.21 | Chg30d=-0.29% | Revisions=+0% | GrowthEPS=+9.0% | GrowthRev=+8.4%
[Analyst] Revisions Ratio: +14%