Mitek Systems, Inc. (MITK) 10-Year Financial Performance & Capital Metrics

MITK • • Industrial / General

TechnologyApplication SoftwareSecurity & Identity ManagementBiometric Security

AboutMitek Systems, Inc. develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences. It offers Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; and Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications. The company also provides Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion; and MiSnap, a mobile-capture software development kit that enables an intuitive user experience and instant capture of quality images of identity documents and checks. In addition, it offers CheckReader that enables financial institutions to automatically extract data from checks; Check Fraud Defender, an AI-powered and cloud-hosted model for fighting check fraud; and Check Intelligence that enables financial institutions to automatically extract data from a check image received across any deposit channel, including branch, ATM, remote deposit capture, and mobile. Further, the company provides ID_CLOUD, an automated identity verification solution that is integrated into a customers' application to read and validate identity documents; IDLive Face, a passive facial liveness detection product; IDVoice, a robust AI-driven voice biometric engine; IDLive Voice that helps stop spoofing attacks on voice biometric systems; and IDLive Doc that works to fight fraud related to digitally displayed document images. Mitek Systems, Inc. was incorporated in 1986 and is based in San Diego, California.Show more

Revenue $172M -0.3%
EBITDA $21M -41.8%
Net Income $3M -59.2%
EPS (Diluted) 0.07 -59.4%
Gross Margin 99.82% +15.1%
EBITDA Margin 12.11% -41.6%
Operating Margin 1.3% -85.6%
Net Margin 1.9% -59.1%
ROE 1.56% -63.5%
ROIC 0.6% -85.6%
Debt/Equity 0.70 +2.1%
Interest Coverage 0.24 -86.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 17.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.3%

✗Weaknesses

✗Weak 3Y average ROE of 2.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y24.55%

5Y15.26%

3Y12.83%

TTM6.98%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-25.66%

TTM330.14%

EPS CAGR

10Y-

5Y-

3Y-27.32%

TTM319.27%

ROCE

10Y Avg3%

5Y Avg4.13%

3Y Avg2.92%

Latest0.61%

Peer Comparison

Biometric Security

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MITKMitek Systems, Inc.	461.54M	10.09	146.02	-0.27%	8.71%	6.53%	6.55%	0.70
RDVTRed Violet, Inc.	722.44M	51.28	102.56	24.89%	12.96%	11.01%	3.29%	0.02
YOUClear Secure, Inc.	3.33B	34.13	21.88	25.57%	20.97%	109.45%	8.53%	0.51
IDAIT Stamp Inc.	21.71M	4.14	-0.36	-32.41%	-316.35%	-189.51%		1.30
AWREAware, Inc.	40.82M	1.91	-9.10	-4.69%	-32.18%	-20.59%		0.14
SSTISoundThinking, Inc.	102.1M	8.04	-11.17	10.05%	-10.44%	-14.59%	15.46%	0.08
RSKDRiskified Ltd.	775.98M	4.73	-23.65	10.05%	-11.04%	-11.83%	5.03%	0.07
IDNIntellicheck, Inc.	122.24M	6.05	-127.37	5.77%	0.95%	1.11%

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	25.37M	34.7M	45.39M	63.56M	84.59M	101.31M	119.8M	144.8M	172.55M	172.08M
Revenue Growth %	0.32%	0.37%	0.31%	0.4%	0.33%	0.2%	0.18%	0.21%	0.19%	-0%
Cost of Goods Sold+	2.47M	3.4M	4.04M	8.69M	12.27M	13.19M	14.54M	20.01M	22.95M	309K
COGS % of Revenue	0.1%	0.1%	0.09%	0.14%	0.15%	0.13%	0.12%	0.14%	0.13%	0%
Gross Profit+	22.9M	31.31M	41.35M	54.87M	72.32M	88.12M	105.26M	124.8M	149.6M	171.77M
Gross Margin %	0.9%	0.9%	0.91%	0.86%	0.85%	0.87%	0.88%	0.86%	0.87%	1%
Gross Profit Growth %	0.35%	0.37%	0.32%	0.33%	0.32%	0.22%	0.19%	0.19%	0.2%	0.15%
Operating Expenses+	21M	29.48M	38.58M	62.68M	73.85M	79.36M	91.55M	112.6M	134.04M	169.54M
OpEx % of Revenue	0.83%	0.85%	0.85%	0.99%	0.87%	0.78%	0.76%	0.78%	0.78%	0.99%
Selling, General & Admin	14.06M	19.51M	25.79M	38.77M	47.27M	49.93M	54.99M	65.43M	83.89M	93.76M
SG&A % of Revenue	0.55%	0.56%	0.57%	0.61%	0.56%	0.49%	0.46%	0.45%	0.49%	0.54%
Research & Development	5.58M	7.79M	10.43M	15.67M	19.02M	22.86M	28.04M	30.19M	28.99M	34.64M
R&D % of Revenue	0.22%	0.22%	0.23%	0.25%	0.22%	0.23%	0.23%	0.21%	0.17%	0.2%
Other Operating Expenses	2.85B	134K	402K	-935K	7.56M	6.58M	8.52M	16.97M	21.16M	41.14M
Operating Income+	1.89M	1.82M	2.77M	-7.81M	1.54M	8.87M	13.28M	12.2M	15.56M	2.23M
Operating Margin %	0.07%	0.05%	0.06%	-0.12%	0.02%	0.09%	0.11%	0.08%	0.09%	0.01%
Operating Income Growth %	1.35%	-0.04%	0.52%	-3.82%	1.2%	4.74%	0.5%	-0.08%	0.28%	-0.86%
EBITDA+	3.26M	3.21M	3.68M	-3.17M	10.56M	17.61M	23.42M	28.45M	35.78M	20.84M
EBITDA Margin %	0.13%	0.09%	0.08%	-0.05%	0.12%	0.17%	0.2%	0.2%	0.21%	0.12%
EBITDA Growth %	1.66%	-0.01%	0.15%	-1.86%	4.33%	0.67%	0.33%	0.21%	0.26%	-0.42%
D&A (Non-Cash Add-back)	1.37M	1.39M	913K	4.64M	9.01M	8.74M	10.14M	16.25M	20.22M	18.61M
EBIT	3.26M	1.82M	2.77M	-7.8M	-3.99M	9.41M	13.93M	11.83M	19.4M	8.35M
Net Interest Income+	91.44K	0	0	0	0	0	-5.13M	-8.23M	-9.06M	-9.26M
Interest Income	94.74K	0	0	0	0	0	0	0	0	0
Interest Expense	3.3K	0	0	0	0	0	5.13M	8.23M	9.06M	9.26M
Other Income/Expense	91.32K	134K	402K	-935K	0	541K	-4.47M	-8.6M	-5.22M	-3.14M
Pretax Income+	1.98M	1.96M	3.17M	-8.74M	-3.99M	9.41M	8.8M	3.6M	10.34M	-909K
Pretax Margin %	0.08%	0.06%	0.07%	-0.14%	-0.05%	0.09%	0.07%	0.02%	0.06%	-0.01%
Income Tax+	-543.02K	-1K	-10.92M	3.07M	-3.26M	1.59M	824K	-92K	2.31M	-4.19M
Effective Tax Rate %	1.27%	1%	4.44%	1.35%	0.18%	0.83%	0.91%	1.03%	0.78%	-3.61%
Net Income+	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.69M	8.03M	3.28M
Net Margin %	0.1%	0.06%	0.31%	-0.19%	-0.01%	0.08%	0.07%	0.03%	0.05%	0.02%
Net Income Growth %	1.48%	-0.22%	6.19%	-1.84%	0.94%	11.79%	0.02%	-0.54%	1.17%	-0.59%
Net Income (Continuing)	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.69M	8.03M	3.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.08	0.06	0.40	-0.33	-0.02	0.18	0.18	0.08	0.17	0.07
EPS Growth %	1.47%	-0.25%	5.67%	-1.82%	0.94%	10.78%	0%	-0.55%	1.11%	-0.59%
EPS (Basic)	0.08	0.06	0.43	-0.33	-0.02	0.19	0.18	0.08	0.18	0.07
Diluted Shares Outstanding	31.48M	33.82M	35.54M	35.81M	39.34M	42.53M	45.08M	45.78M	46.46M	47.47M
Basic Shares Outstanding	30.79M	31.59M	33.08M	35.78M	39.34M	41.41M	43.51M	44.59M	45.53M	46.56M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	31.41M	40.31M	50.88M	38.1M	54.13M	84.13M	204.06M	137.85M	190.01M	185.05M
Cash & Short-Term Investments	26.67M	33.87M	42.57M	17.53M	33.25M	60.02M	179.37M	90.33M	133.61M	130.34M
Cash Only	2.75M	9.01M	12.29M	9.09M	16.75M	19.99M	30.31M	32.06M	58.91M	93.46M
Short-Term Investments	23.92M	24.86M	30.28M	8.45M	16.5M	40.03M	149.06M	58.27M	74.7M	36.88M
Accounts Receivable	3.94M	4.95M	7.1M	16.82M	17.29M	20.8M	20.68M	42.96M	50.49M	47.5M
Days Sales Outstanding	56.64	52.06	57.09	96.6	74.6	74.93	63.01	108.28	106.8	100.75
Inventory	0	0	0	0	1.49M	1.34M	1.92M	2M	0	0
Days Inventory Outstanding	-	-	-	-	44.25	37.02	48.2	36.49	-	-
Other Current Assets	798.21K	1.49M	1.21M	1.05M	618K	630K	165K	622K	2.4M	2.7M
Total Non-Current Assets+	7.29M	8.08M	20.84M	89.03M	81.77M	85.03M	215.23M	226.63M	215.37M	228.7M
Property, Plant & Equipment	975.34K	440K	613K	4.67M	4.23M	9.02M	10.73M	8.65M	6.97M	7.23M
Fixed Asset Turnover	26.01x	78.87x	74.05x	13.62x	19.99x	11.24x	11.17x	16.74x	24.76x	23.81x
Goodwill	2.87M	2.86M	3.01M	34.41M	32.64M	35.67M	62.69M	120.19M	123.55M	131.57M
Intangible Assets	3.4M	2.78M	2.3M	32.95M	24.41M	19.29M	28.73M	75.76M	64.67M	54.14M
Long-Term Investments	0	1.95M	3.78M	0	1.55M	1.96M	48.05M	10.63M	1.3M	11.41M
Other Non-Current Assets	42.05K	40K	74K	2.02M	2.35M	5.61M	54.52M	1.16M	7.23M	5.21M
Total Assets+	38.7M	48.38M	71.72M	127.13M	135.9M	169.15M	419.28M	364.48M	405.38M	413.75M
Asset Turnover	0.66x	0.72x	0.63x	0.50x	0.62x	0.60x	0.29x	0.40x	0.43x	0.42x
Asset Growth %	0.24%	0.25%	0.48%	0.77%	0.07%	0.24%	1.48%	-0.13%	0.11%	0.02%
Total Current Liabilities+	7.4M	8.33M	9.53M	20.38M	20.05M	24.36M	39.21M	48.46M	51.5M	42.15M
Accounts Payable	1.54M	1.32M	1.92M	3.57M	3.56M	3.91M	2.51M	4.97M	7.59M	7.24M
Days Payables Outstanding	227.1	141.7	173.24	150.14	105.79	108.16	62.93	90.74	120.69	8.55K
Short-Term Debt	0	0	0	0	200K	100K	100K	100K	200K	300K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.81M	355K	602K	4.13M	4.27M	1.67M	12.02M	8.22M	9.56M	2.09M
Current Ratio	4.24x	4.84x	5.34x	1.87x	2.70x	3.45x	5.20x	2.84x	3.69x	4.39x
Quick Ratio	4.24x	4.84x	5.34x	1.87x	2.63x	3.40x	5.16x	2.80x	3.69x	4.39x
Cash Conversion Cycle	-	-	-	-	13.06	3.8	48.28	54.03	-	-
Total Non-Current Liabilities+	859.21K	573K	777K	11.35M	8.52M	12.55M	187.56M	145.04M	148.69M	156.81M
Long-Term Debt	0	0	0	500K	400K	600K	121.62M	129.17M	136.62M	146M
Capital Lease Obligations	0	0	0	0	0	5.33M	6.59M	4.11M	2.87M	4.23M
Deferred Tax Liabilities	0	0	673K	8.16M	5.55M	4.65M	4.12M	14.13M	6.48M	3.89M
Other Non-Current Liabilities	859.21K	314K	692K	2.2M	1.82M	382K	54.38M	413K	1.77M	1.93M
Total Liabilities	8.26M	8.9M	10.31M	31.73M	28.56M	36.91M	226.02M	193.5M	200.19M	198.95M
Total Debt+	0	0	0	800K	600K	7.85M	130.25M	135.49M	141.59M	151.34M
Net Debt	-2.75M	-9.01M	-12.29M	-8.29M	-16.15M	-12.14M	99.94M	102.13M	82.67M	57.88M
Debt / Equity	-	-	-	0.01x	0.01x	0.06x	0.67x	0.80x	0.69x	0.70x
Debt / EBITDA	-	-	-	-	0.06x	0.45x	5.56x	4.76x	3.96x	7.26x
Net Debt / EBITDA	-0.84x	-2.81x	-3.34x	-	-1.53x	-0.69x	4.27x	3.59x	2.31x	2.78x
Interest Coverage	573.41x	-	-	-	-	-	2.59x	1.48x	1.72x	0.24x
Total Equity+	30.43M	39.49M	61.41M	95.39M	107.33M	132.24M	193.26M	170.32M	205.19M	214.8M
Equity Growth %	0.27%	0.3%	0.56%	0.55%	0.13%	0.23%	0.46%	-0.12%	0.2%	0.05%
Book Value per Share	0.97	1.17	1.73	2.66	2.73	3.11	4.29	3.72	4.42	4.53
Total Shareholders' Equity	30.43M	39.49M	61.41M	95.39M	107.33M	132.24M	193.26M	170.32M	205.19M	214.8M
Common Stock	31.09K	33K	34K	38K	40K	42K	44K	44K	46K	45K
Retained Earnings	-33.5M	-31.54M	-17.45M	-21M	-20.81M	-13.99M	-5.63M	-18M	-9.31M	-30.27M
Treasury Stock	0	0	0	0	0	0	-140K	0	0	0
Accumulated OCI	-3.24K	-42K	147K	-586K	-4.06M	-323K	-943K	-28.22M	-14.24M	-2.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	6.11M	7.85M	10.45M	5.63M	14.25M	24.12M	37.34M	21.12M	31.59M	31.69M
Operating CF Margin %	0.24%	0.23%	0.23%	0.09%	0.17%	0.24%	0.31%	0.15%	0.18%	0.18%
Operating CF Growth %	3.47%	0.29%	0.33%	-0.46%	1.53%	0.69%	0.55%	-0.43%	0.5%	0%
Net Income	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.03M	8.03M	3.28M
Depreciation & Amortization	605.73K	1.39M	913K	4.64M	8.41M	7.94M	8.94M	14.95M	18.72M	16.91M
Stock-Based Compensation	3.37M	4.08M	5.48M	8.95M	9.64M	9.55M	11.53M	13.35M	10.46M	12.62M
Deferred Taxes	-647.39K	-127K	-11.06M	3.64M	-3.77M	1.9M	105K	-3.89M	-5.5M	-10.43M
Other Non-Cash Items	827.52K	1.65M	1.61M	2.09M	338K	199K	6.72M	2.15M	8.88M	7.91M
Working Capital Changes	-574.17K	-1.1M	-582K	-1.88M	362K	-3.29M	2.06M	-8.46M	-9.01M	1.4M
Change in Receivables	-566.07K	-1M	-2.1M	-5.67M	1.56M	-361K	-813K	-10.81M	4.32M	5.09M
Change in Inventory	-37.76K	194K	1.2M	1.81M	-2.35M	-6.34M	2.68M	-1.68M	0	0
Change in Payables	-448.83K	-222K	593K	309K	28K	277K	-1.59M	2.18M	2.54M	-450K
Cash from Investing+	-11.34M	-3.29M	-7.78M	-8.42M	-10.51M	-24.71M	-170.49M	1.7M	-6.78M	28.75M
Capital Expenditures	-73.13K	-250K	-488K	-4.31M	-1.06M	-803K	-1.39M	-1.13M	-1.03M	-1.44M
CapEx % of Revenue	0%	0.01%	0.01%	0.07%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.85M	-3.04M	-7.29M	25.63M	-29K	-103K	0	0	0	-301K
Cash from Financing+	225.54K	1.73M	687K	-429K	4.38M	3.4M	143.68M	-21.14M	1.7M	-25.88M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	457	0	0	-1.28M	4.55M	4.33M	-11.54M	-5.93M	0	-3.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.03M	7.6M	9.96M	1.32M	13.19M	23.32M	35.95M	25.23M	30.55M	30.25M
FCF Margin %	0.24%	0.22%	0.22%	0.02%	0.16%	0.23%	0.3%	0.17%	0.18%	0.18%
FCF Growth %	3.32%	0.26%	0.31%	-0.87%	9%	0.77%	0.54%	-0.3%	0.21%	-0.01%
FCF per Share	0.19	0.22	0.28	0.04	0.34	0.55	0.80	0.55	0.66	0.64
FCF Conversion (FCF/Net Income)	2.42x	4.01x	0.74x	-0.48x	-19.68x	3.09x	4.68x	5.72x	3.93x	9.67x
Interest Paid	4K	1K	0	29K	0	0	569K	1.16M	1.41M	1.27M
Taxes Paid	105K	17K	113K	402K	310K	0	741K	750K	3.84M	11.99M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.29%	5.6%	27.93%	-15.06%	-0.71%	6.52%	4.9%	2.03%	4.28%	1.56%
Return on Invested Capital (ROIC)	6.47%	4.7%	5.22%	-8.6%	1.3%	6.3%	4.82%	3.23%	4.16%	0.6%
Gross Margin	90.26%	90.22%	91.1%	86.33%	85.5%	86.98%	87.86%	86.18%	86.7%	99.82%
Net Margin	9.96%	5.65%	31.05%	-18.58%	-0.86%	7.71%	6.66%	2.55%	4.65%	1.9%
Debt / Equity	-	-	-	0.01x	0.01x	0.06x	0.67x	0.80x	0.69x	0.70x
Interest Coverage	573.41x	-	-	-	-	-	2.59x	1.48x	1.72x	0.24x
FCF Conversion	2.42x	4.01x	0.74x	-0.48x	-19.68x	3.09x	4.68x	5.72x	3.93x	9.67x
Revenue Growth	32.46%	36.79%	30.8%	40.03%	33.09%	19.77%	18.25%	20.87%	19.16%	-0.27%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Deposits Revenue	-	57.03M	67.73M	75.52M	85.81M	104.13M	103.56M
Deposits Revenue Growth	-	-	18.76%	11.50%	13.63%	21.36%	-0.55%
Identity Verification Revenue	-	27.56M	33.58M	44.28M	58.13M	68.42M	68.53M
Identity Verification Revenue Growth	-	-	21.84%	31.86%	31.29%	17.69%	0.16%
License	40.7M	-	-	-	72.49M	-	-
License Growth	-	-	-	-	-	-	-
Service, Other	22.86M	-	-	-	71.45M	-	-
Service, Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	134.96M	135.34M
UNITED STATES Growth	-	-	-	-	-	-	0.29%
Non-US	-	-	-	-	-	37.59M	19.13M
Non-US Growth	-	-	-	-	-	-	-49.11%

Frequently Asked Questions

Valuation & Price

Mitek Systems, Inc. (MITK) has a price-to-earnings (P/E) ratio of 146.0x. This suggests investors expect higher future growth.

Growth & Financials

Mitek Systems, Inc. (MITK) reported $178.1M in revenue for fiscal year 2024. This represents a 1635% increase from $10.3M in 2011.

Mitek Systems, Inc. (MITK) saw revenue decline by 0.3% over the past year.

Yes, Mitek Systems, Inc. (MITK) is profitable, generating $15.5M in net income for fiscal year 2024 (1.9% net margin).

Dividend & Returns

Mitek Systems, Inc. (MITK) has a return on equity (ROE) of 1.6%. This is below average, suggesting room for improvement.

Mitek Systems, Inc. (MITK) generated $55.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Mitek Systems, Inc. (MITK) 10-Year Financial Performance & Capital Metrics

MITK • • Industrial / General

TechnologyApplication SoftwareSecurity & Identity ManagementBiometric Security

Revenue $172M -0.3%
EBITDA $21M -41.8%
Net Income $3M -59.2%
EPS (Diluted) 0.07 -59.4%
Gross Margin 99.82% +15.1%
EBITDA Margin 12.11% -41.6%
Operating Margin 1.3% -85.6%
Net Margin 1.9% -59.1%
ROE 1.56% -63.5%
ROIC 0.6% -85.6%
Debt/Equity 0.70 +2.1%
Interest Coverage 0.24 -86.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 17.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.3%

✗Weaknesses

✗Weak 3Y average ROE of 2.6%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y24.55%

5Y15.26%

3Y12.83%

TTM6.98%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-25.66%

TTM330.14%

EPS CAGR

10Y-

5Y-

3Y-27.32%

TTM319.27%

ROCE

10Y Avg3%

5Y Avg4.13%

3Y Avg2.92%

Latest0.61%

Peer Comparison

Biometric Security

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MITKMitek Systems, Inc.	461.54M	10.09	146.02	-0.27%	8.71%	6.53%	6.55%	0.70
RDVTRed Violet, Inc.	722.44M	51.28	102.56	24.89%	12.96%	11.01%	3.29%	0.02
YOUClear Secure, Inc.	3.33B	34.13	21.88	25.57%	20.97%	109.45%	8.53%	0.51
IDAIT Stamp Inc.	21.71M	4.14	-0.36	-32.41%	-316.35%	-189.51%		1.30
AWREAware, Inc.	40.82M	1.91	-9.10	-4.69%	-32.18%	-20.59%		0.14
SSTISoundThinking, Inc.	102.1M	8.04	-11.17	10.05%	-10.44%	-14.59%	15.46%	0.08
RSKDRiskified Ltd.	775.98M	4.73	-23.65	10.05%	-11.04%	-11.83%	5.03%	0.07
IDNIntellicheck, Inc.	122.24M	6.05	-127.37	5.77%	0.95%	1.11%

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	25.37M	34.7M	45.39M	63.56M	84.59M	101.31M	119.8M	144.8M	172.55M	172.08M
Revenue Growth %	0.32%	0.37%	0.31%	0.4%	0.33%	0.2%	0.18%	0.21%	0.19%	-0%
Cost of Goods Sold+	2.47M	3.4M	4.04M	8.69M	12.27M	13.19M	14.54M	20.01M	22.95M	309K
COGS % of Revenue	0.1%	0.1%	0.09%	0.14%	0.15%	0.13%	0.12%	0.14%	0.13%	0%
Gross Profit+	22.9M	31.31M	41.35M	54.87M	72.32M	88.12M	105.26M	124.8M	149.6M	171.77M
Gross Margin %	0.9%	0.9%	0.91%	0.86%	0.85%	0.87%	0.88%	0.86%	0.87%	1%
Gross Profit Growth %	0.35%	0.37%	0.32%	0.33%	0.32%	0.22%	0.19%	0.19%	0.2%	0.15%
Operating Expenses+	21M	29.48M	38.58M	62.68M	73.85M	79.36M	91.55M	112.6M	134.04M	169.54M
OpEx % of Revenue	0.83%	0.85%	0.85%	0.99%	0.87%	0.78%	0.76%	0.78%	0.78%	0.99%
Selling, General & Admin	14.06M	19.51M	25.79M	38.77M	47.27M	49.93M	54.99M	65.43M	83.89M	93.76M
SG&A % of Revenue	0.55%	0.56%	0.57%	0.61%	0.56%	0.49%	0.46%	0.45%	0.49%	0.54%
Research & Development	5.58M	7.79M	10.43M	15.67M	19.02M	22.86M	28.04M	30.19M	28.99M	34.64M
R&D % of Revenue	0.22%	0.22%	0.23%	0.25%	0.22%	0.23%	0.23%	0.21%	0.17%	0.2%
Other Operating Expenses	2.85B	134K	402K	-935K	7.56M	6.58M	8.52M	16.97M	21.16M	41.14M
Operating Income+	1.89M	1.82M	2.77M	-7.81M	1.54M	8.87M	13.28M	12.2M	15.56M	2.23M
Operating Margin %	0.07%	0.05%	0.06%	-0.12%	0.02%	0.09%	0.11%	0.08%	0.09%	0.01%
Operating Income Growth %	1.35%	-0.04%	0.52%	-3.82%	1.2%	4.74%	0.5%	-0.08%	0.28%	-0.86%
EBITDA+	3.26M	3.21M	3.68M	-3.17M	10.56M	17.61M	23.42M	28.45M	35.78M	20.84M
EBITDA Margin %	0.13%	0.09%	0.08%	-0.05%	0.12%	0.17%	0.2%	0.2%	0.21%	0.12%
EBITDA Growth %	1.66%	-0.01%	0.15%	-1.86%	4.33%	0.67%	0.33%	0.21%	0.26%	-0.42%
D&A (Non-Cash Add-back)	1.37M	1.39M	913K	4.64M	9.01M	8.74M	10.14M	16.25M	20.22M	18.61M
EBIT	3.26M	1.82M	2.77M	-7.8M	-3.99M	9.41M	13.93M	11.83M	19.4M	8.35M
Net Interest Income+	91.44K	0	0	0	0	0	-5.13M	-8.23M	-9.06M	-9.26M
Interest Income	94.74K	0	0	0	0	0	0	0	0	0
Interest Expense	3.3K	0	0	0	0	0	5.13M	8.23M	9.06M	9.26M
Other Income/Expense	91.32K	134K	402K	-935K	0	541K	-4.47M	-8.6M	-5.22M	-3.14M
Pretax Income+	1.98M	1.96M	3.17M	-8.74M	-3.99M	9.41M	8.8M	3.6M	10.34M	-909K
Pretax Margin %	0.08%	0.06%	0.07%	-0.14%	-0.05%	0.09%	0.07%	0.02%	0.06%	-0.01%
Income Tax+	-543.02K	-1K	-10.92M	3.07M	-3.26M	1.59M	824K	-92K	2.31M	-4.19M
Effective Tax Rate %	1.27%	1%	4.44%	1.35%	0.18%	0.83%	0.91%	1.03%	0.78%	-3.61%
Net Income+	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.69M	8.03M	3.28M
Net Margin %	0.1%	0.06%	0.31%	-0.19%	-0.01%	0.08%	0.07%	0.03%	0.05%	0.02%
Net Income Growth %	1.48%	-0.22%	6.19%	-1.84%	0.94%	11.79%	0.02%	-0.54%	1.17%	-0.59%
Net Income (Continuing)	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.69M	8.03M	3.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.08	0.06	0.40	-0.33	-0.02	0.18	0.18	0.08	0.17	0.07
EPS Growth %	1.47%	-0.25%	5.67%	-1.82%	0.94%	10.78%	0%	-0.55%	1.11%	-0.59%
EPS (Basic)	0.08	0.06	0.43	-0.33	-0.02	0.19	0.18	0.08	0.18	0.07
Diluted Shares Outstanding	31.48M	33.82M	35.54M	35.81M	39.34M	42.53M	45.08M	45.78M	46.46M	47.47M
Basic Shares Outstanding	30.79M	31.59M	33.08M	35.78M	39.34M	41.41M	43.51M	44.59M	45.53M	46.56M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	31.41M	40.31M	50.88M	38.1M	54.13M	84.13M	204.06M	137.85M	190.01M	185.05M
Cash & Short-Term Investments	26.67M	33.87M	42.57M	17.53M	33.25M	60.02M	179.37M	90.33M	133.61M	130.34M
Cash Only	2.75M	9.01M	12.29M	9.09M	16.75M	19.99M	30.31M	32.06M	58.91M	93.46M
Short-Term Investments	23.92M	24.86M	30.28M	8.45M	16.5M	40.03M	149.06M	58.27M	74.7M	36.88M
Accounts Receivable	3.94M	4.95M	7.1M	16.82M	17.29M	20.8M	20.68M	42.96M	50.49M	47.5M
Days Sales Outstanding	56.64	52.06	57.09	96.6	74.6	74.93	63.01	108.28	106.8	100.75
Inventory	0	0	0	0	1.49M	1.34M	1.92M	2M	0	0
Days Inventory Outstanding	-	-	-	-	44.25	37.02	48.2	36.49	-	-
Other Current Assets	798.21K	1.49M	1.21M	1.05M	618K	630K	165K	622K	2.4M	2.7M
Total Non-Current Assets+	7.29M	8.08M	20.84M	89.03M	81.77M	85.03M	215.23M	226.63M	215.37M	228.7M
Property, Plant & Equipment	975.34K	440K	613K	4.67M	4.23M	9.02M	10.73M	8.65M	6.97M	7.23M
Fixed Asset Turnover	26.01x	78.87x	74.05x	13.62x	19.99x	11.24x	11.17x	16.74x	24.76x	23.81x
Goodwill	2.87M	2.86M	3.01M	34.41M	32.64M	35.67M	62.69M	120.19M	123.55M	131.57M
Intangible Assets	3.4M	2.78M	2.3M	32.95M	24.41M	19.29M	28.73M	75.76M	64.67M	54.14M
Long-Term Investments	0	1.95M	3.78M	0	1.55M	1.96M	48.05M	10.63M	1.3M	11.41M
Other Non-Current Assets	42.05K	40K	74K	2.02M	2.35M	5.61M	54.52M	1.16M	7.23M	5.21M
Total Assets+	38.7M	48.38M	71.72M	127.13M	135.9M	169.15M	419.28M	364.48M	405.38M	413.75M
Asset Turnover	0.66x	0.72x	0.63x	0.50x	0.62x	0.60x	0.29x	0.40x	0.43x	0.42x
Asset Growth %	0.24%	0.25%	0.48%	0.77%	0.07%	0.24%	1.48%	-0.13%	0.11%	0.02%
Total Current Liabilities+	7.4M	8.33M	9.53M	20.38M	20.05M	24.36M	39.21M	48.46M	51.5M	42.15M
Accounts Payable	1.54M	1.32M	1.92M	3.57M	3.56M	3.91M	2.51M	4.97M	7.59M	7.24M
Days Payables Outstanding	227.1	141.7	173.24	150.14	105.79	108.16	62.93	90.74	120.69	8.55K
Short-Term Debt	0	0	0	0	200K	100K	100K	100K	200K	300K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.81M	355K	602K	4.13M	4.27M	1.67M	12.02M	8.22M	9.56M	2.09M
Current Ratio	4.24x	4.84x	5.34x	1.87x	2.70x	3.45x	5.20x	2.84x	3.69x	4.39x
Quick Ratio	4.24x	4.84x	5.34x	1.87x	2.63x	3.40x	5.16x	2.80x	3.69x	4.39x
Cash Conversion Cycle	-	-	-	-	13.06	3.8	48.28	54.03	-	-
Total Non-Current Liabilities+	859.21K	573K	777K	11.35M	8.52M	12.55M	187.56M	145.04M	148.69M	156.81M
Long-Term Debt	0	0	0	500K	400K	600K	121.62M	129.17M	136.62M	146M
Capital Lease Obligations	0	0	0	0	0	5.33M	6.59M	4.11M	2.87M	4.23M
Deferred Tax Liabilities	0	0	673K	8.16M	5.55M	4.65M	4.12M	14.13M	6.48M	3.89M
Other Non-Current Liabilities	859.21K	314K	692K	2.2M	1.82M	382K	54.38M	413K	1.77M	1.93M
Total Liabilities	8.26M	8.9M	10.31M	31.73M	28.56M	36.91M	226.02M	193.5M	200.19M	198.95M
Total Debt+	0	0	0	800K	600K	7.85M	130.25M	135.49M	141.59M	151.34M
Net Debt	-2.75M	-9.01M	-12.29M	-8.29M	-16.15M	-12.14M	99.94M	102.13M	82.67M	57.88M
Debt / Equity	-	-	-	0.01x	0.01x	0.06x	0.67x	0.80x	0.69x	0.70x
Debt / EBITDA	-	-	-	-	0.06x	0.45x	5.56x	4.76x	3.96x	7.26x
Net Debt / EBITDA	-0.84x	-2.81x	-3.34x	-	-1.53x	-0.69x	4.27x	3.59x	2.31x	2.78x
Interest Coverage	573.41x	-	-	-	-	-	2.59x	1.48x	1.72x	0.24x
Total Equity+	30.43M	39.49M	61.41M	95.39M	107.33M	132.24M	193.26M	170.32M	205.19M	214.8M
Equity Growth %	0.27%	0.3%	0.56%	0.55%	0.13%	0.23%	0.46%	-0.12%	0.2%	0.05%
Book Value per Share	0.97	1.17	1.73	2.66	2.73	3.11	4.29	3.72	4.42	4.53
Total Shareholders' Equity	30.43M	39.49M	61.41M	95.39M	107.33M	132.24M	193.26M	170.32M	205.19M	214.8M
Common Stock	31.09K	33K	34K	38K	40K	42K	44K	44K	46K	45K
Retained Earnings	-33.5M	-31.54M	-17.45M	-21M	-20.81M	-13.99M	-5.63M	-18M	-9.31M	-30.27M
Treasury Stock	0	0	0	0	0	0	-140K	0	0	0
Accumulated OCI	-3.24K	-42K	147K	-586K	-4.06M	-323K	-943K	-28.22M	-14.24M	-2.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	6.11M	7.85M	10.45M	5.63M	14.25M	24.12M	37.34M	21.12M	31.59M	31.69M
Operating CF Margin %	0.24%	0.23%	0.23%	0.09%	0.17%	0.24%	0.31%	0.15%	0.18%	0.18%
Operating CF Growth %	3.47%	0.29%	0.33%	-0.46%	1.53%	0.69%	0.55%	-0.43%	0.5%	0%
Net Income	2.53M	1.96M	14.09M	-11.81M	-724K	7.81M	7.98M	3.03M	8.03M	3.28M
Depreciation & Amortization	605.73K	1.39M	913K	4.64M	8.41M	7.94M	8.94M	14.95M	18.72M	16.91M
Stock-Based Compensation	3.37M	4.08M	5.48M	8.95M	9.64M	9.55M	11.53M	13.35M	10.46M	12.62M
Deferred Taxes	-647.39K	-127K	-11.06M	3.64M	-3.77M	1.9M	105K	-3.89M	-5.5M	-10.43M
Other Non-Cash Items	827.52K	1.65M	1.61M	2.09M	338K	199K	6.72M	2.15M	8.88M	7.91M
Working Capital Changes	-574.17K	-1.1M	-582K	-1.88M	362K	-3.29M	2.06M	-8.46M	-9.01M	1.4M
Change in Receivables	-566.07K	-1M	-2.1M	-5.67M	1.56M	-361K	-813K	-10.81M	4.32M	5.09M
Change in Inventory	-37.76K	194K	1.2M	1.81M	-2.35M	-6.34M	2.68M	-1.68M	0	0
Change in Payables	-448.83K	-222K	593K	309K	28K	277K	-1.59M	2.18M	2.54M	-450K
Cash from Investing+	-11.34M	-3.29M	-7.78M	-8.42M	-10.51M	-24.71M	-170.49M	1.7M	-6.78M	28.75M
Capital Expenditures	-73.13K	-250K	-488K	-4.31M	-1.06M	-803K	-1.39M	-1.13M	-1.03M	-1.44M
CapEx % of Revenue	0%	0.01%	0.01%	0.07%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.85M	-3.04M	-7.29M	25.63M	-29K	-103K	0	0	0	-301K
Cash from Financing+	225.54K	1.73M	687K	-429K	4.38M	3.4M	143.68M	-21.14M	1.7M	-25.88M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	457	0	0	-1.28M	4.55M	4.33M	-11.54M	-5.93M	0	-3.04M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.03M	7.6M	9.96M	1.32M	13.19M	23.32M	35.95M	25.23M	30.55M	30.25M
FCF Margin %	0.24%	0.22%	0.22%	0.02%	0.16%	0.23%	0.3%	0.17%	0.18%	0.18%
FCF Growth %	3.32%	0.26%	0.31%	-0.87%	9%	0.77%	0.54%	-0.3%	0.21%	-0.01%
FCF per Share	0.19	0.22	0.28	0.04	0.34	0.55	0.80	0.55	0.66	0.64
FCF Conversion (FCF/Net Income)	2.42x	4.01x	0.74x	-0.48x	-19.68x	3.09x	4.68x	5.72x	3.93x	9.67x
Interest Paid	4K	1K	0	29K	0	0	569K	1.16M	1.41M	1.27M
Taxes Paid	105K	17K	113K	402K	310K	0	741K	750K	3.84M	11.99M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.29%	5.6%	27.93%	-15.06%	-0.71%	6.52%	4.9%	2.03%	4.28%	1.56%
Return on Invested Capital (ROIC)	6.47%	4.7%	5.22%	-8.6%	1.3%	6.3%	4.82%	3.23%	4.16%	0.6%
Gross Margin	90.26%	90.22%	91.1%	86.33%	85.5%	86.98%	87.86%	86.18%	86.7%	99.82%
Net Margin	9.96%	5.65%	31.05%	-18.58%	-0.86%	7.71%	6.66%	2.55%	4.65%	1.9%
Debt / Equity	-	-	-	0.01x	0.01x	0.06x	0.67x	0.80x	0.69x	0.70x
Interest Coverage	573.41x	-	-	-	-	-	2.59x	1.48x	1.72x	0.24x
FCF Conversion	2.42x	4.01x	0.74x	-0.48x	-19.68x	3.09x	4.68x	5.72x	3.93x	9.67x
Revenue Growth	32.46%	36.79%	30.8%	40.03%	33.09%	19.77%	18.25%	20.87%	19.16%	-0.27%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Deposits Revenue	-	57.03M	67.73M	75.52M	85.81M	104.13M	103.56M
Deposits Revenue Growth	-	-	18.76%	11.50%	13.63%	21.36%	-0.55%
Identity Verification Revenue	-	27.56M	33.58M	44.28M	58.13M	68.42M	68.53M
Identity Verification Revenue Growth	-	-	21.84%	31.86%	31.29%	17.69%	0.16%
License	40.7M	-	-	-	72.49M	-	-
License Growth	-	-	-	-	-	-	-
Service, Other	22.86M	-	-	-	71.45M	-	-
Service, Other Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	134.96M	135.34M
UNITED STATES Growth	-	-	-	-	-	-	0.29%
Non-US	-	-	-	-	-	37.59M	19.13M
Non-US Growth	-	-	-	-	-	-	-49.11%

Frequently Asked Questions

Valuation & Price

Mitek Systems, Inc. (MITK) has a price-to-earnings (P/E) ratio of 146.0x. This suggests investors expect higher future growth.

Growth & Financials

Mitek Systems, Inc. (MITK) reported $178.1M in revenue for fiscal year 2024. This represents a 1635% increase from $10.3M in 2011.

Mitek Systems, Inc. (MITK) saw revenue decline by 0.3% over the past year.

Yes, Mitek Systems, Inc. (MITK) is profitable, generating $15.5M in net income for fiscal year 2024 (1.9% net margin).

Dividend & Returns

Mitek Systems, Inc. (MITK) has a return on equity (ROE) of 1.6%. This is below average, suggesting room for improvement.

Mitek Systems, Inc. (MITK) generated $55.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.