Revenue growth remains highly erratic, fluctuating from a 19.2% contraction in 2024Q1 to an 18.8% expansion in 2026Q1, despite maintaining gross margins that typically hover between 84% and 87%.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 189.59M | 179.69M | 172.08M | 172.55M | 144.8M | 119.8M | 101.31M | 84.59M | 63.56M | 45.39M | 34.7M | 25.37M | 19.15M | 14.8M | 9.09M | 10.27M | 5.12M | 3.62M | 5.23M | 5.57M | 6.02M | 6.59M | 5.24M | 11.59M | 13.08M | 9.27M | 9.35M | 9.7M | 6.5M | 4.8M | 8.2M |
| Revenue Growth % | 6.88% | 4.42% | -0.27% | 19.16% | 20.87% | 18.25% | 19.77% | 33.09% | 40.03% | 30.8% | 36.8% | 32.46% | 29.36% | 62.8% | -11.43% | 100.55% | 41.46% | -30.8% | -6.11% | -7.49% | -8.69% | 25.83% | -54.8% | -11.38% | 41.07% | -0.79% | -3.63% | 49.23% | 35.42% | -41.46% | 24.24% |
| Cost of Goods Sold | 22.75M | 26.79M | 24.39M | 22.95M | 20.01M | 14.54M | 13.19M | 12.27M | 8.69M | 4.04M | 3.4M | 2.47M | 2.15M | 1.6M | 1.26M | 1.17M | 950.14K | 669.36K | 898.7K | 633.71K | 1.25M | 1.13M | 1.98M | 4.54M | 3.75M | 2.54M | 2.96M | 1.8M | 1.9M | 1.5M | 2.4M |
| COGS % of Revenue | - | 14.91% | 14.18% | 13.3% | 13.82% | 12.14% | 13.02% | 14.5% | 13.67% | 8.9% | 9.78% | 9.74% | 11.22% | 10.83% | 13.9% | 11.41% | 18.56% | 18.5% | 17.19% | 11.38% | 20.72% | 17.13% | 37.78% | 39.17% | 28.67% | 27.35% | 31.7% | 18.56% | 29.23% | 31.25% | 29.27% |
| Gross Profit | 166.84M | 152.9M | 147.69M | 149.6M | 124.8M | 105.26M | 88.12M | 72.32M | 54.87M | 41.35M | 31.31M | 22.9M | 17M | 13.2M | 7.83M | 9.09M | 4.17M | 2.95M | 4.33M | 4.94M | 4.77M | 5.46M | 3.26M | 7.05M | 9.33M | 6.74M | 6.38M | 7.9M | 4.6M | 3.3M | 5.8M |
| Gross Margin % | 88% | 85.09% | 85.82% | 86.7% | 86.18% | 87.86% | 86.98% | 85.5% | 86.33% | 91.1% | 90.22% | 90.26% | 88.78% | 89.17% | 86.1% | 88.59% | 81.44% | 81.5% | 82.81% | 88.62% | 79.28% | 82.87% | 62.22% | 60.83% | 71.33% | 72.65% | 68.3% | 81.44% | 70.77% | 68.75% | 70.73% |
| Gross Profit Growth % | - | 3.53% | -1.28% | 19.88% | 18.56% | 19.45% | 21.84% | 31.8% | 32.71% | 32.08% | 36.73% | 34.67% | 28.81% | 68.6% | -13.92% | 118.15% | 41.35% | -31.9% | -12.27% | 3.41% | -12.64% | 67.59% | -53.77% | -24.42% | 38.51% | 5.53% | -19.18% | 71.74% | 39.39% | -43.1% | 56.76% |
| Operating Expenses | 139.35M | 136.11M | 145.46M | 134.04M | 112.6M | 91.98M | 79.25M | 76.91M | 62.68M | 38.58M | 29.48M | 21M | 22.41M | 20.5M | 15.71M | 8.84M | 4.55M | 4.27M | 5.09M | 5.32M | 5.09M | 5.67M | 6.73M | 9.55M | 8.94M | 7.04M | 7.84M | 5.9M | 5.1M | 5.6M | 4.3M |
| OpEx % of Revenue | - | 75.75% | 84.53% | 77.68% | 77.76% | 76.78% | 78.23% | 90.93% | 98.62% | 85% | 84.96% | 82.8% | 117.02% | 138.48% | 172.78% | 86.09% | 88.93% | 117.97% | 97.24% | 95.58% | 84.57% | 86% | 128.47% | 82.39% | 68.37% | 75.86% | 83.91% | 60.82% | 78.46% | 116.67% | 52.44% |
| Selling, General & Admin | 84.68M | 85.85M | 93.76M | 83.89M | 65.43M | 54.99M | 49.93M | 44.41M | 36.32M | 25.79M | 19.51M | 14.06M | 16.39M | 13.71M | 9.05M | 5.84M | 2.55M | 2.37M | 3.28M | 3.42M | 3.74M | 4.16M | 4.53M | 7.31M | 6.9M | 5.21M | 5.16M | 4.2M | 3.3M | 0 | 2.7M |
| SG&A % of Revenue | - | 47.78% | 54.49% | 48.62% | 45.19% | 45.9% | 49.28% | 52.5% | 57.15% | 56.83% | 56.23% | 55.42% | 85.59% | 92.59% | 99.49% | 56.9% | 49.82% | 65.43% | 62.79% | 61.45% | 62.17% | 63.14% | 86.41% | 63.06% | 52.71% | 56.13% | 55.19% | 43.3% | 50.77% | - | 32.93% |
| Research & Development | 32.13M | 35.28M | 34.64M | 28.99M | 30.19M | 28.04M | 22.86M | 21.87M | 18.12M | 10.43M | 7.79M | 5.58M | 6.02M | 6.79M | 6.66M | 3M | 2M | 1.9M | 1.8M | 1.9M | 1.35M | 1.51M | 2.2M | 2.24M | 2.05M | 1.83M | 2.25M | 1.4M | 1.3M | 4.9M | 1.2M |
| R&D % of Revenue | - | 19.64% | 20.13% | 16.8% | 20.85% | 23.41% | 22.56% | 25.86% | 28.51% | 22.98% | 22.46% | 21.99% | 31.44% | 45.89% | 73.29% | 29.18% | 39.12% | 52.54% | 34.45% | 34.13% | 22.4% | 22.86% | 42.06% | 19.34% | 15.66% | 19.73% | 24.1% | 14.43% | 20% | 102.08% | 14.63% |
| Other Operating Expenses | 4M | 14.98M | 17.05M | 21.16M | 16.97M | 8.95M | 6.46M | 10.63M | 8.24M | 2.36M | 2.18M | 1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 431.19K | 300K | 500K | 700K | 400K |
| Operating Income | 27.49M | 16.79M | 2.23M | 15.56M | 12.2M | 13.28M | 8.87M | -4.59M | -7.81M | 2.77M | 1.82M | 1.89M | -5.41M | -7.3M | -7.88M | 256.4K | -383.69K | -1.32M | -754.3K | -387.44K | -318.61K | -206.47K | -3.47M | -2.5M | 387.46K | -298.13K | -1.46M | 2M | -500K | -2.3M | 1.5M |
| Operating Margin % | 14.5% | 9.34% | 1.3% | 9.02% | 8.43% | 11.08% | 8.75% | -5.43% | -12.28% | 6.1% | 5.26% | 7.46% | -28.24% | -49.31% | -86.68% | 2.5% | -7.5% | -36.47% | -14.42% | -6.96% | -5.29% | -3.13% | -66.25% | -21.56% | 2.96% | -3.21% | -15.61% | 20.62% | -7.69% | -47.92% | 18.29% |
| Operating Income Growth % | - | 652.58% | -85.67% | 27.57% | -8.11% | 49.72% | 293.2% | 41.2% | -381.91% | 51.81% | -3.59% | 134.99% | 25.91% | 7.38% | -3173.8% | 166.83% | 70.93% | -74.95% | -94.69% | -21.6% | -54.31% | 94.05% | -38.88% | -745.19% | 229.96% | 79.57% | -172.96% | 500% | 78.26% | -253.33% | 850% |
| EBITDA | 43.04M | 32.25M | 19.14M | 34.61M | 27.37M | 22.23M | 16.81M | 3.82M | -3.17M | 3.68M | 3.21M | 2.5M | -4.94M | -6.98M | -7.65M | 435.69K | -211.09K | -1.24M | -718.22K | -348.1K | 151.29K | 412.79K | -2.93M | -2.06M | 1.02M | 272.04K | -1.03M | 2.3M | 0 | -1.6M | 1.9M |
| EBITDA Margin % | 22.7% | 17.95% | 11.12% | 20.06% | 18.9% | 18.55% | 16.59% | 4.52% | -4.98% | 8.11% | 9.26% | 9.84% | -25.78% | -47.13% | -84.12% | 4.24% | -4.12% | -34.16% | -13.73% | -6.25% | 2.51% | 6.26% | -56% | -17.75% | 7.81% | 2.93% | -11% | 23.71% | - | -33.33% | 23.17% |
| EBITDA Growth % | 29.99% | 68.47% | -44.69% | 26.44% | 23.14% | 32.22% | 339.85% | 220.64% | -186.04% | 14.63% | 28.63% | 150.58% | 29.23% | 8.8% | -1855.65% | 306.4% | 82.92% | -72.1% | -106.33% | -330.08% | -63.35% | 114.07% | -42.6% | -301.39% | 275.62% | 126.46% | -144.69% | - | 100% | -184.21% | 850% |
| D&A (Non-Cash Add-back) | 15.55M | 15.46M | 16.91M | 19.05M | 15.17M | 8.95M | 7.94M | 8.41M | 4.64M | 913K | 1.39M | 605K | 471K | 323.38K | 231.98K | 179.29K | 172.6K | 83.63K | 36.08K | 39.34K | 469.9K | 619.26K | 537.42K | 442K | 634.35K | 570.17K | 431.19K | 300K | 500K | 700K | 400K |
| EBIT | 31.91M | 21.39M | 8.35M | 19.4M | 11.83M | 13.93M | 9.41M | -3.99M | -7.8M | 2.77M | 1.82M | 1.89M | -5.41M | -7.27M | -7.84M | 266.93K | -381.89K | -1.31M | -745.67K | -387.44K | -318.61K | -206.47K | -3.47M | -2.5M | 387.46K | -298.13K | -1.46M | 2M | -500K | -2.3M | 1.5M |
| Net Interest Income | -8.97M | -9.78M | -9.26M | -9.06M | -8.23M | -5.13M | 0 | 0 | 0 | 0 | 0 | 91.44K | 118.18K | 24.91K | 37.16K | -378.96K | -296.33K | -501 | 8.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94.74K | 124.63K | 176.88K | 277.14K | 48.58K | 1.79K | 5.07K | 8.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.97M | 9.78M | 9.26M | 9.06M | 8.23M | 5.13M | 0 | 0 | 0 | 0 | 0 | 3.3K | 6.45K | 151.97K | 239.98K | 427.55K | 298.12K | 5.57K | 294 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.9M | -5.18M | -3.14M | -5.22M | -8.6M | -4.47M | 541K | 602K | -935K | 402K | 134K | 91K | 118K | 24.91K | 37.16K | -378.96K | -296.33K | -501 | 8.34K | 4.44K | -397.92K | -821.6K | -35.37M | 18.33K | 9.34K | -43.29K | 1.46M | -2M | 500K | 2.3M | -200K |
| Pretax Income | 23.58M | 11.61M | -909K | 10.34M | 3.6M | 8.8M | 9.41M | -3.99M | -8.74M | 3.17M | 1.96M | 1.98M | -5.29M | -7.27M | -7.84M | -122.56K | -680.01K | -1.32M | -745.96K | -383K | -716.53K | -1.03M | -38.84M | -2.48M | 396.81K | -341.42K | 0 | 0 | 0 | 0 | 1.3M |
| Pretax Margin % | 12.44% | 6.46% | -0.53% | 5.99% | 2.49% | 7.35% | 9.29% | -4.71% | -13.75% | 6.99% | 5.64% | 7.82% | -27.62% | -49.14% | -86.27% | -1.19% | -13.28% | -36.48% | -14.26% | -6.88% | -11.9% | -15.59% | -741.26% | -21.4% | 3.03% | -3.68% | - | - | - | - | 15.85% |
| Income Tax | 7.02M | 2.81M | -4.19M | 2.31M | -92K | 824K | 1.59M | -3.26M | 3.07M | -10.92M | -1K | -543K | 2K | 1.08K | -4.01K | 2.49K | 2.34K | 1.8K | 2.8K | 800 | 800 | -714 | 2.17K | 10.65K | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Effective Tax Rate % | 29.77% | 24.23% | 460.62% | 22.38% | -2.55% | 9.36% | 16.95% | 81.85% | -35.08% | -344.4% | -0.05% | -27.38% | -0.04% | -0.01% | 0.05% | -2.03% | -0.34% | -0.14% | -0.38% | -0.21% | -0.11% | 0.07% | -0.01% | -0.43% | 0% | 0% | - | - | - | - | 7.69% |
| Net Income | 16.56M | 8.8M | 3.28M | 8.03M | 3.69M | 7.98M | 7.81M | -724K | -11.81M | 14.09M | 1.96M | 2.53M | -5.29M | -7.28M | -7.84M | -125.06K | -682.35K | -1.32M | -748.76K | -383.8K | -717.33K | -1.03M | -3.85M | -2.49M | 396.81K | -341.42K | -1.43M | 2M | -1.5M | -2.6M | 1.2M |
| Net Margin % | 8.74% | 4.9% | 1.9% | 4.65% | 2.55% | 6.66% | 7.71% | -0.86% | -18.58% | 31.05% | 5.65% | 9.96% | -27.63% | -49.15% | -86.22% | -1.22% | -13.33% | -36.53% | -14.32% | -6.89% | -11.91% | -15.58% | -73.4% | -21.5% | 3.03% | -3.68% | -15.34% | 20.62% | -23.08% | -54.17% | 14.63% |
| Net Income Growth % | 24.27% | 168.33% | -59.16% | 117.3% | -53.7% | 2.1% | 1179.28% | 93.87% | -183.79% | 619.35% | -22.45% | 147.73% | 27.26% | 7.2% | -6169.14% | 81.67% | 48.38% | -76.55% | -95.09% | 46.5% | 30.18% | 73.29% | -54.34% | -728.06% | 216.22% | 76.18% | -171.68% | 233.33% | 42.31% | -316.67% | 1300% |
| Net Income (Continuing) | 16.56M | 8.8M | 3.28M | 8.03M | 3.69M | 7.98M | 7.81M | -724K | -11.81M | 14.09M | 1.96M | 2.53M | -5.29M | -7.28M | -7.84M | -125.06K | -682.35K | -1.32M | -748.76K | -383.8K | -717.33K | -1.03M | -3.85M | -2.49M | 396.81K | -341.42K | -1.43M | 2M | -1.5M | -2.6M | 1.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.34 | 0.19 | 0.07 | 0.17 | 0.08 | 0.18 | 0.18 | -0.02 | -0.33 | 0.40 | 0.06 | 0.08 | -0.17 | -0.26 | -0.31 | -0.01 | -0.04 | -0.08 | -0.04 | -0.02 | -0.05 | -0.08 | -0.34 | -0.22 | 0.04 | -0.03 | -0.13 | 0.19 | -0.13 | -0.25 | 0.15 |
| EPS Growth % | 22.74% | 174.96% | -59.35% | 110.66% | -55.17% | 0% | 1078.26% | 94.42% | -182.5% | 566.67% | -25% | 147.06% | 34.62% | 16.13% | - | 85.61% | 48.92% | -76.51% | -95.2% | 49.22% | 44.8% | 75.97% | -54.55% | -650% | 233.33% | 76.92% | -168.42% | 246.15% | 48% | -266.67% | 1600% |
| EPS (Basic) | - | 0.19 | 0.07 | 0.18 | 0.08 | 0.18 | 0.19 | -0.02 | -0.33 | 0.43 | 0.06 | 0.08 | -0.17 | -0.26 | -0.31 | -0.01 | -0.04 | -0.08 | -0.04 | -0.02 | -0.05 | -0.08 | -0.34 | -0.22 | 0.04 | -0.03 | -0.13 | 0.20 | -0.13 | -0.25 | 0.15 |
| Diluted Shares Outstanding | 48.53M | 46.93M | 47.47M | 46.46M | 45.78M | 45.08M | 42.53M | 39.34M | 35.81M | 35.54M | 33.82M | 31.48M | 30.47M | 27.49M | 25.12M | 21.51M | 16.95M | 16.75M | 16.75M | 16.75M | 15.91M | 12.57M | 11.35M | 11.15M | 11.33M | 11.38M | 10.86M | 10.76M | 11.56M | 10.4M | 8M |
| Basic Shares Outstanding | 45.05M | 45.72M | 46.56M | 45.53M | 44.59M | 43.51M | 41.41M | 39.34M | 35.78M | 33.08M | 31.59M | 30.79M | 30.47M | 27.49M | 25.12M | 21.51M | 16.95M | 16.75M | 16.75M | 16.75M | 15.91M | 12.57M | 11.35M | 11.15M | 11.13M | 11.38M | 10.86M | 10.36M | 11.56M | 10.4M | 8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue volatility and filing delays
As reported in recent financial statements, Mitek's quarterly revenue growth has fluctuated significantly, ranging from a 19.2% contraction in 2024Q1 to a 18.8% expansion in 2026Q1, reflecting the inherent lumpiness of license-heavy revenue recognition models within the company's legacy deposit and emerging identity segments.
The erratic top-line performance suggests that Mitek remains heavily reliant on the timing of multi-year contract renewals rather than a smooth, predictable SaaS-based recurring revenue stream. Investors should monitor whether the recent revenue spike in 2026Q2 represents a sustainable shift toward higher-volume identity transactions or merely a temporary recognition anomaly.
Based on the provided income statement data, Mitek has maintained a robust gross margin profile, typically hovering between 84% and 87%, although the anomalous 99.9% figure in 2026Q2 warrants further investigation into potential accounting adjustments or shifts in the underlying cost of revenue recognition.
These high gross margins underscore the inherent scalability of Mitek's software-centric business model, which benefits from low marginal costs per transaction. However, the disparity between gross and operating margins suggests that significant overhead, likely tied to R&D and administrative remediation, continues to exert downward pressure on bottom-line profitability.
According to the company's historical income statements, operating income has struggled to scale consistently with gross profit, as evidenced by the 2025Q1 period where the firm reported an operating loss despite generating over $31 million in gross profit, highlighting significant inefficiencies in the current cost structure.
The lack of clear operating leverage suggests that Mitek is currently unable to effectively control its SG&A and R&D expenses relative to revenue growth. This may indicate that the company is in a perpetual state of reinvestment or that administrative costs associated with historical filing delays are masking the true underlying profitability of the core business.
As indicated by the provided financial data, Mitek consistently records significant stock-based compensation expenses, often exceeding $3 million to $5 million per quarter, which materially dilutes the quality of reported net income and complicates the assessment of true operational cash generation for shareholders.
The persistent reliance on equity-based incentives suggests that management may be prioritizing talent retention over immediate cash-based profitability, which warrants caution regarding the long-term dilution of EPS. Investors should adjust for these non-cash charges to better understand the company's actual ability to generate sustainable earnings from its core operations.
Quick answers to the most common questions about buying MITK stock.
For fiscal year 2025, Mitek Systems, Inc. (MITK) reported total revenue of $179.7M. This represents a 2091.4% increase compared to $8.2M in 1996.
Mitek Systems, Inc. (MITK) is profitable, generating $8.8M in net income for the fiscal year ending 2025 with a net profit margin of 4.9%.
Mitek Systems, Inc. (MITK) reported an operating income of $16.8M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Mitek Systems, Inc. (MITK) generated $152.9M in gross profit for the year, representing a gross profit margin of 85.1%. This demonstrates the company's core pricing power and production efficiency.