undamentalytics Newsletter
Sign in

Mitek Systems Inc (MITK) stock

Add to watchlist

Add holding +

NASDAQ: MITK Nasdaq Application Software Next results ~November 5, 2026

C+ Fundamentals grade

Mitek Systems Inc is a US-listed company in the application software industry. Its financial year ends in September.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$18

Cash-flow model

Base case. Range ~$14–$24 across our lower- and higher-growth cases (2.7%–12.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 1% below our base value.

Price used: $18.00, November 2, 2026

Mitek Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds104 adding, 87 cuttingOf 41 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mitek Systems files

Where Mitek Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $198m, up 11.1% on a year earlier, faster than the 6.9% growth a quarter earlier. Free-cash-flow margin fell to 24.6% from 31.3% a year earlier. Operating margin widened to 17.8% from 11.1%. The diluted share count is up 4.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $17.02 a share, against a share price of $18.46. At that price, our model says the market is pricing in about 9.2% a year of cash-flow growth for five years, close to the 10.6% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Mitek Systems Inc's trailing-twelve-month revenue grew 11.1% year on year, with a free-cash-flow margin of 24.6%. Where it stands out: operating margin of 17.8% ranks 36 of 181 application software companies we cover. Where it lags: days sales outstanding of 96 days ranks 137 of 162 application software companies we cover.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$14–$24 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 12.9% while net income grew 45.3%: a 58pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 6.7 points on a year ago.
  • Strong cash generation. 24.6% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 4.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 56% and a beta of 1.6 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 96 days ranks 137 of 162 application software companies we cover (median 57 days).

Latest results: FY2026 Q3

Filed August 6, 2026
Earnings per share
$0.34 against an average estimate of $0.28: beat by 23.2%
Revenue
$54m, up 18.2% on a year earlier
Share reaction
+7.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $195m to $200m (Full Year FY26); total revenue $42m to $47m (Q4 FY26)
Next report
August 6, 2026; average EPS estimate $0.15

Mitek Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-3.8%
  • 1 month+1.4%
  • This year+70.6%
  • 1 year+95.4%
  • 5 years-4.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$198M
Operating margin
17.8%
Net margin
11.4%
EPS (TTM, diluted)
$0.47

Growth

Revenue growth
+11.1%
Change in growth rate
+4.2 pts
Share count change
+4.1%

Cash

Free cash flow (TTM)
$48.6M
FCF margin
24.6%
Stock pay % of revenue
8.2%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mitek Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 7.0% a year of cash-flow growth for five years.That is close to the 10.6% a year revenue growth Mitek Systems has delivered.

  • Priced in7.0%
  • Last 12 months11.1%
  • 3 years a year4.3%
  • 5 years a year10.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($17.75, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$18
Price used
$17.75close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Mitek Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($33.9M, FY2026 Q3 TTM), growing 6.5% and 7.8% in the next two years (forecasts, guidance and its record), then back to 7.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$24 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Mitek Systems Inc's free cash flow after stock-based pay ( $33.9M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Mitek Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$14–$24 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$14–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.3 ~$1.5–$3.6 Left out: out of range vs price (0.13x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.9 ~$0.8–$1.1 Left out: out of range vs price (0.05x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$18 ~$17–$18 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mitek Systems Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −19%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $12$16$21$28$37$48
8.5% $9$12$16$21$27$35
10% $8$10$13$17$21$28

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$8.29$9.50$7.05$9.65$12.74$18.50$9.16$10.72$8.67$9.77$18.00
Market value$280m$338m$252m$380m$542m$834m$419m$498m$412m$458m$871m
+ Net debt (− = net cash)−$9m−$12m−$9m−$17m−$20m$91m$96m$77m$50m−$2m−$41m
Enterprise value$271m$325m$243m$363m$522m$925m$515m$575m$462m$457m$830m
Multiples
Price / sales 8.1x7.4x4.0x4.5x5.3x7.0x2.9x2.9x2.4x2.6x4.4x
Price / earnings 143.1x24.0x——69.3x104.5x113.5x62.0x125.5x52.1x38.6x
Price / free cash flow 36.9x33.9x191.4x28.8x23.2x23.2x21.0x16.3x13.6x8.5x17.9x
EV / EBITDA 103.8x105.2x——50.3x62.8x37.9x33.3x114.5x25.2x22.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Mitek Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 87.4%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.3%; its worst year was -13.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.8% of revenue.

  • Discipline 4 / 20

    The diluted share count rose 9.5% over five years; stock-based pay has been a median 9.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.15 +21% $198m +10%
Next $1.19 +4% $214m +8%

Next year's EPS estimate has moved −1.8% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 1 analyst raised Mitek Systems Inc's forecast and 1 cut it.

Consensus EPS forecast Mitek Systems Inc, last 90 days
$1.10 $1.15 $1.20 $1.25 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.11 Current fiscal year, 60 days ago: $1.11 Current fiscal year, 30 days ago: $1.15 Current fiscal year, 7 days ago: $1.15 Current fiscal year, Now: $1.15 $1.15 Next fiscal year, 90 days ago: $1.21 Next fiscal year, 60 days ago: $1.19 Next fiscal year, 30 days ago: $1.19 Next fiscal year, 7 days ago: $1.19 Next fiscal year, Now: $1.19 $1.19

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.11$1.21
60 days ago $1.11$1.19
30 days ago $1.15$1.19
7 days ago $1.15$1.19
Now $1.15$1.19

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.28 $0.34 +23.2%
Mar 2026 $0.35 $0.38 +7.0%
Dec 2025 $0.18 $0.26 +42.9%
Sept 2025 $0.18 $0.24 +33.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue Full Year FY26 $195m to $200m Raised
    “Total revenue $195 - $200 million $42 - $47 million” source
  • Y/Y growth (midpoint) Full Year FY26 about 10% growth Raised
    “Y/Y growth (midpoint) Approximately 10%” source
  • Total revenue Q4 FY26 $42m to $47m New
    “Total revenue $195 - $200 million $42 - $47 million” source
  • Fraud & Identity solutions revenue Full Year FY26 $105m to $109m
    “Fraud & Identity solutions revenue (1) $105 - $109 million” source
  • Y/Y growth (midpoint) · Fraud & Identity solutions Full Year FY26 about 19% growth
    “Y/Y growth (midpoint) Approximately 19%” source
  • Adjusted EBITDA margin % Full Year FY26 32% to 34% Non-GAAP Raised
    “Adjusted EBITDA margin % (2) 32% - 34%” source
Show 1 more item
  • Total Non-GAAP operating expense Full Year FY26 $26m to $27m Non-GAAP
    “Total Non-GAAP operating expense (2) $26 - $27 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Mitek Systems Inc's revenue by +6.5% next year and +7.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 51%) , management guidance (+6.0%, weight 21%) and the company's own record (+7.7%, weight 28%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 2026145

Counts of recommendations published by analysts covering Mitek Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.7%
of tradable shares
Days to cover
6.7
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
3.5%
of shares
Employees
561
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +95.4%

$9.21 on October 31, 2025 to $18.00

ThenNowEffect
Revenue (last 12 months) $178m $198m +11.1%
Net margin 8.7% 11.4% +30.8%
P/E multiple 27.6x 38.6x +40.0%
Share count 46m 48m −3.9%

Biggest factor: p/e multiple.

Last 3 years +67.8%

$10.73 on November 3, 2023 to $18.00

ThenNowEffect
Revenue (last 12 months) $175m $198m +13.4%
Net margin 5.6% 11.4% +102.4%
P/E multiple 50.1x 38.6x −22.8%
Share count 46m 48m −5.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MITK−0%−45%+35%−15%−5%+71%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MITK58%25%58%33%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MITK−29%−53%−26%−46%−36%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from September 3, 2021 to April 8, 2025. Getting back needed a 224% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.65 – $20.14
From 52-week high
−10.6%
vs 50-day average
+1.8%
vs 200-day average
+13.4%
Volatility (1 year)
56%
Beta vs S&P 500
1.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±10.9%
After a week
7 up, 5 down
typical move ±13.3%
After a month
7 up, 5 down
typical move ±15.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +7.9% +0.5% +10.4% +8.4%
May 7, 2026 +2.5% +0.5% −10.9% +1.1%
February 5, 2026 +20.1% +0.6% +16.9% +51.1%
December 11, 2025 +9.0% −0.8% +14.7% +13.3%
August 7, 2025 +9.0% +0.7% +10.2% +9.4%
May 8, 2025 +15.1% +0.6% +14.1% +22.2%
February 10, 2025 −3.1% +0.8% −6.6% −14.7%
December 16, 2024 +24.5% 0.0% +28.2% +14.8%
August 8, 2024 −24.9% +2.8% −22.9% −26.0%
May 13, 2024 +3.5% +0.5% −3.2% −14.7%
April 15, 2024 −8.5% −1.4% −13.3% −5.4%
March 19, 2024 +2.5% +1.5% +8.4% −1.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Mitek Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Mitek Systems Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mitek Systems Inc
$160M $170M $180M $190M $200M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $172.6M Revenue (TTM), FY24 Q1: $163.8M Revenue (TTM), FY24 Q2: $164.6M Revenue (TTM), FY24 Q3: $166.5M Revenue (TTM), FY24 Q4: $172.1M Revenue (TTM), FY25 Q1: $172.4M Revenue (TTM), FY25 Q2: $177.4M Revenue (TTM), FY25 Q3: $178.1M Revenue (TTM), FY25 Q4: $179.7M Revenue (TTM), FY26 Q1: $186.7M Revenue (TTM), FY26 Q2: $189.6M Revenue (TTM), FY26 Q3: $197.9M $197.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $172.6M
FY24 Q1 $163.8M
FY24 Q2 $164.6M
FY24 Q3 $166.5M
FY24 Q4 $172.1M
FY25 Q1 $172.4M
FY25 Q2 $177.4M
FY25 Q3 $178.1M
FY25 Q4 $179.7M
FY26 Q1 $186.7M
FY26 Q2 $189.6M
FY26 Q3 $197.9M
Revenue growth, TTM YoY Mitek Systems Inc
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.2% Revenue growth, TTM YoY, FY24 Q1: 3.6% Revenue growth, TTM YoY, FY24 Q2: -3.5% Revenue growth, TTM YoY, FY24 Q3: -4.6% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: 5.3% Revenue growth, TTM YoY, FY25 Q2: 7.8% Revenue growth, TTM YoY, FY25 Q3: 7.0% Revenue growth, TTM YoY, FY25 Q4: 4.4% Revenue growth, TTM YoY, FY26 Q1: 8.3% Revenue growth, TTM YoY, FY26 Q2: 6.9% Revenue growth, TTM YoY, FY26 Q3: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.2%
FY24 Q1 3.6%
FY24 Q2 -3.5%
FY24 Q3 -4.6%
FY24 Q4 -0.3%
FY25 Q1 5.3%
FY25 Q2 7.8%
FY25 Q3 7.0%
FY25 Q4 4.4%
FY26 Q1 8.3%
FY26 Q2 6.9%
FY26 Q3 11.1%
Operating margin (TTM) Mitek Systems Inc
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 9.0% Operating margin (TTM), FY24 Q1: 0.2% Operating margin (TTM), FY24 Q2: -4.7% Operating margin (TTM), FY24 Q3: -5.3% Operating margin (TTM), FY24 Q4: 1.3% Operating margin (TTM), FY25 Q1: 3.5% Operating margin (TTM), FY25 Q2: 9.4% Operating margin (TTM), FY25 Q3: 11.1% Operating margin (TTM), FY25 Q4: 9.3% Operating margin (TTM), FY26 Q1: 13.6% Operating margin (TTM), FY26 Q2: 14.5% Operating margin (TTM), FY26 Q3: 17.8% 17.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 9.0%
FY24 Q1 0.2%
FY24 Q2 -4.7%
FY24 Q3 -5.3%
FY24 Q4 1.3%
FY25 Q1 3.5%
FY25 Q2 9.4%
FY25 Q3 11.1%
FY25 Q4 9.3%
FY26 Q1 13.6%
FY26 Q2 14.5%
FY26 Q3 17.8%
FCF margin (TTM) Mitek Systems Inc
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.7% FCF margin (TTM), FY24 Q1: 9.6% FCF margin (TTM), FY24 Q2: 9.9% FCF margin (TTM), FY24 Q3: 7.5% FCF margin (TTM), FY24 Q4: 17.6% FCF margin (TTM), FY25 Q1: 23.3% FCF margin (TTM), FY25 Q2: 26.6% FCF margin (TTM), FY25 Q3: 31.3% FCF margin (TTM), FY25 Q4: 30.2% FCF margin (TTM), FY26 Q1: 32.4% FCF margin (TTM), FY26 Q2: 23.5% FCF margin (TTM), FY26 Q3: 24.6% 24.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.7%
FY24 Q1 9.6%
FY24 Q2 9.9%
FY24 Q3 7.5%
FY24 Q4 17.6%
FY25 Q1 23.3%
FY25 Q2 26.6%
FY25 Q3 31.3%
FY25 Q4 30.2%
FY26 Q1 32.4%
FY26 Q2 23.5%
FY26 Q3 24.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Mitek Systems took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $180M
  2. Research and development $35.3M · 19.6%
  3. Selling, general and admin $85.8M · 47.8%
  4. Other operating costs $41.8M · 23.2%
  5. Operating income $16.8M · 9.3%
  6. Income tax $2.8M · 1.6%
  7. Interest and other $5.2M · 2.9%
  8. Net income $8.8M · 4.9%

Shares of revenue. Source: Mitek Systems's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 5 10 9 15 19 25 35 45 64 85 101 120 145 173 172 180 198
EBITDA −0 0 −8 −7 −5 2 3 3 −7 −3 10 15 14 17 4 18 37
Operating income −0 0 −8 −7 −5 2 2 3 −8 −5 9 13 12 16 2 17 35
Net income −1 −0 −8 −7 −5 3 2 14 −12 −1 8 8 4 8 3 9 23
Diluted EPS −$0.04 −$0.01 −$0.31 −$0.26 −$0.17 $0.08 $0.06 $0.40 −$0.33 −$0.02 $0.18 $0.18 $0.08 $0.17 $0.07 $0.19 $0.47
Growth (year on year)
Revenue — +100.6% −11.4% +62.8% +29.4% +32.5% +36.8% +30.8% +40.0% +33.1% +19.8% +18.2% +20.9% +19.2% −0.3% +4.4% +11.1%
EBITDA — — <−999% — — — +12.4% +18.2% −332.6% — — +41.9% −7.6% +26.9% −76.7% +348.8% +71.2%
Operating income — — <−999% — — — −3.6% +51.8% −381.9% — — +49.7% −8.1% +27.6% −85.7% — +77.8%
Net income — — — — — — −22.4% +619.3% −183.8% — — +2.1% −53.7% +117.3% −59.2% — +45.3%
Diluted EPS — — — — — — −25.0% +566.7% −182.5% — — 0.0% −55.6% +112.5% −58.8% — +39.6%
Margins
EBITDA margin −4.1% 4.2% −84.1% −47.1% −25.8% 9.2% 7.5% 6.8% −11.3% −3.8% 10.2% 12.3% 9.4% 10.0% 2.3% 10.1% 18.5%
Operating margin −7.5% 2.5% −86.7% −49.3% −28.2% 7.5% 5.3% 6.1% −12.3% −5.4% 8.8% 11.1% 8.4% 9.0% 1.3% 9.3% 17.8%
Net margin −13.3% −1.2% −86.2% −49.1% −27.6% 10.0% 5.6% 31.0% −18.6% −0.9% 7.7% 6.7% 2.6% 4.7% 1.9% 4.9% 11.4%
Free-cash-flow margin −15.9% 1.1% −23.3% −14.3% −13.6% 23.8% 21.9% 21.9% 2.1% 15.6% 23.0% 30.0% 13.8% 17.7% 17.6% 30.2% 24.6%
Cash flow
Cash from operations −1 0 −2 −1 −2 6 8 10 6 14 24 37 21 32 32 55 54
Capital spending 0 0 0 1 0 0 0 0 4 1 1 1 1 1 1 1 5
Free cash flow −1 0 −2 −2 −3 6 8 10 1 13 23 36 20 31 30 54 49
Stock-based pay 0 1 3 3 3 3 4 5 9 10 10 12 13 10 13 17 16
Free cash flow after stock pay −1 −1 −5 −5 −6 3 4 4 −8 4 14 24 7 20 18 37 32
Balance sheet
Cash 1 6 7 23 8 3 9 12 9 17 20 30 32 59 93 154 90
Total debt 1 0 0 0 0 0 0 0 0 0 0 121 128 136 144 152 49
Net debt (negative = net cash) −1 −6 −7 −23 −8 −3 −9 −12 −9 −17 −20 91 96 77 50 −2 −41
Diluted shares — 22m 25m 27m 30m 31m 34m 36m 36m 39m 43m 45m 46m 46m 47m 47m 48m
Returned to shareholders
Buybacks — — — — — — — — 0 0 1 0 15 0 24 5 21
Total returned — — — — — — — — 0 0 1 0 15 0 24 5 21

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $368m
Short-term assets $168mLonger-term assets $200m
What it owes, and who funded it · $368m
Short-term liabilities $61mLonger-term liabilities $56mShareholders' equity $251m
  • Short-term assets cover short-term liabilities $168m of assets due within a year against $61m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $168m short-term assets against $56m of longer-dated liabilities.
  • More cash than debt $90m of cash against $49m of debt.
  • Debt below 40% of shareholders' equity Debt is 20% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 65% to 20% over five years.
  • A year's operating cash flow covers at least 20% of debt $54m of operating cash flow against $49m of debt.
  • Operating profit covers interest at least five times over Operating income of $35m against $7m of interest.

From Mitek Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$21.3M
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$28.9M
Diluted share count
+4.1%
year over year
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
R&D spending
15.8%
of revenue
Days sales outstanding
96 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated MITK UPLD MRDN SOUN KLTR IIIV Median
Revenue, last 12 months $198m $198m $197m $203m $181m $218m $482m
Revenue growth, last 12 months 11.1% −21.5% 14.1% 54.6% −0.2% 4.1% 12.0%
Revenue growth, 3-year average 4.3% −13.9% — 77.8% 1.6% 21.0% 11.1%
Revenue growth, latest quarter 18.2% −7.9% 16.1% 45.0% 5.5% 2.2% 11.9%
Gross margin 86.7% 76.3% 55.7% 42.3% 72.0% 88.9% 69.2%
Operating margin 17.8% −6.1% −44.7% −68.5% −1.5% 2.7% 1.1%
Operating margin, 3-year average 7.9% −17.1% −12.9% −130.4% −9.0% 2.2% −0.8%
Net margin 11.4% −18.5% −42.6% −67.5% −6.9% 3.9% 2.1%
Cash from operations / revenue 27.1% 12.7% 14.3% −56.4% 6.4% 24.0% 18.2%
Free-cash-flow margin 24.6% 12.5% 11.3% −57.0% 6.2% 22.9% 15.0%
Free-cash-flow margin, 3-year average 21.1% 11.6% 11.5% −92.6% 4.8% 15.2% 16.2%
Stock pay / revenue 8.2% 2.6% 0.9% 38.7% 8.5% 8.3% 9.3%
Change in share count 4.1% −1.2% — 8.9% 6.0% 4.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 11.1% 12.0% 100 of 184
Change in growth rate Growth +4.2pp +0.2pp 37 of 184
Operating margin Profitability 17.8% 1.1% 36 of 181
Net margin Profitability 11.4% 2.1% 57 of 185
Free-cash-flow margin Cash generation 24.6% 15.2% 56 of 180
Stock pay as % of revenue Cash generation 8.2% 9.3% 79 of 177
Long-term debt as % of assets Balance sheet 12.7% 16.9% 42 of 98
Change in share count Balance sheet 4.1% 1.7% 102 of 163
Days sales outstanding Balance sheet 96 days 57 days 137 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue YoY
Other services $106M ▲ 17.1%
Deposits Revenue $103M ▼ 0.5%
Software License and Support $99.5M ▼ 6.2%
Fraud and Identity Solutions $89.9M ▲ 15.3%
Check Verification $89.8M ▼ 4.6%
Check Verification Software License and Support $84.1M ▼ 6.1%
Saa S $77M ▲ 21.1%
Identity Verification Revenue $76.7M ▲ 11.9%
Licenses $74.1M ▼ 9.5%
Fraud and Identity Solutions Saa S $72.4M ▲ 21.3%
Fraud and Identity Solutions Software License and Support $15.5M ▼ 6.5%
Check Verification Saa S $4.6M ▲ 18.6%
Professional Services and Other $3.1M ▲ 30.6%
Fraud and Identity Solutions Professional Services and Other $2.1M ▲ 16.9%
Check Verification Professional Services and Other $1.1M ▲ 68.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $136M 75.8% ▲ 0.6%
All Other Countries Excluding United States and United Kingdom $22M 12.3% ▲ 15.1%
United Kingdom $21.5M 12.0% ▲ 22.0%

From Mitek Systems Inc's 10-K filed December 11, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$776M
Institutions reporting
188
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
30 / 32

Top buyers and sellers, Q2 2026: 104 institutions bought and 87 sold ; the biggest buyer was Price T Rowe Associates Inc (+2.1M shares) and the biggest seller Topline Capital Management, LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $71.2M 3.5M 9.2% ▲ 8.5%
Legal & General Group PLC $54.1M 2.7M 7.0% ▲ 4.3%
Price T Rowe Associates Inc $42.6M 2.1M 5.5% ▲ 3919.3%
Invesco Ltd. $41.7M 2.1M 5.4% ▲ 9.3%
Vanguard Capital Management LLC $39M 1.9M 5.0% ▲ 2.1%
Wellington Management Group LLP $35.8M 1.8M 4.6% ▲ 47.0%
Dimensional Fund Advisors LP $35.4M 1.8M 4.6% ▲ 4.4%
Vanguard Portfolio Management LLC $32.8M 1.6M 4.2% ▲ 9.2%
Impax Asset Management Group PLC $27.3M 1.4M 3.5% ▼ 5.2%
Geode Capital Management, LLC $23.6M 1.2M 3.0% ▲ 4.9%
Independent Advisor Alliance $22.9M 1.1M 2.9% ▼ 1.6%
State Street Corp $22.7M 1.1M 2.9% ▼ 2.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mitek Systems Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.5M 3 trades by 2 insiders · 0% under pre-set plans
Net ▼ $3.5M net selling
Insider Date Trade Shares Price Value
Gafke Garrett Chief Operating Officer May 15, 2026 Sell 21,108 $14.19 $299,523
Gafke Garrett Chief Operating Officer April 28, 2026 Sell 152,529 $13.92 $2.1M
Gray Jason GC, Secretary & Admin Officer March 3, 2026 Sell 73,174 $14.74 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Mitek Systems Inc disclosed in the last 12 months; 2 earlier trades on record.

  • Peter Welch(D-VT):Sale (full), $1,001 - $15,000, traded November 18, 2021, filed December 17, 2021
  • Peter Welch(D-VT):Purchase, $1,001 - $15,000, traded May 2, 2019, filed June 4, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • December 11, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Mitek Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mitek Systems Inc in brief

What does Mitek Systems Inc do?
Mitek Systems Inc is a US-listed company in the application software industry. Its financial year ends in September.
What is Mitek Systems Inc's stock ticker?
Mitek Systems Inc trades under the ticker MITK on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mitek Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mitek Systems Inc reported revenue of $198M, 11.1% higher than a year earlier, according to its SEC filings.
What is Mitek Systems Inc's free cash flow?
Mitek Systems Inc's free-cash-flow margin is 24.6% of revenue over the trailing twelve months, ranking 56 of the 180 application software companies we cover.
What is Mitek Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Mitek Systems Inc's free cash flow after stock-based pay gives ~$18 per share in the base case, and ~$14–$24 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Mitek Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Legal & General Group PLC and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mitek Systems Inc buying back stock, and does it pay a dividend?
Mitek Systems Inc spent $21.3M on share repurchases over the trailing twelve months, and its diluted share count still rose 4.1% over the year.
What is Mitek Systems Inc's market cap?
On November 2, 2026, Mitek Systems Inc's market capitalisation was about $871M, with a price-to-earnings ratio of 38.6 and net debt of -$40.7M. Market figures come from third-party market data and may be delayed.
How much debt does Mitek Systems Inc have?
Mitek Systems Inc's debt-to-equity ratio is 19.7%, from its latest balance sheet (65.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Mitek Systems Inc's competitors?
In our Application Software peer group, the companies closest to Mitek Systems Inc are Upland Software, Inc., Meridian Holdings Inc., Soundhound AI, Inc., Kaltura Inc and I3 Verticals, Inc. The side-by-side comparison below sets their revenue, margins and growth against Mitek Systems Inc's.
Are insiders buying or selling Mitek Systems Inc stock?
Over the last 12 months, Mitek Systems Inc's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Mitek Systems Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mitek Systems Inc announces its own schedule.