MITEK SYSTEMS INC MITK
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $179.7M | $172.1M | $172.6M | $144.8M | $119.8M | $101.3M | $84.6M | $63.6M | $45.4M | $34.7M |
| Cost of revenue | — | — | — | — | — | — | — | — | $2.9M | $2.4M |
| Gross profit | — | — | — | — | — | — | — | — | $42.5M | $32.3M |
| R&D | $35.3M | $34.6M | $29.0M | $30.2M | $28.0M | $22.9M | $21.9M | $18.1M | $10.4M | $7.8M |
| SG&A | $44.3M | $53.0M | $43.3M | $26.6M | $22.5M | $22.3M | $19.9M | $17.1M | $11.3M | $8.6M |
| Total operating expenses | $162.9M | $169.9M | $157.0M | $132.6M | $106.5M | $92.4M | $89.2M | $71.4M | $42.6M | $32.9M |
| Operating income | $16.8M | $2.2M | $15.6M | $12.2M | $13.3M | $8.9M | -$4.6M | -$7.8M | $2.8M | $1.8M |
| Interest expense | $9.8M | $9.3M | $9.1M | $8.2M | $5.1M | $0 | $0 | — | — | — |
| Pre-tax income | $11.6M | -$909.0K | $10.3M | $3.6M | $8.8M | $9.4M | -$4.0M | -$8.7M | $3.2M | $2.0M |
| Income tax | $2.8M | $4.2M | $2.3M | $92.0K | $824.0K | $1.6M | $3.3M | $3.1M | $10.9M | $1.0K |
| Net income | $8.8M | $3.3M | $8.0M | $3.7M | $8.0M | $7.8M | -$724.0K | -$11.8M | $14.1M | $2.0M |
| EPS, basic | 0.19 | 0.07 | 0.18 | 0.08 | 0.18 | 0.19 | -0.02 | -0.33 | 0.43 | 0.06 |
| EPS, diluted | 0.19 | 0.07 | 0.17 | 0.08 | 0.18 | 0.18 | -0.02 | -0.33 | 0.40 | 0.06 |
| Shares, diluted (wtd. avg.) | $46.9M | $47.5M | $46.5M | $45.8M | $45.1M | $42.5M | $39.3M | $35.8M | $35.5M | $33.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $154.2M | $93.5M | $58.9M | $32.1M | $30.3M | $20.0M | $16.7M | $9.0M | $12.3M | $9.0M |
| Short-term investments | $38.9M | $36.9M | $74.7M | $58.3M | $149.1M | $40.0M | $16.5M | $8.4M | $30.3M | $24.9M |
| Receivables | $36.8M | $31.7M | $32.1M | $35.9M | $16.6M | $15.6M | $14.9M | $16.8M | $7.1M | $4.9M |
| Total current assets | $248.5M | $185.1M | $190.0M | $137.9M | $204.1M | $84.1M | $54.1M | $37.6M | $50.9M | $40.3M |
| Property, plant and equipment | $2.3M | $2.6M | $2.8M | $3.5M | $3.7M | $3.6M | $4.2M | $4.7M | $613.0K | $440.0K |
| Goodwill | $133.5M | $131.6M | $123.5M | $115.6M | $63.1M | $35.7M | $32.6M | $34.4M | $3.0M | $2.9M |
| Other intangibles | $39.8M | $54.1M | $64.7M | $75.8M | $28.7M | $19.3M | $24.4M | $32.9M | $2.3M | $2.8M |
| Total assets | $459.1M | $413.8M | $405.4M | $364.5M | $419.7M | $169.2M | $135.9M | $127.2M | $71.7M | $48.4M |
| Accounts payable | $3.9M | $7.2M | $7.6M | $5.0M | $2.5M | $3.9M | $3.6M | $3.6M | $1.9M | $1.3M |
| Total current liabilities | $209.0M | $42.1M | $51.5M | $48.5M | $39.2M | $24.4M | $20.0M | $20.4M | $9.5M | $8.3M |
| Long-term debt | $4.3M | $2.7M | — | — | — | — | — | — | — | — |
| Total liabilities | $218.9M | $199.0M | $200.2M | $193.5M | $226.9M | $36.9M | $28.6M | $31.8M | $10.3M | $8.9M |
| Retained earnings | -$26.2M | -$30.3M | -$9.3M | -$17.3M | -$6.1M | -$14.0M | -$20.8M | -$21.0M | -$17.4M | -$31.5M |
| Total equity | $240.3M | $214.8M | $205.2M | $171.0M | $192.8M | $132.2M | $107.3M | $95.4M | $61.4M | $39.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $55.3M | $31.7M | $31.6M | $21.1M | $37.3M | $24.1M | $14.2M | $5.6M | $10.4M | $7.9M |
| Depreciation and amortisation | $1.3M | $1.8M | $1.7M | $1.4M | $1.4M | $1.5M | $1.4M | $615.0K | $322.0K | $790.0K |
| Stock-based compensation | $16.8M | $12.6M | $10.5M | $13.3M | $11.5M | $9.6M | $9.6M | $8.9M | $5.5M | $4.1M |
| Capital expenditure | $1.2M | $1.4M | $1.0M | $1.1M | $1.4M | $803.0K | $1.1M | $4.3M | $488.0K | $250.0K |
| Investing cash flow | $5.8M | $28.7M | -$6.8M | $1.7M | -$170.5M | -$24.7M | -$10.5M | -$8.4M | -$7.8M | -$3.3M |
| Financing cash flow | -$1.8M | -$25.9M | $1.7M | -$21.1M | $143.7M | $3.4M | $4.4M | -$429.0K | $687.0K | $1.7M |
| Buybacks | $4.7M | $24.2M | $0 | $15.2M | $190.0K | $1.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-25-056520.
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