NASDAQ : MITK
Mitek Systems, Inc. — Financial statements
Technology · Software - Application · United States
Last price 18.46 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 832.96M
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Financial statements
Mitek Systems, Inc. (MITK) reported revenue of 197.90M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 197.90M | 179.69M | 172.08M | 172.55M | 144.80M | 119.80M |
| Cost of Revenue | 32.43M | 26.79M | 24.39M | 22.95M | 20.01M | 14.54M |
| Gross Profit | 165.47M | 152.90M | 147.69M | 149.60M | 124.80M | 105.26M |
| Selling, General & Admin | 85.25M | 85.85M | 93.76M | 83.89M | 65.43M | 54.99M |
| Research & Development | 31.23M | 35.28M | 34.64M | 28.99M | 30.19M | 28.04M |
| Amortization of Goodwill & Intangibles | 13.20M | 14.10M | 15.20M | 17.00M | 13.50M | 7.50M |
| Operating Expenses | 129.69M | 135.23M | 143.60M | 129.88M | 109.12M | 90.53M |
| Operating Income | 35.78M | 17.67M | 4.08M | 19.72M | 15.67M | 14.73M |
| Interest Expense | -8.52M | -9.78M | -9.26M | -9.06M | -8.23M | -5.13M |
| Currency Exchange Gain (Loss) | 400.00K | 400.00K | 1.00M | -700.00K | -27.60M | -500.00K |
| Other Non Operating Income (Expenses) | 3.40M | 3.40M | 2.50M | 3.82M | 28.92M | 2.42M |
| EBT Excluding Unusual Items | 31.06M | 11.69M | -1.68M | 13.78M | 8.76M | 11.52M |
| Merger & Restructuring Charges | -560.00K | -882.00K | -1.72M | -2.10M | -4.83M | -371.00K |
| Gain (Loss) on Sale of Investments | 1.11M | 1.11M | 2.62M | 722.00K | -1.68M | -1.27M |
| Other Unusual Items | -309.00K | -136.00K | -2.06M | 1.36M | -1.08M | |
| Pretax Income | 31.61M | 11.61M | -909.00K | 10.34M | 3.60M | 8.80M |
| Income Tax Expense | 9.07M | 2.81M | -4.19M | 2.31M | -92.00K | 824.00K |
| Net Income | 22.54M | 8.80M | 3.28M | 8.03M | 3.69M | 7.98M |
| Net Income to Common | 22.54M | 8.80M | 3.28M | 8.03M | 3.69M | 7.98M |
| Shares Outstanding (Basic) | 45.48M | 45.72M | 46.56M | 45.53M | 44.59M | 43.51M |
| Shares Outstanding (Diluted) | 48.27M | 46.93M | 47.47M | 46.46M | 45.78M | 45.08M |
| EPS (Basic) | 0.50 | 0.19 | 0.07 | 0.18 | 0.08 | 0.18 |
| EPS (Diluted) | 0.47 | 0.19 | 0.07 | 0.17 | 0.08 | 0.18 |
| Free Cash Flow | 48.61M | 54.19M | 30.25M | 30.55M | 19.99M | 35.95M |
| Free Cash Flow Per Share | 1.01 | 1.16 | 0.64 | 0.66 | 0.44 | 0.80 |
| Gross Margin | 83.61% | 85.09% | 85.82% | 86.70% | 86.18% | 87.86% |
| Operating Margin | 18.08% | 9.84% | 2.37% | 11.43% | 10.82% | 12.29% |
| Profit Margin | 11.39% | 4.90% | 1.91% | 4.65% | 2.55% | 6.66% |
| Free Cash Flow Margin | 24.56% | 30.15% | 17.58% | 17.71% | 13.81% | 30.01% |
| EBITDA | 49.55M | 32.23M | 20.09M | 37.74M | 30.22M | 23.37M |
| EBITDA Margin | 25.04% | 17.94% | 11.68% | 21.87% | 20.87% | 19.51% |
| D&A For EBITDA | 13.77M | 14.56M | 16.01M | 18.02M | 14.55M | 8.64M |
| EBIT | 35.78M | 17.67M | 4.08M | 19.72M | 15.67M | 14.73M |
| EBIT Margin | 18.08% | 9.84% | 2.37% | 11.43% | 10.82% | 12.29% |
| Effective Tax Rate | 28.71% | 24.23% | 22.38% | 9.36% | ||
| Revenue as Reported | 197.90M | 179.69M | 172.08M | 172.55M | 144.80M | 119.80M |
| Advertising Expenses | 1.20M | 1.40M | 1.20M | 1.10M | 1.20M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 90.05M | 154.15M | 93.46M | 58.91M | 32.06M | 30.31M |
| Short-Term Investments | 9.67M | 38.86M | 36.88M | 74.70M | 58.27M | 149.06M |
| Cash & Short-Term Investments | 99.71M | 193.01M | 130.34M | 133.61M | 90.33M | 179.37M |
| Receivables | 61.07M | 49.50M | 47.50M | 50.49M | 42.96M | 20.68M |
| Prepaid Expenses | 3.40M | 3.05M | 4.51M | 3.51M | 1.95M | 1.92M |
| Other Current Assets | 3.69M | 2.94M | 2.70M | 2.40M | 2.62M | 2.08M |
| Total Current Assets | 167.87M | 248.49M | 185.05M | 190.01M | 137.85M | 204.06M |
| Property, Plant & Equipment | 7.79M | 4.94M | 7.23M | 6.97M | 8.65M | 10.73M |
| Long-Term Investments | 450.00K | 3.46M | 11.41M | 1.30M | 10.63M | 48.05M |
| Goodwill | 131.35M | 133.46M | 131.57M | 123.55M | 115.63M | 63.10M |
| Other Intangible Assets | 29.45M | 39.80M | 54.14M | 64.67M | 75.76M | 28.73M |
| Long-Term Accounts Receivable | 2.06M | 1.41M | 3.62M | 5.58M | 4.22M | 4.41M |
| Long-Term Deferred Tax Assets | 25.29M | 25.33M | 19.14M | 11.64M | 10.11M | 10.51M |
| Other Long-Term Assets | 3.80M | 2.22M | 1.59M | 1.65M | 1.63M | 50.11M |
| Total Assets | 368.06M | 459.11M | 413.75M | 405.38M | 364.48M | 419.69M |
| Accounts Payable | 3.97M | 3.87M | 7.24M | 7.59M | 4.97M | 2.51M |
| Accrued Expenses | 14.63M | 17.18M | 10.75M | 10.88M | 10.60M | 12.26M |
| Current Portion of Long-Term Debt | 3.11M | 152.52M | 300.00K | 200.00K | 100.00K | 100.00K |
| Current Portion of Leases | 913.00K | 890.00K | 805.00K | 1.90M | 2.11M | 1.94M |
| Current Income Taxes Payable | 3.06M | 4.33M | 206.00K | |||
| Current Unearned Revenue | 34.50M | 29.06M | 21.23M | 17.36M | 21.35M | 10.38M |
| Other Current Liabilities | 995.00K | 5.51M | 1.83M | 9.23M | 9.12M | 12.02M |
| Total Current Liabilities | 61.18M | 209.03M | 42.15M | 51.50M | 48.46M | 39.21M |
| Long-Term Debt | 50.76M | 4.00M | 146.00M | 136.62M | 129.17M | 121.62M |
| Long-Term Leases | 1.39M | 2.08M | 4.23M | 2.87M | 4.11M | 6.59M |
| Long-Term Unearned Revenue | 1.61M | 1.08M | 753.00K | 957.00K | 1.77M | 955.00K |
| Long-Term Deferred Tax Liabilities | 291.00K | 295.00K | 3.89M | 6.48M | 9.58M | 4.12M |
| Other Long-Term Liabilities | 2.29M | 2.36M | 1.93M | 1.77M | 413.00K | 54.38M |
| Total Liabilities | 117.53M | 218.85M | 198.95M | 200.19M | 193.50M | 226.86M |
| Common Stock | 45.00K | 46.00K | 45.00K | 46.00K | 44.00K | 44.00K |
| Additional Paid-In Capital | 278.55M | 265.83M | 247.33M | 228.69M | 216.49M | 199.94M |
| Retained Earnings | -23.32M | -26.21M | -30.27M | -9.31M | -17.34M | -6.07M |
| Treasury Stock | -2.00M | -140.00K | ||||
| Comprehensive Income & Other | -2.75M | 586.00K | -2.30M | -14.24M | -28.22M | -943.00K |
| Shareholders' Equity | 250.52M | 240.26M | 214.80M | 205.19M | 170.98M | 192.83M |
| Total Liabilities & Equity | 368.06M | 459.11M | 413.75M | 405.38M | 364.48M | 419.69M |
| Total Debt | 56.17M | 159.49M | 151.34M | 141.59M | 135.49M | 130.25M |
| Net Cash (Debt) | 43.54M | 33.52M | -21.00M | -7.97M | -45.16M | 49.12M |
| Net Cash Per Share | 0.90 | 0.71 | -0.44 | -0.17 | -0.99 | 1.09 |
| Filing Date Shares Outstanding | 45.12M | 45.74M | 44.92M | 46.79M | 45.51M | 44.61M |
| Total Common Shares Outstanding | 45.11M | 45.64M | 45.00M | 45.59M | 44.68M | 44.16M |
| Working Capital | 106.68M | 39.46M | 142.90M | 138.51M | 89.40M | 164.85M |
| Book Value Per Share | 5.55 | 5.26 | 4.77 | 4.50 | 3.83 | 4.37 |
| Tangible Book Value | 89.72M | 67.00M | 29.09M | 16.97M | -20.41M | 101.00M |
| Tangible Book Value Per Share | 1.99 | 1.47 | 0.65 | 0.37 | -0.46 | 2.29 |
| Machinery | 2.96M | 3.50M | 4.38M | 4.09M | 3.65M | |
| Leasehold Improvements | 1.04M | 1.20M | 2.61M | 2.55M | 2.62M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 22.54M | 8.80M | 3.28M | 8.03M | 3.69M | 7.98M |
| Depreciation & Amortization | 13.77M | 14.56M | 16.01M | 18.02M | 14.55M | 8.64M |
| Other Amortization | 8.88M | 11.41M | 10.65M | 9.76M | 8.76M | 4.67M |
| Loss (Gain) From Sale of Investments | -686.00K | -1.11M | -2.62M | -722.00K | 1.68M | 1.27M |
| Stock-Based Compensation | 16.15M | 16.81M | 12.62M | 10.46M | 13.35M | 11.53M |
| Provision & Write-off of Bad Debts | 511.00K | 803.00K | 647.00K | 737.00K | 469.00K | |
| Other Operating Activities | -1.66M | -9.27M | -10.30M | -3.44M | -10.35M | 1.19M |
| Change in Accounts Receivable | -10.04M | -208.00K | 5.09M | -8.89M | -22.57M | 337.00K |
| Change in Accounts Payable | 428.00K | -3.37M | -450.00K | 2.54M | 2.18M | -1.59M |
| Change in Unearned Revenue | 9.47M | 7.95M | 3.22M | -5.22M | 9.95M | 1.79M |
| Change in Income Taxes | 956.00K | 2.53M | -4.56M | 5.58M | 422.00K | -71.00K |
| Change in Other Net Operating Assets | -6.62M | 6.44M | -1.90M | -5.26M | -1.02M | 1.60M |
| Operating Cash Flow | 53.69M | 55.34M | 31.69M | 31.59M | 21.12M | 37.34M |
| Capital Expenditures | -5.08M | -1.16M | -1.44M | -1.03M | -1.13M | -1.39M |
| Cash Acquisitions | -267.00K | -122.67M | -12.55M | |||
| Investment in Securities | 38.76M | 6.99M | 30.18M | -5.48M | 125.50M | -156.55M |
| Investing Cash Flow | 33.68M | 5.83M | 28.75M | -6.78M | 1.70M | -170.49M |
| Long-Term Debt Issued | 1.69M | 1.50M | 155.50M | |||
| Long-Term Debt Repaid | -276.00K | -156.00K | -36.00K | -36.00K | -88.00K | |
| Net Debt Issued (Repaid) | -104.05M | 1.42M | 1.34M | -36.00K | -36.00K | 155.41M |
| Issuance of Common Stock | 3.43M | 1.70M | 1.89M | 1.74M | 1.73M | 4.04M |
| Repurchase of Common Stock | -23.40M | -4.74M | -24.18M | -15.18M | -190.00K | |
| Other Financing Activities | -224.00K | -4.93M | -7.66M | -15.58M | ||
| Financing Cash Flow | -124.01M | -1.85M | -25.88M | 1.70M | -21.14M | 143.68M |
| Foreign Exchange Rate Adjustments | -437.00K | 1.37M | -9.00K | 351.00K | 71.00K | -207.00K |
| Net Cash Flow | -37.08M | 60.70M | 34.54M | 26.85M | 1.75M | 10.33M |
| Free Cash Flow | 48.61M | 54.19M | 30.25M | 30.55M | 19.99M | 35.95M |
| Free Cash Flow Margin | 24.56% | 30.15% | 17.58% | 17.71% | 13.81% | 30.01% |
| Free Cash Flow Per Share | 1.01 | 1.16 | 0.64 | 0.66 | 0.44 | 0.80 |
| Levered Free Cash Flow | 50.71M | 60.37M | 27.94M | 38.15M | 26.42M | 43.61M |
| Unlevered Free Cash Flow | 50.79M | 57.87M | 25.64M | 36.27M | 24.51M | 42.44M |
| Cash Interest Paid | 2.14M | 1.16M | 1.27M | 1.41M | 1.16M | 569.00K |
| Cash Income Tax Paid | 9.67M | 9.09M | 11.99M | 3.84M | 750.00K | 741.00K |
| Change in Working Capital | -5.80M | 13.34M | 1.40M | -11.26M | -11.04M | 2.06M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 815.36M | 445.97M | 400.59M | 488.72M | 406.67M | 814.45M |
| Enterprise Value | 771.83M | 434.33M | 424.51M | 517.44M | 468.47M | 765.23M |
| Last Close Price | 18.07 | 9.77 | 8.67 | 10.72 | 9.16 | 18.50 |
| PE Ratio | 38.28 | 50.70 | 122.20 | 60.88 | 110.09 | 102.09 |
| Forward PE | 16.38 | 9.87 | 11.38 | 14.01 | 10.58 | 22.94 |
| PS Ratio | 4.12 | 2.48 | 2.33 | 2.83 | 2.81 | 6.80 |
| PB Ratio | 3.25 | 1.86 | 1.86 | 2.38 | 2.38 | 4.22 |
| P/TBV Ratio | 9.09 | 6.66 | 13.77 | 28.81 | 8.06 | |
| P/FCF Ratio | 16.77 | 8.23 | 13.24 | 16.00 | 20.34 | 22.65 |
| P/OCF Ratio | 15.19 | 8.06 | 12.64 | 15.47 | 19.26 | 21.81 |
| PEG Ratio | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | |
| EV/Sales Ratio | 3.90 | 2.42 | 2.47 | 3.00 | 3.23 | 6.39 |
| EV/EBITDA Ratio | 15.58 | 13.48 | 21.12 | 13.71 | 15.50 | 32.74 |
| EV/EBIT Ratio | 21.57 | 24.58 | 103.94 | 26.23 | 29.89 | 51.96 |
| EV/FCF Ratio | 15.88 | 8.02 | 14.03 | 16.94 | 23.43 | 21.28 |
| Debt / Equity Ratio | 0.22 | 0.66 | 0.70 | 0.69 | 0.79 | 0.68 |
| Debt / EBITDA Ratio | 1.10 | 4.73 | 6.72 | 3.53 | 4.17 | 5.09 |
| Debt / FCF Ratio | 1.16 | 2.94 | 5.00 | 4.63 | 6.78 | 3.62 |
| Net Debt / Equity Ratio | -0.17 | -0.14 | 0.10 | 0.04 | 0.26 | -0.26 |
| Net Debt / EBITDA Ratio | -0.88 | -1.04 | 1.04 | 0.21 | 1.49 | -2.10 |
| Net Debt / FCF Ratio | -0.90 | -0.62 | 0.69 | 0.26 | 2.26 | -1.37 |
| Asset Turnover | 0.49 | 0.41 | 0.42 | 0.45 | 0.37 | 0.41 |
| Quick Ratio | 2.63 | 1.16 | 4.22 | 3.58 | 2.75 | 5.10 |
| Current Ratio | 2.74 | 1.19 | 4.39 | 3.69 | 2.85 | 5.20 |
| Return on Equity (ROE) | 9.23% | 3.87% | 1.56% | 4.27% | 2.03% | 4.91% |
| Return on Assets (ROA) | 5.49% | 2.53% | 0.62% | 3.20% | 2.50% | 3.13% |
| Return on Invested Capital (ROIC) | 11.98% | 6.05% | 1.82% | 7.13% | 8.71% | 11.93% |
| Return on Capital Employed (ROCE) | 11.70% | 7.10% | 1.10% | 5.60% | 5.00% | 3.90% |
| Earnings Yield | 2.61% | 1.97% | 0.82% | 1.64% | 0.91% | 0.98% |
| FCF Yield | 5.96% | 12.15% | 7.55% | 6.25% | 4.92% | 4.42% |
| Buyback Yield / Dilution | -3.32% | 1.14% | -2.17% | -1.49% | -1.55% | -6.00% |