Loading…
Makes mobile check-deposit and identity-verification software used inside many US banks' apps.
Makes mobile check-deposit and identity-verification software used inside many US banks' apps.
Sells software to banks, paid through licences, subscriptions and per-use fees as customers' users deposit checks or verify identities, so volume across its bank clients matters. Mobile Deposit is the long-standing base, while identity verification, built partly through acquisitions, is where it has been adding growth.
Moat: narrow (switching costs, installed base, IP / patents). Deeply embedded in bank mobile apps; ripping out check-deposit software is disruptive and costly.
Headquarters: San Diego, California, US · Founded: 1985 · Employees: 595
Size Mitek Systems (MITK) is a United States Information Technology company (Information Technology Services) with a market value of $778M, the 2416th largest of 3,117 United States companies the cockpit tracks. Shares closed at $17.24 on 6 Nov 2026.
Performance Over six months the shares gained 10.4%, against +12.8% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 11.1% over the last twelve months (peer median +3.5%); the operating margin is 18.1% (peer median 3.1%).
Valuation It trades at 15.5× forward earnings against a peer median of 28.9× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points above its cost of capital (9.4% WACC).
Backlog Backlog (remaining performance obligations) was $102M at 30 Jun 2026, up 27% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $198M | $180M | $172M | $173M | $145M |
| Revenue growth | — | +4% | 0% | +19% | — |
| Gross profit | $150M | $137M | $131M | $148M | $123M |
| EBITDA | $53.1M | $35.0M | $22.7M | $58.3M | $45.4M |
| Net income | $22.5M | $8.80M | $3.28M | $8.03M | $3.69M |
| Free cash flow | $48.6M | $54.2M | $30.2M | $30.6M | $20.0M |
| Capital expenditure | $5.08M | $1.16M | $1.44M | $1.03M | $1.13M |
| Total debt | $51.7M | $159M | $151M | $142M | $135M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mitek Systems MITK | $778M | +10% | +11% | 18% | 15.5× | 10.9% |
| Mastercard MA | $569B | +32% | +15% | 59% | 29.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MITK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | +1.8% | 11th highest of 21 |
| 6-month return | +10.4% | +12.8% | 10th lowest of 21 |
| Distance from 52-week high | -18.1% | -30.7% | 6th highest of 21 |
| Revenue growth (TTM) | +11.1% | +3.5% | 8th highest of 21 |
| Operating margin | 18.1% | 3.1% | 4th highest of 21 |
| Forward P/E | 15.5× | 28.9× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 14.6% | 7th least demanding of 14 |
| Growth delivered (Del g) | +12.1% | +13.7% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -1.3 pp | -3.0 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | +4.6 pp | -0.3 pp | 6th highest of 21 |
| EV / EBITDA | 13.7× | 10.2× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.9× | 0.1× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitek Systems MITK | United States | $778M | +10% | +11% | 18% | 15.5× | 10.9% | +12.1% |
| Yunnan Nantian Electronics Information 000948.SZ | China | $783M | -8% | -8% | 1% | n/a | 15.7% | +18.7% |
| SNP Schneider-Neureither & Partner SHF.DE | Germany | $793M | +18% | +15% | 20% | 28.9× | 2.8% | +15.6% |
| TechMatrix 3762.T | Japan | $762M | +67% | +15% | 10% | 21.6× | -7.5% | +18.3% |
| Beijing E-Hualu Information Technology 300212.SZ | China | $794M | +13% | -23% | -702% | 32.3× | 47.3% | -29.0% |
| OneSpan OSPN | United States | $797M | +77% | +5% | 18% | 16.1× | 14.6% | +2.4% |
| Memsensing Microsystems (Suzhou China) 688286.SS | China | $807M | +46% | -7% | -6% | 104.5× | 48.4% | +13.4% |
| Beijing Join-Cheer Software 002279.SZ | China | $750M | -22% | -34% | 0% | n/a | 41.2% | -1.7% |
| GFT Technologies GFT.DE | Germany | $819M | +35% | +3% | 6% | 16.2× | 3.7% | +14.8% |
| Beijing Philisense Technology 300287.SZ | China | $736M | -21% | -52% | -25% | n/a | n/a | n/a |
| Qiming Information Technology 002232.SZ | China | $822M | -24% | -4% | 1% | n/a | n/a | n/a |
| Global Security Experts 4417.T | Japan | $822M | +239% | +25% | 21% | 50.8× | 34.4% | +30.2% |
| Sinodata 002657.SZ | China | $734M | -30% | -31% | -33% | 206.1× | n/a | n/a |
| Beijing Watertek Information Technology 300324.SZ | China | $834M | -35% | -44% | -32% | n/a | n/a | n/a |
| MediaAlpha MAX | United States | $841M | +56% | +15% | 7% | 12.1× | -0.7% | +13.7% |
| Sonata Software SONATSOFTW.NS | India | $711M | -12% | +4% | 5% | 13.5× | 18.5% | +20.4% |
| Gng Electronics EBGNG.NS | India | $705M | +32% | +34% | 11% | 33.7× | n/a | n/a |
| Addnode ANOD-B.ST | Sweden | $859M | +35% | +5% | 10% | 16.0× | 4.5% | +8.8% |
| Zuken 6947.T | Japan | $699M | +12% | +12% | 14% | 18.5× | -6.8% | +8.4% |
| Linklogis 9959.HK | Hong Kong | $698M | +4% | +24% | -9% | 136.2× | n/a | n/a |
| Chutian Dragon 003040.SZ | China | $869M | -15% | -23% | -7% | 40.5× | n/a | n/a |
Mitek Systems reported $102M of remaining performance obligations at 30 Jun 2026, up 27% from a year earlier and down 11% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.77.