Mitek Systems (MITK)
Market Price (10/23/2026): $17.61 | Market Cap: $795.5 MilSector: Information Technology | Industry: Application Software
Mitek Systems (MITK)
Market Price (10/23/2026): $17.61Market Cap: $795.5 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Attractive yieldFCF Yield is 6.0% Megatrend and thematic driversMegatrends include Cybersecurity, Fintech & Digital Payments, and AI in Financial Services. Themes include Identity Management, Show more. | Weak multi-year price returns3Y Excs Rtn is -9.5% | Key risksMITK key risks include [1] significant financial reporting and corporate governance challenges, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Attractive yieldFCF Yield is 6.0% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Fintech & Digital Payments, and AI in Financial Services. Themes include Identity Management, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -9.5% |
| Key risksMITK key risks include [1] significant financial reporting and corporate governance challenges, Show more. |
Qualitative Assessment
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Mitek Systems (MITK) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Anticipated Sequential Decline in Fiscal Q4 2026 Earnings. Despite Mitek Systems reporting stronger-than-expected fiscal Q3 2026 earnings per share (EPS) of $0.34 on August 6, 2026, which beat analyst estimates by over 30%, the subsequent analyst consensus for fiscal Q4 2026 (which ended September 30, 2026) projected a significant sequential decline to an estimated EPS of $0.15 to $0.17. This anticipated drop in profitability from the strong Q3 to the estimated Q4 likely contributed to investor concerns regarding the company's short-term growth trajectory and put downward pressure on the stock.
2. Broad Fintech Sector Funding Downturn. The wider fintech sector experienced a notable contraction in venture funding during fiscal Q3 2026 (July-September 2026), with global funding for fintech startups decreasing by 21.4% year-over-year and deal count falling by nearly 31%. This challenging macroeconomic environment, characterized by investors concentrating capital in fewer, larger rounds, likely created a headwind for companies like Mitek Systems, even as a leader in its specialized segment of digital identity and fraud prevention.
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Mitek Systems (MITK) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Anticipated Sequential Decline in Fiscal Q4 2026 Earnings. Despite Mitek Systems reporting stronger-than-expected fiscal Q3 2026 earnings per share (EPS) of $0.34 on August 6, 2026, which beat analyst estimates by over 30%, the subsequent analyst consensus for fiscal Q4 2026 (which ended September 30, 2026) projected a significant sequential decline to an estimated EPS of $0.15 to $0.17. This anticipated drop in profitability from the strong Q3 to the estimated Q4 likely contributed to investor concerns regarding the company's short-term growth trajectory and put downward pressure on the stock.
2. Broad Fintech Sector Funding Downturn. The wider fintech sector experienced a notable contraction in venture funding during fiscal Q3 2026 (July-September 2026), with global funding for fintech startups decreasing by 21.4% year-over-year and deal count falling by nearly 31%. This challenging macroeconomic environment, characterized by investors concentrating capital in fewer, larger rounds, likely created a headwind for companies like Mitek Systems, even as a leader in its specialized segment of digital identity and fraud prevention.
3. Lack of Significant Positive Catalysts Post-Fiscal Q3 Earnings Boost. Following the strong fiscal Q3 2026 earnings report on August 6, 2026, Mitek Systems' stock initially gained 10% the day after the announcement. However, the period thereafter, leading up to October 21, 2026, appears to have lacked substantial positive company-specific catalysts that could sustain this momentum or further drive the stock price upwards. While the company announced a new Chief Revenue Officer on August 17, 2026, and its Presentation Attack Detection technology took top spots in a competition in September 2026, these events were not enough to counteract concerns arising from the anticipated fiscal Q4 earnings decline and the broader sector slowdown.
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Stock Movement Drivers
Fundamental Drivers
The -11.3% change in MITK stock from 6/30/2026 to 10/22/2026 was primarily driven by a -34.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.13 | 17.86 | -11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 190 | 198 | 4.4% |
| Net Income Margin (%) | 8.7% | 11.4% | 30.3% |
| P/E Multiple | 54.7 | 35.8 | -34.6% |
| Shares Outstanding (Mil) | 45 | 45 | -0.3% |
| Cumulative Contribution | -11.3% |
Market Drivers
6/30/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| MITK | -11.3% | |
| Market (SPY) | 2.3% | 50.1% |
| Sector (XLK) | -4.3% | 40.2% |
Fundamental Drivers
The 32.3% change in MITK stock from 3/31/2026 to 10/22/2026 was primarily driven by a 31.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.50 | 17.86 | 32.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 187 | 198 | 6.0% |
| Net Income Margin (%) | 8.7% | 11.4% | 31.4% |
| P/E Multiple | 38.1 | 35.8 | -6.1% |
| Shares Outstanding (Mil) | 46 | 45 | 1.2% |
| Cumulative Contribution | 32.3% |
Market Drivers
3/31/2026 to 10/22/2026| Return | Correlation | |
|---|---|---|
| MITK | 32.3% | |
| Market (SPY) | 17.8% | 36.5% |
| Sector (XLK) | 37.4% | 33.7% |
Fundamental Drivers
The 82.8% change in MITK stock from 9/30/2025 to 10/22/2026 was primarily driven by a 30.8% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.77 | 17.86 | 82.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 178 | 198 | 11.1% |
| Net Income Margin (%) | 8.7% | 11.4% | 30.8% |
| P/E Multiple | 28.9 | 35.8 | 23.8% |
| Shares Outstanding (Mil) | 46 | 45 | 1.6% |
| Cumulative Contribution | 82.8% |
Market Drivers
9/30/2025 to 10/22/2026| Return | Correlation | |
|---|---|---|
| MITK | 82.8% | |
| Market (SPY) | 15.6% | 37.7% |
| Sector (XLK) | 29.9% | 35.2% |
Fundamental Drivers
The 66.6% change in MITK stock from 9/30/2023 to 10/22/2026 was primarily driven by a 93.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10222026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.72 | 17.86 | 66.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 171 | 198 | 16.0% |
| Net Income Margin (%) | 5.9% | 11.4% | 93.7% |
| P/E Multiple | 48.5 | 35.8 | -26.2% |
| Shares Outstanding (Mil) | 45 | 45 | 0.4% |
| Cumulative Contribution | 66.6% |
Market Drivers
9/30/2023 to 10/22/2026| Return | Correlation | |
|---|---|---|
| MITK | 66.6% | |
| Market (SPY) | 84.8% | 37.2% |
| Sector (XLK) | 126.4% | 34.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MITK Return | -0% | -45% | 35% | -15% | -5% | 72% | 2% |
| Peers Return | 39% | -31% | 38% | 25% | 3% | 32% | 125% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| MITK Win Rate | 58% | 25% | 58% | 33% | 42% | 60% | |
| Peers Win Rate | 53% | 35% | 62% | 48% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MITK Max Drawdown | -29% | -53% | -26% | -46% | -36% | -22% | |
| Peers Max Drawdown | -26% | -44% | -26% | -26% | -37% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FTNT, CRSR, GWRE, INTU, ORCL. See MITK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/22/2026 (YTD)
How Low Can It Go
| Event | MITK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.7% | -7.8% |
| % Gain to Breakeven | 34.6% | 8.5% |
| Time to Breakeven | 127 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.6% | -6.7% |
| % Gain to Breakeven | 11.9% | 7.1% |
| Time to Breakeven | 60 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.5% | -24.5% |
| % Gain to Breakeven | 110.5% | 32.4% |
| Time to Breakeven | 1449 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.0% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.9% | -3.7% |
| % Gain to Breakeven | 56.0% | 3.9% |
| Time to Breakeven | 162 days | 6 days |
In The Past
Mitek Systems's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
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Asset Allocation
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| Event | MITK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.8% | -18.8% |
| % Gain to Breakeven | 32.9% | 23.1% |
| Time to Breakeven | 31 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.7% | -7.8% |
| % Gain to Breakeven | 34.6% | 8.5% |
| Time to Breakeven | 127 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.5% | -24.5% |
| % Gain to Breakeven | 110.5% | 32.4% |
| Time to Breakeven | 1449 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.0% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.9% | -3.7% |
| % Gain to Breakeven | 56.0% | 3.9% |
| Time to Breakeven | 162 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.7% | -6.8% |
| % Gain to Breakeven | 29.3% | 7.3% |
| Time to Breakeven | 13 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -38.8% | -0.2% |
| % Gain to Breakeven | 63.4% | 0.2% |
| Time to Breakeven | 569 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.4% | -17.9% |
| % Gain to Breakeven | 45.7% | 21.8% |
| Time to Breakeven | 23 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.3% | -53.4% |
| % Gain to Breakeven | 580.0% | 114.4% |
| Time to Breakeven | 100 days | 1085 days |
In The Past
Mitek Systems's stock fell -24.8% during the 2025 US Tariff Shock. Such a loss loss requires a 32.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mitek Systems (MITK)
Mitek Systems (MITK) is a technology company that develops and markets software solutions for mobile image capture and digital identity verification. These solutions are primarily integrated into mobile applications and web browsers, enabling seamless and secure digital consumer experiences for a variety of online transactions and interactions.
The company's product portfolio can be categorized into two main areas: mobile financial transactions and advanced identity verification. Key offerings for financial transactions include Mobile Deposit, which allows individuals and businesses to remotely deposit checks using a smartphone camera, and solutions like CheckReader and Check Fraud Defender, which help financial institutions automate data extraction from checks and fight fraud. For digital identity verification, Mitek offers products such as Mobile Verify and ID_CLOUD to authenticate users by validating identity documents, alongside sophisticated biometric solutions like IDLive Face for passive facial liveness detection and IDVoice for voice biometrics to prevent spoofing attacks.
Mitek's primary customers include financial institutions utilizing their check processing and fraud prevention tools, as well as a wide array of businesses that need reliable digital identity verification for their customer onboarding and ongoing interactions. The company operates globally, serving markets across the United States, Europe, Latin America, and other international regions.
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Stripe for identity verification.
The 'Intel Inside' for mobile identity and check processing.
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Mobile Image Capture & Check Processing Solutions
- Mobile Deposit: Enables individuals and businesses to remotely deposit checks using a smartphone or tablet camera.
- Mobile Fill: Expedites form completion by automatically capturing images and minimizing clicks.
- MiSnap: A mobile-capture software development kit for intuitive user experience and instant capture of quality images of identity documents and checks.
- CheckReader: Automatically extracts data from checks for financial institutions.
- Check Fraud Defender: An AI-powered, cloud-hosted model designed to combat check fraud.
- Check Intelligence: Automatically extracts data from check images received across any deposit channel.
Digital Identity Verification & Liveness Detection Solutions
- Mobile Verify: An identity verification solution integrated into mobile apps, mobile websites, and desktop applications.
- ID_CLOUD: An automated identity verification solution for reading and validating identity documents within customer applications.
- IDLive Face: A passive facial liveness detection product designed to prevent spoofing attacks.
- IDVoice: A robust AI-driven voice biometric engine.
- IDLive Voice: Helps stop spoofing attacks on voice biometric systems.
- IDLive Doc: Fights fraud related to digitally displayed document images.
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Mitek Systems, Inc. (MITK) primarily sells its solutions to other companies.
Based on the company description, Mitek's major customers are typically:
- Financial Institutions: This includes banks, credit unions, and other financial services providers that utilize Mitek's solutions for mobile check deposit (e.g., Mobile Deposit, CheckReader, Check Fraud Defender, Check Intelligence) and digital identity verification for account opening, lending, and other services.
- Businesses Requiring Digital Identity Verification: Companies across various sectors that need to verify the identity of their users or customers for onboarding, compliance, fraud prevention, and secure access. This includes businesses integrating solutions like Mobile Verify, ID_CLOUD, IDLive Face, IDVoice, IDLive Voice, and IDLive Doc into their mobile apps, websites, or desktop applications.
- Businesses Needing Streamlined Form Completion and Data Capture: Companies that aim to improve user experience and efficiency in their digital forms and data collection processes, leveraging tools like Mobile Fill and MiSnap SDK.
The provided company background does not list specific names of customer companies or their public symbols.
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Ed West, Chief Executive Officer
Ed West was appointed CEO and a member of the Board of Directors in October 2024. He drives growth through technological innovation in identity verification and fraud management solutions. West has a track record of transforming businesses and accelerating growth through product expansion, digital integration, and data-driven solutions. He has over 30 years of experience in financial services, technology, education, and aviation. Most recently, West served as President and CEO of Cardtronics plc from 2018 to 2021, where he led the company's growth and transformation, including its shift from a hardware-centric business to a broader financial services solutions provider prior to its acquisition by NCR in 2021. Earlier in his career, he served as Executive Vice President and Chief Financial Officer at Delta Air Lines, playing a significant role during a transformative period that contributed to the company becoming the most profitable airline globally. He also served as President and CEO of Education Management Corp.
Dave Lyle, Chief Financial Officer
Dave Lyle joined Mitek Systems as Chief Financial Officer in January 2024. He has 28 years of technology industry experience, with 16 years spent as CFO of public companies. Lyle's previous CFO roles include Surgalign Holdings, Airgain, Inc., Maxwell Technologies (acquired by Tesla in 2019), and Entropic Communications (acquired by MaxLinear). Earlier in his career, he held CFO positions at RF Magic, Zyray Wireless, and Mobilian, and corporate finance roles at Intel and Broadcom.
Garrett Gafke, Chief Operating Officer
Garrett Gafke joined Mitek as Chief Operating Officer in April 2025. He is a seasoned entrepreneur and executive with deep expertise in digital identity, fraud prevention, and technology leadership. Gafke was the Founder, President, and CEO of IdentityMind, a SaaS company that helped define the digital identity landscape and was later acquired, becoming part of GB Group plc. His prior roles include President of Intellicheck, President and CEO of Paymate, and President and CEO of SteelEye. Earlier in his career, he held senior leadership positions at CyberSource and Trintech, contributing to both companies' IPOs, and helped build VeriFone's Internet Commerce Division before its acquisition by Hewlett-Packard.
Michael Diamond, General Manager, SVP Digital Banking
Michael Diamond defines and drives Mitek's Deposits business, enabling more than 80 million consumers to deposit checks using their mobile phones. He joined Mitek in 2012, initially serving as Chief Revenue Officer from 2013 to 2016, and then as Senior Vice President of Sales and Business Development. Diamond brings over 20 years of leadership and innovation experience to Mitek. Prior to joining Mitek, he held senior business development roles at global companies including Obopay Corporation, IBM Corporation (where he led a worldwide team of business development managers), and S1 Corporation. He also served as Vice President of Business & Corporate Development at Alphablox, which was acquired by IBM. He served in the Military Intelligence branch of the US Army Reserve.
Jason Gray, Chief Legal Officer
Jason Gray leads Mitek's legal, regulatory, and compliance strategy, overseeing corporate governance, managing legal risk, and ensuring compliance with global data privacy, financial, and identity-related regulations. He brings nearly 30 years of experience advising technology, healthcare, and financial services companies. Before joining Mitek, he held senior roles in both private practice and in-house legal departments, including Senior Vice President & General Counsel at BIOVIA, Inc. (formerly Accelrys, Inc.). He is also the founder of Gradient Legal, Inc. and serves as a Director at OneLegacy and Tensegrity, Inc.
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Key Risks for Mitek Systems (MITK)
- Evolving AI-Driven Fraud and the Need for Continuous Innovation: Mitek Systems operates in a dynamic environment where its core business of digital identity verification and fraud prevention is constantly challenged by increasingly sophisticated AI-powered threats, such as deepfakes and synthetic identities. The company itself acknowledges the "evolving threat landscape" and the necessity for its solutions to continuously adapt to new fraud tactics. If Mitek fails to innovate and stay ahead of fraudsters who rapidly develop new techniques, its products could become less effective, thereby diminishing its value proposition and competitive edge. This risk is amplified by reports indicating that over half of identity fraud cases in 2024 involved AI forgeries.
- Intense Competition in the Digital Identity Verification Market: Mitek Systems faces significant competition in the digital identity verification and fraud prevention market. While the company holds a strong position in mobile check deposits, its growth is primarily driven by the more crowded Identity Verification sector. Competitors, ranging from specialized regulatory technology firms to larger enterprise players, could introduce similar or more advanced solutions. This competitive pressure necessitates continuous differentiation and innovation to maintain market share and revenue.
- Regulatory Changes and Data Privacy Concerns, particularly around Biometrics: Mitek handles sensitive personal and biometric data across multiple geographies, including the United States, Europe, and Latin America. This exposes the company to a complex and evolving landscape of domestic and international data privacy and AI laws and regulations, such as GDPR and CCPA. Changes in these regulations, or the introduction of new biometric-specific laws like Illinois' Biometric Information Privacy Act (BIPA), could require costly product modifications, increase compliance burdens, or lead to legal challenges if data handling and informed consent requirements are not adequately met. A potential class-action lawsuit alleging BIPA violations has previously been filed against Mitek.
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The clear emerging threat for Mitek Systems is the potential for the widespread adoption of government-backed or industry-standardized digital identity frameworks and platforms. If national or international bodies establish highly secure, interoperable, and potentially free or low-cost digital identity solutions that become broadly accepted and integrated across various services, it could significantly diminish the market demand for proprietary third-party identity verification solutions, such as those offered by Mitek.
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For Mitek Systems (MITK), the addressable markets for its main products and services are as follows:
- Mobile Deposit: Null
-
Digital Identity Verification:
- Global: The global digital identity verification market was valued between approximately USD 11.4 billion and USD 64.86 billion in 2025, and is projected to reach between USD 38.8 billion and USD 489.54 billion by 2035, exhibiting a CAGR between 13.5% and 22.4% during the forecast period.
- U.S.: The U.S. identity verification market is valued at USD 4.3 billion in 2025 and is forecasted to reach USD 13.9 billion by 2035, recording a CAGR of 12.4%.
- Europe: The Europe identity verification market is projected to grow from USD 6.1 billion in 2025 to USD 18.4 billion by 2032, registering a CAGR of 16.3%. Another estimate projects growth from USD 3.53 billion in 2025 to USD 7.72 billion by 2030, with a CAGR of 16.9%.
-
Check Fraud Prevention (Check Fraud Detection Software):
- Global: The global Check Fraud Detection Software market is projected to grow from US$ 1.61 billion in 2025 to US$ 2.45 billion by 2032, at a CAGR of 6.3%.
-
Mobile Fill / Document Capture (Document Capture Software):
- Global: The global document capture software market size was valued at USD 11.35 billion in 2025. The market is projected to grow from USD 12.49 billion in 2026 to USD 26.89 billion by 2034, exhibiting a CAGR of 10.06%. Another source states the market was valued at USD 18.33 billion in 2023 and is expected to reach USD 39.59 billion by 2032, growing at a CAGR of 8.99%.
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Mitek Systems (NASDAQ: MITK) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Expansion of Digital Identity Verification and Fraud Prevention Solutions: The company anticipates significant growth from its digital identity verification and fraud prevention portfolio, driven by the escalating threat of AI-powered and synthetic fraud. Mitek's unified platform, which integrates document verification, biometrics, liveness detection, and data insights, is seeing increased demand for more transactions per customer journey and broader application in authentication use cases. The Fraud & Identity solutions are projected to grow approximately 15% in fiscal 2026.
- Growth in SaaS Revenue: Mitek is experiencing strong growth in its Software-as-a-Service (SaaS) offerings. SaaS revenue was a significant contributor to overall growth, with a 19% year-over-year increase in Q4 2025 and 21% overall SaaS growth in Q1 2026. This acceleration in SaaS revenue is a key strategic focus and is bolstering overall top-line performance.
- Adoption and Scaling of New Products: Recently launched products within Mitek's Fraud & Identity portfolio, such as Check Fraud Defender, MiVIP, MiPass, and ID R&D biometrics, are gaining market acceptance and are positioned to contribute to continued revenue growth. Check Fraud Defender, for instance, has already contributed to year-over-year revenue growth.
- Continued Resilience and Strategic Renewals in Mobile Deposit Solutions: While the broader check market faces a secular decline, Mitek's mobile deposit solutions have demonstrated resilience. The company has secured favorable long-term contracts, and renewals and expansions in Check Verification are performing at the high end of expectations with stable pricing and strong penetration among core partners. Deposits revenue grew 3% year-over-year in fiscal Q2 2024 and 20% in fiscal 2023.
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Share Repurchases
- In May 2024, Mitek announced a two-year share repurchase program authorizing up to $50 million of its common stock.
- The company repurchased approximately $5 million of shares in fiscal year 2025.
- From the fiscal year-end 2025 through December 10, 2025, Mitek repurchased an additional $7.7 million in shares, leaving $13.6 million remaining in the prior authorization to be executed through May 2026.
- In February 2026, the Board of Directors approved a new share repurchase program for up to $50 million, which will become effective upon the completion of the 2024 program and remain in effect for up to two years.
Capital Expenditures
- Capital expenditures for the 12 months prior to March 13, 2026, were -$2.25 million.
- Mitek focuses on funding product development and investing in a unified, integrated platform, as well as streamlining operations and aligning product investments.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MITK | Mitek Systems | 4.5% | 35.8x | 88.6% | 85.7% | -7.0% | — |
| SSNC | SS&C Technologies | 6.8% | 24.7x | 10.7% | 87.7% | 28.7% | +36pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 28.0% | 131.9% | 209.6% | FLEX 459% · TTMI 450% · JBL 341% |
| Technology Distributors | 9 | 42.9% | 86.4% | 81.7% | AVT 165% · SNX 151% · CNXN 115% |
| Communications Equipment | 36 | 2.6% | 107.5% | 68.2% | AAOI 808% · LITE 795% · ANET 601% |
| Semiconductor Materials & Equipment | 28 | 45.4% | 65.1% | 60.7% | AXTI 504% · KLAC 352% · LRCX 335% |
| Electronic Components | 26 | -0.7% | 67.4% | 39.5% | CLS 2780% · BELFA 1108% · APH 285% |
| Semiconductors | 54 | 4.2% | 34.9% | 26.6% | MU 1199% · NVDA 838% · AVGO 585% |
| Technology Hardware, Storage & Peripherals | 21 | 17.3% | 76.1% | 21.4% | SMCI 855% · DELL 765% · STX 748% |
| Electronic Equipment & Instruments | 27 | -13.5% | 26.9% | -7.5% | PI 196% · OSIS 111% · CXT 78% |
| Internet Services & Infrastructure | 6 | 4.3% | 53.0% | -8.8% | GDDY 65% · VRSN 42% · DOCN -2% |
| IT Consulting & Other Services | 29 | -20.8% | 4.1% | -19.2% | CHRN 406742% · APLD 315% · ADEA 151% |
| Application Software ← | 126 | -19.1% | -8.3% | -44.4% | PLTR 703% · FROG 166% · AGYS 132% |
| Systems Software | 69 | -10.8% | 35.0% | -53.8% | ZETA 310% · CRWD 236% · FTNT 158% |
Latest Trefis Analyses
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| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 150.54 |
| Mkt Cap | 1.4 |
| Rev LTM | 1,451 |
| Op Inc LTM | 43 |
| FCF LTM | 90 |
| FCF 3Y Avg | 66 |
| CFO LTM | 106 |
| CFO 3Y Avg | 79 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.1% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 18.2% |
| QoQ Delta Rev Chg LTM | 4.4% |
| Op Inc Chg LTM | 72.1% |
| Op Inc Chg 3Y Avg | 27.7% |
| Op Mgn LTM | 18.1% |
| Op Mgn 3Y Avg | 8.5% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 27.1% |
| CFO/Rev 3Y Avg | 22.5% |
| FCF/Rev LTM | 24.6% |
| FCF/Rev 3Y Avg | 21.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.4 |
| P/S | 4.0 |
| P/Op Inc | 34.0 |
| P/EBIT | 31.3 |
| P/E | 39.4 |
| P/CFO | 14.8 |
| Total Yield | 2.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.8% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.5% |
| 3M Rtn | 20.0% |
| 6M Rtn | 35.1% |
| 12M Rtn | 21.8% |
| 3Y Rtn | 54.7% |
| 1M Excs Rtn | 0.3% |
| 3M Excs Rtn | 13.3% |
| 6M Excs Rtn | 27.5% |
| 12M Excs Rtn | 5.5% |
| 3Y Excs Rtn | -33.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fraud and identity solutions | 90 | 78 | 74 | ||
| Check verification solutions | 90 | 94 | 98 | ||
| Deposits services and other | 22 | 20 | |||
| Deposits software and hardware | 65 | 55 | |||
| Identity verification services and other | 50 | 39 | |||
| Identity verification software and hardware | 8 | 5 | |||
| Total | 180 | 172 | 173 | 145 | 120 |
Price Behavior
| Market Price | $17.86 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 05/26/1995 | |
| Distance from 52W High | -11.3% | |
| 50 Days | 200 Days | |
| DMA Price | $17.72 | $15.59 |
| DMA Trend | down | up |
| Distance from DMA | 0.8% | 14.6% |
| 3M | 1YR | |
| Volatility | 52.8% | 55.8% |
| Downside Capture | 327.34 | 181.86 |
| Upside Capture | 243.38 | 216.07 |
| Correlation (S&P 500) | 45.8% | 37.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.43 | 2.50 | 2.28 | 1.45 | 1.52 | 1.16 |
| Up Beta | 2.60 | 1.20 | 1.10 | 1.21 | 1.62 | 1.24 |
| Down Beta | 2.87 | 2.51 | 0.96 | 0.24 | 0.50 | 0.92 |
| Up Capture | 71% | 307% | 276% | 224% | 343% | 162% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 29 | 69 | 129 | 368 |
| Down Capture | 211% | 283% | 304% | 174% | 137% | 106% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 35 | 57 | 118 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MITK | |
|---|---|---|---|---|
| MITK | 84.8% | 55.8% | 1.29 | - |
| Sector ETF (XLK) | 27.1% | 26.7% | 0.86 | 35.0% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 37.3% |
| Gold (GLD) | -2.2% | 28.4% | -0.09 | 11.3% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -20.1% |
| Real Estate (VNQ) | 4.7% | 13.9% | 0.08 | 18.2% |
| Bitcoin (BTCUSD) | -22.4% | 43.4% | -0.47 | 33.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MITK | |
|---|---|---|---|---|
| MITK | -1.1% | 47.4% | 0.13 | - |
| Sector ETF (XLK) | 19.6% | 26.0% | 0.67 | 40.4% |
| Equity (SPY) | 13.0% | 17.1% | 0.57 | 42.6% |
| Gold (GLD) | 17.1% | 18.9% | 0.72 | 8.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 0.6% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 32.7% |
| Bitcoin (BTCUSD) | 8.0% | 51.7% | 0.33 | 25.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MITK | |
|---|---|---|---|---|
| MITK | 9.0% | 47.5% | 0.36 | - |
| Sector ETF (XLK) | 23.9% | 25.1% | 0.86 | 36.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 36.1% |
| Gold (GLD) | 11.9% | 16.4% | 0.59 | 9.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 5.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 28.1% |
| Bitcoin (BTCUSD) | 63.0% | 66.2% | 1.03 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 10.0% | 12.5% | 10.5% |
| 5/7/2026 | 1.6% | -11.7% | 0.3% |
| 2/5/2026 | 20.5% | 17.2% | 51.5% |
| 12/11/2025 | 8.9% | 14.6% | 13.2% |
| 8/7/2025 | 8.8% | 10.1% | 9.3% |
| 5/8/2025 | 10.6% | 9.5% | 17.4% |
| 2/10/2025 | -7.8% | -11.2% | -18.9% |
| 12/16/2024 | 15.2% | 18.7% | 6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 8 | 10 | 10 |
| Median Positive | 8.9% | 12.5% | 13.2% |
| Median Negative | -7.7% | -10.8% | -15.6% |
| Max Positive | 20.6% | 24.9% | 51.5% |
| Max Negative | -25.4% | -23.5% | -28.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 10.0% | 12.5% | 10.5% |
| 5/7/2026 | 1.6% | -11.7% | 0.3% |
| 2/5/2026 | 20.5% | 17.2% | 51.5% |
| 12/11/2025 | 8.9% | 14.6% | 13.2% |
| 8/7/2025 | 8.8% | 10.1% | 9.3% |
| 5/8/2025 | 10.6% | 9.5% | 17.4% |
| 2/10/2025 | -7.8% | -11.2% | -18.9% |
| 12/16/2024 | 15.2% | 18.7% | 6.2% |
| 8/8/2024 | -25.4% | -23.5% | -26.6% |
| 5/13/2024 | 6.1% | -2.5% | -14.7% |
| 3/19/2024 | 1.0% | 6.9% | -3.2% |
| 12/7/2023 | 1.6% | 20.6% | 13.2% |
| 9/14/2023 | -8.2% | -16.7% | -19.5% |
| 6/29/2023 | -0.1% | 1.2% | -5.9% |
| 7/28/2022 | 20.6% | 24.9% | 14.1% |
| 4/28/2022 | -14.1% | -18.6% | -28.7% |
| 11/4/2021 | -6.5% | -10.4% | -11.5% |
| 7/29/2021 | 13.3% | 11.1% | 14.3% |
| 4/29/2021 | -1.8% | -7.6% | 2.7% |
| 1/28/2021 | -7.6% | -8.6% | -5.0% |
| 11/5/2020 | 2.4% | -7.1% | -16.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 8 | 10 | 10 |
| Median Positive | 8.9% | 12.5% | 13.2% |
| Median Negative | -7.7% | -10.8% | -15.6% |
| Max Positive | 20.6% | 24.9% | 51.5% |
| Max Negative | -25.4% | -23.5% | -28.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 12/11/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/16/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-Q |
| 09/30/2023 | 03/19/2024 | 10-K |
| 06/30/2023 | 10/26/2023 | 10-Q |
| 03/31/2023 | 09/29/2023 | 10-Q |
| 12/31/2022 | 09/06/2023 | 10-Q |
| 09/30/2022 | 07/31/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 12/11/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 12/16/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-Q |
| 09/30/2023 | 03/19/2024 | 10-K |
| 06/30/2023 | 10/26/2023 | 10-Q |
| 03/31/2023 | 09/29/2023 | 10-Q |
| 12/31/2022 | 09/06/2023 | 10-Q |
| 09/30/2022 | 07/31/2023 | 10-K |
| 06/30/2022 | 10/28/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/04/2022 | 10-Q |
| 09/30/2021 | 12/13/2021 | 10-K |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/01/2021 | 10-Q |
| 09/30/2020 | 12/07/2020 | 10-K |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/07/2020 | 10-Q |
| 09/30/2019 | 12/06/2019 | 10-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q3 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | Reported | 195.00 Mil | 197.50 Mil | 200.00 Mil | 2.1% | Raised | Guidance: 193.50 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 10.0% | 2.0% | Raised | Guidance: 8.0% for 2026 | |||
| 2026 Fraud & Identity Solutions Revenue | Reported | 105.00 Mil | 107.00 Mil | 109.00 Mil | 1.4% | Raised | Guidance: 105.50 Mil for 2026 | |
| 2026 Fraud & Identity Solutions Revenue Growth | Reported | 19.0% | 2.0% | Raised | Guidance: 17.0% for 2026 | |||
| 2026 Adjusted EBITDA Margin | Reported | 32.0% | 33.0% | 34.0% | 1.5% | Raised | Guidance: 31.5% for 2026 | |
| Q4 2026 Total Revenue | Reported | 42.00 Mil | 44.50 Mil | 47.00 Mil | -12.7% | Lower New | Guidance: 51.00 Mil for Q3 2026 | |
| Q4 2026 Total Non-GAAP Operating Expense | Reported | 26.00 Mil | 26.50 Mil | 27.00 Mil | 3.9% | Higher New | Guidance: 25.50 Mil for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total revenue | Reported | 49.00 Mil | 51.00 Mil | 53.00 Mil | -2.9% | Lower New | Guidance: 52.50 Mil for Q2 2026 | |
| Q3 2026 Total Non-GAAP operating expense | Reported | 25.00 Mil | 25.50 Mil | 26.00 Mil | ||||
| 2026 Y/Y growth (midpoint) | Reported | 17.0% | ||||||
| 2026 Total revenue | Reported | 189.00 Mil | 193.50 Mil | 198.00 Mil | 0.8% | Raised | Guidance: 192.00 Mil for 2026 | |
| 2026 Fraud & Identity solutions revenue | Reported | 103.00 Mil | 105.50 Mil | 108.00 Mil | 1.0% | Raised | Guidance: 104.50 Mil for 2026 | |
| 2026 Adjusted EBITDA margin % | Reported | 30.0% | 31.5% | 33.0% | 1.0% | Raised | Guidance: 30.5% for 2026 | |
Q1 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | Reported | 50.00 Mil | 52.50 Mil | 55.00 Mil | 23.5% | Higher New | Guidance: 42.50 Mil for Q1 2026 | |
| 2026 Total Revenue | Reported | 187.00 Mil | 192.00 Mil | 197.00 Mil | 1.1% | Raised | Guidance: 190.00 Mil for 2026 | |
| 2026 Fraud & Identity Solutions Revenue | Reported | 102.00 Mil | 104.50 Mil | 107.00 Mil | 1.5% | Raised | Guidance: 103.00 Mil for 2026 | |
| 2026 Adjusted EBITDA Margin | Reported | 29.0% | 30.5% | 32.0% | 2.0% | Raised | Guidance: 28.5% for 2026 | |
Q4 2025 Earnings Reported 12/11/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total revenue | Reported | 41.00 Mil | 42.50 Mil | 44.00 Mil | 4.9% | Higher New | Actual: 40.50 Mil for Q4 2025 | |
| 2026 Y/Y growth (midpoint) | Reported | 15.0% | ||||||
| 2026 Total revenue | Reported | 185.00 Mil | 190.00 Mil | 195.00 Mil | 8.3% | Higher New | Actual: 175.50 Mil for 2025 | |
| 2026 Fraud & Identity solutions revenue | Reported | 101.00 Mil | 103.00 Mil | 105.00 Mil | ||||
| 2026 Adjusted EBITDA margin % | Reported | 27.0% | 28.5% | 30.0% | 0.0% | Same New | Actual: 28.5% for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gafke, Garrett | Chief Operating Officer | Direct | Sell | 5152026 | 14.19 | 21,108 | 299,523 | 3,466,319 | Form |
| 2 | Gafke, Garrett | Chief Operating Officer | Direct | Sell | 4282026 | 13.92 | 152,529 | 2,123,204 | 3,694,187 | Form |
| 3 | Gray, Jason | GC, Secretary & Admin Officer | Direct | Sell | 3052026 | 14.74 | 73,174 | 1,078,585 | 3,077,653 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gafke, Garrett | Chief Operating Officer | Direct | Sell | 5152026 | 14.19 | 21,108 | 299,523 | 3,466,319 | Form |
| 2 | Gafke, Garrett | Chief Operating Officer | Direct | Sell | 4282026 | 13.92 | 152,529 | 2,123,204 | 3,694,187 | Form |
| 3 | Gray, Jason | GC, Secretary & Admin Officer | Direct | Sell | 3052026 | 14.74 | 73,174 | 1,078,585 | 3,077,653 | Form |
Investor Activity (13F)
Updated Oct 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Mitek Systems — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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