Mitek Systems Inc

Technology
Computer peripheral equipment
www.miteksystems.com

Earnings Score
Moat Score
Safety Score

Market Cap $378.51M
PE 85
Debt $145.71M
Cash $90.62M
EV $433.60M
FCF $40.18M

Earnings

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Sales & Net Margins

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Earnings	$4.46M
EBIT	$6.07M
ROE	2%
ROA	2%
FCF	$40.18M
Equity	$200.92M
Growth Stability	-191%
PE	84.89
PEG	-14.92
PB	1.88
P/FCF	9.42
P/S	2.2
Price/Cash	0.24
Debt/Equity	0.73
Debt/FCF	3.63
Net Margins	-12%
Op. Margins	4%
Earnings CAGR	5%
Sales Growth YoY	1%
Sales Growth QoQ	-14%
Sales CAGR	23%
FCF CAGR	27%
Equity CAGR	26%
Earnings Stability	0.08
Earnings Growth YoY	-20%
Earnings Growth QoQ	-154%

Earnings CAGR 5Y	-6%
Sales CAGR 5Y	15%
FCF CAGR 5Y	-0%
Equity CAGR 5Y	12%
Earnings CAGR 3Y	9%
Sales CAGR 3Y	9%
FCF CAGR 3Y	-7%
Equity CAGR 3Y	7%
Market Cap	$378.51M
Revenue	$172.42M
Assets	$395.96M
Total Debt	$145.71M
Cash	$90.62M
Shares Outstanding	45.2M
EV	433.6M
Earnings Score	7%
Moat Score	16%
Safety Score	57%
Final Score	27%
Working Capital	138.29M
Current Ratio	4.59
Shares Growth 3y	1%
Equity Growth QoQ	-6%
Equity Growth YoY	-6%

Assets & ROA

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Stockholders Equity & ROE

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Mitek Systems Inc offers mobile capture and identity verification software solutions for enterprises. The firm is a software development company in computer vision, artificial intelligence, and machine learning. It is serving more than 7,500 financial services organizations and leading marketplace and financial technology brands across the globe. Mitek's Mobile Deposit solution is used by consumers for mobile check deposit. The company's Mobile Verify verifies a user's identity online enabling organizations to build safer digital communities, whereas CheckReader enables financial institutions to automatically extract data from a check image received across any deposit channel - branch, ATM, RDC, and mobile.

SEC Filings

Direct access to Mitek Systems Inc (MITK) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Mitek Systems Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Mitek Systems Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability 8%

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Mitek Systems Inc Discounted Cash Flow

Fully customizable DCF calculator online for Mitek Systems Inc.

Years

Calculation mode

= $2.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$40M	$51M	$65M	$82M	$104M	$131M	$167M	$211M	$268M	$339M	$430M	$4.3B
DCF		$46M	$53M	$61M	$71M	$82M	$94M	$108M	$125M	$144M	$166M	$1.7B
Value	$2.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	10%	6%	31%	-19%	-1%	8%	7%	2%	5%	2%	-12%
ROA	-	4%	4%	-6%	-3%	6%	3%	3%	4%	1%	2%
ROE	-	5%	23%	-12%	-1%	6%	4%	2%	4%	2%	2%

Bad Net Margins (-12.38%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	-	-	-	-	0	3.36	5.07	4.44	4.75	3.63
Debt over Equity	-	-	-	-	-	0	0.63	0.75	0.66	0.67	0.73
Growth Stability	-	-	-	-191%	-51%	100%	-	60%	100%	52%	-191%

Neutral Debt/FCF ratio (3.63)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.73)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-191%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	37%	31%	40%	33%	20%	18%	20%	20%	-0%	15%
Earnings YoY growth	-	-22%	619%	-184%	-94%	-1K%	2%	-62%	165%	-59%	-6%
Equity YoY growth	-	30%	56%	55%	13%	23%	46%	-12%	20%	5%	12%
FCF YoY growth	-	26%	31%	-87%	900%	77%	54%	-30%	21%	-1%	-0%