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Mitek Systems Inc

MITK

Computer Peripheral Equipment, NEC

Mkt Cap

$578.4M

PE

76.56

Debt

$133.6M

Cash

$87.49M

EV

$624.5M

FCF

$37.6M

Market Cap

$578.4M

P/E Ratio

76.56

Debt

$133.6M

Cash

$87.49M

EV

$624.5M

FCF

$37.6M
Charts data: {"Earnings":[{"time":"2014-09-29","value":-5291869},{"time":"2015-09-29","value":2526139},{"time":"2016-09-29","value":1959000},{"time":"2017-09-29","value":14092000},{"time":"2018-09-29","value":-11807000},{"time":"2019-09-29","value":-724000},{"time":"2020-09-29","value":7814000},{"time":"2021-09-29","value":7978000},{"time":"2022-09-29","value":3032000}],"Sales":[{"time":"2014-09-29","value":19150345},{"time":"2015-09-29","value":25367496},{"time":"2016-09-29","value":34701000},{"time":"2017-09-29","value":45390000},{"time":"2018-09-29","value":63559000},{"time":"2019-09-29","value":84590000},{"time":"2020-09-29","value":101310000},{"time":"2021-09-29","value":119797000},{"time":"2022-09-29","value":143943000}],"Net Margins":[{"time":"2014-09-29","value":-0.2763328284686255},{"time":"2015-09-29","value":0.09958172458172458},{"time":"2016-09-29","value":0.056453704504192966},{"time":"2017-09-29","value":0.3104648601013439},{"time":"2018-09-29","value":-0.1857644078729999},{"time":"2019-09-29","value":-0.008558931315758364},{"time":"2020-09-29","value":0.07712960221103543},{"time":"2021-09-29","value":0.0665959915523761},{"time":"2022-09-29","value":0.021063893346671945}],"Assets":[{"time":"2014-09-29","value":31102856},{"time":"2015-09-29","value":38746497},{"time":"2016-09-29","value":48385000},{"time":"2017-09-29","value":71719000},{"time":"2018-09-29","value":127150000},{"time":"2019-09-29","value":135897000},{"time":"2020-09-29","value":169154000},{"time":"2021-09-29","value":419693000},{"time":"2022-09-29","value":360410000}],"Stockholders Equity":[{"time":"2014-09-29","value":23942033},{"time":"2015-09-29","value":30433112},{"time":"2016-09-29","value":39485000},{"time":"2017-09-29","value":61408000},{"time":"2018-09-29","value":95394000},{"time":"2019-09-29","value":107333000},{"time":"2020-09-29","value":132243000},{"time":"2021-09-29","value":192830000},{"time":"2022-09-29","value":170317000}],"ROE":[{"time":"2014-09-29","value":-0.22102838969439229},{"time":"2015-09-29","value":0.08300626633253938},{"time":"2016-09-29","value":0.049613777383816636},{"time":"2017-09-29","value":0.2294815007816571},{"time":"2018-09-29","value":-0.12377088705788623},{"time":"2019-09-29","value":-0.006745362563237774},{"time":"2020-09-29","value":0.05908819370401458},{"time":"2021-09-29","value":0.04137323030648758},{"time":"2022-09-29","value":0.017802098439967825}],"ROA":[{"time":"2014-09-29","value":-0.17006936597719516},{"time":"2015-09-29","value":0.051181891359107896},{"time":"2016-09-29","value":0.040467086907099305},{"time":"2017-09-29","value":0.04421422496130732},{"time":"2018-09-29","value":-0.06139205662603225},{"time":"2019-09-29","value":-0.029345754505250298},{"time":"2020-09-29","value":0.05562386937347033},{"time":"2021-09-29","value":0.03163502846128003},{"time":"2022-09-29","value":0.031461391193363115}]}

Mitek Systems, Inc. provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion. The company also offers MiSnap, a mobile-capture software development kit that enables an intuitive user experience and instant capture of quality images of identity documents and checks. CheckReader enables financial institutions to automatically extract data from checks once they have been scanned or photographed by the application; Check Fraud Defender, an AI-powered and cloud-hosted model for fighting check fraud; and Check Intelligence that enables financial institutions to automatically extract data from a check image received across any deposit channel, including branch, ATM, remote deposit capture, and mobile. In addition, it provides MiVIP, an end-to-end KYC platform that allows companies to design, build, and deploy robust KYC journeys with little or no development resources; and MiPass provides protection against most sophisticated forms of identity theft and dangerous fraud techniques, such as deepfakes and synthetic identities. Further, the company provides ID_CLOUD, an automated identity verification solution that is integrated into a customers' application to read and validate identity documents; IDLive Face, a passive facial liveness detection product; IDVoice, a robust AI-driven voice biometric engine; IDLive Voice to stop spoofing attacks on voice biometric systems; and IDLive Doc that works to fight fraud related to digitally displayed document images. Mitek Systems, Inc. was incorporated in 1986 and is based in San Diego, California.

Sector

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$37.6M$48.88M$62.18M$77.38M$94.15M$111.9M$130M$147.3M$162.8M$175.5M$184.3M$1.843B
DCF$42.5M$47.02M$50.88M$53.83M$55.65M$56.19M$55.37M$53.23M$49.89M$45.55M$455.5M
Value$965.6M

In the chart Earnings are multiplied by this value.

Earnings Growth 19%
Earnings Stability 22%


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.

Years09-201409-201509-201609-201709-201809-201909-202009-202109-2022TTM
Net Margin-28%10%5.6%31%-19%-0.86%7.7%6.7%2.1%4.4%
ROA-17%5.1%4%4.4%-6.1%-2.9%5.6%3.2%3.1%4.7%
ROE-22%8.3%5%23%-12%-0.67%5.9%4.1%1.8%3.6%

What is the average Net Margin?

The average Net Margin over the past 5 years is +4.68%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -1.73%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +1.2%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.86%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +3.62%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -1.42%.


Safety & Stabiliy

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.

Years09-201409-201509-201609-201709-201809-201909-202009-202109-2022TTM
Debt FCF------0.003.365.073.55
Debt Equity------0.000.630.750.64
MIN
Graham Stability-----190%-51%100%-60%-190%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 3.55.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 2.54.

What is the Graham’s Stability?

Graham’s Stability measure stands at -1.91.


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.

Years09-201509-201709-201909-2021Trend
Revenue28%26%19%20%-2.6%
Net Income2.6%-26%--62%-52%
Stockholders Equity28%23%17%-12%-3.9%
FCF23%20%24%-30%1.5%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +25.96%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -2.61%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -26.46%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -52.04%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +22.63%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -3.94%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +20.43%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +1.51%.