Mitek Systems Inc
MITK Nasdaq Computer Peripheral Equipment, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$180M
4.4%
vs prior year
Operating margin
Operating income as a share of revenue.
9.3%
8.0 pts
Net income
Profit after all expenses, interest and tax.
$8.8M
168.3%
Free cash flow
Cash from operations minus capital spending.
$54.2M
79.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.4%
4.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.47 EPS (TTM)
What Mitek Systems Inc does
No business description yet.
- Legal name
- MITEK SYSTEMS INC
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Dec 11, 2025
- Accession · CIK
- 0001628280-25-056520
0000807863
Revenue and margins
Mitek Systems Inc had $180M of revenue in fiscal 2025, up 4.4% on the year before.
FY16
Revenue $34.7M
FY17
Revenue $45.4M
FY18
Revenue $63.6M
FY19
Revenue $84.6M
FY20
Revenue $101M
FY21
Revenue $120M
FY22
Revenue $145M
FY23
Revenue $173M
FY24
Revenue $172M
FY25
Revenue $180M
Q4 '23
Revenue $37.7M
Q1 '24
Revenue $36.9M
Q2 '24
Revenue $47.0M
Q3 '24
Revenue $45.0M
Q4 '24
Revenue $43.2M
Q1 '25
Revenue $37.3M
Q2 '25
Revenue $51.9M
Q3 '25
Revenue $45.7M
Q4 '25
Revenue $44.8M
Q1 '26
Revenue $44.2M
Q2 '26
Revenue $54.8M
Q3 '26
Revenue $54.0M
FY16
Gross —
Operating 5.3%
Net 5.6%
FCF 21.9%
FY17
Gross —
Operating 6.1%
Net 31.0%
FCF 21.9%
FY18
Gross —
Operating −12.3%
Net −18.6%
FCF 2.1%
FY19
Gross —
Operating −5.4%
Net −0.9%
FCF 15.6%
FY20
Gross —
Operating 8.8%
Net 7.7%
FCF 23.0%
FY21
Gross —
Operating 11.1%
Net 6.7%
FCF 30.0%
FY22
Gross —
Operating 8.4%
Net 2.6%
FCF 13.8%
FY23
Gross —
Operating 9.0%
Net 4.7%
FCF 17.7%
FY24
Gross —
Operating 1.3%
Net 1.9%
FCF 17.6%
FY25
Gross —
Operating 9.3%
Net 4.9%
FCF 30.2%
Gross
Operating
Net
FCF
Q4 '23
Gross 83.3%
Operating −8.7%
Net −3.8%
FCF 8.2%
Q1 '24
Gross —
Operating −18.7%
Net −15.7%
FCF −26.3%
Q2 '24
Gross —
Operating 1.5%
Net 0.6%
FCF 14.0%
Q3 '24
Gross —
Operating 1.6%
Net 0.5%
FCF 27.9%
Q4 '24
Gross —
Operating 17.8%
Net 19.8%
FCF 48.2%
Q1 '25
Gross —
Operating −8.3%
Net −12.4%
FCF 0.6%
Q2 '25
Gross —
Operating 21.9%
Net 17.6%
FCF 26.0%
Q3 '25
Gross —
Operating 8.3%
Net 5.2%
FCF 46.5%
Q4 '25
Gross —
Operating 10.5%
Net 4.2%
FCF 42.9%
Q1 '26
Gross —
Operating 12.3%
Net 6.3%
FCF 14.9%
Q2 '26
Gross —
Operating 24.7%
Net 17.4%
FCF −4.6%
Q3 '26
Gross —
Operating 21.4%
Net 15.5%
FCF 46.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.7% a year. Loss periods are shown in red.
FY16
Net income $2.0M
FY17
Net income $14.1M
FY18
Net income −$11.8M
FY19
Net income −$0.7M
FY20
Net income $7.8M
FY21
Net income $8.0M
FY22
Net income $3.7M
FY23
Net income $8.0M
FY24
Net income $3.3M
FY25
Net income $8.8M
Q4 '23
Net income −$1.4M
Q1 '24
Net income −$5.8M
Q2 '24
Net income $0.3M
Q3 '24
Net income $0.2M
Q4 '24
Net income $8.6M
Q1 '25
Net income −$4.6M
Q2 '25
Net income $9.2M
Q3 '25
Net income $2.4M
Q4 '25
Net income $1.9M
Q1 '26
Net income $2.8M
Q2 '26
Net income $9.5M
Q3 '26
Net income $8.4M
FY16
Diluted EPS $0.06
FY17
Diluted EPS $0.40
FY18
Diluted EPS −$0.33
FY19
Diluted EPS −$0.02
FY20
Diluted EPS $0.18
FY21
Diluted EPS $0.18
FY22
Diluted EPS $0.08
FY23
Diluted EPS $0.17
FY24
Diluted EPS $0.07
FY25
Diluted EPS $0.19
Q4 '23
Diluted EPS −$0.03
Q1 '24
Diluted EPS −$0.13
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS $0.00
Q4 '24
Diluted EPS $0.19
Q1 '25
Diluted EPS −$0.10
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.05
Q4 '25
Diluted EPS $0.04
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS $0.20
Q3 '26
Diluted EPS $0.17
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 5.0%
Return on assets 4.0%
FY17
Return on capital —
Return on equity 27.9%
Return on assets 23.5%
FY18
Return on capital —
Return on equity −15.1%
Return on assets −11.9%
FY19
Return on capital —
Return on equity −0.7%
Return on assets −0.6%
FY20
Return on capital —
Return on equity 6.5%
Return on assets 5.1%
FY21
Return on capital —
Return on equity 4.9%
Return on assets 2.7%
FY22
Return on capital —
Return on equity 2.0%
Return on assets 0.9%
FY23
Return on capital —
Return on equity 4.3%
Return on assets 2.1%
FY24
Return on capital 2.0%
Return on equity 1.6%
Return on assets 0.8%
FY25
Return on capital 6.4%
Return on equity 3.9%
Return on assets 2.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $54.2M in fiscal 2025, 30.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $7.6M
FY17
Free cash flow $10.0M
FY18
Free cash flow $1.3M
FY19
Free cash flow $13.2M
FY20
Free cash flow $23.3M
FY21
Free cash flow $36.0M
FY22
Free cash flow $20.0M
FY23
Free cash flow $30.6M
FY24
Free cash flow $30.3M
FY25
Free cash flow $54.2M
Q4 '23
Free cash flow $3.1M
Q1 '24
Free cash flow −$9.7M
Q2 '24
Free cash flow $6.6M
Q3 '24
Free cash flow $12.6M
Q4 '24
Free cash flow $20.8M
Q1 '25
Free cash flow $0.2M
Q2 '25
Free cash flow $13.5M
Q3 '25
Free cash flow $21.2M
Q4 '25
Free cash flow $19.2M
Q1 '26
Free cash flow $6.6M
Q2 '26
Free cash flow −$2.5M
Q3 '26
Free cash flow $25.3M
FY16
Cash from operations $7.9M
Capital spending $0.3M
FY17
Cash from operations $10.4M
Capital spending $0.5M
FY18
Cash from operations $5.6M
Capital spending $4.3M
FY19
Cash from operations $14.3M
Capital spending $1.1M
FY20
Cash from operations $24.1M
Capital spending $0.8M
FY21
Cash from operations $37.3M
Capital spending $1.4M
FY22
Cash from operations $21.1M
Capital spending $1.1M
FY23
Cash from operations $31.6M
Capital spending $1.0M
FY24
Cash from operations $31.7M
Capital spending $1.4M
FY25
Cash from operations $55.3M
Capital spending $1.2M
Cash from operations
Capital spending
Q4 '23
Cash from operations $3.5M
Capital spending $0.4M
Q1 '24
Cash from operations −$9.5M
Capital spending $0.2M
Q2 '24
Cash from operations $7.1M
Capital spending $0.5M
Q3 '24
Cash from operations $13.0M
Capital spending $0.4M
Q4 '24
Cash from operations $21.1M
Capital spending $0.3M
Q1 '25
Cash from operations $0.6M
Capital spending $0.3M
Q2 '25
Cash from operations $13.7M
Capital spending $0.2M
Q3 '25
Cash from operations $21.6M
Capital spending $0.3M
Q4 '25
Cash from operations $19.5M
Capital spending $0.3M
Q1 '26
Cash from operations $8.0M
Capital spending $1.4M
Q2 '26
Cash from operations −$0.9M
Capital spending $1.6M
Q3 '26
Cash from operations $27.2M
Capital spending $1.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Mitek Systems Inc returned $4.7M to shareholders in fiscal 2025, 9% of free cash flow. The diluted share count fell 1.1%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks $0.0M
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $1.0M
FY21
Dividends —
Buybacks $0.2M
FY22
Dividends —
Buybacks $15.2M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $24.2M
FY25
Dividends —
Buybacks $4.7M
Dividends
Buybacks
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $10.0M
Q4 '24
Dividends —
Buybacks $14.1M
Q1 '25
Dividends —
Buybacks $3.3M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $0.0M
Q4 '25
Dividends —
Buybacks $1.5M
Q1 '26
Dividends —
Buybacks $10.0M
Q2 '26
Dividends —
Buybacks $7.8M
Q3 '26
Dividends —
Buybacks $2.0M
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Mitek Systems Inc can carry it.
FY16
Cash $33.9M
Debt —
FY17
Cash $42.6M
Debt —
FY18
Cash $17.5M
Debt —
FY19
Cash $33.3M
Debt —
FY20
Cash $60.0M
Debt —
FY21
Cash $179M
Debt —
FY22
Cash $90.3M
Debt —
FY23
Cash $134M
Debt —
FY24
Cash $130M
Debt $2.7M
FY25
Cash $193M
Debt $152M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $179M | $90.3M | $134M | $130M | $193M |
| Debt incl. finance leases | — | — | — | $2.7M | $152M |
| Net debt / EBITDA | — | — | — | −31.7x | −2.3x |
| Debt / equity | — | — | — | 0.0x | 0.6x |
| Interest coverage | 2.6x | 1.5x | 1.7x | 0.2x | 1.7x |
| Current ratio | 5.2x | 2.8x | 3.7x | 4.4x | 1.2x |
| Quick ratio | 5.2x | 2.8x | 3.7x | 4.4x | 1.2x |
| Total assets | $420M | $364M | $405M | $414M | $459M |
| Total liabilities | $227M | $194M | $200M | $199M | $219M |
| Shareholders' equity | $193M | $171M | $205M | $215M | $240M |
| Net debt (− = net cash) | — | — | — | −$128M | −$40.8M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 4 / 7 | 2 / 7 | 5 / 7 | 5 / 7 | 4 / 7 | 4 / 7 | 6 / 7 | 4 / 7 | 5 / 8 |
| Accruals ratio | −12.2% | 6.1% | −17.5% | −11.4% | −10.7% | −10.0% | −4.4% | −6.1% | −6.9% | −10.7% |
| Altman Z'' | 7.12 | 9.50 | 3.09 | 4.86 | 6.16 | 3.63 | 2.61 | 3.50 | 3.20 | 1.78 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $34.7M | $45.4M | $63.6M | $84.6M | $101M | $120M | $145M | $173M | $172M | $180M |
| Research and development | $7.8M | $10.4M | $18.1M | $21.9M | $22.9M | $28.0M | $30.2M | $29.0M | $34.6M | $35.3M |
| Operating income | $1.8M | $2.8M | −$7.8M | −$4.6M | $8.9M | $13.3M | $12.2M | $15.6M | $2.2M | $16.8M |
| Interest expense | — | — | — | $0.0M | $0.0M | $5.1M | $8.2M | $9.1M | $9.3M | $9.8M |
| Pretax income | $2.0M | $3.2M | −$8.7M | −$4.0M | $9.4M | $8.8M | $3.6M | $10.3M | −$0.9M | $11.6M |
| Income tax | −$0.0M | −$10.9M | $3.1M | −$3.3M | $1.6M | $0.8M | −$0.1M | $2.3M | −$4.2M | $2.8M |
| Net income | $2.0M | $14.1M | −$11.8M | −$0.7M | $7.8M | $8.0M | $3.7M | $8.0M | $3.3M | $8.8M |
| Diluted EPS | $0.06 | $0.40 | −$0.33 | −$0.02 | $0.18 | $0.18 | $0.08 | $0.17 | $0.07 | $0.19 |
| Diluted shares | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $7.9M | $10.4M | $5.6M | $14.3M | $24.1M | $37.3M | $21.1M | $31.6M | $31.7M | $55.3M |
| Capital expenditure | $0.3M | $0.5M | $4.3M | $1.1M | $0.8M | $1.4M | $1.1M | $1.0M | $1.4M | $1.2M |
| Free cash flow | $7.6M | $10.0M | $1.3M | $13.2M | $23.3M | $36.0M | $20.0M | $30.6M | $30.3M | $54.2M |
| Depreciation and amortization | $0.8M | $0.3M | $0.6M | $1.4M | $1.5M | $1.4M | $1.4M | $1.7M | $1.8M | $1.3M |
| Stock-based compensation | $4.1M | $5.5M | $9.0M | $9.6M | $9.6M | $11.5M | $13.3M | $10.5M | $12.6M | $16.8M |
| Acquisitions | $0.0M | $0.0M | $29.7M | $0.0M | $0.0M | $12.5M | $123M | $0.3M | $0.0M | $0.0M |
| Share buybacks | — | — | $0.0M | $0.0M | $1.0M | $0.2M | $15.2M | $0.0M | $24.2M | $4.7M |
| Dividends and buybacks | — | — | $0.0M | $0.0M | $1.0M | $0.2M | $15.2M | $0.0M | $24.2M | $4.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $33.9M | $42.6M | $17.5M | $33.3M | $60.0M | $179M | $90.3M | $134M | $130M | $193M |
| Total debt | — | — | — | — | — | — | — | — | $2.7M | $152M |
| Current assets | $40.3M | $50.9M | $37.6M | $54.1M | $84.1M | $204M | $138M | $190M | $185M | $248M |
| Current liabilities | $8.3M | $9.5M | $20.4M | $20.0M | $24.4M | $39.2M | $48.5M | $51.5M | $42.1M | $209M |
| Property and equipment, net | $0.4M | $0.6M | $4.7M | $4.2M | $3.6M | $3.7M | $3.5M | $2.8M | $2.6M | $2.3M |
| Goodwill | $2.9M | $3.0M | $34.4M | $32.6M | $35.7M | $63.1M | $116M | $124M | $132M | $133M |
| Intangible assets | $2.8M | $2.3M | $32.9M | $24.4M | $19.3M | $28.7M | $75.8M | $64.7M | $54.1M | $39.8M |
| Total assets | $48.4M | $71.7M | $127M | $136M | $169M | $420M | $364M | $405M | $414M | $459M |
| Total liabilities | $8.9M | $10.3M | $31.8M | $28.6M | $36.9M | $227M | $194M | $200M | $199M | $219M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $39.5M | $61.4M | $95.4M | $107M | $132M | $193M | $171M | $205M | $215M | $240M |
| Margins | ||||||||||
| Operating margin | 5.3% | 6.1% | −12.3% | −5.4% | 8.8% | 11.1% | 8.4% | 9.0% | 1.3% | 9.3% |
| EBITDA margin | 7.5% | 6.8% | −11.3% | −3.8% | 10.2% | 12.3% | 9.4% | 10.0% | 2.3% | 10.1% |
| Net margin | 5.6% | 31.0% | −18.6% | −0.9% | 7.7% | 6.7% | 2.6% | 4.7% | 1.9% | 4.9% |
| FCF margin | 21.9% | 21.9% | 2.1% | 15.6% | 23.0% | 30.0% | 13.8% | 17.7% | 17.6% | 30.2% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | — | — | — | — | 2.0% | 6.4% |
| Return on capital employed | 4.6% | 4.5% | −7.3% | −4.0% | 6.1% | 3.5% | 3.9% | 4.4% | 0.6% | 6.7% |
| Return on equity | 5.0% | 27.9% | −15.1% | −0.7% | 6.5% | 4.9% | 2.0% | 4.3% | 1.6% | 3.9% |
| Return on assets | 4.0% | 23.5% | −11.9% | −0.6% | 5.1% | 2.7% | 0.9% | 2.1% | 0.8% | 2.0% |
| Return on tangible equity | 5.8% | 25.1% | −42.1% | −1.4% | 10.1% | 7.9% | — | 47.3% | 11.3% | 13.1% |
| Growth | ||||||||||
| Revenue growth | — | 30.8% | 40.0% | 33.1% | 19.8% | 18.2% | 20.9% | 19.2% | −0.3% | 4.4% |
| Net income growth | — | 619.3% | −183.8% | — | — | 2.1% | −53.7% | 117.3% | −59.2% | 168.3% |
| EPS growth | — | 566.7% | −182.5% | — | — | 0.0% | −55.6% | 112.5% | −58.8% | 171.4% |
| FCF growth | — | 30.9% | −86.8% | 899.8% | 76.8% | 54.2% | −44.4% | 52.8% | −1.0% | 79.1% |
| Share count change | — | 5.1% | 0.8% | 9.9% | 8.1% | 6.0% | 1.5% | 1.5% | 2.2% | −1.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | — | −31.7x | −2.3x |
| Debt / equity | — | — | — | — | — | — | — | — | 0.0x | 0.6x |
| Interest coverage | — | — | — | — | — | 2.6x | 1.5x | 1.7x | 0.2x | 1.7x |
| Current ratio | 4.8x | 5.3x | 1.8x | 2.7x | 3.5x | 5.2x | 2.8x | 3.7x | 4.4x | 1.2x |
| Quick ratio | 4.8x | 5.3x | 1.8x | 2.7x | 3.5x | 5.2x | 2.8x | 3.7x | 4.4x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.7% | 1.1% | 6.8% | 1.3% | 0.8% | 1.2% | 0.8% | 0.6% | 0.8% | 0.6% |
| Stock comp / revenue | 11.8% | 12.1% | 14.1% | 11.4% | 9.4% | 9.6% | 9.2% | 6.1% | 7.3% | 9.4% |
| Payouts / FCF | — | — | 0.0% | 0.0% | 4.3% | 0.5% | 75.9% | 0.0% | 79.9% | 8.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 2.0 | 5.0 | 5.0 | 4.0 | 4.0 | 6.0 | 4.0 | 5.0 |
| Altman Z'' | 7.1 | 9.5 | 3.1 | 4.9 | 6.2 | 3.6 | 2.6 | 3.5 | 3.2 | 1.8 |
| Accruals ratio | −12.2% | 6.1% | −17.5% | −11.4% | −10.7% | −10.0% | −4.4% | −6.1% | −6.9% | −10.7% |
Source: SEC EDGAR XBRL filings (CIK 0000807863). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.