MITK

MKT CAP:$645M

Mitek Systems, Inc.

Market Cap

$645M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$14.61+$4.64 (+46.54%)

Apr 22, 2026

Company Details

Mitek Systems, Inc. develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps a...

CEO

Edward H. West

IPO Date

Jan 3, 1989

Website

www.miteksystems.com

Key Metrics TTM

Revenue

$187M

+8.3% YoY

Net Income

$16M

EPS (Diluted)

$0.35

Free Cash Flow

$61M

Revenue / Share

$3.96

Gross Margin

84.3%

Operating Margin

13.6%

Net Margin

8.7%

FCF Margin

32.4%

P/S

3.5x

P/E

39.9x

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 5, 2026

$44M+18.8%EPS $0.06

FY 2025

Dec 11, 2025

$180M+4.4%EPS $0.19

Q4 2025

Dec 11, 2025

$45M+3.6%EPS $0.04

Q3 2025

Aug 7, 2025

$46M+1.7%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$34M	$29M	$3M
Q3 22	$39M	$33M	$893.0K
Q4 22	$37M	$29M	$762.0K
Q1 23	$46M	$41M	$8M
Q2 23	$46M	$40M	$9M
Q3 23	$43M	$37M	$2M
Q4 23	$38M	$31M	-$3M
Q1 24	$37M	$31M	-$7M
Q2 24	$47M	$41M	$698.0K
Q3 24	$45M	$38M	$734.0K
Q4 24	$43M	$37M	$8M
Q1 25	$37M	$31M	-$3M
Q2 25	$52M	$45M	$11M
Q3 25	$46M	$39M	$4M
Q4 25	$45M	$37M	$5M
Q1 26	$44M	$36M	$5M

Valuation

Quarter	P/S	P/E
Q2 22	4.9x	77.3x
Q3 22	4.7x	125.3x
Q4 22	4.5x	451.9x
Q1 23	4.1x	213.0x
Q2 23	3.8x	83.1x
Q3 23	3.7x	85.5x
Q4 23	3.7x	80.4x
Q1 24	3.9x	—
Q2 24	3.9x	—
Q3 24	3.9x	—
Q4 24	3.7x	196.9x
Q1 25	3.7x	144.7x
Q2 25	3.6x	48.4x
Q3 25	3.6x	41.6x
Q4 25	3.6x	73.4x
Q1 26	3.5x	39.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$7M	$7M
Q3 22	$6M	$6M
Q4 22	$10M	$10M
Q1 23	$5M	$5M
Q2 23	$6M	$6M
Q3 23	$17M	$16M
Q4 23	$3M	$3M
Q1 24	-$9M	-$10M
Q2 24	$7M	$7M
Q3 24	$13M	$13M
Q4 24	$21M	$21M
Q1 25	$565.0K	$230.0K
Q2 25	$14M	$14M
Q3 25	$22M	$21M
Q4 25	$19M	$19M
Q1 26	$8M	$7M

Capital Expenditures

Quarter	CapEx
Q2 22	$339.0K
Q3 22	$295.0K
Q4 22	$197.0K
Q1 23	$154.0K
Q2 23	$218.0K
Q3 23	$284.0K
Q4 23	$378.0K
Q1 24	$241.0K
Q2 24	$483.0K
Q3 24	$431.0K
Q4 24	$283.0K
Q1 25	$335.0K
Q2 25	$232.0K
Q3 25	$329.0K
Q4 25	$259.0K
Q1 26	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+16.5%	+16.8%
Q3 22	+23.3%	+45.4%
Q4 22	+12.5%	+24.9%
Q1 23	+40.7%	+35.0%
Q2 23	+37.6%	+21.4%
Q3 23	+9.9%	+7.8%
Q4 23	+0.6%	+11.7%
Q1 24	-19.2%	+17.4%
Q2 24	+1.8%	+23.6%
Q3 24	+4.4%	+7.2%
Q4 24	+14.8%	-13.3%
Q1 25	+0.9%	-8.0%
Q2 25	+10.6%	-12.3%
Q3 25	+1.7%	-5.2%
Q4 25	+3.6%	+12.9%
Q1 26	+18.8%	-3.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$3M	9.8%
Q3 22	$4M	9.4%
Q4 22	$3M	8.6%
Q1 23	$2M	5.3%
Q2 23	$3M	5.9%
Q3 23	$3M	6.1%
Q4 23	$3M	7.1%
Q1 24	$3M	9.3%
Q2 24	$4M	8.3%
Q3 24	$4M	8.0%
Q4 24	$2M	4.0%
Q1 25	$4M	12.0%
Q2 25	$4M	8.4%
Q3 25	$4M	9.7%
Q4 25	$4M	8.0%
Q1 26	$3M	6.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$7M	$6M	$9M
Q3 22	$8M	$7M	$11M
Q4 22	$5M	$8M	$10M
Q1 23	$8M	$8M	$10M
Q2 23	$7M	$10M	$10M
Q3 23	$7M	$12M	$10M
Q4 23	$6M	$13M	$11M
Q1 24	$9M	$16M	$10M
Q2 24	$10M	$15M	$11M
Q3 24	$10M	$13M	$10M
Q4 24	$6M	$10M	$10M
Q1 25	$8M	$12M	$10M
Q2 25	$10M	$10M	$11M
Q3 25	$9M	$11M	$11M
Q4 25	$8M	$11M	$10M
Q1 26	$7M	$11M	$8M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	16.5%	15.1%	31.6
Q3 22	23.3%	15.7%	39.0
Q4 22	12.5%	13.6%	26.1
Q1 23	40.7%	29.6%	70.4
Q2 23	37.6%	30.5%	68.2
Q3 23	9.9%	17.2%	27.1
Q4 23	0.6%	8.2%	8.8
Q1 24	-19.2%	-2.8%	-22.0
Q2 24	1.8%	13.2%	15.0
Q3 24	4.4%	14.4%	18.8
Q4 24	14.8%	31.6%	46.4
Q1 25	0.9%	4.1%	5.0
Q2 25	10.6%	31.6%	42.2
Q3 25	1.7%	21.0%	22.7
Q4 25	3.6%	20.7%	24.3
Q1 26	18.8%	23.9%	42.7

Rule of 40

Revenue Segments

Quarter	Deposits Revenue	Identity Verification Revenue	License	Service, Other
Q2 22	$21M	$13M	—	—
Q3 22	$22M	$17M	—	—
Q1 23	$30M	$15M	—	—
Q2 23	$29M	$17M	—	—
Q3 23	$25M	$18M	—	—
Q4 23	$20M	$17M	—	—
Q1 24	$21M	$16M	—	—
Q2 24	$30M	$17M	—	—
Q3 24	$29M	$16M	—	—
Q1 25	$19M	$18M	—	—
Q2 25	$34M	$18M	—	—
Q3 25	$26M	$20M	—	—
Q4 25	$24M	$21M	—	—
Q1 26	—	—	$14M	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$24M	$38M	$62M
Q3 22	$22M	$50M	$71M
Q4 22	$32M	$58M	$90M
Q1 23	$57M	$45M	$102M
Q2 23	$83M	$27M	$110M
Q3 23	$87M	$41M	$128M
Q4 23	$59M	$75M	$134M
Q1 24	$65M	$59M	$124M
Q2 24	$81M	$43M	$124M
Q3 24	$84M	$39M	$123M
Q4 24	$93M	$37M	$130M
Q1 25	$91M	$31M	$121M
Q2 25	$105M	$31M	$136M
Q3 25	$127M	$40M	$167M
Q4 25	$154M	$39M	$193M
Q1 26	$175M	$15M	$190M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	46M	-0.1%	+3.5%
Q3 22	45M	-1.9%	+0.1%
Q4 22	45M	+0.2%	-2.0%
Q1 23	46M	+0.7%	-1.1%
Q2 23	46M	+0.3%	-0.7%
Q3 23	46M	+0.5%	+1.7%
Q4 23	46M	-0.0%	+1.5%
Q1 24	46M	+0.6%	+1.4%
Q2 24	48M	+3.8%	+4.9%
Q3 24	48M	+0.6%	+5.0%
Q4 24	47M	-3.6%	+1.3%
Q1 25	45M	-3.0%	-2.4%
Q2 25	47M	+3.1%	-3.0%
Q3 25	47M	+0.5%	-3.0%
Q4 25	47M	+1.0%	+1.6%
Q1 26	47M	-0.3%	+4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$74.8K	448
Q3 22	$87.5K	448
Q4 22	$63.6K	588
Q1 23	$77.7K	588
Q2 23	$78.4K	588
Q3 23	$73.2K	588
Q4 23	$63.8K	590
Q1 24	$62.6K	590
Q2 24	$79.6K	590
Q3 24	$76.2K	590
Q4 24	$68.6K	630
Q1 25	$59.1K	630
Q2 25	$82.4K	630
Q3 25	$72.6K	630
Q4 25	$75.3K	595
Q1 26	$74.4K	595

Revenue / Employee