olivLaw · US equity research
Mitek Systems, Inc. MITK
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
Mitek Systems is a global provider of digital identity verification and fraud prevention solutions used by banks and fintech firms against AI-driven fraud. Revenue grew 18% in the third quarter of fiscal 2026, and the company raised its fiscal 2026 revenue outlook to $195-200 million, signalling a shift toward a SaaS model.
At the close of 04 Nov 2026, Mitek Systems, Inc. (MITK) stock was 19.09 USD (+5.35% on the day), with market capitalisation 861.4 m USD, P/E 40.7 on diluted EPS of 0.47 USD over the last 12 months, beta 1.25, 52-week range 8.65–20.14 USD. Latest reported quarter (Q3 2026): revenue of 54.0 m USD (+18.2% YoY), net income of 8.4 m USD (+249.2% YoY), diluted EPS 0.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.3
- strong (55–70)
- Bollinger (20, 2)
- 15.87 – 19.48
- in the upper half of the band · %B 0.89 · band width 20.5%
- SMA 50 / 200
- 17.70 / 15.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.30 / 0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.9% | −2.0% | +9.8 pp | — |
| 3 months | +11.4% | −2.2% | +13.6 pp | — |
| 6 months | +25.3% | +4.3% | +21.1 pp | — |
| Year to date | +80.9% | +10.6% | +70.4 pp | — |
| 1 year | +111.6% | +10.5% | +101.2 pp | −19.6% |
| 3 years | +77.9% | +73.7% | +4.2 pp | −9.4% |
| 5 years | +5.9% | +61.7% | −55.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43.2 m | 37.3 m | 51.9 m | 45.7 m | 44.8 m | 44.2 m | 54.8 m | 54.0 m |
| Research & development | 6.1 m | 8.3 m | 9.8 m | 9.0 m | 8.2 m | 7.4 m | 7.6 m | 8.1 m |
| Operating income | 7.7 m | -3.1 m | 11.4 m | 3.8 m | 4.7 m | 5.4 m | 13.5 m | 11.5 m |
| Depreciation & amortisation | 420.0 k | 395.0 k | 344.0 k ≈ | 432.0 k ≈ | 129.0 k | 353.0 k | 428.0 k ≈ | 504.0 k ≈ |
| Interest expense | 2.4 m | 2.4 m | 2.4 m | 2.5 m | 2.5 m | 2.5 m | 1.5 m | 721.0 k |
| Pre-tax income | 7.2 m | -4.9 m | 10.1 m | 3.1 m | 3.3 m | 4.4 m | 12.7 m | 11.2 m |
| Income tax | -1.4 m | -297.0 k | 916.0 k | 749.0 k | 1.4 m | 1.6 m | 3.2 m | 2.8 m |
| Net income | 8.6 m | -4.6 m | 9.2 m | 2.4 m | 1.9 m | 2.8 m | 9.5 m | 8.4 m |
| Diluted EPS | 0.18 ≈ | -0.10 | 0.20 | 0.05 | 0.04 ≈ | 0.06 | 0.20 | 0.17 |
| Operating cash flow | 21.1 m | 565.0 k | 13.7 m ≈ | 21.6 m ≈ | 19.5 m | 8.0 m | -945.0 k ≈ | 27.2 m ≈ |
| Capex | 283.0 k | 335.0 k | 232.0 k ≈ | 329.0 k ≈ | 259.0 k | 1.4 m | 1.6 m ≈ | 1.8 m ≈ |
| Share repurchases | 14.1 m | 3.3 m | 1.0 k ≈ | 1.0 k ≈ | 1.5 m | 10.0 m | 7.8 m ≈ | 2.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 19 percentile of its own 31-quarter history (min 25.0, median 71.6, max 140.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63.6 m | 84.6 m | 101.3 m | 119.8 m | 144.8 m | 172.6 m | 172.1 m | 179.7 m |
| Revenue YoY | +40.0% | +33.1% | +19.8% | +18.2% | +20.9% | +19.2% | −0.3% | +4.4% |
| Net income | -11.8 m | -724.0 k | 7.8 m | 8.0 m | 3.7 m | 8.0 m | 3.3 m | 8.8 m |
| Net income YoY | −183.8% | unavailable | unavailable | +2.1% | −53.7% | +117.3% | −59.2% | +168.3% |
| Diluted EPS | -0.33 | -0.02 | 0.18 | 0.18 | 0.08 | 0.17 | 0.07 | 0.19 |
| Diluted EPS YoY | −182.5% | unavailable | unavailable | 0.0% | −55.6% | +112.5% | −58.8% | +171.4% |
| net % | -18.6% | -0.9% | 7.7% | 6.7% | 2.6% | 4.7% | 1.9% | 4.9% |
| Free cash flow | 1.3 m | 13.2 m | 23.3 m | 36.0 m | 20.0 m | 30.6 m | 30.3 m | 54.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 154.2 m USD
- Financial debt
- 152.2 m USD
- Net debt
- -1.9 m USD
- Equity
- 240.3 m USD
- Total assets
- 459.1 m USD
- Debt / equity
- 0.63x
- Current ratio
- 1.19x
- ROE
- 3.9%
- ROA
- 2.0%
- FCF margin
- 30.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 101.3 m | 119.8 m | 144.8 m | 172.6 m | 172.1 m | 179.7 m | SEC (XBRL)· 11 Dec 2025verified |
| Research & development | 22.9 m | 28.0 m | 30.2 m | 29.0 m | 34.6 m | 35.3 m | SEC (XBRL)· 11 Dec 2025verified |
| Operating income | 8.9 m | 13.3 m | 12.2 m | 15.6 m | 2.2 m | 16.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Depreciation & amortisation | 1.5 m | 1.4 m | 1.4 m | 1.7 m | 1.8 m | 1.3 m | SEC (XBRL)· 11 Dec 2025verified |
| EBITDA | 10.4 m ≈ | 14.7 m ≈ | 13.6 m ≈ | 17.3 m ≈ | 4.0 m ≈ | 18.1 m ≈ | SEC (XBRL)· 11 Dec 2025derived |
| Interest expense | 0 | 5.1 m | 8.2 m | 9.1 m | 9.3 m | 9.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Pre-tax income | 9.4 m | 8.8 m | 3.6 m | 10.3 m | -909.0 k | 11.6 m | SEC (XBRL)· 11 Dec 2025verified |
| Income tax | 1.6 m | 824.0 k | -92.0 k | 2.3 m | -4.2 m | 2.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Net income | 7.8 m | 8.0 m | 3.7 m | 8.0 m | 3.3 m | 8.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Diluted EPS | 0.18 | 0.18 | 0.08 | 0.17 | 0.07 | 0.19 | SEC (XBRL)· 11 Dec 2025verified |
| Weighted average diluted shares | 42.5 m | 45.1 m | 45.8 m | 46.5 m | 47.5 m | 46.9 m | SEC (XBRL)· 11 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 20.0 m | 30.3 m | 32.1 m | 58.9 m | 93.5 m | 154.2 m | SEC (XBRL)· 11 Dec 2025verified |
| Receivables | 15.6 m | 16.6 m | 35.9 m | 32.1 m | 31.7 m | 36.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Current assets | 84.1 m | 204.1 m | 137.9 m | 190.0 m | 185.1 m | 248.5 m | SEC (XBRL)· 11 Dec 2025verified |
| Property, plant & equipment, net | 3.6 m | 3.7 m | 3.5 m | 2.8 m | 2.6 m | 2.3 m | SEC (XBRL)· 11 Dec 2025verified |
| Goodwill | 35.7 m | 63.1 m | 115.6 m | 123.5 m | 131.6 m | 133.5 m | SEC (XBRL)· 11 Dec 2025verified |
| Intangibles (excl. goodwill) | 19.3 m | 28.7 m | 75.8 m | 64.7 m | 54.1 m | 39.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Total assets | 169.2 m | 419.7 m | 364.5 m | 405.4 m | 413.8 m | 459.1 m | SEC (XBRL)· 11 Dec 2025verified |
| Accounts payable | 3.9 m | 2.5 m | 5.0 m | 7.6 m | 7.2 m | 3.9 m | SEC (XBRL)· 11 Dec 2025verified |
| Short-term debt | — | — | — | — | — | 152.2 m | SEC (XBRL)· 07 May 2026verified |
| Long-term debt | — | — | — | — | 2.7 m | 0 | SEC (XBRL)· 07 May 2026verified |
| Current liabilities | 24.4 m | 39.2 m | 48.5 m | 51.5 m | 42.1 m | 209.0 m | SEC (XBRL)· 11 Dec 2025verified |
| Total liabilities | 36.9 m | 226.9 m | 193.5 m | 200.2 m | 199.0 m | 218.9 m | SEC (XBRL)· 11 Dec 2025verified |
| Equity | 132.2 m † | 192.8 m † | 171.0 m † | 205.2 m † | 214.8 m † | 240.3 m † | SEC (XBRL)· 11 Dec 2025verified |
| Shares outstanding at year end | — | — | 44.7 m | 45.6 m | — | — | SEC (XBRL)· 26 Oct 2023verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 24.1 m | 37.3 m | 21.1 m | 31.6 m | 31.7 m | 55.3 m | SEC (XBRL)· 11 Dec 2025verified |
| Capex | 803.0 k | 1.4 m | 1.1 m | 1.0 m | 1.4 m | 1.2 m | SEC (XBRL)· 11 Dec 2025verified |
| Free cash flow | 23.3 m ≈ | 36.0 m ≈ | 20.0 m ≈ | 30.6 m ≈ | 30.3 m ≈ | 54.2 m ≈ | SEC (XBRL)· 11 Dec 2025derived |
| Investing cash flow | -24.7 m | -170.5 m | 1.7 m | -6.8 m | 28.7 m | 5.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Financing cash flow | 3.4 m | 143.7 m | -21.1 m | 1.7 m | -25.9 m | -1.8 m | SEC (XBRL)· 11 Dec 2025verified |
| Share repurchases | 1.0 m | 190.0 k | 15.2 m | 0 | 24.2 m | 4.7 m | SEC (XBRL)· 11 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 861.4 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation66
- Balance sheet100
- Quality93
- Growth30
- Returns74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.54 – 27.64 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)18.17 – 27.64 (Mid 21.83)WACC 9.0% · starting FCFF 53.8 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 1.3%
- Peers: EV/Sales4.54 – 9.68 (Mid 5.20)4 companies used · median multiple 1.0x · quartiles 0.8x – 2.0xCRSR, EVLV, MYND, XRX
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | 17.8% | 88 (vs peers) | 10% |
| FCF margin · Quality | 24.6% | 98 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 7.5% | 30 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 4.4% | 29 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | -1.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 4.1x | 40 (vs peers) | 19% |
| FCF yield · Valuation | 5.6% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.5% | 74 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/2 factors with a value
- Growth30/100 · 2/2 factors with a value
- Quality93/100 · 2/3 factors with a value
- Returns74/100 · 1/1 factors with a value
- Valuation66/100 · 2/2 factors with a value
Memo
MITEK SYSTEMS, INC. (MITK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 179.7 m USD in 2025; YoY growth 4.4%; net margin 11.4%; ROE 9.2%; net debt/EBITDA -1.1x.
The estimated value range is 11.36–18.66 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 13.52 USD, the price of 19.09 USD leaves a potential of -29.2% (value / price − 1) and a margin of safety of -41.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 17.8%
- FCF margin: 24.6%
- Net debt / EBITDA: -1.1x
- Current ratio: 2.7x
- FCF yield: 5.6%
- Shareholder yield (distributions): 2.5%
What contradicts it
- Revenue CAGR 3Y: 7.5%
- Revenue growth (YoY): 4.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Gross margin.
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 286.5 bn | 875.5 | 1.7% | 2.7% | +24.5% | +84% / +137% |
| FTNTFortinet, Inc. | 94.1 bn | 41.6 | 153.1% | 29.0% | +14.2% | +58% / +144% |
| LOGILogitech International S.A. | 13.2 bn | 16.7 | 38.2% | 16.4% | +6.3% | −18% / +6% |
| CRSRCorsair Gaming, Inc. | 1.4 bn | 41.4 | 5.8% | 2.5% | +11.9% | +104% / +3% |
| EVLVEvolv Technologies Holdings, Inc. | 871.2 m | — | -4.9% | -3.0% | +40.5% | −25% / +20% |
| MITKMitek Systems, Inc. | 861.4 m | 40.7 | 9.2% | 11.4% | +4.4% | +112% / +78% |
| SSYSStratasys Ltd. | 587.3 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 237.8 m | 21.6 | 3.5% | 0.6% | +11.2% | +1% / +10% |
| RDCMRadcom Ltd. | 168.7 m | 14.3 | 11.4% | 16.8% | +17.2% | −22% / +29% |
| XRXXerox Holdings Corp | 155.0 m | — | -128.0% | -11.9% | +12.9% | −58% / −92% |
| MYNDMynd.ai, Inc. | 126.0 m | — | -995.5% | -32.2% | −37.2% | −56% / −97% |
| INVEInve Technologies, Inc. | 64.0 m | — | -10.9% | -62.9% | −19.3% | −22% / −62% |
| TACTTransact Technologies Inc | 54.4 m | — | -1.3% | -0.8% | +18.7% | +19% / −22% |
| LINKInterlink Electronics, Inc | 52.3 m | — | -10.5% | -7.9% | +1.8% | −8% / −39% |
| WETHWetouch Technology Inc. | 11.6 m | 1.2 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 5.4 m | — | -196.3% | -106,283.3% | +499.0% | −65% / −95% |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | +5% / unavailable |
1- and 3-year price returns: for MITK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.37 Total return -35% · Per year -35% | 21.83 Total return 14% · Per year 14% | 32.84 Total return 72% · Per year 72% |
| 3 years | 12.73 Total return -33% · Per year -13% | 25.21 Total return 32% · Per year 10% | 41.54 Total return 118% · Per year 30% |
| 5 years | 13.10 Total return -31% · Per year -7% | 29.11 Total return 52% · Per year 9% | 52.53 Total return 175% · Per year 22% |
- Exit P/E± 6.30
- Net margin± 4.41
- Annual revenue growth± 3.52
- Annual dilution± 0.37
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Mitek Systems is a global provider of digital identity verification and fraud prevention solutions used by banks and fintech firms against AI-driven fraud. Revenue grew 18% in the third quarter of fiscal 2026, and the company raised its fiscal 2026 revenue outlook to $195-200 million, signalling a shift toward a SaaS model.
SWOT
Strengths
- The company holds a recognised patent portfolio and a broad customer base in the financial sector, with more than 7,000 organisations. Its Mobile Deposit technology is integrated in many banking apps in the United States.
- Growing SaaS revenue and a rising share of recurring revenue provide a more predictable base. A high non-GAAP gross margin suggests an efficient cost structure.
- Acquisitions in biometric and KYC technology have extended its capabilities, allowing it to offer an integrated portfolio of solutions.
Weaknesses
- Most revenue comes from a limited number of technology types, which exposes the company to product concentration risk.
- Software licence and hardware revenue declined in fiscal 2025, and sales of legacy identity verification products fell.
- Sales and implementation cycles are long and hard to predict, which makes quarterly results difficult to anticipate.
Opportunities
- Rising AI-enabled fraud and regulatory requirements could increase demand for deepfake detection and KYC verification solutions.
- Expanding the consortium data network and partner channel could bring the products to a larger number of financial institutions.
- Appointing a new chief revenue officer could accelerate sales strategy and partnerships if execution proves effective.
Threats
- A shift away from checks toward digital alternatives could reduce demand for mobile deposit products.
- Competitors with greater resources or cheaper technologies could lead to price reductions and lower margins.
- Patent litigation, including suits by third parties against banks that are customers, could generate defence costs or indemnification claims.
Risks
- Concentration on a few technologieshigh
Most revenue comes from a few technology types, and falling demand for them could affect financial results.
- Patent litigationhigh
Lawsuits over mobile deposit patents could create costs and indemnification claims, including obligations to defend customers.
- Declining check usagemedium
The decline of check usage and a plateau in active mobile banking users could reduce volumes for core products.
- AI and biometric regulationmedium
New laws on facial recognition and biometric data processing could raise compliance costs and limit some products.
- Dependence on mobile operating systemslow
Changes by platform providers to operating systems, terms or camera access could disrupt product functionality.
Investment thesis
What would need to be true (bull case)
- Growth in SaaS revenue and in fraud and identity revenue in the third quarter of fiscal 2026 suggests the business model shift could support sustained growth, if the trend continues.
- Rising adjusted EBITDA margins and the raised fiscal 2026 outlook suggest the cost structure could generate higher profit at similar revenue levels.
- AI-enabled fraud creates rising demand for detection, and the bank consortium network could strengthen the company's position over time.
What would break the thesis
- Most revenue still comes from a few technology types, and declining check usage could hurt core products over the long term.
- Licence revenue fell in fiscal 2025, and recent growth may partly depend on renewal timing, which could make quarterly results more volatile.
- Patent litigation and competition from larger providers could pressure prices and margins, and legal costs could remain high.
What to watch
- Delivery of the fiscal 2026 revenue guidance of $195-200 millionQ4 2026
- Growth of fraud and identity SaaS revenue and the onboarding of the top five US bank into the consortium networkQ4 2026
- Effect of the board chair transition and the new chief revenue officer on commercial strategy2027
- Outcome of mobile deposit patent litigation and any indemnification claimsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Mitek provides identity verification, deepfake detection and fraud prevention technologies embedded in its clients' mobile and web applications. Its flagship Mobile Deposit product lets users deposit checks by phone and is integrated into the banking apps of many financial institutions in the United States and Canada. According to the annual report, the company serves more than 7,000 organizations, including financial institutions, fintech companies, telecom providers and digital marketplaces.
The portfolio includes the MiVIP platform for KYC processes, Mobile Verify for identity document verification, MiSnap for automatic image capture, Check Fraud Defender for check fraud detection and MiPass for passwordless biometric authentication. The company acquired ID R&D in 2021 and HooYu in 2022 to extend its biometric and KYC orchestration capabilities.
Revenue comes from software licences, hardware and, increasingly, transactional and recurring SaaS services. In fiscal 2025, SaaS, maintenance and other revenue made up 59% of the total, up from 52% a year earlier, which indicates a shift in the revenue model.
Segments
Software licence and hardware
This segment includes licences for mobile check deposit products and legacy identity verification technologies. In fiscal 2025 it fell to $74.1 million, 41% of revenue, as multi-year Mobile Deposit renewals declined and sales of legacy products decreased.
SaaS, maintenance and other
This segment covers Mobile Verify, HooYu, MiVIP, Mobile Deposit and Check Fraud Defender offered as cloud services. It grew 17% in fiscal 2025 to $105.6 million, 59% of revenue, and was the main growth driver in the third quarter of fiscal 2026.
Market context
The company argues that digital fraud, deepfakes and KYC and AML regulatory requirements are increasing demand for identity verification. The market is fragmented with many providers, and sales and implementation cycles can run six months or longer for large customers.
Mitek operates in the United States, Canada, the United Kingdom and Europe through direct sales and partnerships with technology, fraud and identity providers. The development of a consortium data network with financial institutions is cited as a differentiator for Check Fraud Defender.
Trends
- AI-enabled fraudtailwind
Deepfakes, voice clones and synthetic identities lower the barrier for fraudsters and can bypass legacy systems. This could increase demand for Mitek's solutions if clients choose to invest in detection.
- Declining check usageheadwind
Alternatives such as Zelle and Venmo have reduced check usage, and many of the company's products still rely on checks. If this trend continues, revenue from check-related products could decline.
- Shift to SaaSmixed
Customers are moving from licences to SaaS subscriptions, which could stabilise recurring revenue but may slow near-term revenue recognition. Third-quarter results show strong growth in this segment.
- Biometric data regulationheadwind
Laws on facial recognition and biometric data processing may raise compliance costs and limit some products. The effect is uncertain and depends on jurisdiction.
Competitive position
Competition includes solutions built in-house by customers, companies offering alternative identity and fraud methods, providers of competing mobile deposit or document verification technologies, and face and voice recognition authentication. Many competitors have greater financial and marketing resources.
The company says its patents for mobile image capture, its product portfolio and its market expertise provide advantages, but these depend on continued investment in innovation and on rapid adaptation to regulation and new fraud types.
- In-house customer-built solutions
Financial institutions that build their own verification and fraud detection systems are a direct competitor, according to the annual report.
- Providers of alternative mobile deposit technologies
Companies offering competing technologies for mobile check deposit or identity document verification are named as principal competitors.
- Biometric authentication providers
Third-party face and voice recognition authentication solutions compete with Mitek products in authentication workflows.
- General fraud prevention service providers
Companies with broader fraud and identity prevention services compete on price, accuracy and global coverage, as noted in the annual report.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report09 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report04 Mar 2026Shareholder vote
- Current report20 Feb 2026Departure or appointment of officers · Financial statements and exhibits
- Current report05 Feb 2026Termination of a material agreement · Results of operations · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Proxy statement26 Jan 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Mitek Systems, Inc. · 11 Dec 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mitek Systems, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mitek Systems, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.