Mitek Systems (MITK) Financials

$7.82 -0.02 (-0.26%)

Closing price 04:00 PM Eastern

Extended Trading

$7.82 +0.00 (+0.06%)

As of 04:54 PM Eastern

Annual Income Statements for Mitek Systems

This table shows Mitek Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	3.69	8.03	3.28
Consolidated Net Income / (Loss)	3.69	8.03	3.28
Net Income / (Loss) Continuing Operations	3.69	8.03	3.28
Total Pre-Tax Income	3.60	10	-0.91
Total Operating Income	12	16	2.23
Total Gross Profit	125	150	148
Total Revenue	145	173	172
Operating Revenue	145	173	172
Total Cost of Revenue	20	23	24
Operating Cost of Revenue	20	23	24
Total Operating Expenses	113	134	145
Selling, General & Admin Expense	27	43	53
Marketing Expense	39	41	41
Research & Development Expense	30	29	35
Restructuring Charge	17	21	17
Total Other Income / (Expense), net	-8.60	-5.22	-3.14
Interest Expense	8.23	9.06	9.26
Other Income / (Expense), net	-0.37	3.84	6.12
Income Tax Expense	-0.09	2.31	-4.19
Basic Earnings per Share	$0.08	$0.18	$0.07
Weighted Average Basic Shares Outstanding	44.60M	45.53M	46.56M
Diluted Earnings per Share	$0.08	$0.17	$0.07
Weighted Average Diluted Shares Outstanding	45.78M	46.46M	47.47M
Weighted Average Basic & Diluted Shares Outstanding	-	-	44.92M

This table shows Mitek Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	-0.22	0.35	4.73	5.17	-0.43	-1.44	-5.79	0.28	0.22	8.57	-4.61
Consolidated Net Income / (Loss)	-0.22	0.35	4.73	5.17	-0.43	-1.44	-5.79	0.28	0.22	8.57	-4.61
Net Income / (Loss) Continuing Operations	-0.22	0.35	4.73	5.17	-0.43	-1.44	-5.79	0.28	0.22	8.57	-4.61
Total Pre-Tax Income	-1.10	1.33	6.57	6.98	0.36	-3.56	-7.54	-0.42	-0.16	7.20	-4.91
Total Operating Income	0.89	3.80	8.37	8.69	1.79	-3.29	-6.92	0.70	0.73	7.72	-3.07
Total Gross Profit	33	34	41	40	37	31	31	41	38	37	31
Total Revenue	39	40	46	46	43	38	37	47	45	43	37
Operating Revenue	39	40	46	46	43	38	37	47	45	43	37
Total Cost of Revenue	5.78	5.22	5.07	5.90	5.71	6.27	5.53	6.22	6.48	6.16	5.94
Operating Cost of Revenue	5.78	5.22	5.07	5.90	5.71	6.27	5.53	6.22	6.48	6.16	5.94
Total Operating Expenses	33	31	32	32	36	35	38	40	38	29	34
Selling, General & Admin Expense	6.59	7.96	8.48	10	12	13	16	15	13	9.91	12
Marketing Expense	11	9.98	9.52	9.62	10	11	9.86	11	10	9.54	9.70
Research & Development Expense	8.41	8.28	7.67	7.37	7.46	6.48	8.87	9.71	9.98	6.07	8.32
Restructuring Charge	6.30	6.67	6.60	4.48	6.22	3.86	4.03	4.38	4.82	3.82	4.47
Total Other Income / (Expense), net	-1.99	-2.47	-1.80	-1.71	-1.44	-0.28	-0.62	-1.11	-0.89	-0.51	-1.84
Interest Expense	2.08	2.11	2.14	2.16	2.36	2.40	2.26	2.30	2.33	2.36	2.40
Other Income / (Expense), net	0.09	-0.37	0.34	0.45	0.93	2.13	1.64	1.19	1.44	1.85	0.56
Income Tax Expense	-0.88	0.98	1.85	1.81	0.78	-2.12	-1.74	-0.70	-0.38	-1.37	-0.30
Basic Earnings per Share	$0.00	-	$0.11	$0.11	($0.01)	($0.03)	($0.13)	$0.01	$0.00	$0.19	($0.10)
Weighted Average Basic Shares Outstanding	44.67M	44.60M	44.93M	45.38M	46.00M	45.53M	46.29M	46.90M	47.02M	46.56M	45.20M
Diluted Earnings per Share	$0.00	-	$0.10	$0.11	($0.01)	($0.03)	($0.13)	$0.01	$0.00	$0.19	($0.10)
Weighted Average Diluted Shares Outstanding	45.22M	45.78M	45.63M	45.78M	46.47M	46.46M	46.29M	48.04M	48.31M	47.47M	45.20M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	-	-	-	0.00	-	46.79M	46.20M	44.92M	45.24M

This table details how cash moves in and out of Mitek Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	1.75	27	35
Net Cash From Operating Activities	21	32	32
Net Cash From Continuing Operating Activities	21	32	32
Net Income / (Loss) Continuing Operations	3.69	8.03	3.28
Consolidated Net Income / (Loss)	3.69	8.03	3.28
Depreciation Expense	1.40	1.73	1.76
Amortization Expense	24	25	22
Non-Cash Adjustments To Reconcile Net Income	11	-1.27	18
Changes in Operating Assets and Liabilities, net	-18	-2.23	-13
Net Cash From Investing Activities	1.70	-6.78	29
Net Cash From Continuing Investing Activities	1.70	-6.78	29
Purchase of Property, Plant & Equipment	-1.13	-1.03	-1.44
Acquisitions	-123	-0.27	0.00
Purchase of Investments	-48	-72	-62
Sale and/or Maturity of Investments	173	66	93
Net Cash From Financing Activities	-21	1.70	-26
Net Cash From Continuing Financing Activities	-21	1.70	-26
Repayment of Debt	-0.04	-0.04	-0.45
Repurchase of Common Equity	-15	0.00	-24
Issuance of Debt	0.00	0.00	1.50
Issuance of Common Equity	1.73	1.74	1.89
Other Financing Activities, net	-7.66	0.00	-4.64
Effect of Exchange Rate Changes	0.07	0.35	-0.01
Cash Interest Paid	1.16	1.41	1.27
Cash Income Taxes Paid	0.75	3.84	12

This table details how cash moves in and out of Mitek Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-2.44	11	25	26	4.44	-29	5.63	16	3.41	9.11	-2.84
Net Cash From Operating Activities	6.33	5.11	5.26	6.30	17	3.47	-9.46	7.06	13	21	0.57
Net Cash From Continuing Operating Activities	6.33	5.11	5.26	6.30	17	3.47	-9.46	7.06	13	21	0.57
Net Income / (Loss) Continuing Operations	-0.22	0.35	4.73	5.17	-0.43	-1.44	-5.79	0.28	0.22	8.57	-4.61
Consolidated Net Income / (Loss)	-0.22	0.35	4.73	5.17	-0.43	-1.44	-5.79	0.28	0.22	8.57	-4.61
Depreciation Expense	0.51	0.34	0.34	0.42	0.42	0.54	0.39	0.45	0.54	0.38	0.40
Amortization Expense	6.68	7.83	6.34	7.06	6.50	5.42	5.18	6.76	5.77	5.33	5.44
Non-Cash Adjustments To Reconcile Net Income	1.61	2.34	-3.07	3.63	4.03	-5.87	3.06	11	3.13	0.35	4.89
Changes in Operating Assets and Liabilities, net	-2.25	-5.75	-3.09	-9.99	6.03	4.82	-12	-12	3.33	6.47	-5.55
Net Cash From Investing Activities	-0.41	3.86	19	19	-12	-32	18	9.50	0.45	0.91	0.84
Net Cash From Continuing Investing Activities	-0.41	3.86	19	19	-12	-32	18	9.50	0.45	0.91	0.84
Purchase of Property, Plant & Equipment	-0.30	-0.20	-0.15	-0.22	-0.28	-0.38	-0.24	-0.48	-0.43	-0.28	-0.34
Purchase of Investments	-	-	0.00	-	-24	-48	-15	-12	-18	-17	-12
Sale and/or Maturity of Investments	-0.12	0.12	19	19	12	16	33	22	19	18	14
Net Cash From Financing Activities	-7.78	0.37	0.63	0.63	0.06	0.39	-3.11	0.10	-9.86	-13	-3.13
Net Cash From Continuing Financing Activities	-7.78	0.37	0.63	0.63	0.06	0.39	-3.11	0.10	-9.86	-13	-3.13
Repayment of Debt	-	-	-0.04	-	-	-	-0.04	-0.34	-0.04	-0.03	-0.05
Repurchase of Common Equity	-	-0.35	-	-	-	-	0.00	-	-	-14	-3.26
Issuance of Debt	-	-	0.00	-	-	-	0.71	0.25	0.22	0.32	0.00
Issuance of Common Equity	0.03	0.56	0.66	0.63	0.06	0.39	0.86	0.19	0.01	0.84	0.18
Other Financing Activities, net	-	0.16	0.00	-	-	-	-4.64	-	-	-	0.00
Effect of Exchange Rate Changes	-0.58	1.18	0.57	-0.13	-0.06	-0.03	0.31	-0.26	-0.17	0.10	-1.12
Cash Income Taxes Paid	0.22	-0.07	0.21	1.84	-	1.78	7.84	0.67	3.43	0.05	0.69

This table presents Mitek Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	364	405	414
Total Current Assets	138	190	185
Cash & Equivalents	32	59	93
Short-Term Investments	58	75	37
Accounts Receivable	36	32	32
Prepaid Expenses	1.95	3.51	4.51
Other Current Assets	9.66	21	19
Plant, Property, & Equipment, net	3.49	2.83	2.56
Total Noncurrent Assets	223	213	226
Long-Term Investments	11	1.30	11
Goodwill	116	124	132
Intangible Assets	76	65	54
Noncurrent Deferred & Refundable Income Taxes	10	12	19
Other Noncurrent Operating Assets	11	11	9.87
Total Liabilities & Shareholders' Equity	364	405	414
Total Liabilities	194	200	199
Total Current Liabilities	48	51	42
Accounts Payable	4.97	7.59	7.24
Accrued Expenses	-	0.03	0.42
Current Deferred Revenue	21	17	21
Current Employee Benefit Liabilities	10	11	10
Other Taxes Payable	-	-	1.22
Other Current Liabilities	5.41	3.36	1.51
Other Current Nonoperating Liabilities	0.20	0.31	0.21
Total Noncurrent Liabilities	145	149	157
Long-Term Debt	128	136	144
Noncurrent Deferred Revenue	1.78	0.96	0.75
Noncurrent Deferred & Payable Income Tax Liabilities	9.58	6.48	3.89
Other Noncurrent Operating Liabilities	5.72	5.74	8.56
Total Equity & Noncontrolling Interests	171	205	215
Total Preferred & Common Equity	171	205	215
Preferred Stock	0.00	0.00	0.00
Total Common Equity	171	205	215
Common Stock	217	229	247
Retained Earnings	-17	-9.31	-30
Accumulated Other Comprehensive Income / (Loss)	-28	-14	-2.30

This table presents Mitek Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	374	386	402	417	405	417	409	396
Total Current Assets	112	141	160	178	186	202	196	177
Cash & Equivalents	22	57	83	87	65	81	84	91
Short-Term Investments	50	45	27	41	59	43	39	31
Accounts Receivable	30	28	36	38	35	52	42	32
Prepaid Expenses	3.08	2.27	2.79	2.23	6.91	7.78	12	5.05
Other Current Assets	8.32	8.23	12	10	20	18	19	18
Plant, Property, & Equipment, net	3.80	3.37	3.15	3.01	2.70	2.71	2.60	2.42
Total Noncurrent Assets	258	242	239	236	217	213	211	217
Long-Term Investments	20	5.67	4.77	2.82	0.00	6.34	10	17
Goodwill	127	128	130	132	128	126	126	125
Intangible Assets	86	77	73	70	63	59	55	48
Noncurrent Deferred & Refundable Income Taxes	14	14	17	19	13	14	13	19
Other Noncurrent Operating Assets	12	17	13	13	13	7.61	6.09	8.26
Total Liabilities & Shareholders' Equity	374	386	402	417	405	417	409	396
Total Liabilities	198	194	199	210	192	201	200	195
Total Current Liabilities	45	42	45	54	40	47	44	39
Accounts Payable	3.98	6.08	5.45	7.73	10	9.06	6.28	4.98
Accrued Expenses	4.02	1.23	1.49	1.23	-	-	-	0.51
Current Deferred Revenue	14	13	12	13	18	26	24	22
Current Employee Benefit Liabilities	10	6.38	7.89	9.55	7.06	9.59	11	7.54
Other Taxes Payable	-	-	-	-	-	-	-	1.77
Other Current Liabilities	5.76	3.83	3.35	3.64	3.39	2.49	2.37	1.55
Other Current Nonoperating Liabilities	0.00	0.50	0.22	0.67	0.60	0.21	0.50	0.50
Total Noncurrent Liabilities	153	152	154	156	152	154	156	156
Long-Term Debt	126	130	132	134	137	139	142	146
Noncurrent Deferred Revenue	1.41	1.24	1.21	2.06	1.05	1.02	1.26	0.69
Noncurrent Deferred & Payable Income Tax Liabilities	19	15	16	16	6.76	6.69	6.70	3.64
Other Noncurrent Operating Liabilities	6.61	5.66	5.07	4.54	6.70	6.42	6.20	6.46
Total Equity & Noncontrolling Interests	176	191	203	208	214	216	210	201
Total Preferred & Common Equity	176	191	203	208	214	216	210	201
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	176	191	203	208	214	216	210	201
Common Stock	211	220	223	226	236	241	244	252
Retained Earnings	-18	-13	-8.10	-8.53	-15	-15	-25	-38
Accumulated Other Comprehensive Income / (Loss)	-18	-15	-12	-9.50	-7.59	-9.60	-9.87	-13

This table displays calculated financial ratios and metrics derived from Mitek Systems' official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	20.87%	19.16%	-0.27%
EBITDA Growth	29.15%	26.17%	-30.30%
EBIT Growth	-15.05%	63.97%	-56.97%
NOPAT Growth	3.97%	-3.44%	-87.07%
Net Income Growth	-53.70%	117.30%	-59.16%
EPS Growth	-55.56%	112.50%	-58.82%
Operating Cash Flow Growth	-43.44%	49.56%	0.32%
Free Cash Flow Firm Growth	-557.42%	102.25%	-157.78%
Invested Capital Growth	109.61%	4.88%	1.30%
Revenue Q/Q Growth	4.59%	-1.13%	3.34%
EBITDA Q/Q Growth	9.51%	-10.57%	58.72%
EBIT Q/Q Growth	-4.81%	-19.15%	451.14%
NOPAT Q/Q Growth	-7.00%	-17.25%	125.44%
Net Income Q/Q Growth	-28.29%	-18.23%	148.67%
EPS Q/Q Growth	-33.33%	-15.00%	146.67%
Operating Cash Flow Q/Q Growth	-25.47%	-4.92%	125.39%
Free Cash Flow Firm Q/Q Growth	6.81%	-83.41%	78.19%
Invested Capital Q/Q Growth	-6.01%	-2.23%	-0.73%
Profitability Metrics	-	-	-
Gross Margin	86.18%	86.70%	85.82%
EBITDA Margin	25.43%	26.93%	18.82%
Operating Margin	8.43%	9.02%	1.30%
EBIT Margin	8.17%	11.25%	4.85%
Profit (Net Income) Margin	2.55%	4.65%	1.90%
Tax Burden Percent	102.55%	77.62%	-360.62%
Interest Burden Percent	30.44%	53.29%	-10.89%
Effective Tax Rate	-2.55%	22.38%	0.00%
Return on Invested Capital (ROIC)	8.30%	5.78%	0.72%
ROIC Less NNEP Spread (ROIC-NNEP)	36.60%	-13.52%	32.11%
Return on Net Nonoperating Assets (RNNOA)	-6.27%	-1.51%	0.84%
Return on Equity (ROE)	2.03%	4.27%	1.56%
Cash Return on Invested Capital (CROIC)	-62.50%	1.02%	-0.57%
Operating Return on Assets (OROA)	3.02%	5.04%	2.04%
Return on Assets (ROA)	0.94%	2.09%	0.80%
Return on Common Equity (ROCE)	2.03%	4.27%	1.56%
Return on Equity Simple (ROE_SIMPLE)	2.16%	3.91%	1.53%
Net Operating Profit after Tax (NOPAT)	13	12	1.56
NOPAT Margin	8.64%	7.00%	0.91%
Net Nonoperating Expense Percent (NNEP)	-28.30%	19.30%	-31.39%
Return On Investment Capital (ROIC_SIMPLE)	4.10%	3.46%	0.44%
Cost of Revenue to Revenue	13.82%	13.30%	14.18%
SG&A Expenses to Revenue	18.36%	25.12%	30.80%
R&D to Revenue	20.85%	16.80%	20.13%
Operating Expenses to Revenue	77.76%	77.68%	84.53%
Earnings before Interest and Taxes (EBIT)	12	19	8.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	37	46	32
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	2.38	2.38	1.86
Price to Tangible Book Value (P/TBV)	0.00	28.81	13.77
Price to Revenue (P/Rev)	2.81	2.83	2.33
Price to Earnings (P/E)	109.97	60.88	122.20
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.91%	1.64%	0.82%
Enterprise Value to Invested Capital (EV/IC)	2.15	2.32	1.86
Enterprise Value to Revenue (EV/Rev)	3.03	2.88	2.34
Enterprise Value to EBITDA (EV/EBITDA)	11.93	10.70	12.43
Enterprise Value to EBIT (EV/EBIT)	37.11	25.63	48.20
Enterprise Value to NOPAT (EV/NOPAT)	35.10	41.16	257.69
Enterprise Value to Operating Cash Flow (EV/OCF)	20.79	15.74	12.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	234.10	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.78	0.70	0.67
Long-Term Debt to Equity	0.75	0.66	0.67
Financial Leverage	-0.17	0.11	0.03
Leverage Ratio	2.16	2.05	1.95
Compound Leverage Factor	0.66	1.09	-0.21
Debt to Total Capital	43.92%	41.15%	40.07%
Short-Term Debt to Total Capital	1.94%	2.29%	0.00%
Long-Term Debt to Total Capital	41.98%	38.87%	40.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	56.08%	58.85%	59.93%
Debt to EBITDA	3.64	3.09	4.43
Net Debt to EBITDA	0.89	0.18	0.06
Long-Term Debt to EBITDA	3.48	2.92	4.43
Debt to NOPAT	10.70	11.88	91.95
Net Debt to NOPAT	2.63	0.71	1.19
Long-Term Debt to NOPAT	10.23	11.22	91.95
Altman Z-Score	1.99	2.43	2.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	2.84	3.69	4.39
Quick Ratio	2.61	3.22	3.84
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-94	2.12	-1.23
Operating Cash Flow to CapEx	1,875.58%	3,054.74%	2,203.62%
Free Cash Flow to Firm to Interest Expense	-11.45	0.23	-0.13
Operating Cash Flow to Interest Expense	2.57	3.49	3.42
Operating Cash Flow Less CapEx to Interest Expense	2.43	3.37	3.27
Efficiency Ratios	-	-	-
Asset Turnover	0.37	0.45	0.42
Accounts Receivable Turnover	5.51	5.07	5.39
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	40.43	54.59	63.82
Accounts Payable Turnover	5.35	3.65	3.29
Days Sales Outstanding (DSO)	66.20	71.98	67.68
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	68.24	99.90	110.91
Cash Conversion Cycle (CCC)	-2.04	-27.92	-43.23
Capital & Investment Metrics	-	-	-
Invested Capital	204	214	217
Invested Capital Turnover	0.96	0.83	0.80
Increase / (Decrease) in Invested Capital	107	9.96	2.79
Enterprise Value (EV)	439	497	402
Market Capitalization	406	489	401
Book Value per Share	$3.86	$4.50	$4.65
Tangible Book Value per Share	($0.46)	$0.37	$0.63
Total Capital	305	349	358
Total Debt	134	143	144
Total Long-Term Debt	128	136	144
Net Debt	33	8.58	1.85
Capital Expenditures (CapEx)	1.13	1.03	1.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.99	13	13
Debt-free Net Working Capital (DFNWC)	95	146	143
Net Working Capital (NWC)	89	139	143
Net Nonoperating Expense (NNE)	8.82	4.05	-1.72
Net Nonoperating Obligations (NNO)	33	8.88	2.06
Total Depreciation and Amortization (D&A)	25	27	24
Debt-free, Cash-free Net Working Capital to Revenue	3.45%	7.46%	7.30%
Debt-free Net Working Capital to Revenue	65.82%	84.90%	83.04%
Net Working Capital to Revenue	61.74%	80.27%	83.04%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.18	$0.07
Adjusted Weighted Average Basic Shares Outstanding	0.00	45.53M	46.56M
Adjusted Diluted Earnings per Share	$0.00	$0.17	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	46.46M	47.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	44.92M
Normalized Net Operating Profit after Tax (NOPAT)	20	29	13
Normalized NOPAT Margin	14.10%	16.52%	7.84%
Pre Tax Income Margin	2.49%	5.99%	-0.53%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	1.44	2.14	0.90
NOPAT to Interest Expense	1.52	1.33	0.17
EBIT Less CapEx to Interest Expense	1.30	2.03	0.75
NOPAT Less CapEx to Interest Expense	1.38	1.22	0.01
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	410.83%	0.00%	737.64%

This table displays calculated financial ratios and metrics derived from Mitek Systems' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.34%	19.10%	40.74%	37.64%	9.89%	-4.97%	-19.22%	1.83%	4.43%	14.78%	0.91%
EBITDA Growth	-19.45%	38.09%	60.07%	123.36%	18.01%	-58.59%	-98.07%	-45.28%	-11.99%	217.97%	1,018.18%
EBIT Growth	-82.18%	-14.84%	75.44%	272.30%	176.68%	-133.85%	-160.56%	-79.34%	-20.13%	923.24%	52.39%
NOPAT Growth	-87.32%	-65.46%	17.98%	129.08%	-445.62%	-329.52%	-180.40%	-92.41%	123.78%	499.13%	55.55%
Net Income Growth	-107.20%	-80.63%	51.28%	1,088.28%	-99.07%	-511.43%	-222.58%	-94.54%	150.47%	695.35%	20.39%
EPS Growth	-100.00%	0.00%	42.86%	1,000.00%	0.00%	0.00%	-230.00%	-90.91%	100.00%	733.33%	23.08%
Operating Cash Flow Growth	-29.35%	-58.57%	133.67%	-15.25%	161.61%	-31.98%	-279.90%	12.11%	-21.55%	507.60%	105.97%
Free Cash Flow Firm Growth	-282.74%	-350.61%	-297.32%	103.84%	96.53%	88.41%	88.61%	-77.38%	125.95%	152.17%	231.01%
Invested Capital Growth	111.65%	109.61%	113.65%	0.17%	0.83%	4.88%	3.55%	-0.39%	-0.23%	1.30%	-8.21%
Revenue Q/Q Growth	16.97%	1.10%	15.34%	0.92%	-6.62%	-12.57%	-1.96%	27.23%	-4.24%	-3.90%	-13.81%
EBITDA Q/Q Growth	9.73%	42.00%	49.61%	7.98%	-42.03%	-50.18%	-93.82%	2,060.56%	-6.76%	80.02%	-78.25%
EBIT Q/Q Growth	-60.00%	249.59%	153.68%	4.95%	-70.27%	-142.77%	-353.87%	135.80%	14.94%	340.83%	-126.25%
NOPAT Q/Q Growth	-77.75%	60.37%	500.62%	6.88%	-133.57%	-6.50%	-110.40%	110.09%	5.16%	1,687.40%	-123.43%
Net Income Q/Q Growth	-149.43%	262.79%	1,250.29%	9.37%	-108.28%	-236.45%	-302.29%	104.87%	-23.40%	3,868.98%	-153.80%
EPS Q/Q Growth	-100.00%	0.00%	0.00%	10.00%	-109.09%	-200.00%	-333.33%	107.69%	-100.00%	0.00%	-152.63%
Operating Cash Flow Q/Q Growth	-14.90%	-19.30%	3.02%	19.79%	162.69%	-79.02%	-372.47%	174.65%	83.82%	62.51%	-97.32%
Free Cash Flow Firm Q/Q Growth	27.59%	7.20%	-5.07%	105.44%	-165.37%	-210.13%	-3.20%	110.81%	-24.99%	523.38%	159.17%
Invested Capital Q/Q Growth	-3.94%	-6.01%	7.86%	2.86%	-3.32%	-2.23%	6.49%	-1.05%	-3.17%	-0.73%	-3.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.24%	86.83%	88.91%	87.21%	86.74%	83.34%	85.01%	86.77%	85.59%	85.74%	84.04%
EBITDA Margin	20.84%	29.27%	33.69%	36.04%	22.38%	12.75%	0.80%	19.37%	18.86%	35.33%	8.91%
Operating Margin	2.28%	9.58%	18.32%	18.83%	4.16%	-8.73%	-18.73%	1.49%	1.63%	17.85%	-8.25%
EBIT Margin	2.51%	8.66%	19.06%	19.82%	6.31%	-3.09%	-14.29%	4.02%	4.82%	22.13%	-6.74%
Profit (Net Income) Margin	-0.55%	0.88%	10.34%	11.21%	-0.99%	-3.82%	-15.69%	0.60%	0.48%	19.83%	-12.38%
Tax Burden Percent	19.63%	26.40%	71.91%	74.09%	-120.56%	40.42%	76.86%	-67.95%	-135.85%	119.04%	93.95%
Interest Burden Percent	-111.51%	38.63%	75.46%	76.33%	13.07%	306.63%	142.91%	-21.98%	-7.33%	75.29%	195.50%
Effective Tax Rate	0.00%	73.60%	28.09%	25.91%	220.56%	0.00%	0.00%	0.00%	0.00%	-19.04%	0.00%
Return on Invested Capital (ROIC)	1.38%	2.43%	12.88%	10.52%	-4.01%	-5.04%	-9.58%	0.76%	0.87%	16.97%	-4.56%
ROIC Less NNEP Spread (ROIC-NNEP)	5.16%	4.52%	17.56%	6.60%	2.55%	-0.94%	-14.00%	-0.50%	-2.09%	5.80%	-26.42%
Return on Net Nonoperating Assets (RNNOA)	-0.63%	-0.78%	-2.57%	1.10%	0.35%	-0.11%	-1.49%	-0.04%	-0.10%	0.15%	-1.43%
Return on Equity (ROE)	0.75%	1.66%	10.31%	11.62%	-3.66%	-5.15%	-11.08%	0.72%	0.77%	17.12%	-5.99%
Cash Return on Invested Capital (CROIC)	-63.24%	-62.50%	-65.32%	6.82%	5.87%	1.02%	-3.40%	-2.00%	-2.57%	-0.57%	15.77%
Operating Return on Assets (OROA)	0.87%	3.20%	7.64%	8.61%	2.78%	-1.38%	-5.92%	1.62%	1.94%	9.30%	-2.90%
Return on Assets (ROA)	-0.19%	0.33%	4.14%	4.87%	-0.44%	-1.71%	-6.50%	0.24%	0.19%	8.33%	-5.33%
Return on Common Equity (ROCE)	0.75%	1.66%	10.31%	11.62%	-3.66%	-5.15%	-11.08%	0.72%	0.77%	17.12%	-5.99%
Return on Equity Simple (ROE_SIMPLE)	2.93%	0.00%	2.77%	4.94%	4.73%	0.00%	-1.17%	-3.41%	-3.21%	0.00%	2.22%
Net Operating Profit after Tax (NOPAT)	0.63	1.00	6.02	6.44	-2.16	-2.30	-4.84	0.49	0.51	9.18	-2.15
NOPAT Margin	1.59%	2.53%	13.17%	13.95%	-5.02%	-6.11%	-13.11%	1.04%	1.14%	21.25%	-5.78%
Net Nonoperating Expense Percent (NNEP)	-3.78%	-2.09%	-4.67%	3.92%	-6.57%	-4.10%	4.41%	1.26%	2.96%	11.17%	21.87%
Return On Investment Capital (ROIC_SIMPLE)	-	0.33%	-	-	-	-0.66%	-1.38%	-	-	2.56%	-0.62%
Cost of Revenue to Revenue	14.76%	13.17%	11.09%	12.79%	13.26%	16.66%	14.99%	13.23%	14.41%	14.26%	15.96%
SG&A Expenses to Revenue	16.82%	20.09%	18.55%	21.81%	26.91%	35.09%	42.09%	31.82%	28.02%	22.92%	31.95%
R&D to Revenue	21.46%	20.89%	16.78%	15.99%	17.32%	17.22%	24.04%	20.68%	22.19%	14.05%	22.34%
Operating Expenses to Revenue	82.96%	77.25%	70.59%	68.38%	82.58%	92.07%	103.74%	85.28%	83.96%	67.89%	92.30%
Earnings before Interest and Taxes (EBIT)	0.98	3.43	8.71	9.14	2.72	-1.16	-5.27	1.89	2.17	9.57	-2.51
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.17	12	15	17	9.64	4.80	0.30	9.10	8.48	15	3.32
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.33	2.38	2.26	2.11	2.33	2.38	2.78	3.05	2.50	1.86	2.49
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	85.05	28.81	25.89	21.35	18.55	13.77	17.60
Price to Revenue (P/Rev)	2.96	2.81	2.74	2.51	2.78	2.83	3.63	4.01	3.14	2.33	2.90
Price to Earnings (P/E)	79.55	109.97	81.75	42.72	49.34	60.88	0.00	0.00	0.00	122.20	112.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.26%	0.91%	1.22%	2.34%	2.03%	1.64%	0.00%	0.00%	0.00%	0.82%	0.89%
Enterprise Value to Invested Capital (EV/IC)	2.08	2.15	2.10	1.99	2.26	2.32	2.67	2.97	2.43	1.86	2.43
Enterprise Value to Revenue (EV/Rev)	3.26	3.03	2.92	2.65	2.84	2.88	3.71	4.06	3.19	2.34	2.94
Enterprise Value to EBITDA (EV/EBITDA)	13.42	11.93	11.17	8.95	9.53	10.70	19.39	31.03	26.05	12.43	14.34
Enterprise Value to EBIT (EV/EBIT)	36.29	37.11	29.62	20.29	20.62	25.63	112.17	0.00	0.00	48.20	45.69
Enterprise Value to NOPAT (EV/NOPAT)	33.54	35.10	39.94	28.53	33.90	41.16	3,158.77	0.00	0.00	257.69	32.23
Enterprise Value to Operating Cash Flow (EV/OCF)	15.92	20.79	19.12	19.64	14.90	15.74	36.06	37.95	37.80	12.70	12.17
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	29.25	38.65	234.10	0.00	0.00	0.00	0.00	14.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.75	0.78	0.71	0.68	0.68	0.70	0.64	0.65	0.68	0.67	0.73
Long-Term Debt to Equity	0.72	0.75	0.68	0.65	0.64	0.66	0.64	0.65	0.68	0.67	0.73
Financial Leverage	-0.12	-0.17	-0.15	0.17	0.14	0.11	0.11	0.08	0.05	0.03	0.05
Leverage Ratio	2.19	2.16	2.08	2.03	2.06	2.05	1.95	1.95	1.98	1.95	1.93
Compound Leverage Factor	-2.44	0.83	1.57	1.55	0.27	6.28	2.79	-0.43	-0.15	1.47	3.78
Debt to Total Capital	42.91%	43.92%	41.58%	40.42%	40.54%	41.15%	39.14%	39.22%	40.30%	40.07%	42.04%
Short-Term Debt to Total Capital	1.92%	1.94%	1.91%	1.78%	2.29%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.99%	41.98%	39.67%	38.64%	38.25%	38.87%	39.14%	39.22%	40.30%	40.07%	42.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.09%	56.08%	58.42%	59.58%	59.46%	58.85%	60.86%	60.78%	59.70%	59.93%	57.96%
Debt to EBITDA	3.93	3.64	3.29	2.73	2.73	3.09	4.38	6.47	6.94	4.43	4.12
Net Debt to EBITDA	1.23	0.89	0.69	0.46	0.20	0.18	0.43	0.43	0.41	0.06	0.22
Long-Term Debt to EBITDA	3.75	3.48	3.14	2.61	2.57	2.92	4.38	6.47	6.94	4.43	4.12
Debt to NOPAT	9.82	10.70	11.78	8.70	9.70	11.88	714.21	-25.84	-23.05	91.95	9.25
Net Debt to NOPAT	3.08	2.63	2.46	1.47	0.73	0.71	70.52	-1.71	-1.35	1.19	0.50
Long-Term Debt to NOPAT	9.38	10.23	11.24	8.32	9.15	11.22	714.21	-25.84	-23.05	91.95	9.25
Altman Z-Score	1.77	1.92	2.08	2.11	2.15	2.26	2.60	2.77	2.36	2.01	2.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.49	2.84	3.32	3.54	3.32	3.69	4.70	4.27	4.46	4.39	4.59
Quick Ratio	2.24	2.61	3.07	3.22	3.09	3.22	4.02	3.72	3.75	3.84	3.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-114	-106	-111	6.05	-3.95	-12	-13	1.37	1.03	6.39	17
Operating Cash Flow to CapEx	2,144.75%	2,591.88%	3,415.58%	2,890.37%	5,828.17%	918.78%	-3,926.56%	1,462.53%	3,012.76%	7,456.54%	168.66%
Free Cash Flow to Firm to Interest Expense	-54.85	-50.18	-51.99	2.80	-1.67	-5.11	-5.59	0.59	0.44	2.71	6.91
Operating Cash Flow to Interest Expense	3.05	2.42	2.46	2.91	7.01	1.45	-4.18	3.07	5.58	8.93	0.24
Operating Cash Flow Less CapEx to Interest Expense	2.90	2.33	2.39	2.81	6.89	1.29	-4.29	2.86	5.39	8.81	0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.37	0.40	0.43	0.44	0.45	0.41	0.40	0.40	0.42	0.43
Accounts Receivable Turnover	5.75	5.51	6.99	5.71	5.20	5.07	5.16	3.74	4.20	5.39	5.10
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	37.44	40.43	45.02	48.14	51.24	54.59	54.03	56.18	59.40	63.82	67.44
Accounts Payable Turnover	5.44	5.35	4.74	3.62	3.74	3.65	2.88	3.27	3.50	3.29	3.27
Days Sales Outstanding (DSO)	63.45	66.20	52.19	63.89	70.24	71.98	70.80	97.59	86.83	67.68	71.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	67.14	68.24	76.93	100.86	97.63	99.90	126.64	111.57	104.33	110.91	111.48
Cash Conversion Cycle (CCC)	-3.68	-2.04	-24.74	-36.96	-27.39	-27.92	-55.85	-13.98	-17.50	-43.23	-39.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	217	204	220	226	219	214	228	226	218	217	209
Invested Capital Turnover	0.87	0.96	0.98	0.75	0.80	0.83	0.73	0.73	0.76	0.80	0.79
Increase / (Decrease) in Invested Capital	115	107	117	0.39	1.79	9.96	7.81	-0.88	-0.51	2.79	-19
Enterprise Value (EV)	451	439	461	452	495	497	608	669	531	402	508
Market Capitalization	410	406	433	428	484	489	594	660	523	401	500
Book Value per Share	$3.96	$3.86	$4.28	$4.54	$4.65	$4.50	$4.69	$4.62	$4.48	$4.65	$4.47
Tangible Book Value per Share	($0.84)	($0.46)	($0.30)	($0.01)	$0.13	$0.37	$0.50	$0.66	$0.60	$0.63	$0.63
Total Capital	308	305	327	341	349	349	351	356	351	358	347
Total Debt	132	134	136	138	142	143	137	139	142	144	146
Total Long-Term Debt	126	128	130	132	134	136	137	139	142	144	146
Net Debt	41	33	28	23	11	8.58	14	9.23	8.31	1.85	7.83
Capital Expenditures (CapEx)	0.30	0.20	0.15	0.22	0.28	0.38	0.24	0.48	0.43	0.28	0.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.94	4.99	2.66	11	4.42	13	22	30	29	13	17
Debt-free Net Working Capital (DFNWC)	73	95	105	121	133	146	146	154	152	143	138
Net Working Capital (NWC)	67	89	98	115	125	139	146	154	152	143	138
Net Nonoperating Expense (NNE)	0.84	0.65	1.30	1.27	-1.73	-0.86	0.95	0.21	0.30	0.61	2.46
Net Nonoperating Obligations (NNO)	41	33	29	23	11	8.88	14	9.44	8.81	2.06	8.33
Total Depreciation and Amortization (D&A)	7.19	8.16	6.69	7.49	6.92	5.96	5.57	7.21	6.31	5.70	5.83
Debt-free, Cash-free Net Working Capital to Revenue	1.40%	3.45%	1.68%	6.57%	2.53%	7.46%	13.71%	18.48%	17.24%	7.30%	9.91%
Debt-free Net Working Capital to Revenue	52.74%	65.82%	66.18%	70.88%	75.95%	84.90%	89.37%	93.77%	91.15%	83.04%	80.21%
Net Working Capital to Revenue	48.48%	61.74%	62.22%	67.33%	71.36%	80.27%	89.37%	93.77%	91.15%	83.04%	80.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	$0.00	$0.11	$0.11	($0.01)	($0.03)	($0.13)	$0.01	$0.00	$0.19	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	44.67M	44.60M	44.93M	45.38M	46.00M	45.53M	46.29M	46.90M	47.02M	46.56M	45.20M
Adjusted Diluted Earnings per Share	$0.02	$0.00	$0.10	$0.11	($0.01)	($0.03)	($0.13)	$0.01	$0.00	$0.19	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	45.22M	45.78M	45.63M	45.78M	46.47M	46.46M	46.29M	48.04M	48.31M	47.47M	45.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.79M	46.20M	44.92M	45.24M
Normalized Net Operating Profit after Tax (NOPAT)	5.04	7.33	11	9.76	5.61	0.40	-2.02	3.55	3.89	8.08	0.97
Normalized NOPAT Margin	12.85%	18.49%	23.55%	21.15%	13.02%	1.06%	-5.47%	7.57%	8.64%	18.69%	2.61%
Pre Tax Income Margin	-2.79%	3.35%	14.38%	15.13%	0.82%	-9.46%	-20.42%	-0.88%	-0.35%	16.66%	-13.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.47	1.63	4.08	4.23	1.15	-0.48	-2.33	0.82	0.93	4.05	-1.05
NOPAT to Interest Expense	0.30	0.48	2.82	2.98	-0.91	-0.96	-2.14	0.21	0.22	3.88	-0.90
EBIT Less CapEx to Interest Expense	0.33	1.54	4.00	4.12	1.03	-0.64	-2.44	0.61	0.75	3.93	-1.19
NOPAT Less CapEx to Interest Expense	0.16	0.38	2.75	2.87	-1.03	-1.12	-2.25	0.00	0.04	3.77	-1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	291.56%	410.83%	0.00%	0.00%	3.54%	0.00%	0.00%	0.00%	-149.07%	737.64%	615.32%

Frequently Asked Questions About Mitek Systems' Financials

When does Mitek Systems's fiscal year end?

According to the most recent income statement we have on file, Mitek Systems' financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Mitek Systems' net income changed over the last 2 years?

Mitek Systems' net income appears to be on a downward trend, with a most recent value of $3.28 million in 2024, falling from $3.69 million in 2022. The previous period was $8.03 million in 2023.

What is Mitek Systems's operating income?

Mitek Systems's total operating income in 2024 was $2.23 million, based on the following breakdown:

Total Gross Profit: $147.69 million
Total Operating Expenses: $145.46 million

How has Mitek Systems revenue changed over the last 2 years?

Over the last 2 years, Mitek Systems' total revenue changed from $144.80 million in 2022 to $172.08 million in 2024, a change of 18.8%.

How much debt does Mitek Systems have?

Mitek Systems' total liabilities were at $198.95 million at the end of 2024, a 0.6% decrease from 2023, and a 2.8% increase since 2022.

How much cash does Mitek Systems have?

In the past 2 years, Mitek Systems' cash and equivalents has ranged from $32.06 million in 2022 to $93.46 million in 2024, and is currently $93.46 million as of their latest financial filing in 2024.

How has Mitek Systems' book value per share changed over the last 2 years?

Over the last 2 years, Mitek Systems' book value per share changed from 3.86 in 2022 to 4.65 in 2024, a change of 20.6%.

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This page (NASDAQ:MITK) was last updated on 4/15/2025 by MarketBeat.com Staff

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Mitek Systems (MITK) Financials

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Mitek Systems (MITK) Financials

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