Mitek Systems, Inc.
- Open
- 18.97
- Day high
- 19.22
- Day low
- 18.62
- Prev close
- 18.97
- Volume
- 553K
- Mkt cap
- $844M
- P/E (TTM)
- 51.5
- EPS (TTM)
- $0.36
- P/B
- 3.5
- P/S
- 4.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.4M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Mitek Systems, Inc. (MITK) is a Technology company listed on NASDAQ. The stock is up 100% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Mitek Systems, Inc. (MITK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MITK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.26 | $0.38 | +46.2% | $55M | +4.3% |
| Feb 5, 2026 | $0.20 | $0.26 | +30.0% | $44M | -15.9% |
| Dec 11, 2025 | $0.18 | $0.24 | +33.3% | $45M | +9.1% |
| Aug 7, 2025 | $0.18 | $0.22 | +22.2% | $46M | +11.9% |
| May 8, 2025 | $0.26 | $0.36 | +38.5% | $52M | +13.1% |
| Dec 16, 2024 | $0.17 | $0.33 | +94.1% | $43M | +19.9% |
| Aug 8, 2024 | $0.26 | $0.25 | -3.8% | $45M | +8.9% |
| Mar 19, 2024 | $0.14 | $0.15 | +7.1% | $37M | -5.4% |
| Oct 26, 2023 | $0.18 | $0.20 | +11.1% | $38M | -12.6% |
| Sep 5, 2023 | $0.21 | $0.31 | +47.6% | $43M | +9.3% |
| Mar 2, 2023 | $0.14 | $0.17 | +21.4% | $39M | — |
| Jul 28, 2022 | $0.21 | $0.23 | +9.5% | $39M | +9.0% |
MITK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | Gafke Garrettofficer: Chief Operating Officer | Sell | 21,108 | $14.19 |
| Apr 28, 2026 | Gafke Garrettofficer: Chief Operating Officer | Option | 240,384 | — |
| Apr 28, 2026 | Gafke Garrettofficer: Chief Operating Officer | Grant | 120,192 | — |
| Apr 28, 2026 | Gafke Garrettofficer: Chief Operating Officer | Sell | 152,529 | $13.92 |
| Mar 5, 2026 | Stevenson Kimberly Sdirector | Grant | 11,448 | — |
| Mar 5, 2026 | Repo Susandirector | Grant | 11,448 | — |
| Mar 5, 2026 | Carter Scott Rdirector | Grant | 11,448 | — |
| Mar 5, 2026 | Fay James Danieldirector | Grant | 11,448 | — |
| Mar 5, 2026 | Gupta Rahuldirector | Grant | 11,448 | — |
| Mar 5, 2026 | Gray Jasonofficer: GC, Secretary & Admin Officer | Sell | 73,174 | $14.74 |
| Mar 5, 2026 | Wells Donnadirector | Grant | 11,448 | — |
| Mar 5, 2026 | Gray Jasonofficer: GC, Secretary & Admin Officer | Option | 32,861 | $8.60 |
| Mar 5, 2026 | ROSSI MARKdirector | Grant | 11,448 | — |
| Mar 5, 2026 | Gray Jasonofficer: GC, Secretary & Admin Officer | Option | 30,313 | $9.50 |
| Feb 6, 2026 | BELL ERIC CHRISTOPHERofficer: Chief Accounting Officer | Grant | 10,184 | — |
Source: MITK SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full MITK insider & 13F page →Mitek Systems, Inc. company profile
Overview
Mitek Systems, Inc. (NASDAQ:MITK) is a San Diego-based technology company that has been developing mobile image capture and digital identity verification solutions since its incorporation in 1986. The company went public in 1989 and has evolved from its early focus on mobile deposit technology to become a comprehensive provider of fraud prevention and identity verification solutions. Today, Mitek serves financial institutions, enterprises, and other organizations across the United States, Europe, Latin America, and internationally, helping them digitize customer onboarding processes and combat increasingly sophisticated fraud threats.
Business
Mitek operates in the digital identity verification and mobile image capture software industry, providing solutions that enable organizations to verify customer identities and process financial documents digitally. The company's technology is embedded in mobile applications and web browsers to facilitate secure digital customer experiences. The company operates through two primary business segments. The Deposits Products segment generates approximately 60% of total revenue and includes Mobile Deposit technology that allows individuals and businesses to deposit checks remotely using smartphone cameras, along with CheckReader for automatic data extraction from checks and Check Fraud Defender, an AI-powered fraud prevention system. The Identity Products segment accounts for roughly 40% of revenue and encompasses comprehensive identity verification solutions including Mobile Verify for identity document verification, ID_CLOUD for automated identity validation, IDLive Face for facial liveness detection, IDVoice for voice biometric authentication, and the MiVIP (Mitek Verified Identity Platform) that consolidates multiple verification methods. The company's solutions address the growing need for digital transformation in financial services and other regulated industries. Mobile Deposit technology eliminates the need for physical bank visits by enabling remote check deposits, while the identity verification products help organizations comply with Know Your Customer (KYC) regulations and prevent fraud during digital onboarding processes. These solutions are particularly valuable as businesses increasingly shift toward digital-first customer experiences while facing escalating threats from AI-driven fraud and deepfake technology.
Revenue model
Mitek generates revenue through multiple business models centered around software licensing, transaction-based fees, and Software-as-a-Service (SaaS) subscriptions. The company's customers are primarily financial institutions, fintech companies, and other enterprises that need to verify customer identities or process financial documents digitally. For the Deposits Products segment, revenue comes from licensing fees for Mobile Deposit software, transaction-based pricing for check processing volumes, and subscription fees for Check Fraud Defender. Financial institutions pay based on the number of mobile deposit transactions processed or subscribe to fraud prevention services. The Identity Products segment generates revenue through transaction-based pricing for identity verification services, where customers pay per verification attempt, along with platform licensing fees and SaaS subscriptions for ongoing access to verification tools. The company has been strategically increasing its SaaS revenue proportion, which reached 40% of total revenue in Q2 2025, providing more predictable recurring income streams. This shift toward subscription-based revenue models offers better visibility and typically higher margins compared to one-time licensing deals. Several factors influence Mitek's profitability margins. Positive drivers include the growing demand for fraud prevention solutions as AI-driven threats increase, regulatory requirements that mandate identity verification in financial services, and the network effects of Check Fraud Defender as more institutions join the data-sharing consortium. However, margin pressures can arise from the high cost of manual transaction reviews in identity verification processes, competitive pricing in the mobile deposit market, and the significant research and development investments required to stay ahead of evolving fraud techniques and regulatory requirements.
Competitive moat
Mitek's competitive moat is moderately strong but faces ongoing challenges from technological disruption and competition. The company's primary defensive advantages stem from its established relationships with financial institutions, regulatory compliance expertise, and network effects in fraud prevention. The strongest moat element is Check Fraud Defender, which creates network effects as more financial institutions join the data-sharing consortium. With data sets covering approximately 23% of U.S. checking accounts, the fraud detection capabilities improve as more participants contribute transaction data, making it increasingly difficult for competitors to replicate the comprehensive fraud intelligence network. Mitek also benefits from switching costs and integration complexity within financial institutions, where replacing core deposit and identity verification systems requires significant time, resources, and regulatory approvals. The company's deep expertise in financial services compliance and established relationships with major banks create barriers for new entrants. However, the moat faces several vulnerabilities. The identity verification market is highly competitive with numerous players offering similar solutions, and technological advancement cycles are rapid, requiring continuous innovation investment. Large technology companies like Microsoft, Amazon, and Google offer competing identity verification services with greater resources and broader platform integration capabilities. Additionally, the emergence of AI and machine learning technologies has lowered barriers to entry for new competitors while simultaneously creating new fraud vectors that challenge existing solutions. The company's moat strength ultimately depends on its ability to maintain technological leadership in fraud detection and identity verification while leveraging its financial services relationships and regulatory expertise to defend market position.
Risks & safety
Mitek demonstrates a solid margin of safety with strong financial fundamentals and manageable risk levels. **Cash and Solvency Position:** - Strong cash position of $104.7 million with minimal debt burden - Current ratio of 1.04 indicates adequate short-term liquidity - Positive free cash flow generation of $47 million over the last 12 months - Debt-to-equity ratio of 0.68 is manageable for a technology company **Valuation Metrics:** - Price-to-earnings ratio of 10.3x appears reasonable for a profitable tech company - EV/EBITDA of 9.3x suggests modest valuation relative to growth prospects - Price-to-book ratio of 1.71x indicates shares trading near reasonable book value multiples **Other Considerations:** - Consistent profitability with improving EBITDA margins (guidance raised to 26-29%) - Revenue growth of 11% year-over-year demonstrates business momentum - SaaS revenue mix improving, providing more predictable income streams - Established customer base in financial services provides revenue stability
Recent development
Over the past few years, Mitek has undergone significant strategic transformation focused on operational integration, product consolidation, and fraud prevention expansion. The company has been working to integrate its various identity verification acquisitions, including ID R&D and HooYu, into a unified platform called MiVIP (Mitek Verified Identity Platform) to reduce technological fragmentation and improve operational efficiency. A major strategic pivot has been the aggressive expansion of Check Fraud Defender, which has grown from covering less than 1% of financial institutions to having data sets on 23% of U.S. checking accounts. The product's annual contract value has grown nearly 60% to over $10 million, with management targeting continued rapid expansion as AI-driven check fraud becomes a critical concern for financial institutions. The company has also focused on increasing its SaaS revenue proportion from 39% to 40% of total revenue, aiming to create more predictable recurring revenue streams. This shift includes expanding fraud prevention and identity verification platform subscriptions rather than relying primarily on transaction-based pricing. Recent product developments include launching deepfake detection capabilities to address AI-generated fraud threats, introducing multimodal biometric authentication through MiPass, and modernizing document onboarding systems. The company appointed Garrett Gafke as Chief Operating Officer to strengthen operational execution and completed a $100 million senior credit facility to support growth initiatives. Management has emphasized operational discipline and cost efficiency, reducing manual transaction review costs in identity verification while improving automation and unit economics. The strategic focus has shifted toward organic growth through cross-selling existing customers and expanding fraud prevention solutions rather than pursuing major acquisitions.
MITK company profile · for informational purposes only — not investment advice.
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