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MITK, Mitek Systems Inc.

Technology Hardware consumer brand Cyclical

Mitek Systems Inc. is a global provider of digital identity verification and fraud prevention solutions.

Mitek's platform addresses key use cases across digital interactions and customer lifecycle, including new account openings, account access, and mobile check deposit.

Core capabilities include AI, machine learning, computer vision, and proprietary biometric liveness, and deepfake detection technologies that support identity verification, detect manipulation, and help prevent digital impersonation.

Latest annual: FY2025 10-K

MITK · Mitek Systems Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$180M

+4.4% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $190M 5-yr avg $158M

Operating margin 14.5% 5-yr avg 7.8%

ROIC 9% 5-yr avg 6%

Owner-earnings margin 25% 5-yr avg 22%

Free cash flow margin 23% 5-yr avg 22%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 6.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −12% to 11% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Stock-based pay runs about 9.4% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 0 of 10 years). By owner earnings: roughly 20% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

24% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States76%$136M
All other countries12%$22M
United Kingdom12%$21M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$35M	$45M	$64M	$85M	$101M	$120M	$145M	$173M	$172M	$180M	$190M	RevenueRevenue
25%	25%	27%	23%	22%	19%	18%	25%	31%	25%	24%	SG&A / revenueSG&A/rev
22%	23%	29%	26%	23%	23%	21%	17%	20%	20%	17%	R&D / revenueR&D/rev
$2M	$3M	($8M)	($5M)	$9M	$13M	$12M	$16M	$2M	$17M	$27M	Operating incomeOp. inc.
5.3%	6.1%	−12.3%	−5.4%	8.8%	11.1%	8.4%	9.0%	1.3%	9.3%	14.5%	Operating marginOp. mgn
$2M	$14M	($12M)	($724K)	$8M	$8M	$4M	$8M	$3M	$9M	$17M	Net incomeNet inc.
-0%	—	—	—	17%	9%	-3%	22%	—	24%	30%	Effective tax rateTax rate
											Cash flow & returns
$8M	$10M	$6M	$14M	$24M	$37M	$21M	$32M	$32M	$55M	$48M	Operating cash flowOp. cash
$790K	$322K	$615K	$1M	$2M	$1M	$1M	$2M	$2M	$1M	$1M	DepreciationDeprec.
$1M	($9M)	$8M	$4M	$5M	$16M	$3M	$11M	$14M	$28M	$15M	Working capital & otherWC & other
$250K	$488K	$4M	$1M	$803K	$1M	$1M	$1M	$1M	$1M	$4M	CapexCapex
0.7%	1.1%	6.8%	1.3%	0.8%	1.2%	0.8%	0.6%	0.8%	0.6%	1.9%	Capex / revenueCapex/rev
$8M	$10M	$5M	$13M	$23M	$36M	$20M	$31M	$30M	$54M	$47M	Owner earningsOwner earn.
21.9%	22.3%	7.9%	15.6%	23.0%	30.0%	13.8%	17.7%	17.6%	30.2%	24.7%	Owner earnings marginOE mgn
$8M	$10M	$1M	$13M	$23M	$36M	$20M	$31M	$30M	$54M	$45M	Free cash flowFCF
21.9%	21.9%	2.1%	15.6%	23.0%	30.0%	13.8%	17.7%	17.6%	30.2%	23.5%	Free cash flow marginFCF mgn
$0	$0	$30M	$0	$0	$13M	$123M	$267K	$0	$0	$0	AcquisitionsAcquis.
—	—	$0	$0	$1M	$190K	$15M	$0	$24M	$5M	—	BuybacksBuybacks
6%	6%	-7%	-4%	7%	4%	5%	4%	1%	14%	9%	ROICROIC
5%	23%	-12%	-1%	6%	4%	2%	4%	2%	4%	7%	Return on equityROE
5%	23%	−12%	−1%	6%	4%	2%	4%	2%	4%	7%	Retained to equityRetained/eq
											Balance sheet
$34M	$43M	$17M	$33M	$60M	$179M	$90M	$134M	$130M	$193M	$78M	Cash & investmentsCash+inv
$5M	$7M	$17M	$15M	$16M	$17M	$36M	$32M	$32M	$37M	$63M	ReceivablesReceiv.
$1M	$2M	$4M	$4M	$4M	$3M	$5M	$8M	$7M	$4M	$4M	Accounts payablePayables
$4M	$5M	$13M	$11M	$12M	$14M	$31M	$25M	$24M	$33M	$59M	Operating working capitalOper. WC
$40M	$51M	$38M	$54M	$84M	$204M	$138M	$190M	$185M	$248M	$157M	Current assetsCur. assets
$8M	$10M	$20M	$20M	$24M	$39M	$48M	$51M	$42M	$209M	$60M	Current liabilitiesCur. liab.
4.8×	5.3×	1.8×	2.7×	3.5×	5.2×	2.8×	3.7×	4.4×	1.2×	2.6×	Current ratioCurr. ratio
$3M	$3M	$34M	$33M	$36M	$63M	$116M	$124M	$132M	$133M	$131M	GoodwillGoodwill
$48M	$72M	$127M	$136M	$169M	$420M	$364M	$405M	$414M	$459M	$357M	Total assetsAssets
—	—	—	—	$0	$121M	$128M	$136M	$144M	$4M	$50M	Total debtDebt
—	—	—	—	($60M)	($58M)	$38M	$2M	$13M	($189M)	($28M)	Net debt / (cash)Net debt
—	—	—	—	—	2.6×	1.5×	1.7×	0.2×	1.7×	3.1×	Interest coverageInt. cov.
$39M	$61M	$95M	$107M	$132M	$193M	$171M	$205M	$215M	$240M	$239M	Shareholders’ equityEquity
11.8%	12.1%	14.1%	11.4%	9.4%	9.6%	9.2%	6.1%	7.3%	9.4%	8.3%	Stock comp / revenueSBC/rev
											Per share
33.8M	35.5M	35.8M	39.3M	42.5M	45.1M	45.8M	46.5M	47.5M	46.9M	48.5M	Shares out (diluted)Shares
$1.03	$1.28	$1.77	$2.15	$2.38	$2.66	$3.16	$3.71	$3.63	$3.83	$3.91	Revenue / shareRev/sh
$0.06	$0.40	$-0.33	$-0.02	$0.18	$0.18	$0.08	$0.17	$0.07	$0.19	$0.34	EPS (diluted)EPS
$0.22	$0.28	$0.14	$0.34	$0.55	$0.80	$0.44	$0.66	$0.64	$1.15	$0.96	Owner earnings / shareOE/sh
$0.22	$0.28	$0.04	$0.34	$0.55	$0.80	$0.44	$0.66	$0.64	$1.15	$0.92	Free cash flow / shareFCF/sh
$0.01	$0.01	$0.12	$0.03	$0.02	$0.03	$0.02	$0.02	$0.03	$0.02	$0.07	Cap. spending / shareCapex/sh
$1.17	$1.73	$2.66	$2.73	$3.11	$4.28	$3.73	$4.42	$4.53	$5.12	$4.94	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+15.8%/yr	+10.0%/yr
Owner earnings / share	+19.9%/yr	+16.1%/yr
EPS	+13.9%/yr	+0.4%/yr
Capital spending / share	+14.3%/yr	+5.4%/yr
Book value / share	+17.9%/yr	+10.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

47Mpeak FY2024

ROIC

14%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$54Mowner earningsvs.$9Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $9M of profit into $54M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$9M

Owner earnings$54M · 30% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$9M	$3M	$8M	$4M	$8M
Depreciation & amortizationnon-cash charge added back	+$1M	+$2M	+$2M	+$1M	+$1M
Stock-based compensationreal costnon-cash, but a real cost	+$17M	+$13M	+$10M	+$13M	+$12M
Working capital & othertiming of cash in and out, other non-cash items	+$28M	+$14M	+$11M	+$3M	+$16M
Cash from operations	$55M	$32M	$32M	$21M	$37M
Capital expenditurecash put back in to keep running and to grow	−$1M	−$1M	−$1M	−$1M	−$1M
Owner earnings	$54M	$30M	$31M	$20M	$36M
Owner-earnings marginowner earnings ÷ revenue	30%	18%	18%	14%	30%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $17M), owner earnings is nearer $37M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“We implemented remediation measures to address these material weaknesses, which we believe have resolved these previously-identified material weaknesses as of September 30, 2025.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 1.7×

Thin

Operating income $17M ÷ interest expense $10M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? +$189M

Net cash

Cash $154M + ST investments $39M − debt $4M

What this means
Cash and short-term investments exceed every dollar of debt by $189M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 4%

Below average through the cycle

10-yr median, range -7%–14%; 14% latest = NOPAT $13M ÷ invested capital $90M

Industry peers: median 3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 14% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 18%

High through the cycle

10-yr median margin, range 8%–30%; latest $54M = operating cash $55M − maintenance capex $1M

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 30% of revenue this year, a 18% median across 10 years. Treating stock comp as the real expense it is (less $17M of SBC) leaves $37M.
Are earnings backed by cash? 6.29×

Cash-backed

Cash from ops $55M ÷ net income $9M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 9%

Reinvests most of it

Dividends + buybacks $5M ÷ Owner Earnings $54M

What this means
Of $54M Owner Earnings, $5M (9%) went back to shareholders, $0 dividends, $5M buybacks. But the buybacks barely exceed stock issued to employees ($17M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.89×

Maintaining

Capex $1M ÷ depreciation $1M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $180M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.19×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $4M vs $39M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +374%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.15/share (latest year $0.19), the averaged base the calculator's gate runs on, and book value is $5.32/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 6 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −0% → 7% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −0% early to 7% lately, median 6% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +19%/yr

What this means
Owner earnings grew about 19% a year over the record.
Worst year 2018 · −12.3% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Share count +3.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our ability to timely and accurately implement AI and other emerging technologies in our products and in our internal operations is critical to our competitiveness.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$157M

Cash & short-term investments$78M
Receivables$63M
Other current assets$16M

Current liabilities$60M

Debt due within a year$3M
Accounts payable$4M
Other current liabilities$53M

Current ratio2.61×all current assets ÷ what's due · Graham looked for 2×

Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio

Cash ratio1.29×strictest: cash alone against what's due

Working capital$97Mthe cushion left after near-term bills

Debt due this year vs. cash$3M due · $78M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+5.6%the freshest read on whether the business is still growing

Current ratio, recent quarters4.5× → 2.6×

Deeper floors

Tangible book value$75Mequity stripped of goodwill & intangibles

Net current asset value$39MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$53M$3M of it operating leases

Deferred revenue$38Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $239M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$13M · 5%
Buybacks$45M · 19%
Retained (debt / cash)$181M · 76%

Returned to owners$45M
20% of the owner earnings the business produced over the span, $0 as dividends and $45M as buybacks.
Average price paid for buybacks$11.89
Across the years where the filing reports a share count, 4M shares were bought for $45M, about $11.89 each. Year to year the price paid ranged from $7.31 (2020) to $18.00 (2021); its heaviest year, 2024, paid $10.76 ($24M).
Net change in share count43.3%
The diluted count rose from 34M to 48M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$173M38% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity56%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$165Mover 10 years buying other businesses, against $13M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	—	$3.1M	$9.6M	$36M
2022	—	$4.9M	−$264k	$20M
2023	—	$2.9M	$3.5M	$31M
2024	—	$4.3M	−$1.5M	$30M
2024	Scott Carter	$1.3M	$938k	$30M
2025	Edward H. West	$9.4M	$9.9M	$54M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership2.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$17M
The slice of the business handed to employees in shares this year, 9% of revenue, equal to 100% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Mitek Systems Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?43.3%
Diluted shares grew 43.3% over 2016–2025, even as the company spent $45M on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?14% → 33% of sales
Receivables and inventory grew from $5M to $63M while revenue grew 446%: working capital is climbing faster than sales (14% of revenue then, 33% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$28M · 15% of revenue on the largest customer (TTM)
“For the twelve months ended September 30, 2025, the Company derived revenue of $26.9 million from one customer, with such customer accounting for 15% of the Company's total revenue.”verify →
Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Technology Hardware

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CRSRCorsair Gaming Inc.	$1.5B	25%	1.4%	1%	2%
NTGRNETGEAR Inc.	$700M	30%	3.1%	4%	3%
PARPAR Technology Corporation	$456M	22%	-15.1%	-8%	-8%
DGIIDigi International Inc.	$430M	53%	6.7%	5%	11%
ATENA10 Networks Inc.	$291M	78%	10.6%	38%	16%
QMCOQuantum Corporation	$280M	41%	-2.6%	—	-4%
MITKMitek Systems Inc.	$180M	—	7.3%	4%	20%
EVLVEvolv Technologies Holdings Inc.	$146M	34%	-154.2%	-81%	10%
Group median	—	—	2.3%	4%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Mitek Systems Inc. has delivered.

Mitek Systems Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Mitek Systems Inc. earns about $36M on its 19.8% median owner-earnings margin. This year’s 30.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($36M) Net of stock comp (−$16M) Steady-state · maintenance capex ($47M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+11%/yr

Owner-earnings growth · ’16→’25+19%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $45M on 45M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $28M. The if-converted diluted count is 48M, 7% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($4M) runs well above depreciation ($1M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $47M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MITK against another business →

The owners of MITK: the meeting and the votes →

Cite: Owner Scorecard, "Mitek Systems Inc. (MITK), the owner's record," https://ownerscorecard.com/c/MITK, data as of 2026-07-09.

Manual order: ← MIRM its page in the Manual MKC →

Industry order: ← LOGI the Technology Hardware chapter NATL →