Mitek Systems, Inc. (MITK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.9%

$10.63

vs $18.00 price

Levered DCF

$24.23

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.29

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	51.42×	123.15×	59.56×	110.63×	102.78×	67.05×	-524.46×	-20.45×
P/B	1.86×	1.88×	2.38×	2.39×	4.17×	3.99×	3.54×	2.53×
P/S	2.49×	2.35×	2.83×	2.82×	6.72×	5.21×	4.49×	3.8×
EV / EBITDA	12.15×	18.16×	14.94×	19.07×	39.52×	29.66×	82.03×	-73.41×
Gross margin	85.1%	85.8%	86.7%	86.2%	87.9%	87.0%	85.5%	86.3%
Operating margin	9.3%	1.3%	9.0%	8.4%	11.1%	8.8%	-5.4%	-12.3%
Net margin	4.9%	1.9%	4.7%	2.6%	6.7%	7.7%	-0.9%	-18.6%
Current ratio	1.19×	4.39×	3.69×	2.84×	5.2×	3.45×	2.7×	1.84×
Debt / equity	0.65×	0.69×	0.68×	0.78×	0.67×	0.05×	0×	0×
Interest coverage	1.72×	0.24×	1.72×	1.48×	2.59×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.7%	1.5%	3.9%	2.2%	4.1%	5.9%	-0.7%	-12.4%
Return on invested capital	3.2%	-2.2%	3.4%	3.8%	3.1%	5.0%	-0.7%	-7.3%
Return on assets	1.9%	0.8%	2.0%	1.0%	1.9%	4.6%	-0.5%	-9.3%
Free cash flow yield	12.1%	7.5%	6.3%	4.9%	4.5%	4.4%	3.5%	0.5%
Earnings yield	2.0%	0.8%	1.6%	0.9%	1.0%	1.5%	-0.2%	-4.9%
Enterprise value	$447.7M	$458.9M	$569.5M	$510.6M	$904.1M	$514.7M	$362.9M	$232.5M
Net debt / EBITDA	0.03×	2.18×	2.13×	3.81×	4.33×	-0.74×	-3.79×	2.85×
Cash conversion cycle (days)	48	-8	-14	18	0	-33	-31	-54