Mitek Systems

MITK

Software - Application · Technology

Price

$18.97

-0.28 (-1.45%)

Market Cap

$856.7M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+4.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 45.1M (2021) → 46.9M (2025)

Mitek Systems, Inc. develops, markets, and sells mobile image capture and digital identity verification solutions in the United States, Europe, Latin America, and internationally. The company's solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences. It offers Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; and Mobile Verify, an identity verification solution that

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$35M/ year

→ Flat (+2% vs prior year)

19.6% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

3.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~7 years

$69M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$69M cash & investments at current burn rate

Growth context

Mitek Systems is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

99.9%

Premium pricing power — 99.9% gross margin

Operating Margin

24.7%

Excellent — 24.7% operating margin

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+10.0%

Steady sales growth (10.0% YoY)

EPS YoY

+92.4%

Earnings growing fast (92.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

235%

Turns 235% of profit into real cash

FCF Margin

26.1%

Converts sales into free cash efficiently (26.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.21

Conservative — low debt load (0.21)

Interest Cover

3.78x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

37.7x

Pricey — P/E 37.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+20.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.7 → 17.5)

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Dividends

Not applicable for this business.

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