Mitek Systems Inc. (MITK) intrinsic value & 10-year financials
Mitek Systems Inc. (MITK) has a Graham intrinsic value of $5.87 per share. At $16.11 on Oct 17, 2026, the stock trades 174% above that value. Over the last 10 fiscal years revenue grew 20.1% a year to $179.7M, with an average return on invested capital of 4.0%.
- Graham intrinsic value
- $5.87
- Share price (Oct 17, 2026)
- $16.11
- Price vs Graham value
- 174% above
- Market cap
- $756.0M
- Revenue (FY2025)
- $179.7M
- Revenue growth (10-yr CAGR)
- 20.1%
- ROIC (10-yr avg)
- 4.0%
- Free cash flow (FY2025)
- $54.2M
MITK 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $179.7M | $8.8M | $0.19 | $54.2M | 9.3% | 11.5% |
| FY2024 | $172.1M | $3.3M | $0.07 | $30.2M | 1.3% | 0.8% |
| FY2023 | $172.6M | $8.0M | $0.17 | $30.6M | 9.0% | 8.3% |
| FY2022 | $143.9M | $3.0M | $0.07 | $25.2M | 7.9% | 7.3% |
| FY2021 | $119.8M | $8.0M | $0.18 | $36.0M | 11.1% | 8.4% |
| FY2020 | $101.3M | $7.8M | $0.18 | $23.3M | 8.8% | 6.3% |
| FY2019 | $84.6M | -$724.0K | -$0.02 | $13.2M | -5.4% | -2.3% |
| FY2018 | $63.6M | -$11.8M | -$0.33 | $1.3M | -12.3% | -10.0% |
| FY2017 | $45.4M | $14.1M | $0.40 | $10.0M | 6.1% | 5.5% |
| FY2016 | $34.7M | $2.0M | $0.06 | $7.6M | 5.3% | 4.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MITEK SYSTEMS INC is a consistent compounder, expanding top-line revenue at 20.0% annually over the past decade.
MITEK SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just 4.0% ROIC.
MITEK SYSTEMS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MITEK SYSTEMS INC is modeled at 13.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.87 per share.