Forensic Analysis · Technology / Software · as of Aug 11, 2026

Mitek Systems Inc (MITK)

A forensic read on Mitek Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

4.6

Distress distance

Clean

Earnings quality

Forensic signals

50.3

P / E (ttm)

3.7%

ROE

$838M

Market cap

4.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Mitek Systems Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+64.7%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +64.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 46% against +4% in revenue and receivables up +16% against revenue +4%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 25% of net operating assets, diverging from the balance-sheet accrual read.

5.1%

FY2025

Return on invested capital. Return on invested capital is 5.1% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+0.8%/yr

FY2022–FY2025

Share count. Diluted share count changed +3% over the last 3 years to FY2025 (+0.8%/yr). Roughly flat — buybacks ($5M) are about offsetting stock comp ($17M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$179.7M

Revenue Growth YoY+4.4%

Revenue CAGR (3yr)+7.5%

Net Margin4.9%

Free Cash Flow$54.2M

Return on Equity3.7%

Debt / Equity0.03x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.