Mitek Systems Inc (MITK) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 17, 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
4.5
Distress distance
Clean
Earnings quality
3
Forensic signals
33.5
P / E (ttm)
3.7%
ROE
$798M
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, going concern, valuation). 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 4.5, 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 46% against +4% in revenue and receivables up +16% against revenue +4%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 25% of net operating assets, against an accruals ratio of 64.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
5.1%
FY2025
Return on invested capital.Return on invested capital is 5.1% in the latest fiscal year, against 3% in FY2021, having run between 0.6% and 5.1% across FY2021–FY2025 with no direction held — well below the ~10% cost of capital we hold this sector to, and it has been across FY2011–FY2025, so reinvested dollars have not been earning their keep. The capital base behind it cannot be compared across FY2021–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+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 / Equity0.65x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mitek Systems Inc's actual 10-K/10-Q/8-K filings?