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AI Summary - About
MITK 
Mitek Systems Inc (MITK)
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Upturn Advisory Summary
02/18/2025: MITK (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
AI Based Fundamental Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Analysis of Past Performance
Type Stock | Historic Profit -48.4% | Avg. Invested days 28 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 02/18/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 417.60M USD | Price to earnings Ratio 92.3 | 1Y Target Price 13.1 |
Price to earnings Ratio 92.3 | 1Y Target Price 13.1 | ||
Volume (30-day avg) 551394 | Beta 1.08 | 52 Weeks Range 7.35 - 16.24 | Updated Date 02/20/2025 |
52 Weeks Range 7.35 - 16.24 | Updated Date 02/20/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 0.1 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 2.59% | Operating Margin (TTM) -6.08% |
Management Effectiveness
Return on Assets (TTM) 1.33% | Return on Equity (TTM) 2.15% |
Valuation
Trailing PE 92.3 | Forward PE 11.39 | Enterprise Value 455007106 | Price to Sales(TTM) 2.42 |
Enterprise Value 455007106 | Price to Sales(TTM) 2.42 | ||
Enterprise Value to Revenue 2.64 | Enterprise Value to EBITDA 16.34 | Shares Outstanding 45243700 | Shares Floating 44554201 |
Shares Outstanding 45243700 | Shares Floating 44554201 | ||
Percent Insiders 2.3 | Percent Institutions 78.97 |
AI Summary
Mitek Systems Inc.: A Comprehensive Overview
Company Profile:
History and Background:
Established in 1987, Mitek Systems Inc. (MITK) is a leading global provider of software solutions for digital identity verification and financial technology. They offer a range of products that help organizations verify identities, assess risk, and facilitate secure digital transactions. Headquartered in San Diego, California, Mitek employs over 500 individuals across various locations.
Core Business Areas:
- Mobile Deposit: Mitek's flagship product is its mobile deposit technology, which allows individuals and businesses to securely deposit checks using their smartphones or tablets.
- Identity Verification: Mitek provides solutions for verifying identities through various means, including ID document verification, facial recognition, and liveness checks.
- Risk Management: Their software helps assess and mitigate risks associated with fraud and financial crime.
- Data Analytics: Mitek leverages data analytics to provide insights into transaction patterns and identify potential risks.
Leadership and Structure:
- CEO & President: Khaled Naim
- CFO: Joseph C. Cady
- Chief Revenue Officer: Jeff Davison
- SVP, Global Client Success: Andrew B. Konya
- General Counsel & Corporate Secretary: Brian E. Green
- Board of Directors: Comprises 8 members with expertise in technology, finance, and law.
Top Products and Market Share:
Products:
- Mobile Deposit API: Powers mobile check deposit for banks, credit unions, and Fintech companies.
- MiSnap: Facilitates secure capture of ID documents using smartphones.
- Global Identity Suite: Offers comprehensive identity verification solutions.
- Fraud Detection: Combines machine learning and AI to detect and prevent fraud in real-time.
Market Share:
- Mobile Deposit: Holds a dominant market share, enabling over 50 billion digital deposits globally.
- Identity Verification: Commands a substantial market share, serving leading financial institutions and government agencies worldwide.
Competitors:
- Equifax (EFX)
- TransUnion (TRU)
- Experian (EXPN)
- Onfido
- Socure
- Jumio
Total Addressable Market (TAM):
- The global digital identity verification market is estimated to reach $25.7 billion by 2025, representing a significant growth opportunity for Mitek.
Financial Performance:
Recent Performance:
- Revenue has grown steadily in recent years, reaching $200.3 million in 2022.
- Profitability has also improved, with a net income of $25.6 million in 2022.
- Cash flow is strong, and the company has a solid balance sheet with low debt levels.
Dividends and Shareholder Returns:
- Mitek does not currently pay dividends.
- Total shareholder return has been positive in recent years, driven by stock price appreciation.
Growth Trajectory:
- The company has experienced strong historical growth and expects continued growth in the future.
- Industry trends and innovative product development support their optimistic outlook.
Market Dynamics:
- The digital identity verification and Fintech market is characterized by rapid technological advancements and growing adoption.
- Mitek is well-positioned to benefit from these trends with its market-leading solutions.
Competition:
- Mitek faces competition from established players like EFX, TRU, and EXPN, as well as newer startups like Onfido and Jumio.
- Their competitive advantages include their market share, innovative technology, and strong customer relationships.
Challenges and Opportunities:
Challenges:
- Mitek must continue to innovate and stay ahead of the competition.
- They also need to manage potential data privacy and security concerns.
Opportunities:
- Expanding into new markets and verticals presents significant growth opportunities.
- Strategic partnerships and acquisitions can further enhance their offerings and reach.
AI-Based Fundamental Rating:
Rating: 8/10
- Mitek exhibits strong fundamentals with consistent revenue growth, improving profitability, and a solid financial position.
- Their market leadership, innovative solutions, and growth potential justify the positive rating.
Sources:
- Mitek Systems Inc. Investor Relations website: https://investors.miteksystems.com/
- SEC filings: https://www.sec.gov/edgar/search/
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Please consult a qualified professional for investment decisions.
About Mitek Systems Inc
Exchange NASDAQ | Headquaters San Diego, CA, United States | ||
IPO Launch date 1995-05-26 | CEO & Director Mr. Edward H. West | ||
Sector Technology | Industry Software - Application | Full time employees 565 | Website https://www.miteksystems.com |
Full time employees 565 | Website https://www.miteksystems.com | ||
Mitek Systems, Inc. provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes 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 is integrated into mobile apps, mobile websites, and desktop applications. The company also offers MiSnap, a mobile-capture software development kit that enables an intuitive user experience and instant capture of quality images of identity documents and checks. CheckReader enables financial institutions to automatically extract data from checks once they have been scanned or photographed by the application; Check Fraud Defender, an AI-powered and cloud-hosted consortium designed to combat check fraud; and Check Intelligence that enables financial institutions to automatically extract data from a check image received across any deposit channel, including branch, ATM, remote deposit capture, and mobile. In addition, it provides MiVIP, an end-to-end identity verification solution designed for KYC process; and MiPass, an authentication solution, including facial and voice biometrics to safeguard against sophisticated fraud techniques. Further, the company provides IDLive Face, a passive facial liveness detection product; IDVoice, a robust AI-driven voice biometric engine; IDLive Voice to stop spoofing attacks on voice biometric systems; and IDLive Doc that works to fight fraud related to digitally displayed document images. The company was incorporated in 1986 and is based in San Diego, California.
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