Mitek Systems, Inc.

NasdaqCM:MITK Stock Report

Market Cap: US$431.5m

Mitek Systems Valuation

Is MITK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MITK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MITK ($9.34) is trading below our estimate of fair value ($19.19)

Significantly Below Fair Value: MITK is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MITK?

Key metric: As MITK is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MITK. This is calculated by dividing MITK's market cap by their current revenue.
What is MITK's PS Ratio?
PS Ratio2.6x
SalesUS$166.52m
Market CapUS$431.54m

Price to Sales Ratio vs Peers

How does MITK's PS Ratio compare to its peers?

The above table shows the PS ratio for MITK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3x
MTLS Materialise
1.6x9.0%US$441.8m
CCSI Consensus Cloud Solutions
1.3x-1.0%US$458.5m
OOMA Ooma
1.5x7.3%US$380.8m
RDVT Red Violet
7.4x14.3%US$503.8m
MITK Mitek Systems
2.6x7.3%US$431.5m

Price-To-Sales vs Peers: MITK is good value based on its Price-To-Sales Ratio (2.6x) compared to the peer average (3x).

Price to Sales Ratio vs Industry

How does MITK's PS Ratio compare vs other companies in the US Software Industry?

81 CompaniesPrice / SalesEstimated GrowthMarket Cap
VYX NCR Voyix
0.6x-23.2%US$2.13b
PGY Pagaya Technologies
0.7x15.8%US$704.88m
XPER Xperi
0.8x1.8%US$390.02m
EGHT 8x8
0.6x1.1%US$385.45m
MITK 2.6xIndustry Avg. 5.3xNo. of Companies81PS048121620+
81 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MITK is good value based on its Price-To-Sales Ratio (2.6x) compared to the US Software industry average (5.3x).

Price to Sales Ratio vs Fair Ratio

What is MITK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MITK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.6x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: MITK is good value based on its Price-To-Sales Ratio (2.6x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MITK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$9.34
US$12.30
+31.7%
15.3%US$15.00US$9.50n/a5
Nov ’25US$8.63
US$12.30
+42.5%
15.3%US$15.00US$9.50n/a5
Oct ’25US$8.48
US$12.30
+45.0%
15.3%US$15.00US$9.50n/a5
Sep ’25US$9.32
US$13.80
+48.1%
14.8%US$17.00US$11.00n/a5
Aug ’25US$13.07
US$19.20
+46.9%
10.6%US$23.00US$17.00n/a5
Jul ’25US$11.11
US$19.20
+72.8%
10.6%US$23.00US$17.00n/a5
Jun ’25US$12.55
US$19.20
+53.0%
10.6%US$23.00US$17.00n/a5
May ’25US$12.48
US$19.20
+53.8%
10.6%US$23.00US$17.00n/a5
Apr ’25US$14.39
US$18.40
+27.9%
13.6%US$23.00US$16.00n/a5
Mar ’25US$11.82
US$17.80
+50.6%
17.2%US$23.00US$14.00n/a5
Feb ’25US$12.98
US$17.80
+37.1%
17.2%US$23.00US$14.00n/a5
Jan ’25US$13.04
US$17.60
+35.0%
18.9%US$23.00US$13.00n/a5
Dec ’24US$11.35
US$17.75
+56.4%
20.8%US$23.00US$13.00n/a4
Nov ’24US$10.72
US$17.75
+65.6%
20.8%US$23.00US$13.00US$8.634
Oct ’24US$10.72
US$17.75
+65.6%
20.8%US$23.00US$13.00US$8.484
Sep ’24US$11.35
US$17.25
+52.0%
17.6%US$21.00US$13.00US$9.324
Aug ’24US$11.01
US$17.25
+56.7%
17.6%US$21.00US$13.00US$13.074
Jul ’24US$10.84
US$17.25
+59.1%
17.6%US$21.00US$13.00US$11.114
Jun ’24US$10.23
US$16.00
+56.4%
15.3%US$19.00US$13.01US$12.553
May ’24US$9.02
US$14.51
+60.8%
10.3%US$16.00US$13.01US$12.482
Apr ’24US$9.59
US$14.51
+51.3%
10.3%US$16.00US$13.01US$14.392
Mar ’24US$9.17
US$14.51
+58.2%
10.3%US$16.00US$13.01US$11.822
Feb ’24US$10.26
US$14.51
+41.4%
10.3%US$16.00US$13.01US$12.982
Jan ’24US$9.69
US$17.25
+78.0%
17.5%US$21.00US$13.01US$13.044
Dec ’23US$10.53
US$17.25
+63.8%
17.5%US$21.00US$13.01US$11.354
Nov ’23US$11.37
US$17.25
+51.7%
17.5%US$21.00US$13.01US$10.724

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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