MITKMITEK SYSTEMS INC

Computer Peripheral Equipment, NEC

Revenue: $180M; 4.4% YoY
Operating margin: 9.3%; 621% YoY
EBITDA: $18M; 349% YoY
Market cap: $815M
Employees: 595; $302K revenue each
Net debt / EBITDA: -2.2×; −$41M net debt
AI in 10-K: 13.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
629% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$302K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
13.3 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$815M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$120M	$145M	$173M	$172M	$180M	4.4%
Operating income	$13M	$12M	$16M	$2M	$17M	653%
Net income	$8M	$4M	$8M	$3M	$9M	168%
Operating cash flow	$37M	$21M	$32M	$32M	$55M	75%
Capex	$1M	$1M	$1M	$1M	$1M	20%
Stock-based comp	$12M	$13M	$10M	$13M	$17M	33%
Buybacks	$190K	$15M	$0	$24M	$5M	80%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 3
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.