TakeoverPE & activists

MITKMITEK SYSTEMS INC

Computer Peripheral Equipment, NEC · $815M market cap · 595 employees

5.6×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • 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
  • Quiet on AINo
    13.3 per 10K words · 95th pct
    Bottom quartile of AI mentions in 10-Ks
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$4M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$180MFY2021: $120MFY2022: $145MFY2023: $173MFY2024: $172MFY2025: $180M
4.4% YoY
Operating margin
9.3%FY2021: 11.1%FY2022: 8.4%FY2023: 9.0%FY2024: 1.3%FY2025: 9.3%
621% YoY
EBITDA
$18MFY2021: $15MFY2022: $14MFY2023: $17MFY2024: $4MFY2025: $18M
349% YoY
Net debt / EBITDA
-2.2×
−$41M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$120M$145M$173M$172M$180M 4.4% FY2021: $120MFY2022: $145MFY2023: $173MFY2024: $172MFY2025: $180M
Operating income$13M$12M$16M$2M$17M 653% FY2021: $13MFY2022: $12MFY2023: $16MFY2024: $2MFY2025: $17M
Net income$8M$4M$8M$3M$9M 168% FY2021: $8MFY2022: $4MFY2023: $8MFY2024: $3MFY2025: $9M
Operating cash flow$37M$21M$32M$32M$55M 75% FY2021: $37MFY2022: $21MFY2023: $32MFY2024: $32MFY2025: $55M
Capex$1M$1M$1M$1M$1M 20% FY2021: $1MFY2022: $1MFY2023: $1MFY2024: $1MFY2025: $1M
Stock-based comp$12M$13M$10M$13M$17M 33% FY2021: $12MFY2022: $13MFY2023: $10MFY2024: $13MFY2025: $17M
Buybacks$190K$15M$0$24M$5M 80% FY2021: $190KFY2022: $15MFY2023: $0FY2024: $24MFY2025: $5M

13D filers

None on file.

Insider trading

−$4Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $4M · 3 trades

Pay vs performance

No pay-versus-performance disclosure yet.