Mitek Systems, Inc. — Earnings Quality Grade F
MITK · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 75 days, change +8 days YoY
AR growth 16.2% exceeds revenue growth 4.4%
Revenue 4.4%, CFFO 74.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -19.7% vs revenue 4.4%. Normal
SG&A/Gross Profit = 56.1%. Normal
Gross margin 85.1%, change -0.7pp. Stable
Cash Flow Quality
CFFO/NI = 6.29. Profits backed by cash
FCF $0.1B, FCF/NI = 6.16
Accruals ratio = -10.1%. Low accruals
Cash $0.2B covers debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 72% of equity. Over 50%
Debt/EBITDA = 4.2x (>4x). Interest coverage = 1.8x (<2x). Financial stress
Other assets grew 39.5% vs revenue 4.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.86 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25