Is Mitek Systems, Inc. overvalued or undervalued?

As of 8 May 2025, Mitek Systems, Inc. has moved from a valuation grade of very expensive to fair. The company is currently fairly valued based on its financial metrics. Key ratios include a P/E ratio of 30, an EV to EBITDA of 13.06, and a PEG ratio of 0.14, indicating potential for growth relative to its price.
In comparison to peers, Mitek Systems, Inc. has a P/E ratio of 28.82, which is in line with A10 Networks, Inc. at 28.77, while significantly lower than the expensive valuation of Model N, Inc. with a P/E ratio of 1182.69. The company's recent stock performance shows a year-to-date decline of 13.03%, contrasting with the S&P 500's gain of 2.44%, which may suggest an opportunity for investors as the stock appears to be undervalued relative to its growth potential.