Is Mitek Systems, Inc. overvalued or undervalued?

As of 11 September 2025, the valuation grade for Mitek Systems, Inc. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued at this time. Key valuation ratios include a P/E ratio of 30, an EV to EBITDA of 13.06, and a PEG ratio of 0.14, which suggests that while the company is not particularly expensive, it may not be a bargain either.
In comparison to its peers, Mitek Systems has a P/E ratio of 27.69 against Model N, Inc.'s extremely high valuation of 1182.69 and PDF Solutions, Inc.'s attractive valuation of 983.40. The EV to EBITDA ratio of Mitek is also competitive compared to Grid Dynamics Holdings, Inc. at 13.08. Despite a strong one-year return of 21.17% compared to the S&P 500's 17.14%, Mitek's longer-term performance has lagged, with a 5-year return of -17.97% versus the S&P 500's impressive 96.61%.