Miami International Holdings, Inc. (MIAX) AI Stock Analysis

• Market Cap: $3.48B
• Dividend Yield: N/A
• Average Volume (3M): 663.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.12
• Revenue Growth: 22.86%
• EPS Growth: -231.30%
• Country: US
• Employees: 433
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): N/A
• Shares Outstanding: 81,435,030
• 10 Day Avg. Volume: 908,914
• 30 Day Avg. Volume: 663,060
• PEG Ratio: -0.04
• Price to Book (P/B): 6.64
• Price to Sales (P/S): 2.14
• P/FCF Ratio: 33.71
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 1.86
• Enterprise Value/Gross Profit: 6.70
• Enterprise Value/Ebitda: 49.01
• 1Y Price Target: $47.20
• Price Target Upside: 10.59% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.52
• Revenue Forecast (FY): $425.44M

• Rating: 70 Outperform
• Price Target: $50.00 ▲(17.15% Upside)

Miami International Holdings, Inc. shows strong financial performance and strategic corporate actions, such as the sale of MIAXdx, which support long-term growth. However, technical indicators suggest a neutral trend, and valuation concerns due to negative P/E ratio and lack of dividend yield weigh on the overall score.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust market demand and effective business strategies, enhancing long-term financial stability.

Cash Generation

Robust cash generation improves financial flexibility, allowing for strategic investments and debt reduction, supporting sustainable growth.

Strategic Partnerships

Strategic partnerships enhance market reach and innovation potential, positioning the company for future growth in emerging markets.

Negative Factors

Operational Inefficiencies

Operational inefficiencies can hinder profitability, requiring management focus to optimize processes and improve margins for long-term success.

Increased Operating Expenses

Rising operating expenses can pressure margins and reduce profitability, necessitating cost management to sustain financial health.

Futures Segment Revenue Decline

Declining revenue in the futures segment could indicate challenges in market positioning or competitiveness, impacting overall growth.

Miami International Holdings, Inc. Business Overview & Revenue Model

Company Description

Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. The company also trades hard red spring wheat futures and options on MIAX Futures; offers clearing services for U.S. futures and options through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey

How the Company Makes Money

MIAX generates revenue primarily through transaction fees charged for executing trades on its exchanges. These fees are collected from market participants, including retail and institutional traders, who utilize its trading platforms. In addition to transaction fees, MIAX also earns revenue from data services, which include selling market data to third parties. The company may engage in partnerships with technology providers or financial institutions to enhance its offerings, contributing to its revenue streams. Additionally, MIAX’s growth in volume traded and increasing market share in the options trading space can significantly impact its earnings.

Miami International Holdings, Inc. Financial Statement Overview

Summary

Miami International Holdings, Inc. demonstrates strong financial performance with significant revenue and cash flow growth. The company maintains a healthy balance sheet with low leverage and high return on equity. However, operational inefficiencies reflected in the negative EBIT margin need to be addressed to sustain profitability.

Income Statement

The company has shown strong revenue growth with a 42.45% increase in the latest year, indicating a positive trajectory. Gross profit margin is healthy at 24.18%, and net profit margin improved significantly to 8.96% from a negative margin in the previous year. However, the EBIT margin is negative, suggesting operational inefficiencies that need addressing.

Balance Sheet

The balance sheet shows a low debt-to-equity ratio of 0.12, indicating conservative leverage. Return on equity is robust at 27.78%, reflecting efficient use of equity. However, the equity ratio is moderate, suggesting a balanced capital structure but with room for improvement in asset financing.

Cash Flow

Cash flow analysis reveals a substantial improvement in free cash flow, with a growth rate of 466.63%, indicating strong cash generation capabilities. The operating cash flow to net income ratio is 0.28, showing good cash conversion. The free cash flow to net income ratio is 0.65, highlighting effective cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.26B	1.14B	1.04B	797.92M	751.54M	452.45M
Gross Profit	347.81M	275.64M	232.47M	195.63M	181.34M	96.53M
EBITDA	47.58M	142.40M	17.84M	92.31M	-50.22M	-6.52M
Net Income	1.79M	102.12M	-20.89M	57.55M	-93.41M	-31.89M
Balance Sheet
Total Assets	1.02B	973.65M	719.84M	755.37M	535.27M	414.01M
Cash, Cash Equivalents and Short-Term Investments	195.32M	150.34M	59.29M	126.45M	160.90M	57.24M
Total Debt	80.54M	43.81M	123.04M	151.91M	166.67M	103.41M
Total Liabilities	603.32M	606.03M	556.06M	755.48M	648.82M	475.60M
Stockholders Equity	418.27M	367.62M	164.64M	272.00K	-113.39M	-61.59M
Cash Flow
Free Cash Flow	13.10M	72.43M	-75.09M	101.60M	6.17M	112.69M
Operating Cash Flow	49.22M	111.44M	-49.20M	121.63M	24.23M	120.34M
Investing Cash Flow	-100.74M	-40.59M	-64.14M	-53.93M	320.00K	-24.98M
Financing Cash Flow	116.06M	29.41M	-16.62M	-9.35M	92.11M	12.07M

Miami International Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RJF	74 Outperform	$32.23B	15.92	17.64%	1.26%	6.45%	5.85%
TW	71 Outperform	$25.34B	36.60	10.51%	0.45%	22.17%	40.13%
MIAX	70 Outperform	$3.48B	―	-16.39%	―	22.86%	-231.30%
MKTX	68 Neutral	$6.65B	30.44	15.88%	1.70%	3.96%	-20.33%
HOOD	68 Neutral	$107.45B	49.61	27.82%	―	73.48%	315.24%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LPLA	66 Neutral	$30.49B	35.06	21.32%	0.31%	35.19%	-18.62%

Miami International Holdings, Inc. Corporate Events

Miami International Sells Majority Stake in MIAXdx

On November 25, 2025, Miami International Holdings, Inc. announced an agreement to sell 90% of its subsidiary, MIAX Derivatives Exchange (MIAXdx), to Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX will retain a 10% stake in MIAXdx, which is a Designated Contract Market and Derivatives Clearing Organization. The transaction, expected to close in the first quarter of 2026, aligns with MIAX’s strategy of partnering with industry leaders to access the growing prediction markets and offers potential long-term value for MIAX by providing exposure to these markets.

Director Jamil Nazarali Resigns from Miami Holdings

On October 3, 2025, Jamil Nazarali, a director at Miami International Holdings, Inc., announced his resignation to pursue other professional opportunities. His departure was amicable and not due to any disagreements with the company’s management or board.