Miami International Holdings, Inc. (MIAX)
NYSE:MIAX
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Miami International Holdings, Inc.
(NYSE:MIAX)
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Rating:62Neutral
Price Target:
$43.00
▲(1.85% Upside)
Action:ReiteratedDate:03/07/26
The score is driven mainly by improved fundamentals (strong recent cash generation, strengthened balance sheet, and scaled revenue) and a constructive earnings-call outlook with notable operational momentum. It is held back by inconsistent GAAP profitability, a somewhat weak technical setup (below key moving averages with negative MACD), and a relatively high P/E with no dividend support.
Positive Factors
Market share and volume growth
Sustained share gains and rapid ADV growth indicate durable competitive positioning: deeper liquidity attracts order flow, supports tighter spreads, and strengthens network effects that help lock in brokers, market makers and data customers over the medium term.
Negative Factors
Revenue sensitivity to market volatility
A transaction-heavy revenue mix ties top-line to market activity cycles; prolonged low volatility or sustained volume declines would materially pressure revenue and margin sustainability, forcing either cuts to discretionary investment or margin erosion.
Read all positive and negative factors
Positive Factors
Negative Factors
Market share and volume growth
Sustained share gains and rapid ADV growth indicate durable competitive positioning: deeper liquidity attracts order flow, supports tighter spreads, and strengthens network effects that help lock in brokers, market makers and data customers over the medium term.
Read all positive factors
Miami International Holdings, Inc. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.87B
Dividend YieldN/A
Average Volume (3M)1.45M
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth22.86%
EPS Growth-231.30%
CountryUS
Employees433
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.52
Shares Outstanding91,651,480
10 Day Avg. Volume1,401,342
30 Day Avg. Volume1,449,295
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)3.52
Price to Sales (P/S)2.27
P/FCF Ratio21.37
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue2.44
Enterprise Value/Gross Profit8.02
Enterprise Value/Ebitda-126.33
Forecast
1Y Price Target
$48.00Price Target Upside13.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.42
Revenue Forecast (FY)$510.56M
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...
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 ...
Miami International Holdings, Inc. Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated a predominantly positive operational and financial story: strong top-line growth, substantial margin expansion, record options market share and solid cash on the balance sheet. Management highlighted multiple strategic initiatives (product launches, acquisitions, strategic sale and partnerships) that position the company for further growth. Key risks were also acknowledged — rising operating expenses, revenue sensitivity to market volatility, a modest near-term pullback in futures revenue, and a delayed futures launch — but these were framed as manageable and tied to deliberate investments and timing. On balance, the positive results and strategic progress materially outweigh near-term execution and timing challenges.Positive Updates
Strong Top-Line Growth
Total net revenue grew 52% year-over-year in Q4 to $125 million and 56% year-over-year for full year 2025 to $431 million, reflecting substantial revenue expansion driven by elevated market volatility and volume gains.
Negative Updates
Futures Revenue Softness and Migration Timing
Futures segment net revenue fell to $5 million in Q4 from $6 million prior year due to lower listings revenue, decreased transaction fees driven by timing of participant migrations to MIAX Futures Onyx and lower commodity volatility.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Total net revenue grew 52% year-over-year in Q4 to $125 million and 56% year-over-year for full year 2025 to $431 million, reflecting substantial revenue expansion driven by elevated market volatility and volume gains.
Read all positive updates
Company Guidance
MIAX guided full-year 2026 adjusted operating expenses of $265–$275 million (a 13%–18% increase versus 2025, or a 6%–10% increase versus annualized Q4‑2025), with the rise driven by added headcount, technology investments, higher public‑company costs and increased branding; full‑year share‑based compensation is expected at $27–$30 million (down year‑over‑year due to IPO‑related accelerations offset by new grants); CapEx (including capitalized software) of $40–$45 million and depreciation & amortization of $33–$38 million; management expects to release its deferred tax valuation allowance in 2026 and thereafter an adjusted effective tax rate of ~27%–29%; the company reiterated that ~60% of revenue is transaction‑based (so results are volume‑sensitive), noted cash of $434 million and < $2 million of debt at year‑end, and said some discretionary investments could be moderated if volumes fall short.Miami International Holdings, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
| Gross Profit | 371.77M | 275.64M | 232.47M | 195.63M | 181.34M |
| EBITDA | -26.31M | 142.40M | 17.84M | 92.31M | -50.22M |
| Net Income | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
Balance Sheet | |||||
| Total Assets | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Cash, Cash Equivalents and Short-Term Investments | 509.73M | 150.34M | 59.29M | 126.45M | 160.90M |
| Total Debt | 1.51M | 43.81M | 123.04M | 151.91M | 166.67M |
| Total Liabilities | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M |
| Stockholders Equity | 881.02M | 367.62M | 164.64M | 272.00K | -113.39M |
Cash Flow | |||||
| Free Cash Flow | 145.04M | 72.43M | -75.09M | 101.60M | 6.17M |
| Operating Cash Flow | 167.83M | 111.44M | -49.20M | 121.63M | 24.23M |
| Investing Cash Flow | -101.33M | -40.59M | -64.14M | -53.93M | 320.00K |
| Financing Cash Flow | 214.77M | 29.41M | -16.62M | -9.35M | 92.11M |
Miami International Holdings, Inc. Risk Analysis
Miami International Holdings, Inc. disclosed 73 risk factors in its most recent earnings report. Miami International Holdings, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Miami International Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $29.84B | 28.21 | 13.10% | 0.45% | 22.17% | 40.13% | |
75 Outperform | $6.29B | 27.05 | 18.76% | 1.66% | 3.96% | -20.33% | |
70 Outperform | $29.13B | 14.06 | 16.94% | 1.26% | 6.45% | 5.85% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $64.67B | 53.37 | 22.32% | ― | 73.48% | 315.24% | |
62 Neutral | $3.87B | -44.26 | -11.16% | ― | 22.86% | -231.30% | |
60 Neutral | $24.89B | 32.56 | 18.57% | 0.32% | 35.19% | -18.62% |
* Financial Sector Average
MIAX
Miami International Holdings, Inc.
42.22
11.10
35.67%
LPLA
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310.79
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3.42%
MKTX
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176.85
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-14.53%
RJF
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147.82
17.33
13.28%
TW
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126.44
1.58
1.26%
HOOD
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71.83
31.32
77.31%
Miami International Holdings, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Miami International Boosts Equity via Warrant Share Issuance
Neutral
Feb 20, 2026
Between February 9 and February 18, 2026, Miami International Holdings, Inc. expanded its common equity base through a warrant-related transaction. The company issued 2,150,894 shares of common stock at a par value of $0.001 per share in connectio...
Business Operations and StrategyPrivate Placements and Financing
Miami International issues new shares via warrant exercises
Neutral
Feb 12, 2026
Between December 15, 2025, and February 9, 2026, Miami International Holdings, Inc. issued 3,973,663 shares of common stock tied to the conversion of accrued interest on a $1.52 million promissory note and the exercise of warrants by existing hold...
Business Operations and StrategyM&A Transactions
Miami International Holdings Completes Majority Sale of MIAXdx
Positive
Jan 21, 2026
On January 21, 2026, Miami International Holdings announced it had completed the previously disclosed sale of 90% of the issued and outstanding equity of its wholly owned subsidiary MIAX Derivatives Exchange to a joint venture formed by Robinhood ...
Private Placements and Financing
Miami International Holdings Completes Secondary Offering
Neutral
Dec 15, 2025
Miami International Holdings, Inc. issued 4,006,946 shares of its common stock between September 30, 2025, and December 15, 2025, through various transactions including the conversion of a $5 million promissory note and the exercise of warrants. T...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.