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:
$50.00
▲(10.69% Upside)
Action:ReiteratedDate:04/10/26
The score is driven primarily by improving fundamentals—strong recent free cash flow, better balance-sheet positioning, and sizable revenue scale-up—plus a generally constructive earnings call highlighting market share gains and margin expansion. The rating is held back by inconsistent GAAP profitability (negative P/E) and only moderately favorable technicals with signs of near-term extension.
Positive Factors
Sustained revenue scale-up
MIAX has delivered durable top-line expansion, with revenue scaling materially over several years into 2025. Persistent revenue growth supports reinvestment capacity, deeper product coverage and improved operating leverage potential, underpinning longer-term earnings resilience.
Negative Factors
Inconsistent GAAP profitability
The return to GAAP losses after a profitable year highlights uneven earnings quality and operating volatility. Such swings make multi-period profit predictability harder, increasing sensitivity to cycle changes and complicating longer-term margin planning and return expectations.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue scale-up
MIAX has delivered durable top-line expansion, with revenue scaling materially over several years into 2025. Persistent revenue growth supports reinvestment capacity, deeper product coverage and improved operating leverage potential, underpinning longer-term earnings resilience.
Read all positive factors
Miami International Holdings, Inc. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.34B
Dividend YieldN/A
Average Volume (3M)1.27M
Price to Earnings (P/E)32.4
Beta (1Y)1.02
Revenue Growth19.65%
EPS Growth-184.54%
CountryUS
Employees433
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-1.09
Shares Outstanding91,651,480
10 Day Avg. Volume1,175,059
30 Day Avg. Volume1,271,601
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 Cap0.88
Enterprise Value/Revenue2.81
Enterprise Value/Gross Profit9.24
Enterprise Value/Ebitda-145.47
Forecast
1Y Price Target
$48.40Price Target Upside7.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.45
Revenue Forecast (FY)$509.57M
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 primarily makes money by operating regulated securities exchanges and charging fees tied to trading activity and exchange services. Key revenue streams typically include: (1) transaction fees and rebates associated with executed options trade...
Miami International Holdings, Inc. Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $5.51B | 18.08 | 18.76% | 1.66% | 3.74% | -8.43% | |
75 Outperform | $30.91B | 13.05 | 23.00% | 1.26% | 5.84% | 1.44% | |
74 Outperform | $26.57B | 30.48 | 13.64% | 0.45% | 18.26% | 66.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $68.99B | 44.51 | 21.34% | ― | 41.76% | 17.91% | |
62 Neutral | $4.34B | 32.43 | -11.16% | ― | 19.65% | -184.54% | |
62 Neutral | $25.73B | 16.91 | 17.04% | 0.32% | 38.08% | -22.75% |
* Financial Sector Average
MIAX
Miami International Holdings, Inc.
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16.19
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Miami International Holdings, Inc. Corporate Events
Executive/Board Changes
Miami International Holdings Appoints Eric Sites to Board
Neutral
Apr 27, 2026
On April 23, 2026, Miami International Holdings, Inc. appointed Eric Sites to its board of directors, effective April 24, 2026, to fill an existing vacancy and serve until the 2026 annual shareholders’ meeting or until a successor is elected...
Executive/Board Changes
Miami International Holdings Mourns Director Murray Stahl
Negative
Apr 9, 2026
On April 9, 2026, Miami International Holdings, Inc. announced the passing of Murray Stahl, a respected member of its Board of Directors, marking the loss of a long-serving and valued contributor to the company’s governance. The company expr...
Executive/Board ChangesShareholder Meetings
Miami International Holdings Announces Board Changes and Refresh
Neutral
Mar 26, 2026
On March 24, 2026, Miami International Holdings director Lee Becker notified the board that he would not stand for reelection at the company’s 2026 annual shareholders’ meeting, with the company emphasizing that his decision was not du...
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...
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.