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

• Market Cap: $4.15B
• Dividend Yield: N/A
• Average Volume (3M): 669.81K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.66
• 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: 410,998
• 30 Day Avg. Volume: 669,812
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $42.40
• Price Target Upside: -0.24% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $52.00 ▲(22.35% Upside)

Miami International Holdings, Inc. shows strong financial and operational performance, particularly in revenue growth and market expansion. The successful IPO and debt retirement are positive, but the high P/E ratio suggests overvaluation concerns. Technical indicators are favorable, but caution is advised due to potential overbought conditions.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand for MIAX's services and effective market capture, supporting long-term business expansion.

Debt Management

Debt retirement enhances financial flexibility and reduces interest burden, strengthening the company's balance sheet for future growth.

Market Share Expansion

Increasing market share in the options segment demonstrates competitive strength and positions MIAX for sustained leadership in the industry.

Negative Factors

Operational Inefficiencies

Negative EBIT margin indicates challenges in cost management and operational efficiency, which could hinder profitability if not addressed.

Futures Segment Challenges

Declining futures segment revenue highlights potential issues in diversification and market adaptation, affecting overall revenue stability.

Increased Operating Expenses

Rising operating expenses could pressure margins and limit profitability, necessitating strategic cost management to sustain growth.

Miami International Holdings, Inc. Business Overview & Revenue Model

Company Description

Miami International Holdings, Inc. (MIAX) is a holding company that operates multiple exchanges, including the MIAX Options Exchange, which provides electronic options trading services. MIAX is focused on delivering innovative technology and superior customer service in the financial markets. The company operates in the financial sector, specifically within the trading and exchange services, and aims to enhance market efficiency while providing diverse trading solutions for clients.

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	6.51M	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	78 Outperform	$33.08B	16.11	17.72%	1.21%	6.55%	5.90%
MKTX	73 Outperform	$6.31B	28.87	15.88%	1.82%	3.96%	-20.33%
MIAX	70 Outperform	$4.15B	-34.72	0.47%	―	22.86%	-231.30%
LPLA	70 Outperform	$30.14B	34.66	21.32%	0.32%	35.19%	-18.62%
TW	68 Neutral	$25.99B	37.54	10.51%	0.44%	22.17%	40.13%
HOOD	68 Neutral	$119.57B	55.20	27.82%	―	73.48%	315.24%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Miami International Holdings, Inc. Corporate Events

Miami International Holdings Reports Strong Revenue Growth

Miami International Holdings, Inc. (MIH) is a technology-driven company that operates regulated financial markets across various asset classes, including options, equities, and futures, with a focus on providing advanced technology and risk protections.

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.

The most recent analyst rating on (MIAX) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Miami International Holdings, Inc. stock, see the MIAX Stock Forecast page.

Miami International Holdings Ends Loan Agreement

On August 18, 2025, Miami International Holdings, Inc. terminated its 2029 Senior Secured Loan Agreement with Skylight Aggregator, L.P., repaying $178.5 million in outstanding debt along with accrued interest, premiums, and fees. This termination resulted in the cancellation of all credit commitments and the release of all security interests and guarantees associated with the loan agreement.