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Miami International Holdings, Inc. (MIAX)
NYSE:MIAX
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Miami International Holdings, Inc.
(NYSE:MIAX)
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Rating:69Neutral
Price Target:
$47.00
▲(10.33% Upside)
Action:DowngradedDate:01/22/26
The score is driven primarily by strong financial performance and a very positive earnings update (record revenue growth, sharply higher adjusted EBITDA margins, and improved balance sheet after debt retirement). These strengths are moderated by weak-to-neutral technical momentum and a negative P/E that makes valuation less supportive, with corporate events adding a modest positive strategic tailwind.
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. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.64B
Dividend YieldN/A
Average Volume (3M)1.35M
Price to Earnings (P/E)―
Beta (1Y)0.21
Revenue Growth22.86%
EPS Growth-231.30%
CountryUS
Employees433
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.52
Shares Outstanding85,428,080
10 Day Avg. Volume1,928,232
30 Day Avg. Volume1,348,165
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)6.64
Price to Sales (P/S)2.14
P/FCF Ratio33.71
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue2.50
Enterprise Value/Gross Profit8.51
Enterprise Value/Ebitda-66.70
Forecast
1Y Price Target
$53.00Price Target Upside24.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.36
Revenue Forecast (FY)$506.68M
Miami International Holdings, Inc. Business Overview & Revenue Model
Company DescriptionMiami 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 MoneyMIAX 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. 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.Q4-2025 Updates
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.
Material EBITDA and Margin Expansion
Adjusted EBITDA more than doubled year-over-year to $62 million in Q4 and $199 million for full year 2025; adjusted EBITDA margin expanded ~1,400 basis points in Q4 to 50% and ~1,600 basis points for the full year to 46%.
Earnings Per Share Improvement
Q4 adjusted diluted EPS was $0.52 and full year adjusted diluted EPS was $1.82; adjusted earnings nearly tripled year-over-year in Q4 to $57 million from $20 million a year earlier.
Record Options Market Share and Volume Growth
Multi-listed options market share reached a record 18.2% in Q4 (up from 15.9% prior year); average daily volume (ADV) for MIAX was 11.1 million contracts in Q4, a 46% year-over-year increase that outpaced industry ADV growth (~28.4%).
Options Segment Outperformance
Options segment net revenue was $107 million in Q4, up 46% year-over-year, benefiting from technology advantages (low latency, high throughput) and demand for short-dated expirations.
Strategic Transactions and Product Expansion
Completed a secondary public offering (7.8M secondary shares) and strategic sale of 90% of MIAXdx to Robinhood/Susquehanna while retaining a 10% stake; acquired TISE (international expansion) and launched MIAX Futures Onyx and MIAX Sapphire trading floor; Bloomberg B100/B500 futures planned for Q2 2026 (retail-size contracts).
Solid Balance Sheet and Financial Flexibility
Year-end cash balance of $434 million with less than $2 million of outstanding debt, providing financial flexibility to invest in growth initiatives.
Equities and International Traction
Equities segment reached breakeven adjusted EBITDA in Q4 with net revenue of $6 million (vs. $2 million prior year); International segment net revenue increased to $6 million from $1 million year-over-year, driven by the TISE acquisition.
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.
Rising Operating Expenses and Guidance
Adjusted Q4 operating expenses increased to $62 million from $53 million year-over-year (higher compensation, headcount expansion, IT/communications); 2026 adjusted operating expenses guided to $265–$275 million (up 13%–18% YoY), reflecting planned investments and higher public company and branding costs.
Revenue Sensitivity to Market Volatility
Approximately 60% of revenue is transaction-based and therefore highly sensitive to industry volumes and volatility; management noted uncertainty in top-line predictability and potential discretionary expense adjustments if volumes underperform.
Delay of Bloomberg Futures Launch
Bloomberg B100/B500 futures launch was rescheduled from February to Q2 2026 to ensure reliability and participant connectivity, delaying anticipated revenue contribution and go-to-market timing.
End of Fee Waiver on MIAX Sapphire
Non-transaction fee waivers for Sapphire trading floor members expire at month-end (fees commence March 1), which may temporarily affect member economics or connection patterns as charges begin.
Equities Business Still Small and Transitional
Although equities reached breakeven in Q4, the business remains a much smaller portion of revenue; tokenization/crypto opportunities are not a near-term focus and MIAX sold MIAXdx (90%), signaling reduced direct exposure to certain emerging product areas.
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
Strong top-line and cash generation: revenue growth of 42.45% and free cash flow growth of 466.63%. Balance sheet leverage is conservative (debt-to-equity 0.12) with strong ROE (27.78%). Offsetting this, operating profitability is a concern given the negative EBIT margin.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.78
Positive
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.65
Positive
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.82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.32B | 1.14B | 1.04B | 797.92M | 751.54M | 452.45M |
| Gross Profit | 387.73M | 275.64M | 232.47M | 195.63M | 181.34M | 96.53M |
| EBITDA | -49.47M | 142.40M | 17.84M | 92.31M | -50.22M | -6.52M |
| Net Income | -97.08M | 102.12M | -20.89M | 57.55M | -93.41M | -31.89M |
Balance Sheet | ||||||
| Total Assets | 1.23B | 973.65M | 719.84M | 755.37M | 535.27M | 414.01M |
| Cash, Cash Equivalents and Short-Term Investments | 401.48M | 150.34M | 59.29M | 126.45M | 160.90M | 57.24M |
| Total Debt | 12.76M | 43.81M | 123.04M | 151.91M | 166.67M | 103.41M |
| Total Liabilities | 393.36M | 606.03M | 556.06M | 755.48M | 648.82M | 475.60M |
| Stockholders Equity | 831.91M | 367.62M | 164.64M | 272.00K | -113.39M | -61.59M |
Cash Flow | ||||||
| Free Cash Flow | 129.37M | 72.43M | -75.09M | 101.60M | 6.17M | 112.69M |
| Operating Cash Flow | 159.88M | 111.44M | -49.20M | 121.63M | 24.23M | 120.34M |
| Investing Cash Flow | -93.56M | -40.59M | -64.14M | -53.93M | 320.00K | -24.98M |
| Financing Cash Flow | 211.05M | 29.41M | -16.62M | -9.35M | 92.11M | 12.07M |
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 | $29.04B | 32.61 | 13.20% | 0.45% | 22.17% | 40.13% | |
75 Outperform | $6.83B | 28.91 | 19.46% | 1.66% | 3.96% | -20.33% | |
71 Outperform | $30.17B | 14.99 | 17.11% | 1.26% | 6.45% | 5.85% | |
69 Neutral | $3.64B | -36.75 | -11.22% | ― | 22.86% | -231.30% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $68.34B | 36.84 | 22.01% | ― | 73.48% | 315.24% | |
60 Neutral | $24.05B | 27.52 | 20.86% | 0.32% | 35.19% | -18.62% |
* Financial Sector Average
MIAX
Miami International Holdings, Inc.
42.60
11.48
36.89%
LPLA
LPL Financial
300.38
-57.27
-16.01%
MKTX
Marketaxess Holdings
192.00
1.10
0.57%
RJF
Raymond James Financial
153.08
4.64
3.13%
TW
Tradeweb Markets
123.26
-13.40
-9.80%
HOOD
Robinhood
75.85
28.96
61.76%
Miami International Holdings, Inc. Corporate Events
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 Markets in partnership with Susquehanna International Group, effective January 20, 2026, while retaining a 10% ownership stake. MIAXdx, a CFTC-regulated Designated Contract Market and Derivatives Clearing Organization for fully collateralized futures, options on futures and swaps, is expected to give MIAX continuing exposure to the expanding prediction market segment through its residual stake, while the divestiture supports MIAX’s strategy to focus on organic growth in its core exchanges and unlock value for shareholders, and provides Robinhood with an accelerated entry and enhanced positioning in the growing prediction markets asset class.
The most recent analyst rating on (MIAX) stock is a Buy with a $52.00 price target. To see the full list of analyst forecasts on Miami International Holdings, Inc. stock, see the MIAX Stock Forecast page.
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. This issuance exceeded five percent of the total shares outstanding as of September 30, 2025. Additionally, on December 15, 2025, a public secondary offering was completed where existing stockholders sold 6,750,000 shares at $41.00 per share, with underwriters purchasing an additional 1,012,500 shares. The company did not sell any shares or receive proceeds from this offering.
The most recent analyst rating on (MIAX) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Miami International Holdings, Inc. stock, see the MIAX Stock Forecast page.
Business Operations and StrategyM&A Transactions
Miami International Sells Majority Stake in MIAXdx
Positive
Nov 26, 2025
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.
The most recent analyst rating on (MIAX) stock is a Buy with a $52.00 price target. To see the full list of analyst forecasts on Miami International Holdings, Inc. stock, see the MIAX Stock Forecast page.
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.