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Miami International Holdings, Inc.
(NYSE:MIAX)
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Rating:76Outperform
Price Target:
$51.00
▲(19.21% Upside)
Action:Reiterated
Date:08/07/26
MIAX scores well primarily due to strong financial performance (profitability turnaround, robust free cash flow, and near-zero leverage) and supportive technical momentum (price above major moving averages with positive MACD). The score is held back by a premium valuation (P/E ~45.7 with no dividend yield provided) and earnings-call-noted normalization risks (RPC not expected to stay at Q2 levels and futures revenue still nascent).
Positive Factors
Very strong balance sheet
A large cash buffer and near-zero debt provide durable financial flexibility: funds for product investment, opportunistic M&A, and the ability to increase FCM net capital and pursue OCC clearing without refinancing risk. This reduces solvency and liquidity risks across market cycles.
Negative Factors
RPC normalization & market-share softness
If RPC reverts toward lower levels, per-contract revenue and margins could decline structurally versus the elevated quarter. Combined with small market-share erosion, this highlights durable sensitivity to fee mix, incentive structures and competitiveness across multi-listed options markets, complicating revenue durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Very strong balance sheet
A large cash buffer and near-zero debt provide durable financial flexibility: funds for product investment, opportunistic M&A, and the ability to increase FCM net capital and pursue OCC clearing without refinancing risk. This reduces solvency and liquidity risks across market cycles.
Read all positive factors
Miami International Holdings, Inc. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.55B
Dividend YieldN/A
Average Volume (3M)2.26M
Price to Earnings (P/E)45.7
Beta (1Y)1.36
Revenue Growth17.79%
EPS Growth-3.81%
CountryUS
Employees439
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.19
Shares Outstanding96,788,640
10 Day Avg. Volume1,103,800
30 Day Avg. Volume2,259,771
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$51.60Price Target Upside20.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.63
Revenue Forecast (FY)$538.52M
Miami International Holdings, Inc. Business Overview & Revenue Model
Company Description
Miami International Holdings, Inc. (MIAX) is a financial services corporation that operates diverse marketplaces through its various subsidiaries, facilitating trading across options, futures, and cash equities. Its extensive options suite encompa...
How the Company Makes Money
MIAX primarily makes money by operating securities exchanges and charging fees tied to trading activity and market participation. Key revenue streams generally include: (1) Transaction and trading-related fees charged to member firms and other mar...
Miami International Holdings, Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: record net revenue, materially improved margins, robust options volume growth, successful product launches (Bloomberg futures) and a strong balance sheet. Key near-term challenges include market-share variability, RPC normalization risk, early-stage futures monetization and higher operating and share-based compensation. Management provided proactive cost guidance and clear commercialization plans for new products, and the positives (large revenue and margin gains, product launches, healthy cash position) notably outweigh the modest execution and modeling risks.Positive Updates
Record Revenue and Strong Profitability
Total net revenue grew 35% year-over-year to a record $141.0M in Q2; adjusted EBITDA rose 57% YoY to $77M and adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%. Adjusted diluted EPS was $0.48 and adjusted earnings increased 41% YoY to $53M.
Negative Updates
Options Market Share Softening and RPC Uncertainty
Multi-listed options market share was 16.5% in Q2 (essentially flat YoY but down from 17.3% in Q1). Management cautioned the elevated Q2 RPC ($0.124) is likely episodic and advised against modeling it into the back half of the year; they expect second-half RPC closer to recent quarters (~$0.103–$0.11).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong Profitability
Total net revenue grew 35% year-over-year to a record $141.0M in Q2; adjusted EBITDA rose 57% YoY to $77M and adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%. Adjusted diluted EPS was $0.48 and adjusted earnings increased 41% YoY to $53M.
Read all positive updates
Company Guidance
MIAX updated 2026 guidance including a lowered full‑year adjusted operating expense range of $260–$270M (prior $265–$275M); share‑based compensation now expected $29–$32M (prior $27–$30M); capital expenditures $40–$45M (front‑loaded in H1); depreciation & amortization $35–$39M (prior $33–$38M); and a Q2 adjusted effective tax rate of 27% with full‑year tax guidance of 27–29%. Management also noted planned incremental marketing and quoting incentives for the Bloomberg Index futures, will increase its FCM’s net capital by $40M, ended Q2 with $660M cash and < $2M debt (maturing December), and cautioned that Q2 RPC of $0.124 should not be modeled into H2 (they expect H2 RPC nearer prior quarter levels of roughly $0.103–$0.11).Miami International Holdings, Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
| Gross Profit | 487.51M | 371.77M | 275.64M | 232.47M | 195.63M | 181.34M |
| EBITDA | 93.58M | -26.31M | 142.40M | 17.84M | 92.31M | -50.22M |
| Net Income | 142.30M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
Balance Sheet | ||||||
| Total Assets | 1.60B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Cash, Cash Equivalents and Short-Term Investments | 660.46M | 509.73M | 150.34M | 59.29M | 126.45M | 160.90M |
| Total Debt | 1.51M | 1.51M | 43.81M | 123.04M | 151.91M | 166.67M |
| Total Liabilities | 450.09M | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M |
| Stockholders Equity | 1.15B | 881.02M | 367.62M | 164.64M | 272.00K | -113.39M |
Cash Flow | ||||||
| Free Cash Flow | 248.70M | 145.04M | 72.43M | -75.09M | 101.60M | 6.17M |
| Operating Cash Flow | 285.33M | 167.83M | 111.44M | -49.20M | 121.63M | 24.23M |
| Investing Cash Flow | 2.04M | -101.33M | -40.59M | -64.14M | -53.93M | 320.00K |
| Financing Cash Flow | 217.68M | 214.77M | 29.41M | -16.62M | -9.35M | 92.11M |
Miami International Holdings, Inc. Technical Analysis
Positive
42.78
Price Trends
Market Momentum
1.07
Positive
56.75
Neutral
39.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIAX, the sentiment is Positive. The current price of 42.78 is above the 20-day moving average (MA) of 42.33, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of 1.07 indicates Positive momentum. The RSI at 56.75 is Neutral, neither overbought nor oversold. The STOCH value of 39.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MIAX.
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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $33.81B | 15.05 | 18.32% | 1.25% | 7.75% | 12.12% | |
78 Outperform | $23.52B | 23.93 | 13.78% | 0.52% | 14.04% | 60.95% | |
77 Outperform | $5.71B | 19.12 | 24.74% | 2.64% | 3.68% | 42.71% | |
76 Outperform | $4.55B | 45.67 | 14.49% | ― | 17.79% | -3.81% | |
65 Neutral | $28.29B | 28.09 | 18.45% | 0.37% | 38.82% | -14.48% | |
60 Neutral | $77.87B | 37.47 | 22.70% | ― | 39.14% | 14.06% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
MIAX
Miami International Holdings, Inc.
44.23
13.11
42.13%
LPLA
LPL Financial
362.63
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MKTX
Marketaxess Holdings
162.53
-21.07
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RJF
Raymond James Financial
176.56
13.86
8.52%
TW
Tradeweb Markets
102.62
-32.20
-23.88%
HOOD
Robinhood
93.29
-21.34
-18.62%
Miami International Holdings, Inc. Corporate Events
Business Operations and StrategyLegal Proceedings
Miami International Gains Legal Clarity After Nasdaq Dispute
Positive
Jul 21, 2026
On July 20, 2026, the U.S. District Court for the District of New Jersey dismissed with prejudice all claims and counterclaims in the long‑running litigation between Miami International Holdings, Inc. and Nasdaq, fully resolving a dispute th...
Business Operations and StrategyPrivate Placements and Financing
Miami International Simplifies Capital Structure via Warrant Exchanges
Positive
Jun 22, 2026
Between April 1, 2026, and June 17, 2026, Miami International Holdings, Inc. issued a total of 1,881,554 shares of common stock to an accredited investor, a current consultant and nine former consultants, largely tied to warrant exercises and an e...
Executive/Board ChangesShareholder Meetings
Miami International Holders Back Directors, Pay and Auditor
Positive
Jun 18, 2026
At its annual meeting of stockholders held on June 16, 2026, Miami International Holdings, Inc. elected fifteen directors to serve until the 2027 annual meeting, with all nominees receiving substantial shareholder support. Stockholders also approv...
Business Operations and StrategyExecutive/Board Changes
Miami International Launches New Senior Executive Bonus Plan
Positive
Jun 17, 2026
On June 15, 2026, Miami International Holdings, Inc.’s board-level Compensation Committee approved a Senior Executive Annual Bonus Plan effective for performance periods beginning January 1, 2026. The plan covers executive officers and certa...
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.