Miami International Holdings, Inc. (MIAX)
NYSE:MIAX
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Miami International Holdings, Inc.
(NYSE:MIAX)
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Rating:80Outperform
Price Target:
$63.00
▲(39.47% Upside)
Action:Upgraded
Date:05/14/26
The score is driven primarily by a strong financial rebound (profitability and cash flow) and an exceptionally low-leverage balance sheet, reinforced by positive earnings-call fundamentals and reaffirmed guidance. Valuation is attractive on P/E, while the main offsets are overbought technical conditions, some earnings quality concerns from one-time GAAP items, and near-term risk from higher planned spending and regulatory uncertainty.
Positive Factors
Conservative balance sheet
Extremely low leverage and meaningful equity growth provide MIAX durable financial flexibility. With roughly $1.07B of equity and near-zero debt, the company can fund product rollouts, incremental CapEx and opportunistic M&A without relying materially on external debt, supporting resilience across cycles.
Negative Factors
Revenue growth deceleration
Top-line growth has meaningfully slowed to low single digits TTM, reflecting maturation of core markets and making future margin expansion more reliant on share gains or new products. Sustaining earnings and cash-flow momentum will require successful commercialization of nascent initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and meaningful equity growth provide MIAX durable financial flexibility. With roughly $1.07B of equity and near-zero debt, the company can fund product rollouts, incremental CapEx and opportunistic M&A without relying materially on external debt, supporting resilience across cycles.
Read all positive factors
Miami International Holdings, Inc. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.67B
Dividend YieldN/A
Average Volume (3M)1.16M
Price to Earnings (P/E)5.2
Beta (1Y)1.08
Revenue Growth17.79%
EPS Growth-3.81%
CountryUS
Employees433
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.03
Shares Outstanding94,907,090
10 Day Avg. Volume1,337,561
30 Day Avg. Volume1,163,153
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 Cap0.91
Enterprise Value/Revenue3.01
Enterprise Value/Gross Profit9.74
Enterprise Value/Ebitda45.83
Forecast
1Y Price Target
$51.20Price Target Upside13.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.45
Revenue Forecast (FY)$508.48M
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive view: MIAX reported record revenue, double-digit volume growth, sizable adjusted EBITDA expansion and a strong cash position, while executing strategic initiatives such as the Bloomberg futures launch and international integration. Notable cautions include one-time GAAP gains and tax items inflating reported net income, a Q1 decline in futures revenue, higher operating and marketing spend planned for product launches, episodic market-data revenue, and regulatory uncertainty around fee reform. Management frames most negatives as manageable or early-stage risks while emphasizing durable secular tailwinds and operating leverage.Positive Updates
Record Quarterly Revenue
Total net revenue grew 40% year-over-year to a record $129.0 million in Q1 2026.
Negative Updates
Futures Segment Softness
Futures net revenue was $5.0 million in Q1, down from $6.0 million a year ago (approximately a 16.7% decline), with lower listings, interest revenues and decreased net transaction fees; futures growth dependent on successful, multi-stage Bloomberg product ramp.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total net revenue grew 40% year-over-year to a record $129.0 million in Q1 2026.
Read all positive updates
Company Guidance
MIAX reaffirmed full‑year 2026 guidance with adjusted operating expenses of $265 million to $275 million, full‑year share‑based compensation of $27 million to $30 million and capital expenditures of $40 million to $45 million (noting CapEx was front‑loaded in Q1), and flagged planned increases in marketing and quoting incentives tied to the Bloomberg futures launch and its nationwide advertising campaign; Q1 adjusted operating expenses were $63 million, Q1 adjusted effective tax rate was 27.2% and management expects a 27%–29% tax rate beginning in Q2, and the company finished the quarter with roughly $551 million in cash and less than $2 million of debt.Miami International Holdings, Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.41B | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
| Gross Profit | 434.98M | 371.77M | 275.64M | 232.47M | 195.63M | 181.34M |
| EBITDA | 92.48M | -26.31M | 142.40M | 17.84M | 92.31M | -50.22M |
| Net Income | 121.61M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
Balance Sheet | ||||||
| Total Assets | 1.44B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Cash, Cash Equivalents and Short-Term Investments | 643.90M | 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 | 378.62M | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M |
| Stockholders Equity | 1.07B | 881.02M | 367.62M | 164.64M | 272.00K | -113.39M |
Cash Flow | ||||||
| Free Cash Flow | 188.41M | 145.04M | 72.43M | -75.09M | 101.60M | 6.17M |
| Operating Cash Flow | 217.52M | 167.83M | 111.44M | -49.20M | 121.63M | 24.23M |
| Investing Cash Flow | -47.62M | -101.33M | -40.59M | -64.14M | -53.93M | 320.00K |
| Financing Cash Flow | 223.79M | 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $24.14B | 30.48 | 13.64% | 0.45% | 18.26% | 66.10% | |
80 Outperform | $4.67B | 5.25 | 15.22% | ― | 17.79% | -3.81% | |
74 Outperform | $29.65B | 13.05 | 17.21% | 1.26% | 5.83% | 1.44% | |
73 Outperform | $4.66B | 18.69 | 24.27% | 1.66% | 7.85% | 46.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $66.78B | 44.51 | 21.61% | ― | 41.76% | 17.91% | |
62 Neutral | $22.59B | 16.91 | 17.04% | 0.32% | 38.08% | -22.75% |
* Financial Sector Average
MIAX
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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...
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.