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Equiscale · Syntellia LLC
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 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; provides clearing services for U.S. futures and options on futures 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. In addition, it offers financial markets and securities services to public and private companies. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $-26M | $-70M | $133M | -7.9% | 19.6% | -168.6% |
| 2024 | $1.1B | $142M | $102M | $72M | 27.8% | 9.5% | -588.9% |
| 2023 | $1.0B | $18M | $-21M | $-75M | -12.7% | 30.5% | -136.3% |
| 2022 | $798M | $92M | $58M | $102M | 21315.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 797.92 | 1,041.01 | 1,140.07 | 1,364.07 |
| Operating Revenue | - | 788.51 | 1,025.30 | 1,123.33 | 1,337.08 |
| Cost Of Revenue | - | 602.28 | 808.54 | 864.43 | 933.54 |
| Gross Profit | - | 195.64 | 232.47 | 275.64 | 430.53 |
| Operating Expense | - | 187.88 | 232.61 | 278.47 | 335.66 |
| Selling General And Administration | - | 151 | 189.07 | 225.93 | 270.92 |
| Total Expenses | - | 790.17 | 1,041.15 | 1,142.90 | 1,269.20 |
| Operating Income | - | 7.75 | -0.14 | -2.82 | 94.87 |
| Total Operating Income As Reported | - | 5.34 | -2.87 | -2.82 | 91.97 |
| EBITDA | - | 92.31 | 17.84 | 142.40 | -26.31 |
| Normalized EBITDA | - | 28.06 | 28.09 | 25.32 | 144.61 |
| EBIT | - | 72.02 | -3.19 | 119.03 | -55.69 |
| Interest Income | - | 0.60 | 2.66 | 3.30 | 9.41 |
| Interest Expense | - | 21.92 | 18.88 | 13.95 | 12.89 |
| Net Interest Income | - | -21.32 | -16.21 | -10.65 | -3.47 |
| Other Non Operating Income Expenses | - | -0.57 | 4.54 | 1.48 | 10.95 |
| Other Income Expense | - | 63.67 | -5.72 | 118.56 | -159.98 |
| Interest Income Non Operating | - | 0.60 | 2.66 | 3.30 | 9.41 |
| Interest Expense Non Operating | - | 21.92 | 18.88 | 13.95 | 12.89 |
| Net Non Operating Interest Income Expense | - | -21.32 | -16.21 | -10.65 | -3.47 |
| Pretax Income | - | 50.11 | -22.07 | 105.08 | -68.58 |
| Tax Provision | - | -7.22 | -0.70 | 3.10 | 1.45 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 13.49 | -0.32 | 3.45 | -35.89 |
| Net Income Continuous Operations | - | 57.32 | -21.37 | 101.99 | -70.03 |
| Net Income From Continuing And Discontinued Operation | - | 57.55 | -20.89 | 102.12 | -70.03 |
| Net Income From Continuing Operation Net Minority Interest | - | 57.55 | -20.89 | 102.12 | -70.03 |
| Net Income | - | 57.55 | -20.89 | 102.12 | -70.03 |
| Net Income Common Stockholders | - | 57.55 | -20.89 | 102.12 | -70.03 |
| Net Income Including Noncontrolling Interests | - | 57.32 | -21.37 | 101.99 | -70.03 |
| Normalized Income | - | 6.80 | -10.96 | -11.51 | 65 |
| Diluted NI Availto Com Stockholders | - | 57.55 | -20.89 | 102.12 | -70.03 |
| Basic Average Shares | - | 79.44 | 79.44 | 79.44 | 69.84 |
| Diluted Average Shares | - | 79.44 | 79.44 | 79.44 | 69.84 |
| Reconciled Depreciation | - | 20.28 | 21.03 | 23.37 | 29.38 |
| Reconciled Cost Of Revenue | - | 602.28 | 808.54 | 864.43 | 933.54 |
| Total Unusual Items | - | 64.24 | -10.25 | 117.08 | -170.93 |
| Total Unusual Items Excluding Goodwill | - | 64.24 | -10.25 | 117.08 | -170.93 |
| Minority Interests | - | 0.23 | 0.48 | 0.14 | 0 |
| Special Income Charges | - | -7.02 | -10.23 | 48.50 | -112.61 |
| Other Special Charges | - | - | 5.08 | - | 107.66 |
| Write Off | - | 4.62 | 2.42 | 4.11 | 0 |
| Restructuring And Mergern Acquisition | - | 2.41 | 2.72 | 0 | 2.90 |
| Gain On Sale Of Security | - | 71.27 | -0.03 | 68.58 | -58.32 |
| Depreciation Amortization Depletion Income Statement | - | 20.28 | 21.03 | 23.37 | 29.38 |
| Depreciation And Amortization In Income Statement | - | 20.28 | 21.03 | 23.37 | 29.38 |
| General And Administrative Expense | - | 142.59 | 183.51 | 222.87 | 268.16 |
| Other Gand A | - | 52.18 | 65.27 | 68.24 | 67.86 |
| Salaries And Wages | - | 83.64 | 110.68 | 145.22 | 188.31 |
| Gain On Sale Of Ppe | - | 0 | 0 | 52.60 | -2.05 |
| Rent Expense Supplemental | - | 6.77 | 7.56 | 9.40 | 11.98 |
| Other Operating Expenses | - | 16.60 | 22.51 | 29.17 | 35.37 |
| Selling And Marketing Expense | - | 8.41 | 5.56 | 3.06 | 2.76 |
| Rent And Landing Fees | - | 6.77 | 7.56 | 9.40 | 11.98 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Miami International Holdings, Inc.this co. | MIAX | $3.8B | - | 4.27 | -7.9% | - |
| CNO Financial Group, Inc. | CNO | $4.4B | 19.18 | 1.67 | 8.7% | - |
| Eastern Bankshares, Inc. | EBC | $4.3B | 48.96 | 1.00 | 2.0% | - |
| PennyMac Financial Services, Inc. | PFSI | $4.2B | 8.45 | 0.98 | 11.6% | 43.48 |
| Lemonade, Inc. | LMND |
| 2021 | - | - | - | - | - | - | - |
| $4.0B |
| - |
| 7.42 |
| -31.0% |
| - |
| Marex Group plc | MRX | $3.9B | 12.76 | 3.10 | 24.3% | 9.33 |
| F&G Annuities & Life, Inc. | FG | $3.6B | 13.58 | 0.75 | 5.5% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| Peer Median | - | 14.25 | 1.00 | 5.9% | 26.41 | |
Historically, Jul has averaged the highest return (+26.6%); Jun the lowest (-21.4%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -6.0%Negative MonthJan 2026: -5.97% | +2.1%Positive MonthFeb 2026: +2.08% | -8.6%Negative MonthMar 2026: -8.64% | +19.5%Positive MonthApr 2026: +19.45% | +1.6%Neutral MonthMay 2026: +1.63% | -21.4%Negative MonthJun 2026: -21.35% | +26.6%Positive MonthJul 2026: +26.59% | -13.7%*Negative MonthAug 2026: -13.69% | — | — | — | — |
| 2025 | — | — | — | — | — | — | — | — | +7.1%Positive MonthSep 2025: +7.13% | +8.5%Positive MonthOct 2025: +8.54% | +4.4%Positive MonthNov 2025: +4.37% | -2.7%Negative MonthDec 2025: -2.70% |
| Avg±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation — the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position — all Januaries together, all Februaries together, and so on — to show whether a given month has leaned positive or negative historically. ‘Simple’ counts each month as +1 or −1. ‘Weighted’ gives larger moves more influence: +2 above +10%, −2 below −10%. With only 2 years of history for this asset, each month’s score reflects a small number of observations — read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the asset’s full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each day’s closing price by the price on January 1st of that year (or the asset’s first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen — at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in “Average from”, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
