Miami International Holdings, Inc.

MIAX

Financial ServicesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$3.8B

Current Price$35.88as of Jun 23, 2026

P/E Ratio-

P/B Ratio4.27

EV / EBITDA-

EV / Sales2.44

Profitability

Operating Margin7.0%

Net Profit Margin-5.1%

EBITDA Margin-1.9%

Returns

ROE-7.9%

ROCE-6.3%

ROIC %-9.7%

ROA-5.6%

Solvency

Current Ratio2.54

Debt / Equity0.01

Debt / Assets0.01

CFO / Net Profit-2.40

Price History▲ 16.70% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.4B▲ 19.6%

EBITDA$-26M▼ 118.5%

Net Profit$-70M▼ 168.6%

Cash from Ops (CFO)$168M▲ 50.6%

Free Cash Flow (FCF)$133M▲ 83.6%

Revenue CAGR 3Y19.6%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

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%	-	-

Financial Statements

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

Peer Comparison

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

Learn while you research

Hand-picked academy chapters to deepen your understanding of Miami International Holdings, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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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%

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

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

Diluted NI Availto Com Stockholders

57.55

-20.89

102.12

-70.03

Basic Average Shares

79.44

69.84

Diluted Average Shares

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

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

Restructuring And Mergern Acquisition

2.41

2.72

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

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

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

Miami International Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Miami International Holdings, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on