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$4.5B

Current Price$47.64

P/E Ratio-

P/B Ratio4.63

EV / EBITDA28.06

EV / Sales2.87

Profitability

Operating Margin-

Net Profit Margin-5.1%

EBITDA Margin-1.9%

Returns

ROE-7.9%

ROCE-

ROIC %-9.7%

ROA-5.6%

Solvency

Current Ratio2.54

Debt / Equity0.01

Debt / Assets0.01

CFO / Net Profit-2.40

Price History▲ 54.98% 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

Net Profit$-70M▼ 168.6%

Cash from Ops (CFO)$168M

Free Cash Flow (FCF)$133M

Revenue CAGR 3Y-

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%	-
2023	$1.0B	$18M	$-21M	$-75M	-12.8%	30.5%	-136.3%
2022	$798M	$92M	$58M	$102M	-53787.9%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	797.92	1,041.01	1,140.07	1,364.07
Cost Of Revenue	602.28	808.54	864.43	933.54
Gross Profit	195.63	232.47	275.64	430.53
Operating Expense	187.88	232.61	278.47	335.66
Operating Income	7.75	-0.14	-2.83	94.87
EBITDA	92.31	17.84	142.40	-26.31
EBIT	72.02	-3.19	119.03	-55.69
Pretax Income	50.11	-22.07	105.08	-68.58
Tax Provision	-7.22	-0.70	3.10	1.45
Net Income	57.55	-20.89	102.12	-70.03
Net Income Common Stockholders	57.55	-20.89	102.12	-70.03
Total Expenses	790.17	1,041.15	1,142.90	1,269.20
Interest Expense	21.92	18.88	13.95	12.89
Interest Income	0.60	2.66	3.30	9.41
Selling General And Administration	151	189.07	225.93	270.92
Normalized EBITDA	28.06	28.09	25.32	144.61
Normalized Income	6.80	-10.96	-11.51	65
Basic EPS	0.72	-0.26	1.29	-1
Diluted EPS	0.72	-0.26	1.29	-1
Tax Effect Of Unusual Items	13.49	-0.32	3.45	-35.89
Tax Rate For Calcs	0.21	0.03	0.03	0.21
Total Unusual Items	64.24	-10.25	117.08	-170.93
Total Unusual Items Excluding Goodwill	64.24	-10.25	117.08	-170.93
Net Income From Continuing Operation Net Minority Interest	57.55	-20.89	102.12	-70.03
Reconciled Depreciation	20.28	21.03	23.37	29.38
Reconciled Cost Of Revenue	602.28	808.54	864.43	933.54
Net Interest Income	-21.32	-16.21	-10.65	-3.47
Net Income From Continuing And Discontinued Operation	57.55	-20.89	102.12	-70.03
Rent Expense Supplemental	6.77	7.56	9.40	11.98
Total Operating Income As Reported	5.34	-2.87	-2.83	91.97
Diluted Average Shares	79.44	79.44	79.44	69.84
Basic Average Shares	79.44	79.44	79.44	69.84
Diluted NI Availto Com Stockholders	57.55	-20.89	102.12	-70.03
Minority Interests	0.23	0.48	0.14	0
Net Income Including Noncontrolling Interests	57.33	-21.37	101.99	-70.03
Net Income Continuous Operations	57.33	-21.37	101.99	-70.03
Other Income Expense	63.67	-5.71	118.56	-159.98
Other Non Operating Income Expenses	-0.57	4.54	1.48	10.95
Special Income Charges	-7.02	-10.23	48.50	-112.61
Gain On Sale Of Ppe	0	0	52.60	-2.05
Other Special Charges	0	5.08	0	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
Net Non Operating Interest Income Expense	-21.32	-16.21	-10.65	-3.47
Interest Expense Non Operating	21.92	18.88	13.95	12.89
Interest Income Non Operating	0.60	2.66	3.30	9.41
Other Operating Expenses	16.60	22.51	29.17	35.37
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
Selling And Marketing Expense	8.41	5.55	3.06	2.76
General And Administrative Expense	142.59	183.51	222.87	268.16
Other Gand A	52.18	65.27	68.24	67.86
Rent And Landing Fees	6.77	7.56	9.40	11.98
Salaries And Wages	83.64	110.69	145.22	188.31
Operating Revenue	788.51	1,025.31	1,123.33	1,337.08

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	$4.5B	-	4.63	-7.9%	28.06
Selective Insurance Group, Inc.	SIGI	$5.1B	11.58	1.50	12.9%	8.65
PennyMac Financial Services, Inc.	PFSI	$4.6B	9.59	1.08	11.6%	-
First Financial Bankshares, Inc.	FFIN	$4.6B	17.30	2.36	13.2%	-
International Bancshares Corporation

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%

2023

$1.0B

$18M

$-21M

$-75M

-12.8%

30.5%

-136.3%

2022

$798M

$92M

$58M

$102M

-53787.9%

Metric

2022

2023

2024

2025

Total Revenue

797.92

1,041.01

1,140.07

1,364.07

Cost Of Revenue

602.28

808.54

864.43

933.54

Gross Profit

195.63

232.47

275.64

430.53

Operating Expense

187.88

232.61

278.47

335.66

Operating Income

7.75

-0.14

-2.83

94.87

EBITDA

92.31

17.84

142.40

-26.31

EBIT

72.02

-3.19

119.03

-55.69

Pretax Income

50.11

-22.07

105.08

-68.58

Tax Provision

-7.22

-0.70

3.10

1.45

Net Income

57.55

-20.89

102.12

-70.03

Net Income Common Stockholders

57.55

-20.89

102.12

-70.03

Total Expenses

790.17

1,041.15

1,142.90

1,269.20

Interest Expense

21.92

18.88

13.95

12.89

Interest Income

0.60

2.66

3.30

9.41

Selling General And Administration

151

189.07

225.93

270.92

Normalized EBITDA

28.06

28.09

25.32

144.61

Normalized Income

6.80

-10.96

-11.51

Basic EPS

0.72

-0.26

1.29

-1

Diluted EPS

0.72

-0.26

1.29

-1

Tax Effect Of Unusual Items

13.49

-0.32

3.45

-35.89

Tax Rate For Calcs

0.21

0.03

0.21

Total Unusual Items

64.24

-10.25

117.08

-170.93

Total Unusual Items Excluding Goodwill

64.24

-10.25

117.08

-170.93

Net Income From Continuing Operation Net Minority Interest

57.55

-20.89

102.12

-70.03

Reconciled Depreciation

20.28

21.03

23.37

29.38

Reconciled Cost Of Revenue

602.28

808.54

864.43

933.54

Net Interest Income

-21.32

-16.21

-10.65

-3.47

Net Income From Continuing And Discontinued Operation

57.55

-20.89

102.12

-70.03

Rent Expense Supplemental

6.77

7.56

9.40

11.98

Total Operating Income As Reported

5.34

-2.87

-2.83

91.97

Diluted Average Shares

79.44

69.84

Basic Average Shares

79.44

69.84

Diluted NI Availto Com Stockholders

57.55

-20.89

102.12

-70.03

Minority Interests

0.23

0.48

0.14

Net Income Including Noncontrolling Interests

57.33

-21.37

101.99

-70.03

Net Income Continuous Operations

57.33

-21.37

101.99

-70.03

Other Income Expense

63.67

-5.71

118.56

-159.98

Other Non Operating Income Expenses

-0.57

4.54

1.48

10.95

Special Income Charges

-7.02

-10.23

48.50

-112.61

Gain On Sale Of Ppe

52.60

-2.05

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

Net Non Operating Interest Income Expense

-21.32

-16.21

-10.65

-3.47

Interest Expense Non Operating

21.92

18.88

13.95

12.89

Interest Income Non Operating

0.60

2.66

3.30

9.41

Other Operating Expenses

16.60

22.51

29.17

35.37

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

Selling And Marketing Expense

8.41

5.55

3.06

2.76

General And Administrative Expense

142.59

183.51

222.87

268.16

Other Gand A

52.18

65.27

68.24

67.86

Rent And Landing Fees

6.77

7.56

9.40

11.98

Salaries And Wages

83.64

110.69

145.22

188.31

Operating Revenue

788.51

1,025.31

1,123.33

1,337.08

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Miami International Holdings, Inc.this co.

MIAX

$4.5B

4.63

-7.9%

28.06

Selective Insurance Group, Inc.

SIGI

$5.1B

11.58

1.50

12.9%

8.65

PennyMac Financial Services, Inc.

PFSI

$4.6B

9.59

1.08

11.6%

First Financial Bankshares, Inc.

FFIN

$4.6B

17.30

2.36

13.2%

International Bancshares Corporation

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