Miami International Holdings, Inc.
MIAX · Price history
Price at last available close
$31.98
−$1.93 (-5.69%) 1M
2026-10-28
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Company & revenue
About Miami International Holdings, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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 encompasses MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. For U.
How they make money
Miami International Holdings, Inc. operates as a holding company for various derivatives exchanges. It generates revenue primarily through transaction fees charged to market participants for trading options and futures contracts, as well as through the sale of proprietary market data and connectivity services to exchange members.
Products & services
MIAX operates multiple electronic exchanges for the trading of U.S. equity options, futures, and other derivatives, providing trading platforms, market data products, and network connectivity services.
Brands & revenue mix
Primary U.S. options exchange platform.
Separate brand revenue is not available in this research.Source
Futures exchange platform formerly known as MGEX.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
The company does not disclose specific customer concentration figures in its 2025 annual report.
Suppliers, materials & equipment
- Technology and Data Service Providers — The company relies on various unnamed third-party vendors for critical technology infrastructure, data center services, and telecommunications support.Source
Competitors
Strengths
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Diluted weighted-average shares increased 39.4% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
55
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
63
Fair
Financial Strength
25
Business Quality / Moat
98
Management
95
Growth Quality
59
Risk / Durability
28
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
76
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
75/100
Building Historical Record
Model Score 75/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently positive.
- •Asset quality scores strongly
- •Valuation scores attractively
- •Recent buyback activity is present
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for MIAX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can MIAX maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is MIAX's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •How is MIAX likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •Is MIAX's valuation discount tied to a temporary concern or to a longer-term business risk?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of MIAX's score?
Essential Investment Snapshot
Wall Street Score
55
Opportunity Score
76
Market Cap
$3.17B
P/E Ratio
18.3
EPS
$1.87
52-Week High
$57.14
52-Week Low
$32.74
Beta
1.56
Intrinsic Value
$72.00
Analyst Target
$53.00
Shares Outstanding
69.8M
Total Revenue
$1.47B
Total Debt
$1.5M
Dividend
No current dividend
Liquidation Value / Share
$16.47
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Weakening momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for MIAX
Detected from reported data — verify before acting.Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on MIAX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strong track record of organic growth in transaction volume.
- +High market share in electronic complex orders.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Financial - Capital Markets industry.
- −Intense competition in the exchange industry.
- −Regulatory changes and oversight by the SEC and CFTC.
- −Dependence on technology infrastructure and cybersecurity.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
55
Oct 1, 2026
Change
Unchanged
Current Score
55
Oct 5, 2026
Category Changes
MIAX score was unchanged.
Projected Score
Projected Score
63
Projected Change
+7.8 points
Preliminary comparable-period financial changes suggest improvement of approximately 7.8 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$31.98
Model Intrinsic Value
$72.00
Difference
−$40.02
-55.6% vs IV
Margin of Safety
55.6%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.36B | $1.14B | $1.04B | ···· | ···· | ···· |
| Cost of Revenue | $979.0M | $992.3M | $864.4M | $808.5M | ···· | ···· | ···· |
| Gross Profit | $487.5M | $371.8M | $275.6M | $232.5M | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· |
| SG&A Expenses | $182.7M | $270.9M | $225.9M | $189.1M | ···· | ···· | ···· |
| Operating Expenses | $373.9M | $335.2M | $278.5M | $235.3M | ···· | ···· | ···· |
| EBITDA | $93.6M | -$26.3M | $142.4M | $17.8M | ···· | ···· | ···· |
| Operating Income | $113.6M | $36.6M | -$2.8M | -$2.9M | ···· | ···· | ···· |
| Interest Expense | $3.6M | $12.9M | $14.0M | $18.9M | ···· | ···· | ···· |
| Income Before Tax | $56.8M | -$68.6M | $105.1M | -$22.1M | ···· | ···· | ···· |
| Income Tax Expense | -$85.5M | $1.4M | $3.1M | -$697K | ···· | ···· | ···· |
| Net Income | $142.3M | -$70.0M | $102.1M | -$20.9M | ···· | ···· | ···· |
| Basic EPS | $1.87 | $-1.00 | $1.29 | $-0.26 | ···· | ···· | ···· |
| Basic Shares | 95.31M | 69.84M | 79.44M | 79.44M | ···· | ···· | ···· |
| Diluted Shares | 111M | 69.84M | 79.44M | 79.44M | ···· | ···· | ···· |
Earnings Summary
Revenue
$387.6M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.40
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-98.1%
Cash Change
+238.1%
Margin Change
+4.2 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Cash position grew
- Debt reduced
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 18.3%. EPS increased 33.3%. Cash increased 238.1%. Total debt declined 98.1%. Net income margin improved by 4.2 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
0
Smart Money
0
Number of Gurus
0
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Miami International Holdings Announces Date of Third Quarter 2026 Earnings Release and Conference Call
Miami International Holdings, Inc. (MIAX) Loses 17.3% in 4 Weeks, Here's Why a Trend Reversal May be Around the Corner
Rumor Mill · MIAX
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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