Miami International Holdings vs Tradeweb Markets
Tradeweb Markets is the larger business, with $2.05bn of revenue in fiscal 2025 against $1.36bn for Miami International Holdings (1.5 times as much). Miami International Holdings grew faster (19.6% against 18.9%). Tradeweb Markets kept more of each dollar of sales as profit: a net margin of 39.6% against -5.1%.
| Latest fiscal year | Miami International HoldingsMIAX, 2025 | Tradeweb MarketsTW, 2025 |
|---|---|---|
| Revenue | $1.36bn | $2.05bn |
| Revenue growth | 19.6% | 18.9% |
| Net income | −$70.0m | $813m |
| Operating margin | 6.7% | — |
| Net margin | -5.1% | 39.6% |
| Return on equity | -11.2% | 13.2% |
| Free cash flow | $145m | $1.13bn |
| Cash | $434m | $2.08bn |
| Total debt | $1.5m | $0 |
| Debt to equity | 0.2% | — |
| Dividend per share | — | $0.48 |
| Dividend yield | — | 0.4% |
| Share buybacks | $21.8m | $104m |
| Employees | — | 1,569 |
| Market value | $3.40bn | $26.56bn |
| Price vs our value range | — | — |
| Moat score | — | 66 (Moderate) |
| Insider trades, 12 months | 4 buys, 71 sales | 0 buys, 23 sales |