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Miami International Holdings, Inc. (MIAX) stock

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NYSE: MIAX NYSE Financial Exchanges & Data Next results ~January 25, 2027

Miami International Holdings, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$21

Valuation models combined (2)

Base case. Range ~$7.6–$28. Weighted average of 2 models (forward price-to-earnings vs peers, residual income), the forward price-to-earnings vs peers counting double.

Price vs value

No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Miami International Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Miami International Holdings files

Where Miami International stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $1.50bn. Our valuation models combined value is $21.25 a share, against a share price of $34.88.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Miami International Holdings, Inc.'s trailing-twelve-month revenue grew 14.0% year on year, with a free-cash-flow margin of 14.6%.

Current signal Net margin expanding: TTM net margin reached 19.8%, up 27.1pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 6.6 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.7bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 2.8 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 74% of net income over the last 12 months.
  • Heavily shorted. 10.0% of the shares available to trade are sold short (4.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.45 against an average estimate of $0.40: beat by 13.9%
Revenue
$376m, up 10.7% on a year earlier
Share reaction
+5.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.42

Miami International Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.5%
  • 1 week+4.6%
  • 1 month+3.1%
  • This year-21.4%
  • 1 year-25.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
10.9%
Net margin
19.8%
EPS (TTM, diluted)
$2.98

Growth

Revenue growth
+14.0%
Change in growth rate
−2.8 pts

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Results
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Miami International Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Miami International Holdings, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$28 ~$22–$44 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$7.6 ~$4.9–$12 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.2 ~$5.3–$7.3 Left out: out of range vs price (0.18x)
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$1.2 ~$13–$54 Left out: out of range vs price (0.03x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: pays no regular dividend
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$21 ~$7.6–$28 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Miami International Holdings, Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.74 −4% $537m +25%
Next $1.93 +11% $580m +8%

Next year's EPS estimate has moved +3.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.0% on 90 days ago. In the last 30 days, 0 analysts raised Miami International Holdings, Inc.'s forecast and 6 cut it.

Consensus EPS forecast Miami International Holdings, Inc., last 90 days
$1.60 $1.70 $1.80 $1.90 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.63 Current fiscal year, 60 days ago: $1.72 Current fiscal year, 30 days ago: $1.73 Current fiscal year, 7 days ago: $1.69 Current fiscal year, Now: $1.74 $1.74 Next fiscal year, 90 days ago: $1.86 Next fiscal year, 60 days ago: $1.93 Next fiscal year, 30 days ago: $1.94 Next fiscal year, 7 days ago: $1.90 Next fiscal year, Now: $1.93 $1.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.63$1.86
60 days ago $1.72$1.93
30 days ago $1.73$1.94
7 days ago $1.69$1.90
Now $1.74$1.93

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.40 $0.45 +13.9%
Jun 2026 $0.41 $0.48 +17.5%
Mar 2026 $0.37 $0.42 +14.8%
Dec 2025 $0.41 $0.52 +27.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

7 analysts, Oct 2026
Buy343%
Hold457%
Sell00%

Monthly trend

  1. Oct 20261247
  2. Sep 20261247
  3. Aug 20262237
  4. Jul 20262237

Counts of recommendations published by analysts covering Miami International Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.0%
of tradable shares
Days to cover
3.95
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
9.6%
of shares
Employees
439
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
MIAX−21%
Industry peers (median)+12%
S&P 500+11%
Months that ended higher
MIAX55%
S&P 50046%
Largest fall from a high during the year
MIAX−48%
S&P 500−9%

Worst fall since August 14, 2025: 48% from May 14, 2026 to October 13, 2026. Getting back needed a 92% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$29.55 – $56.84
From 52-week high
−38.6%
vs 50-day average
−4.0%
vs 200-day average
−15.6%
Volatility (1 year)
43%
Beta vs S&P 500
0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 0 down
typical move ±4.3%
After a week
3 up, 1 down
typical move ±10.8%
After a month
0 up, 4 down
typical move ±6.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +5.2% −2.1% — —
August 5, 2026 +0.3% −0.4% −4.1% −5.8%
May 6, 2026 +4.3% +1.1% +15.7% −17.8%
February 25, 2026 +5.8% +0.3% +8.2% −3.2%
November 5, 2025 +6.1% −0.7% +15.0% −0.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Miami International Holdings, Inc.
$1.2B $1.3B $1.4B $1.5B $1.6B FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Revenue (TTM), FY25 Q2: $1.3B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.4B Revenue (TTM), FY26 Q1: $1.4B Revenue (TTM), FY26 Q2: $1.5B Revenue (TTM), FY26 Q3: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY25 Q2 $1.3B
FY25 Q3 $1.3B
FY25 Q4 $1.4B
FY26 Q1 $1.4B
FY26 Q2 $1.5B
FY26 Q3 $1.5B
Operating margin (TTM) Miami International Holdings, Inc.
4% 6% 8% 10% 12% FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 Operating margin (TTM), FY25 Q2: 4.4% Operating margin (TTM), FY25 Q3: 4.3% Operating margin (TTM), FY25 Q4: 6.7% Operating margin (TTM), FY26 Q1: 8.2% Operating margin (TTM), FY26 Q2: 7.9% Operating margin (TTM), FY26 Q3: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q2 4.4%
FY25 Q3 4.3%
FY25 Q4 6.7%
FY26 Q1 8.2%
FY26 Q2 7.9%
FY26 Q3 10.9%
FCF margin (TTM) Miami International Holdings, Inc.
10% 12% 14% 16% 18% FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 FY26 Q3 FCF margin (TTM), FY25 Q3: 10.2% FCF margin (TTM), FY25 Q4: 10.6% FCF margin (TTM), FY26 Q1: 13.3% FCF margin (TTM), FY26 Q2: 17.1% FCF margin (TTM), FY26 Q3: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q3 10.2%
FY25 Q4 10.6%
FY26 Q1 13.3%
FY26 Q2 17.1%
FY26 Q3 14.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,041 1,140 1,364 1,503
Gross profit 232 276 431 525
EBITDA 18 21 121 198
Operating income −3 −3 92 164
Net income −21 102 −70 297
Diluted EPS −$0.37 $1.39 −$1.00 $2.98
Growth (year on year)
Revenue — +9.5% +19.6% +14.0%
EBITDA — — — +135.6%
Operating income — — — +190.0%
Net income — — −168.6% —
Diluted EPS — — −171.9% —
Margins
Gross margin 22.3% 24.2% 31.6% 34.9%
EBITDA margin 1.7% 1.8% 8.9% 13.2%
Operating margin −0.3% −0.2% 6.7% 10.9%
Net margin −2.0% 9.0% −5.1% 19.8%
Free-cash-flow margin −6.3% 7.4% 10.6% 14.6%
Cash flow
Cash from operations −49 111 168 254
Capital spending 16 27 23 34
Free cash flow −65 85 145 220
Stock-based pay 30 44 58 33
Free cash flow after stock pay −95 41 87 187
Balance sheet
Cash 59 150 434 699
Total debt 0 107 2 2
Net debt (negative = net cash) −59 −44 −432 −697
Diluted shares 56m 75m 70m 99m
Returned to shareholders
Buybacks 3 12 22 26
Total returned 3 12 22 26

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$26M
Returned to shareholders
12%
of free cash flow
Buybacks, last 3 fiscal years
$37.6M
Total shareholder yield
0.7%
dividends 0.0% + buybacks 0.7% of market value
Days sales outstanding
23 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated MIAX TW FDS MKTX MORN MSCI Median
Revenue, last 12 months $1.5bn $2.3bn $2.5bn $870m $2.6bn $3.4bn $4.4bn
Revenue growth, last 12 months 14.0% 14.4% 6.7% 3.9% 9.4% 12.3% 10.5%
Revenue growth, 3-year average — 21.9% 5.9% 5.9% 9.9% 12.4% 12.4%
Revenue growth, latest quarter 10.7% 14.9% 6.3% −0.5% 8.9% 12.4% 11.6%
Gross margin 34.9% — 50.6% — 63.1% 82.4% 63.1%
Operating margin 10.9% 44.1% 28.3% 40.5% 24.5% 55.7% 38.4%
Operating margin, 3-year average — 41.0% 30.8% 41.0% 21.8% 54.4% 38.4%
Net margin 19.8% 39.8% 21.5% 35.2% 17.0% 40.3% 28.8%
Cash from operations / revenue 16.9% 52.6% 33.2% 23.0% 24.5% 47.0% 37.0%
Free-cash-flow margin 14.6% 50.6% 28.6% 22.3% 18.8% 45.9% 32.5%
Free-cash-flow margin, 3-year average — 51.6% 27.7% 37.0% 18.4% 48.5% 34.0%
Stock pay / revenue 2.2% 4.8% 3.4% 4.0% 2.5% 3.7% 2.7%
Change in share count — −0.9% −4.6% −3.7% −8.7% −5.5% −1.7%

Median of all 12 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Options $1.1B 81.2% ▲ 30.0%
Equities $153M 11.3% ▼ 18.3%
Futures $87.9M 6.4% ▼ 8.5%
International $14.7M 1.1% ▲ 343.6%
Products and services
Line of business Revenue Share YoY
Transaction and Clearing Fees $1.2B 87.2% ▲ 18.9%
Access Fees $106M 7.8% ▲ 18.4%
Market Data Fees $41.6M 3.0% ▲ 23.6%
Other $27M 2.0% ▲ 61.2%

From Miami International Holdings, Inc.'s 10-K filed March 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
204
Shares held vs prior quarter
▲ 43.4%
Positions opened / closed
45 / 40

Top buyers and sellers, Q2 2026: 136 institutions bought and 86 sold ; the biggest buyer was Horizon Kinetics Asset Management LLC (+4.4M shares) and the biggest seller Citadel Advisors LLC (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Horizon Kinetics Asset Management LLC $291M 7.8M 10.9% ▲ 127.2%
Blackrock, Inc. $188M 5.1M 7.0% ▲ 127.2%
T. Rowe Price Investment Management, Inc. $187M 5.0M 7.0% ▲ 21.4%
Vanguard Portfolio Management LLC $141M 3.8M 5.3% ▲ 175.4%
Susquehanna International Group, LLP $125M 3.4M 4.7% ▲ 1.8%
Vanguard Capital Management LLC $118M 3.2M 4.4% ▲ 123.7%
Invesco Ltd. $75.1M 2.0M 2.8% ▲ 27.5%
J Digital 6 LLC $67.2M 1.8M 2.5% New
Blair William & Co $65.8M 1.8M 2.5% ▲ 165.8%
Balyasny Asset Management L.P. $62.5M 1.7M 2.3% New
American Century Companies Inc $59M 1.6M 2.2% ▲ 29.9%
State Street Corp $53.2M 1.4M 2.0% ▲ 101.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Miami International Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 4 trades by 1 insider, last 12 months Insider sales History → $82.4M 71 trades by 11 insiders · 91% under pre-set plans
Net ▼ $81.3M net selling
Insider Date Trade Shares Price Value
Schafer Douglas M. Jr EVP and CIO October 22, 2026 Sell pre-set plan 8,000 $35.06 $280,480
Comly Barbara J. EVP, GC & Corporate Secretary October 22, 2026 Sell pre-set plan 12,306 $35.04 $431,202
Schafer Douglas M. Jr EVP and CIO October 2, 2026 Sell pre-set plan 40,000 $33.34 $1.3M
Brown Shelly EVP, Chief Strategy Officer September 16, 2026 Sell pre-set plan 21,217 $38.61 $819,188
Deitzel Edward EVP, CRO, CCO MIAX Exchanges September 3, 2026 Sell pre-set plan 11,000 $42.21 $464,310
Gallagher Thomas P. Chairman & CEO September 3, 2026 Sell pre-set plan 47,000 $42.43 $2M
Teekell Judson Gray Director September 2, 2026 Sell pre-set plan 3,000 $40.89 $122,670
Teekell Judson Gray Director September 2, 2026 Sell pre-set plan 5,545 $41.58 $230,561
Schafer Douglas M. Jr EVP and CIO September 2, 2026 Sell pre-set plan 48,000 $40.48 $1.9M
Comly Barbara J. EVP, GC & Corporate Secretary September 2, 2026 Sell pre-set plan 44,445 $40.49 $1.8M
Gallagher Thomas P. Chairman & CEO August 19, 2026 Sell pre-set plan 149,700 $41.13 $6.2M
Emmons Lance EVP and CFO August 17, 2026 Sell pre-set plan 35,000 $42.83 $1.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Miami International Holdings, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded March 20, 2026, filed April 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • November 5, 2025

Recent SEC filings

Data status

When each part of this page on Miami International Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Miami International Holdings, Inc. in brief

What does Miami International Holdings, Inc. do?
Miami International Holdings, Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Miami International Holdings, Inc.'s stock ticker?
Miami International Holdings, Inc. trades under the ticker MIAX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Miami International Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Miami International Holdings, Inc. reported revenue of $1.5B, 14.0% higher than a year earlier, according to its SEC filings.
What is Miami International Holdings, Inc.'s free cash flow?
Miami International Holdings, Inc.'s free-cash-flow margin is 14.6% of revenue over the trailing twelve months.
Who are Miami International Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Horizon Kinetics Asset Management LLC, Blackrock, Inc. and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Miami International Holdings, Inc.'s market cap?
On November 2, 2026, Miami International Holdings, Inc.'s market capitalisation was about $3.5B, with a price-to-earnings ratio of 11.7 and net debt of -$697M. Market figures come from third-party market data and may be delayed.
Who are Miami International Holdings, Inc.'s competitors?
In our Financial Exchanges & Data peer group, the companies closest to Miami International Holdings, Inc. are Tradeweb Markets Inc., Factset Research Systems Inc, Marketaxess Holdings Inc, Morningstar, Inc. and MSCI. The side-by-side comparison below sets their revenue, margins and growth against Miami International Holdings, Inc.'s.
Are insiders buying or selling Miami International Holdings, Inc. stock?
Over the last 12 months, Miami International Holdings, Inc.'s directors and officers reported 4 open-market purchases and 71 sales on Form 4. The insider trading page charts every trade.
When is Miami International Holdings, Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Miami International Holdings, Inc. announces its own schedule.