Miami International Holdings, Inc. key statistics and ratios

In fiscal 2025, Miami International Holdings, Inc. had return on equity of -11.2%, an operating margin of 6.7%, debt equal to 0.2% of equity and a current ratio of 2.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Miami International Holdings, Inc.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	22.3%	24.2%	31.6%	34.9%
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%
Return on equity	−12.8%	38.4%	−11.2%	28.3%
Return on assets	—	10.5%	−6.3%	20.6%
Asset turnover	—	1.17	1.22	1.04
Current ratio	—	1.41	2.54	3.10
Debt to equity	0.0%	29.0%	0.2%	0.1%
Interest cover (operating income ÷ interest)	n/m	n/m	7.1x	—
Effective tax rate	—	2.9%	—	−32.7%
Capital spending as % of revenue	1.6%	2.3%	1.7%	2.2%
Free cash flow ÷ net income	—	82.9%	—	74.2%
Dividends and buybacks ÷ free cash flow	—	14.7%	15.1%	11.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Miami International Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	25.2%	28.1%	31.9%	32.2%	33.7%	34.8%	36.4%	34.8%
Operating margin	2.2%	6.8%	8.3%	−0.1%	11.6%	12.4%	7.2%	12.5%
Net margin	0.9%	−6.5%	7.2%	−30.0%	8.1%	46.0%	11.4%	13.9%
Free-cash-flow margin	10.2%	2.0%	13.0%	15.6%	11.6%	13.3%	27.5%	5.7%
Current ratio	1.41	—	—	2.27	2.54	2.77	2.61	3.10
Debt to equity	10.1%	—	—	0.8%	0.2%	0.1%	0.1%	0.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

Compare with peers

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Figures from Miami International Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Miami International Holdings, Inc.