(MIAX) Miami International - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NYSE (USA) | Market Cap: 4.882m USD | Total Return: 67.3% in 12m
Avg Turnover: 65.6M
Rev. Trend: 98.3%
Warnings
Below Avwap Earnings
Tailwinds
Supp Ema20, Confidence
Miami International Holdings, Inc. (MIAX) is a multi-asset exchange operator providing trading, execution, and clearing services across U.S. options, equities, and futures. The company maintains a diverse market ecosystem through platforms such as MIAX Pearl and MIAX Emerald, while extending its reach into international listings via the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). By owning Dorman Trading, the firm integrates futures commission merchant (FCM) capabilities directly into its business model.
The exchange industry operates on a high-operating-leverage model where profitability often scales with transaction volume and data licensing fees. As a consolidated provider, MIAX competes in the Investment Banking & Brokerage sector by offering vertically integrated clearing services, which reduces third-party reliance and captures a larger portion of the trade lifecycle value chain.
Investors can further examine the companys competitive positioning and valuation metrics on ValueRay. Founded in 2007 and headquartered in Princeton, New Jersey, the company continues to expand its footprint through new platform launches like MIAX Sapphire and specialized commodity products such as Hard Red Spring Wheat futures.
- Transaction volume growth across multi-asset classes drives core trading commission revenue
- Market share expansion in US options trading increases competitive positioning against incumbents
- Regulatory shifts in clearinghouse requirements impact operational costs and capital efficiency
- Increased demand for proprietary data feeds and connectivity services boosts recurring revenue
- Integration of Dorman Trading expands execution services and margin capture in futures markets
| Net Income: 121.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.28 > 1.0 |
| NWC/Revenue: 63.88% < 20% (prev 17.15%; Δ 46.73% < -1%) |
| CFO/TA 0.15 > 3% & CFO 217.5m > Net Income 121.6m |
| Net Debt (-635.8m) to EBITDA (92.5m): -6.87 < 3 |
| Current Ratio: 595.7 > 1.5 & < 3 |
| Outstanding Shares: last quarter (69.8m) vs 12m ago -10.58% < -2% |
| Gross Margin: 30.92% > 18% (prev 0.26%; Δ 3.07k% > 0.5%) |
| Asset Turnover: 118.8% > 50% (prev 129.3%; Δ -10.48% > 0%) |
| Interest Coverage Ratio: 7.20 > 6 (EBITDA TTM 92.5m / Interest Expense TTM 8.50m) |
| A: 0.62 (Total Current Assets 900.1m - Total Current Liabilities 1.51m) / Total Assets 1.44b |
| B: -0.32 (Retained Earnings -462.1m / Total Assets 1.44b) |
| C: 0.05 (EBIT TTM 61.2m / Avg Total Assets 1.18b) |
| D: -1.23 (Book Value of Equity -464.4m / Total Liabilities 378.6m) |
| Altman-Z'' = 2.10 = BBB |
| DSRI: 0.42 (Receivables 106.8m/218.5m, Revenue 1.41b/1.19b) |
| GMI: 0.83 (GM 30.92% / 25.68%) |
| AQI: 0.98 (AQ_t 0.34 / AQ_t-1 0.35) |
| SGI: 1.18 (Revenue 1.41b / 1.19b) |
| TATA: -0.07 (NI 121.6m - CFO 217.5m) / TA 1.44b) |
| Beneish M = -3.62 (Cap -4..+1) = AAA |
As of May 24, 2026, the stock is trading at USD 51.44 with a total of 839,015 shares traded.
Over the past week, the price has changed by -8.44%,
over one month by +13.61%,
over three months by +31.88% and
over the past year by +67.27%.
Miami International has no consensus analysts rating.
P/S = 3.4706
P/B = 4.5817
Revenue TTM = 1.41b USD
EBIT TTM = 61.2m USD
EBITDA TTM = 92.5m USD
Long Term Debt = unknown (0.0)
Short Term Debt = 1.51m USD (from shortTermDebt, last quarter)
Debt = 8.14m USD (from shortLongTermDebtTotal, last quarter) + Leases 6.62m
Net Debt = -635.8m USD (calculated: Debt 8.14m - CCE 643.9m)
Enterprise Value = 4.25b USD (4.88b + Debt 8.14m - CCE 643.9m)
Interest Coverage Ratio = 7.20 (Ebit TTM 61.2m / Interest Expense TTM 8.50m)
EV/FCF = 23.52x (Enterprise Value 4.25b / FCF TTM 180.6m)
FCF Yield = 4.25% (FCF TTM 180.6m / Enterprise Value 4.25b)
FCF Margin = 12.84% (FCF TTM 180.6m / Revenue TTM 1.41b)
Net Margin = 8.65% (Net Income TTM 121.6m / Revenue TTM 1.41b)
Gross Margin = 30.92% ((Revenue TTM 1.41b - Cost of Revenue TTM 971.7m) / Revenue TTM)
Gross Margin QoQ = 30.41% (prev 29.35%)
Tobins Q-Ratio = 2.94 (Enterprise Value 4.25b / Total Assets 1.44b)
Interest Expense / Debt = 104.5% (Interest Expense 8.50m / Debt 8.14m)
Taxrate = 21.0% (US default 21%)
NOPAT = 48.3m (EBIT 61.2m * (1 - 21.00%))
Current Ratio = 5.36 (Total Current Assets 900.1m / Total Current Liabilities 167.8m)
Debt / Equity = 0.01 (Debt 8.14m / totalStockholderEquity, last quarter 1.07b)
Debt / EBITDA = -6.87 (Net Debt -635.8m / EBITDA 92.5m)
Debt / FCF = -3.52 (Net Debt -635.8m / FCF TTM 180.6m)
Total Stockholder Equity = 799.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 10.27% (Net Income 121.6m / Total Assets 1.44b)
RoE = 9.64% (Net Income TTM 121.6m / Total Stockholder Equity 1.26b)
RoCE = 4.85% (EBIT 61.2m / Capital Employed (Equity 1.26b + L.T.Debt 0.0))
RoIC = 3.94% (NOPAT 48.3m / Invested Capital 1.23b)
WACC = 11.07% (E(4.88b)/V(4.89b) * Re(11.09%) + (debt cost/tax rate unavailable))
Discount Rate = 11.09% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -76.70 | Cagr: -5.56%
[DCF] Terminal Value 69.69% ; FCFF base≈155.6m ; Y1≈178.3m ; Y5≈262.4m
[DCF] Fair Price = 34.77 (EV 2.66b - Net Debt -635.8m = Equity 3.30b / Shares 94.9m; r=11.07% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 98.26 | Revenue CAGR: 14.47% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.36 | Chg30d=+8.92% | Revisions=+56% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.38 | Chg30d=+6.29% | Revisions=+50% | Analysts=7
EPS current Year (2026-12-31): EPS=1.55 | Chg30d=+9.41% | Revisions=+50% | GrowthEPS=-15.0% | GrowthRev=+20.8%
EPS next Year (2027-12-31): EPS=1.82 | Chg30d=+7.32% | Revisions=+50% | GrowthEPS=+17.8% | GrowthRev=+12.1%
[Analyst] Revisions Ratio: +56%