MIAX Stock Analysis: Miami International | NYSE
Capital Markets | NYSE, USA | Market Cap: 3.953m USD | 12M Return: 40.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 107M
Rev. Trend: 98.3%
Warnings
Tailwinds
Seasonality 0.9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Miami International Holdings, Inc. operates a multi-asset exchange group spanning options, futures, and cash equities. Its U.S. options franchise runs across four exchanges (MIAX Options, Pearl, Emerald, and Sapphire), U.S. equities are listed on MIAX Pearl Equities, and futures and options on futures are offered through MIAX Futures. Internationally, the company operates the BSX and TISE venues for cross-border listings.
Beyond running trading venues, MIAX has extended into clearing and brokerage. It provides clearing for U.S. futures and options on futures through MIAX Futures Clearing, and owns Dorman Trading, a futures commission merchant serving introducing brokers, retail, institutional, and professional clients. It also lists Hard Red Spring Wheat futures and options, and offers financial markets and securities services to public and private companies.
As a multi-venue exchange operator, MIAXs business model is typical of the exchange sector: revenue is generated primarily from transaction fees across its various trading platforms, along with market data and listing fees. The company was incorporated in 2007 and is headquartered in Princeton, New Jersey.
- Options market share gains against CBOE and Nasdaq rivals
- MIAX Sapphire exchange launch drives options volume growth
- Macro volatility lifts derivatives trading volumes and fee revenue
| 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: 32.07% > 18% (prev 25.68%; Δ 6.39% > 0.5%) |
| Asset Turnover: 118.8% > 50% (prev 129.3%; Δ -10.48% > 0%) |
| Interest Coverage Ratio: 7.20 > 6 (EBIT TTM 61.2m / 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: 2.81 (Book Value of Equity 1.07b / Total Liabilities 378.6m) |
| Altman-Z'' = 6.34 = AAA |
| DSRI: 0.42 (Receivables 106.8m/218.5m, Revenue 1.41b/1.19b) |
| GMI: 0.80 (GM 25.68% / 32.07%) |
| 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 = -3.58 (Cap -4..+1) = AAA |
As of July 08, 2026, the stock is trading at USD 43.72 with a total of 1,915,109 shares traded. Over the past week, the price has changed by +18.71%, over one month by +12.85%, over three months by +5.81% and over the past year by +40.49%.
Current recommended Stop Loss: 40.30 (which is 7.8% or 1.5 ATR below the current price).
Miami International has no consensus analysts rating.
P/E Trailing = 31.6589
P/S = 2.81
P/B = 3.5471
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 = 3.32b USD (3.95b + Debt 8.14m - CCE 643.9m)
Interest Coverage Ratio = 7.20 (Ebit TTM 61.2m / Interest Expense TTM 8.50m)
EV/FCF = 18.37x (Enterprise Value 3.32b / FCF TTM 180.6m)
FCF Yield = 5.44% (FCF TTM 180.6m / Enterprise Value 3.32b)
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 = 32.07% ((Revenue TTM 1.41b - Cost of Revenue TTM 955.6m) / Revenue TTM)
Gross Margin QoQ = 30.41% (prev 33.70%)
Tobins Q-Ratio = 2.30 (Enterprise Value 3.32b / Total Assets 1.44b)
Interest Expense / Debt = 104.5% (Interest Expense 8.50m / Debt 8.14m)
Taxrate = 21.0% (US federal 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 = 15.22% (Net Income TTM 121.6m / Total Stockholder Equity 799.2m)
RoCE = 7.66% (EBIT 61.2m / Capital Employed (Equity 799.2m + L.T.Debt 0.0))
RoIC = 3.52% (NOPAT 48.3m / Invested Capital 1.37b)
WACC = 9.77% (E(3.95b)/V(3.96b) * Re(9.79%) + (debt cost/tax rate unavailable))
Discount Rate = 9.79% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -76.70 | Cagr: -5.56%
[DCF] Terminal Value 73.51% ; FCFF base≈155.6m ; Y1≈178.3m ; Y5≈262.4m
[DCF] Fair Price = 39.20 (EV 3.16b - Net Debt -635.8m = Equity 3.79b / Shares 96.8m; r=9.77% [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=+0.00% | Revisions=+62% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.38 | Chg30d=+0.00% | Revisions=+57% | Analysts=7
EPS current Year (2026-12-31): EPS=1.55 | Chg30d=+0.00% | Revisions=+57% | GrowthEPS=-15.0% | GrowthRev=+22.5%
EPS next Year (2027-12-31): EPS=1.82 | Chg30d=+0.00% | Revisions=+57% | GrowthEPS=+17.8% | GrowthRev=+11.6%
[Analyst] Revisions Ratio: +85% (up=17, down=0)