Want to see MIAX full AI Analyst Report?
Top Page
Miami International Holdings, Inc.
(NYSE:MIAX)
Select Model
Select Model
Rating:70Outperform
Price Target:
$37.00
▼(-12.72% Downside)
Action:Reiterated
Date:10/07/26
The score is driven primarily by improving financial performance (profitability turnaround, strong cash flow, and a very low-leverage balance sheet). This is tempered by very weak technicals (sharp downtrend with bearish momentum), while valuation is reasonable and recent earnings-call commentary is constructive but includes RPC normalization and execution/modeling risks.
Positive Factors
Revenue and Margin Expansion
Q2's 35% revenue growth and 54% adjusted EBITDA margin show strong operating leverage across the core exchange franchise. If supported by sustained options activity, this combination can expand internally generated capital and reinforce MIAX's ability to invest in products and technology.
Negative Factors
RPC and Market-Share Pressure
Management's warning that elevated Q2 RPC was episodic makes recent revenue yield difficult to sustain, while the sequential market-share decline signals competitive or mix pressure. These factors could offset strong contract volumes and reduce the durability of near-term revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
Q2's 35% revenue growth and 54% adjusted EBITDA margin show strong operating leverage across the core exchange franchise. If supported by sustained options activity, this combination can expand internally generated capital and reinforce MIAX's ability to invest in products and technology.
Read all positive factors
Miami International Holdings, Inc. (MIAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.22B
Dividend YieldN/A
Average Volume (3M)1.84M
Price to Earnings (P/E)18.0
Beta (1Y)1.01
Revenue Growth16.82%
EPS Growth5230.97%
CountryUS
Employees439
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.87
Shares Outstanding99,230,896
10 Day Avg. Volume1,805,866
30 Day Avg. Volume1,837,250
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)3.52
Price to Sales (P/S)2.27
P/FCF Ratio21.37
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit6.84
Enterprise Value/Ebitda35.61
Forecast
1Y Price Target
$47.40Price Target Upside11.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.69
Revenue Forecast (FY)$538.63M
Miami International Holdings, Inc. Business Overview & Revenue Model
Company Description
Miami International Holdings, Inc. (MIAX) is a financial services corporation that operates diverse marketplaces through its various subsidiaries, facilitating trading across options, futures, and cash equities. Its extensive options suite encompa...
How the Company Makes Money
MIAX primarily makes money by operating exchanges and charging fees associated with trading and participation in its markets. Key revenue streams typically include: (1) transaction-based fees tied to executed trades (e.g., fees assessed per contra...
Miami International Holdings, Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: record net revenue, materially improved margins, robust options volume growth, successful product launches (Bloomberg futures) and a strong balance sheet. Key near-term challenges include market-share variability, RPC normalization risk, early-stage futures monetization and higher operating and share-based compensation. Management provided proactive cost guidance and clear commercialization plans for new products, and the positives (large revenue and margin gains, product launches, healthy cash position) notably outweigh the modest execution and modeling risks.Positive Updates
Record Revenue and Strong Profitability
Total net revenue grew 35% year-over-year to a record $141.0M in Q2; adjusted EBITDA rose 57% YoY to $77M and adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%. Adjusted diluted EPS was $0.48 and adjusted earnings increased 41% YoY to $53M.
Negative Updates
Options Market Share Softening and RPC Uncertainty
Multi-listed options market share was 16.5% in Q2 (essentially flat YoY but down from 17.3% in Q1). Management cautioned the elevated Q2 RPC ($0.124) is likely episodic and advised against modeling it into the back half of the year; they expect second-half RPC closer to recent quarters (~$0.103–$0.11).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong Profitability
Total net revenue grew 35% year-over-year to a record $141.0M in Q2; adjusted EBITDA rose 57% YoY to $77M and adjusted EBITDA margin improved by more than 700 basis points year-over-year to 54%. Adjusted diluted EPS was $0.48 and adjusted earnings increased 41% YoY to $53M.
Read all positive updates
Company Guidance
MIAX updated 2026 guidance including a lowered full‑year adjusted operating expense range of $260–$270M (prior $265–$275M); share‑based compensation now expected $29–$32M (prior $27–$30M); capital expenditures $40–$45M (front‑loaded in H1); depreciation & amortization $35–$39M (prior $33–$38M); and a Q2 adjusted effective tax rate of 27% with full‑year tax guidance of 27–29%. Management also noted planned incremental marketing and quoting incentives for the Bloomberg Index futures, will increase its FCM’s net capital by $40M, ended Q2 with $660M cash and < $2M debt (maturing December), and cautioned that Q2 RPC of $0.124 should not be modeled into H2 (they expect H2 RPC nearer prior quarter levels of roughly $0.103–$0.11).Miami International Holdings, Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.47B | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
| Gross Profit | 487.51M | 371.77M | 275.64M | 232.47M | 195.63M | 181.34M |
| EBITDA | 93.58M | -26.31M | 142.40M | 17.84M | 92.31M | -50.22M |
| Net Income | 142.30M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
Balance Sheet | ||||||
| Total Assets | 1.60B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Cash, Cash Equivalents and Short-Term Investments | 660.46M | 509.73M | 150.34M | 59.29M | 126.45M | 160.90M |
| Total Debt | 1.51M | 1.51M | 43.81M | 123.04M | 151.91M | 166.67M |
| Total Liabilities | 450.09M | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M |
| Stockholders Equity | 1.15B | 881.02M | 367.62M | 164.64M | 272.00K | -113.39M |
Cash Flow | ||||||
| Free Cash Flow | 248.70M | 145.04M | 72.43M | -75.09M | 101.60M | 6.17M |
| Operating Cash Flow | 285.33M | 167.83M | 111.44M | -49.20M | 121.63M | 24.23M |
| Investing Cash Flow | 2.04M | -101.33M | -40.59M | -64.14M | -53.93M | 320.00K |
| Financing Cash Flow | 217.68M | 214.77M | 29.41M | -16.62M | -9.35M | 92.11M |
Miami International Holdings, Inc. Technical Analysis
Neutral
42.39
Price Trends
37.63
Negative
39.65
Negative
41.67
Negative
Market Momentum
-1.39
Negative
55.01
Neutral
96.98
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIAX, the sentiment is Neutral. The current price of 42.39 is above the 20-day moving average (MA) of 32.16, above the 50-day MA of 37.63, and above the 200-day MA of 41.67, indicating a neutral trend. The MACD of -1.39 indicates Negative momentum. The RSI at 55.01 is Neutral, neither overbought nor oversold. The STOCH value of 96.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MIAX.
Miami International Holdings, Inc. Risk Analysis
Miami International Holdings, Inc. disclosed 73 risk factors in its most recent earnings report. Miami International Holdings, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Miami International Holdings, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $28.09B | 28.57 | 13.78% | 0.45% | 14.04% | 60.95% | |
77 Outperform | $5.79B | 19.35 | 24.74% | 1.89% | 3.65% | 42.71% | |
70 Outperform | $3.22B | 17.96 | 14.49% | ― | 16.82% | 5230.97% | |
68 Neutral | $91.64B | 44.13 | 22.70% | ― | 39.14% | 14.06% | |
66 Neutral | $29.87B | 13.32 | 18.32% | 1.39% | 7.75% | 12.07% | |
56 Neutral | $25.35B | 25.50 | 18.45% | 0.37% | 38.82% | -14.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
MIAX
Miami International Holdings, Inc.
34.99
-7.51
-17.67%
LPLA
LPL Financial
318.85
-18.22
-5.41%
MKTX
Marketaxess Holdings
164.66
-3.62
-2.15%
RJF
Raymond James Financial
159.19
-3.58
-2.20%
TW
Tradeweb Markets
121.89
11.67
10.58%
HOOD
Robinhood
96.58
-37.75
-28.10%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.