8-K Announcements
6Material company update
May 6, 2026·SEC
Material company update
Apr 27, 2026·SEC
Material company update
Apr 9, 2026·SEC
Miami International Holdings, Inc. (MIAX)Earnings, Financials & Key Ratios
MIAX•NYSE
$43.72
Price updated Jul 7, 2026
AboutMiami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. The company also trades hard red spring wheat futures and options on MIAX Futures; offers clearing services for U.S. futures and options through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New JerseyShow more
- EBITDA$66M+220.9%
- Net Income-$70M-168.6%
- EPS (Diluted)-1.00-177.5%
- Gross Margin27.25%+12.7%
- EBITDA Margin4.83%+168.2%
- Operating Margin2.68%+1181.4%
- Net Margin-5.13%-157.3%
- ROE-11.22%-129.2%
MIAX Price & Volume
Miami International Holdings, Inc. (MIAX) stock price & volume — 10-year historical chart
Loading chart...
Revenue Scaling Masks Persistent Operating Margin Volatility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Expanding
Profitability:Strained
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Persistent Operating Margin Volatility
Key Thesis Takeaways
- Miami International Holdings has successfully scaled its top-line revenue from $257.1 million in 2023Q4 to $369.7 million by 2026Q1, yet the firm continues to grapple with structural margin constraints and inconsistent operating leverage.
- While the company has achieved a robust liquidity position with $643.9 million in cash and minimal debt, the reliance on liquidity rebates and non-operating income to drive net profitability remains a significant concern.
- Investors should monitor whether the firm can transition from its current growth-at-all-costs infrastructure phase to a sustainable, cash-generative model that does not rely on volatile stock-based compensation.
Verdict Logic
while the company has eliminated its debt burden, the current P/E of -37.92 and the reliance on non-operating items to achieve a $170.2 million net profit in 2026Q1 warrant a cautious, wait-and-see approach.
MIAX Growth Metrics
Miami International Holdings, Inc. (MIAX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years24.7%
3 Years19.57%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM41.99%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-22.89%
Return on Capital
10 Years-5.11%
5 Years2.43%
3 Years0.81%
Last Year4%
MIAX Recent Earnings
Miami International Holdings, Inc. (MIAX) EPS & revenue vs analyst estimates — last 3 quarters
●Beat EPS 3/3 qtrs (100%)●Beat Revenue 3/3 qtrs (100%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$0.42+16.7%
$0.36
Rev
$129M+4.7%
$123M
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$0.52+26.8%
$0.41
Rev
$125M+3.2%
$121M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.42+35.5%
$0.31
Rev
$340M+181.6%
$121M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.42vs $0.36+16.7% | $129Mvs $123M+4.7% |
| Q1 2026 | Feb 25, 2026 | $0.52vs $0.41+26.8% | $125Mvs $121M+3.2% |
| Q4 2025 | Nov 5, 2025 | $0.42vs $0.31+35.5% | $340Mvs $121M+181.6% |
Based on last 3 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Miami International Holdings, Inc. (MIAX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $43.72 | $4.01B | -43.72 | 19.65% | -5.13% | -11.22% | — | |
| $258.64 | $27.07B | 24.82 | 15.13% | 25.77% | 24.63% | — | |
| $86.43 | $49.13B | 27.97 | 11.05% | 23.15% | 15.9% | — | |
| $136.45 | $77.16B | 23.65 | 7.46% | 29.98% | 13.54% | — | |
| $240.75 | $87.35B | 21.57 | 6.37% | 62.77% | 15.25% | — | |
| $118.60 | $4.21B | 17.81 | 3.82% | 35.34% | 24.02% | — |
Compare MIAX vs Peers
Miami International Holdings, Inc. (MIAX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MIAX SEC Filings & Documents
Miami International Holdings, Inc. (MIAX) SEC filings — annual & quarterly reports (10-K, 10-Q)
Get notified when MIAX posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
MIAX Frequently Asked Questions
Miami International Holdings, Inc. (MIAX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Miami International Holdings, Inc. 's revenue?
Miami International Holdings, Inc. (MIAX) reported $1.41B in revenue for fiscal year 2025.
How fast is Miami International Holdings, Inc. growing?
Miami International Holdings, Inc. (MIAX) grew revenue by 19.6% over the past year. This is strong growth.
Is MIAX profitable?
Yes, Miami International Holdings, Inc. (MIAX) is profitable, generating $121.6M in net income for fiscal year 2025 (-5.1% net margin).
Dividend & Returns
What is MIAX's return on equity?
Miami International Holdings, Inc. (MIAX) has a return on equity (ROE) of -11.2%. Negative ROE indicates the company is unprofitable.
What is Miami International Holdings, Inc. 's free cash flow?
Miami International Holdings, Inc. (MIAX) generated $139.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.