Miami International Holdings, Inc. (MIAX) AI Stock Analysis

Miami International Holdings, Inc., through its subsidiaries, builds and operates various financial marketplaces in the United States across Options, Equities, and International segments. Its platforms include options trading through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities via MIAX Pearl Equities; and futures and options on futures via MIAX Futures, including Hard Red Spring Wheat contracts. It also provides clearing services through MIAX Futures Clearing, operates Dorman Trading as a futures commission merchant, and maintains international listings on BSX and TISE, alongside securities services for corporate clients.

Between FY2021 and FY2025, revenue expanded from $751.5M to $1.36B, delivering a 5-year revenue CAGR of 24.7%. In FY2025, revenue grew 19.6% and gross margin reached 27.3%, though net income was -$70.0M compared to $102.1M in FY2024. Operating margin came in at 2.7% in FY2025. Over the trailing twelve months, revenue totaled $1.47B, supported by an operating margin of 23.4% and a profit margin of 9.7%. In the latest quarter ended June 30, 2026, quarterly revenue grew 18.3% year-over-year, while quarterly earnings grew 32.7%.

As of June 30, 2026, the company held $660.5M in cash and short-term investments against total debt of $1.5M, leaving net cash of $658.9M. Shareholders' equity was $1.15B, with a debt-to-equity ratio of 0.00 and a current ratio of 2.61. During FY2025, MIAX generated $167.8M in operating cash flow and $145.0M in free cash flow. In the same fiscal year, the company deployed $22.8M toward capital expenditures and $21.8M toward share buybacks.

MIAX trades at a market cap of $3.07B and enterprise value of $2.91B, with a trailing P/E of 30.9x and EV-to-EBITDA of 31.1x. These multiples sit above the median of its US-listed Financial Services peers, which trade at a trailing P/E of 12.1x and EV-to-EBITDA of 11.7x. Conversely, its price-to-sales ratio of 2.1x is below the peer median of 3.2x. Over the past year, the stock fell 26.8%, trailing the S&P 500 (SPY) return of 16.8%, and trades 26.1% below its 200-day average.

Analyst coverage consists of 2 Strong Buy, 1 Buy, and 4 Hold ratings. The mean price target of $47.40 implies upside of 53.2% relative to the last close of $30.95. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $538.6M and EPS of $1.69. For next fiscal year, 7 analysts project revenue of $591.7M and EPS of $1.90, representing 9.8% revenue growth. The company beat EPS estimates in 3 of the last 4 quarters, with next earnings set for October 29, 2026.

This page is an AI-written research summary of Miami International Holdings, Inc. (MIAX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: MIAX income statement, MIAX balance sheet, MIAX key metrics, MIAX analyst forecast, MIAX chart. See the MIAX stock overview for the latest quote and news.