Miami International Holdings, Inc. (MIAX) Stock Price & Analysis
Miami International Holdings, Inc. (MIAX) closed at USD 34.99 on Thursday, October 22, 2026, up 4.20% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 33.58; the Oct 22, 2026 session ranged USD 33.3–35.15 on volume of 1,462,093 shares. Market capitalization is $3.47B, with a 52-week range of USD 29.06–57.14 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:57 UTC.
Also available as compact Markdown for AI agents: nexqual.com/MIAX.md
Key facts (MIAX)
- Last four reported quarters (through Jun 30, 2026): revenue $1.47B, net income $142M (9.7% margin) (SEC filings).
- Valuation: P/E 24.4x.
- Analysts: Buy (mean 2.43 on a 1–5 scale) (7 analysts), mean target USD 47.4 (range 35–62).
- Total return with dividends: 1Y -17.7% vs S&P 500 +14.9%; 5Y +12.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.38, revenue estimate $132M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (MIAX)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $1.04B | $1.14B | $1.36B | $1.47B |
| Gross profit | $232M | $276M | $431M | — |
| Operating income | -$2.9M | -$2.8M | $92.0M | $116M |
| Net income | -$20.9M | $102M | -$70.0M | $142M |
| EPS (diluted) | -$0.37 | $1.39 | -$1.00 | — |
| Free cash flow | -$65.4M | $84.7M | $145M | $251M |
| Gross margin | 22.3% | 24.2% | 31.6% | — |
| Operating margin | -0.3% | -0.2% | 6.7% | 7.9% |
| Net margin | -2.0% | 9.0% | -5.1% | 9.7% |
| Revenue growth | — | +9.5% | +19.6% | — |
| Cash + short-term investments | $59.3M | $150M | $434M | — |
| Total debt | — | $37.0M | $1.5M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (MIAX)
P/E 24.4x · P/S 2.4x · P/FCF 13.8x · P/B 3.0x · FCF yield 7.24% · Earnings yield 4.10% · Buyback yield (TTM) 1.06%
Analysts (MIAX)
Consensus Buy (mean 2.43 on a 1–5 scale), 7 analysts; mean target USD 47.4 (low 35, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Morgan Stanley | Target lowered | Equal-Weight | $50 → $43 |
| 2026-10-02 | Rosenblatt | Maintained | Buy | $62 |
| 2026-09-01 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $53 → $50 |
| 2026-08-07 | Keefe, Bruyette & Woods | Target raised | Market Perform | $46 → $48 |
| 2026-08-06 | Rosenblatt | Target raised | Buy | $61 → $62 |
| 2026-07-10 | Morgan Stanley | Target raised | Overweight | $50 → $53 |
Total return (dividends reinvested) (MIAX)
| 1Y (from 2025-10-23) | 5Y (from 2025-08-11) | |
|---|---|---|
| Total return | -17.7% | +12.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -17.7% | +10.3% |
| Volatility (annualized) | 42.4% | 46.4% |
| Max drawdown | -48.0% (May 2026→Oct 2026) | -45.3% (May 2026→Oct 2026) |
MIAX revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Options | $316.5M | 81.6% | +20.9% |
| Equities | $40.6M | 10.5% | +0.5% |
| Futures | $24.6M | 6.3% | +6.3% |
| International | $5.7M | 1.5% | +150.7% |
| Total revenue | $387.6M | 100% | — |
MIAX revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Transaction and clearing fees | $331.9M | 85.6% | +16.0% |
| Access fees | $34.9M | 9.0% | +33.8% |
| Market data fees | $12.2M | 3.1% | +19.0% |
| Other revenue | $8.6M | 2.2% | +62.7% |
| Total revenue | $387.6M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
MIAX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | BofA Securities | “We rely on BofA Securities, Inc., FOG Equities, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Wolverine Execution Services, LLC to route orders to other markets.” |
| Supplier | FOG Equities | “We rely on BofA Securities, Inc., FOG Equities, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Wolverine Execution Services, LLC to route orders to other markets.” |
| Supplier | Wolverine Execution Services | “We rely on BofA Securities, Inc., FOG Equities, LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Wolverine Execution Services, LLC to route orders to other markets.” |
| Customer | Exchange | “We use the same base technology across our MIAX Exchange options and equities markets, which optimizes efficiency, versatility, resiliency and scalability and allows for uniformity of customer experience.” |
| Customer | MIAX Pearl | “Leveraging the scalability of our team and technology, and following the success of our options exchanges, management set out to build MIAX Pearl Equities to provide a transparent venue that leverages our technology and superior customer service.” |
| Customer | Dorman Trading | “We are exposed to further credit risk at the MIAX Futures clearing house and Dorman Trading primarily from the potential default or insolvency of a clearing member (in the case of MIAX Futures) or a customer (in the case of Dorman Trading).” |
| Customer | National Securities Clearing | “We do not have counterparty credit risk with respect to trades matched on our options or equities exchanges in the U.S. With respect to equities, we deliver matched trades of our customers to the National Securities Clearing Corporation ("NSCC") without taking on counterparty risk for those trades.” |
| Partner | Bloomberg Index Services | “In July 2024, we entered into a master index services license agreement (the "Bloomberg License Agreement") with Bloomberg Index Services Limited ("Bloomberg") to develop a suite of proprietary products, including index futures, options on futures, and cash index options, based on Bloomberg's portfolio of indexes as agreed to by the parties from time to time (the "Bloomberg Products").” |
| Partner | Robinhood Markets, Inc. (HOOD) | “Effective as of January 20, 2026, we sold 90% of the issued and outstanding equity of MIAXdx to a joint venture established by Robinhood Markets, Inc. ("Robinhood") in partnership with Susquehanna International Group ("SIG").” |
| Partner | MIAX Sapphire | “In November 2024, we entered into a Location Agreement with Bloomberg Media, a division of Bloomberg L.P., to provide Bloomberg Media a dedicated broadcast position on the trading floor of MIAX Sapphire.” |
| Partner | Devexperts | “We have a services agreement with Devexperts Inc. for certain market data and index calculation and distribution services which automatically renews on an annual basis.” |
Quoted from the company's 10-K filed Mar 6, 2026.
MIAX customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (16%, 15%, 12%) of revenue, per the company's 10-Q filed Aug 7, 2026. The company does not name them.
MIAX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.38 | $0.40 | -4.2% | $131.9M | 7 |
| Next quarter (ends Dec 2026) | $0.41 | $0.41 | -0.3% | $137.1M | 7 |
| Current fiscal year (ends Dec 2026) | $1.69 | $1.62 | +4.3% | $538.6M | 7 |
| Next fiscal year (ends Dec 2027) | $1.90 | $1.87 | +1.6% | $591.7M | 7 |
MIAX options: expected move
Options price a move of about ±12.9% (±$4.53) by Nov 20, 2026, which includes earnings on Oct 29, 2026. Over the last 4 reports the stock moved ±4.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 57.7% | ±12.9% |
| Dec 18, 2026 | 56 | 51.3% | ±16.1% |
| Jan 15, 2027 | 84 | 48.9% | ±18.6% |
| Apr 16, 2027 | 175 | 47.7% | ±26.0% |
| Jun 17, 2027 | 237 | 49.4% | ±31.2% |
30-day implied volatility 52.5% vs 50.4% realized over the last 30 trading days. Put/call ratio (volume) 0.08. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:57 UTC)
| Price | USD 34.99 |
|---|---|
| Change | ▲ 4.20% (up) |
| Previous Close | USD 33.58 |
| Open | USD 33.69 |
| Day Range | USD 33.3 – 35.15 |
| 52-Week Range | USD 29.06 – 57.14 |
| Volume | 1,462,093 shares |
| Market Cap | $3.47B |
| Exchange | NYQ |
Technical Analysis (MIAX)
Nexqual's technical model rates MIAX "SELL" based on 2 bullish and 4 bearish signals across 127 daily candles, as of October 23, 2026 at 09:57 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 52.83 (neutral) |
| vs SMA50 | Below (USD 37.63) |
| MACD | -1.39 (negative) |
Analyst Ratings (MIAX)
Wall Street analysts rate MIAX "Buy" based on 7 analysts, with a mean price target of USD 47.4 (range USD 35–62), per Nexqual as of October 23, 2026 at 09:57 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 7 |
| Mean Target | USD 47.4 |
| High Target | USD 62 |
| Low Target | USD 35 |
| Buy / Hold / Sell | 3 / 4 / 0 |
Earnings (MIAX)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD 0.38 |
| Revenue Estimate | $131.90M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.48 vs est 0.41 ▲ beat |
| 2026-03-31 | USD 0.42 vs est 0.37 ▲ beat |
| 2025-12-31 | USD 0.52 vs est 0.41 ▲ beat |
| 2025-09-30 | USD 0.42 vs est 0.3 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Financials & Fundamentals (MIAX)
| Total Revenue | $1.47B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +18.30% |
| Gross Margin | +34.35% |
| Operating Margin | +23.43% |
| Profit Margin | +9.70% |
| ROE | +18.14% |
| Debt / Equity | 0.02 |
| Current Ratio | 2.61 |
| Total Cash | $701.66M |
| Total Debt | $23.14M |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Financial Health Score (MIAX)
Nexqual rates Miami International Holdings, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:57 UTC.
| Growth | Strong — Revenue +18% YoY (latest Q) |
|---|---|
| Profitability | Critical — Net margin -16% (last 12 months); banks have no gross margin |
| Balance Sheet | N/A — Not comparable for banks: deposits and customer funds sit on the balance sheet, so cash vs debt does not measure safety (SEC industry: Security Brokers, Dealers & Flotation Companies) |
| Cash Flow | N/A — Not meaningful for banks and lenders: lending and trading move operating cash flow by billions each year (SEC industry: Security Brokers, Dealers & Flotation Companies) |
| Efficiency | Solid — ROE 18%, ROA 9.3% |
Ownership (MIAX)
| Insider Ownership | +9.67% |
|---|---|
| Institutional Ownership | +74.49% |
| Shares Outstanding | 99.23M |
| Float | 93.28M |
| Short % of Float | +11.26% |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
Leadership (MIAX)
Miami International Holdings, Inc. is led by Thomas P. Gallagher, Chairman & CEO, per Nexqual as of October 23, 2026 at 09:57 UTC.
| Chairman & CEO | Thomas P. Gallagher |
|---|---|
| Executive VP & CFO | Lance Emmons |
| Executive VP & Chief Strategy Officer | Shelly Brown |
| Senior VP & CTO | Matthew Rotella |
Major Backers & Investors (MIAX)
Notable institutional backers of Miami International Holdings, Inc. include Horizon Kinetics Asset Management LLC, T. Rowe Price, Susquehanna International Group, LLP, according to Nexqual as of October 23, 2026 at 09:57 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Horizon Kinetics Asset Management LLC | 7.9% |
| T. Rowe Price | 5.07% |
| Susquehanna International Group, LLP | 3.38% |
| Invesco | 2.04% |
| J Digital 6 LLC | 1.82% |
| BLAIR WILLIAM & CO/IL | 1.78% |
| Balyasny Asset Management LP | 1.7% |
| American Century Mutual Funds, Inc.-Small Cap Growth Fund | 1.36% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 7.01% |
| BlackRock | 5.11% |
Source: Nexqual, October 23, 2026 at 09:57 UTC.
From Miami International Holdings, Inc.'s Latest SEC 10-K Filing (filed 2026-03-06)
Key Strengths & Strategy (as disclosed to the SEC)
- In July 2024, we entered into a master index services license agreement (the "Bloomberg License Agreement") with Bloomberg Index Services Limited ("Bloomberg") to develop a suite of proprietary products, including index futures, options on futures, and cash index options, based on Bloomberg's portfolio of indexes as agreed to by the parties from time to time (the "Bloomberg Products").
- We plan to continue expanding our market share across our options exchanges by monitoring the competitiveness of our fees and pricing models, improving our technology and adding functionality to provide an industry-leading experience for our members, including on MIAX Sapphire trading floor in Miami, Florida.
- We have the exclusive right to list these proprietary products, in North and South America, on any of our affiliated exchanges.
- The licenses held by MIAX Futures, including its designated contract market ("DCM") and derivatives clearing organization ("DCO") licenses, enable us to offer vertically integrated products and services in futures listing and clearing.
Partnerships
- In November 2024, we entered into a Location Agreement with Bloomberg Media, a division of Bloomberg L.P., to provide Bloomberg Media a dedicated broadcast position on the trading floor of MIAX Sapphire.
- Effective as of January 20, 2026, we sold 90% of the issued and outstanding equity of MIAXdx to a joint venture established by Robinhood Markets, Inc. ("Robinhood") in partnership with Susquehanna International Group ("SIG").
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to comprehensive regulation, which can negatively impact our ability to implement needed changes or expand our products or services, and are subject to censures, fines and other legal proceedings if we fail to comply with legal and regulatory obligations.
- Changes to the legislative or regulatory environment may impose new or unanticipated burdens on one or more of our exchanges or the MIAX Futures clearing house.
- Our compliance with data privacy and data protection laws may result in greater costs for us.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| LAZ | Lazard, Inc. | USD 37.3 | ▼ 0.19% |
| MC | Moelis & Company | USD 55.06 | ▲ 3.77% |
| PIPR | Piper Sandler Companies | USD 65.54 | ▲ 1.77% |
| RIOT | Riot Platforms, Inc. | USD 12.89 | ▼ 8.06% |
| VIRT | Virtu Financial, Inc. | USD 56.25 | ▼ 1.52% |
| FIGR | Figure Technology Solutions, In | USD 24.04 | ▼ 5.21% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:57 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt