# Miami International Holdings, Inc. (MIAX)

> Source: Nexqual · https://nexqual.com/MIAX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Miami International Holdings, Inc. (MIAX), nexqual.com/MIAX" · informational, not investment advice.

**Price:** USD 34.99 (+4.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 33.58 · day 33.3–35.15 · 52w 29.06–57.14 · market cap $3.47B · NYQ

## Key facts
- 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)
| 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)
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
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)
|  | 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) |

## Peers (Capital Markets)
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%

## More
Full page: https://nexqual.com/MIAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MIAX's own 10-K filed 2026-03-06 (https://www.sec.gov/Archives/edgar/data/1438472/000143847226000023/miax-20251231.htm):

| 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 …" |
| 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…" |
| 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 Clea…" |
| 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 …" |
| 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 ("S…" |
| 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." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Options | $316.5M | 81.6% | +20.9% | $64.9M | 20.5% |
| Equities | $40.6M | 10.5% | +0.5% | -$2.3M | -5.8% |
| Futures | $24.6M | 6.3% | +6.3% | -$12.7M | -51.7% |
| International | $5.7M | 1.5% | +150.7% | $1.1M | 19.0% |
| Corporate costs (not allocated) | — | — | — | -$23.2M | — |
| Total revenue | $387.6M | 100% | — | $27.8M | 7.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-30: 16%, 15%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.40 | -4.2% | $131.9M | 7 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.41 | -0.3% | $137.1M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.69 | $1.62 | +4.3% | $538.6M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.90 | $1.87 | +1.6% | $591.7M | 7 |