MIAX

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Miami International Holdings, Inc.

Sells to businessesTags from an AI model reading the company description.

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Key Metrics

Previous Close: $33.75
52-Week Range: $32.89 – $57.14
Market Cap: $3.28B
P/E (TTM): 33.01
EPS (TTM): 1.00
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 2.83
PEG Ratio: —
Return on Equity: 18.14%
Return on Assets: 9.27%
Gross Margin: 34.35%
Operating Margin: 23.43%
Profit Margin: 9.70%
Current Ratio: 2.60
Debt/Equity: 0.02
Total Debt: $23.14M
Free Cash Flow: $207.43M
Revenue Growth: 18.30%
Earnings Growth: 32.70%
Enterprise Value: $2.60B

MIAX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$797.92M	$1.04B	$1.14B	$1.36B
Cost of Revenue	$602.28M	$808.54M	$864.43M	$933.54M
Gross Profit	$195.63M	$232.47M	$275.64M	$430.53M
Selling, General & Admin	$151.00M	$189.07M	$225.93M	$270.92M
Operating Expenses	$187.88M	$232.61M	$278.47M	$335.66M
Operating Income	$7.75M	-$143.00K	-$2.83M	$94.87M
EBITDA	$92.31M	$17.84M	$142.40M	-$26.31M
Pretax Income	$50.11M	-$22.07M	$105.08M	-$68.58M
Income Tax	-$7.22M	-$697.00K	$3.10M	$1.45M
Net Income	$57.55M	-$20.89M	$102.12M	-$70.03M
Diluted EPS	0.72	-0.26	1.29	-1.00
Diluted Shares	79.44M	79.44M	79.44M	69.84M

MIAX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$126.45M	$59.29M	$150.34M	$433.65M
Receivables	$157.52M	$180.31M	$231.50M	$224.76M
Current Assets	$478.73M	$386.18M	$572.82M	$855.21M
Total Assets	$755.37M	$719.84M	$973.65M	$1.26B
Current Liabilities	$393.31M	$448.94M	$405.22M	$337.26M
Long-Term Debt	$115.50M	$6.18M	$32.27M	—
Total Debt	$151.91M	$123.04M	$43.81M	$8.20M
Total Liabilities	$755.48M	$556.06M	$606.03M	$378.41M
Retained Earnings	-$647.61M	-$668.50M	-$562.31M	-$632.34M
Shareholders' Equity	$272.00K	$164.64M	$367.62M	$881.02M
Working Capital	$85.42M	-$62.76M	$167.59M	$517.95M
Net Debt	$21.06M	$59.13M	—	—

MIAX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$121.63M	-$49.20M	$111.44M	$167.83M
Capital Expenditure	-$20.03M	-$25.89M	-$39.01M	-$34.87M
Free Cash Flow	$101.60M	-$75.09M	$72.43M	$132.97M
Depreciation & Amortisation	$20.28M	$21.03M	$23.37M	$29.38M
Stock-Based Compensation	$22.32M	$30.03M	$43.63M	$57.57M
Investing Cash Flow	-$53.93M	-$64.14M	-$40.59M	-$101.33M
Financing Cash Flow	-$9.35M	-$16.62M	$29.41M	$214.77M
Net Change in Cash	$58.35M	-$129.96M	$100.26M	$281.27M

MIAX Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$327.08M	$327.78M	$339.78M	$369.43M	$369.69M	$387.63M
Cost of Revenue	$235.19M	$223.12M	$230.29M	$244.93M	$241.10M	$246.52M
Gross Profit	$91.88M	$104.66M	$109.48M	$124.50M	$128.59M	$141.11M
Selling, General & Admin	$55.22M	$59.34M	$92.27M	$64.09M	$65.05M	$64.34M
Operating Expenses	$68.94M	$75.12M	$109.79M	$81.81M	$82.63M	$83.32M
Operating Income	$22.95M	$29.54M	-$305.00K	$42.69M	$45.97M	$57.80M
EBITDA	-$10.61M	$36.49M	-$91.28M	$39.08M	$108.18M	$37.60M
Pretax Income	-$21.21M	$24.66M	-$102.89M	$30.87M	$100.05M	$28.78M
Income Tax	$210.00K	$1.13M	-$810.00K	$922.00K	-$70.18M	-$15.43M
Net Income	-$21.42M	$23.53M	-$102.08M	$29.94M	$170.22M	$44.21M
Diluted EPS	-0.27	0.30	-1.46	—	1.56	0.40
Diluted Shares	79.44M	79.44M	70.13M	—	109.15M	110.71M

MIAX Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$129.76M	$195.32M	$401.48M	$433.65M	$550.79M	$660.46M
Receivables	$218.47M	$227.24M	$215.29M	$224.76M	$248.78M	$250.82M
Current Assets	$545.41M	$573.68M	$792.02M	$855.21M	$971.37M	$1.10B
Total Assets	$923.66M	$1.02B	$1.23B	$1.26B	$1.44B	$1.60B
Current Liabilities	$340.62M	$347.88M	$349.29M	$337.26M	$350.90M	$423.17M
Long-Term Debt	$33.22M	$69.25M	$1.51M	—	—	—
Total Debt	$44.10M	$80.54M	$12.76M	$8.20M	$8.14M	$7.95M
Total Liabilities	$543.91M	$603.32M	$393.36M	$378.41M	$378.62M	$450.09M
Retained Earnings	-$583.73M	-$560.20M	-$662.28M	-$632.34M	-$462.12M	-$417.91M
Shareholders' Equity	$379.76M	$418.27M	$831.91M	$881.02M	$1.07B	$1.15B
Working Capital	$204.79M	$225.81M	$442.73M	$517.95M	$620.47M	$679.38M

MIAX Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$11.19M	$54.95M	$54.70M	$46.99M	$60.87M	$122.77M
Capital Expenditure	-$8.14M	-$15.37M	-$4.52M	-$6.83M	-$14.27M	-$18.80M
Free Cash Flow	$3.05M	$39.58M	$50.18M	$40.16M	$46.60M	$103.96M
Depreciation & Amortisation	$6.17M	$6.94M	$8.23M	$8.04M	$8.09M	$8.78M
Stock-Based Compensation	$9.48M	$9.42M	$29.10M	$9.56M	$8.67M	$7.29M
Investing Cash Flow	-$8.14M	-$71.83M	-$4.52M	-$16.83M	$45.56M	-$22.18M
Financing Cash Flow	-$1.91M	$39.11M	$174.49M	$3.08M	$7.11M	$33.00M
Net Change in Cash	$1.14M	$22.23M	$224.67M	$33.24M	$113.55M	$133.59M

Market Snapshot

About

Miami International Holdings operates electronic options exchanges including MIAX Options, MIAX Pearl, and MIAX Emerald. The company provides trading technology and market infrastructure for equity options, index options, and exchange-traded products.