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Miami International Holdings, Inc.

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Key Metrics

Previous Close: $40.60
52-Week Range: $31.60 – $57.14
Market Cap: $4.10B
P/E (TTM): 28.11
EPS (TTM): 1.47
Dividend Yield: —

Advanced Metrics

Price/Book: 3.54
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: $3.42B

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
Revenue	$327.08M	$327.78M	$339.78M	$369.43M	$369.69M
Cost of Revenue	$235.19M	$223.12M	$230.29M	$244.93M	$241.10M
Gross Profit	$91.88M	$104.66M	$109.48M	$124.50M	$128.59M
Selling, General & Admin	$55.22M	$59.34M	$92.27M	$64.09M	$65.05M
Operating Expenses	$68.94M	$75.12M	$109.79M	$81.81M	$82.63M
Operating Income	$22.95M	$29.54M	-$305.00K	$42.69M	$45.97M
EBITDA	-$10.61M	$36.49M	-$91.28M	$39.08M	$108.18M
Pretax Income	-$21.21M	$24.66M	-$102.89M	$30.87M	$100.05M
Income Tax	$210.00K	$1.13M	-$810.00K	$922.00K	-$70.18M
Net Income	-$21.42M	$23.53M	-$102.08M	$29.94M	$170.22M
Diluted EPS	-0.27	—	-1.46	—	1.56
Diluted Shares	79.44M	—	70.13M	—	109.15M

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

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

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.