Miami International Holdings, Inc. (MIAX)

Price$42.06Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is offset by more shares being issued and uneven trading activity.

Reported facts: at roughly $3.9 billion of stock-market value using the June share count, MIAX trades near 28 times trailing reported earnings and about 16 times free cash flow, meaning operating cash flow minus capital spending. Treating stock compensation, pay delivered in shares, as an economic cost raises that figure to about 20 times. Reported profit is noisy: the first quarter included a $50.5 million business-sale gain and a $70.2 million tax benefit, while the second quarter included a $30 million litigation settlement. Inference: the shares look fairly priced if per-share cash generation keeps growing and new share issuance slows.

Big pictureCash generation has improved sharply, but the main options business still depends on trading activity and volatility.

Reported facts: trailing operating cash flow is about $285 million, versus roughly $34 million of reported capital spending. In the second quarter, revenue after transaction-related costs rose 35% to $141.1 million; options contributed $124.4 million, about 88%. Options volume rose about 25%, helped by elevated volatility, while market share edged down to 16.5% from 16.7%. Inference: fee increases, data products and member connections add durability, but the dominant options engine remains sensitive to industry activity, so recent growth should not be treated as fully steady.

Business strengthA large cash cushion reduces financial risk, but rapid share growth means each share owns less.

Reported facts: June cash was $660.5 million, and the supplied balance sheet shows $637 million of net cash. Shares outstanding rose from 85.5 million at year-end to 98.6 million by June, a 15% increase, while first-half buybacks were about $17 million. The SEC filing says 10.7 million warrants, which are rights to buy shares, were exercised and 3.5 million remained. Company-adjusted earnings, which remove unusual items, rose 41% in the second quarter, yet adjusted diluted earnings per share, which spreads profit across the enlarged share base, stayed flat. Inference: balance-sheet strength is real, but dilution is the main per-share weakness.

What could change the storyHigher earnings per share from steady market share would help; weaker trading or more new shares would hurt.

Reported facts: options market share was 16.5% in the second quarter, while futures products were launched and the futures segment still lost $9.5 million of adjusted EBITDA, a company measure of operating profit before interest, taxes, depreciation and amortization with selected items removed. International adjusted EBITDA was positive $2.0 million but small. Inference: the upside case needs steady roughly 17% options share, pricing and data-fee gains, plus smaller futures losses. The downside case is lower industry volume after volatility cools combined with continued share issuance. Sustained low-double-digit free-cash-flow-per-share growth would strengthen the valuation case; stalled cash flow would weaken it.

AI: News

Record second-quarter resultsSecond-quarter growth was strong, but underlying profit per share stayed flat as the share count rose.

On August 5, MIAX reported second-quarter net revenue, revenue after trading costs, of $141.1 million, up 35%. Adjusted EBITDA, operating profit before interest, taxes, depreciation and amortization after selected exclusions, rose 57% to $76.8 million and the margin reached 54%. Adjusted profit rose 41%, yet adjusted diluted earnings per share—profit spread across current and potentially issued shares after selected exclusions—stayed at $0.48. Management lowered its 2026 adjusted operating-expense range by $5 million at both ends. The mix supports stronger business value but shows that share growth limited the per-share benefit.

Share count risesA June exchange turned future share rights into new shares, spreading ownership across more shares.

A June 22 SEC filing disclosed 1.88 million shares issued since April 1, including 1.62 million shares exchanged for cancellation of 2.36 million warrants, which are rights to buy shares. By June 30, shares outstanding were 98.6 million, up about 15% from year-end. The exchange removed some future warrant claims but increased the current share count, so future profits and cash flows are spread across more shares. That mechanism can lower value per existing share even when the underlying business grows.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$1.36B	$1.14B	$1.04B	$797.9M
Gross profit	$430.5M	$275.6M	$232.5M	$195.6M
Gross margin	31.56%	24.18%	22.33%	24.52%
Operating expenses	$338.6M	$278.5M	$235.3M	$187.9M
Operating income	$92.0M	−$2.8M	−$2.9M	$7.8M
Operating margin	6.74%	−0.25%	−0.28%	0.97%
EBITDA	$121.3M	$20.5M	$18.2M	$92.3M
EBITDA margin	8.90%	1.80%	1.74%	11.57%
Net income	−$70.0M	$102.1M	−$20.9M	$57.6M
Net profit margin	−5.13%	8.96%	−2.01%	7.21%
Basic EPSper basic share	-$1.00	$1.68	-$0.37	$0.72
Diluted EPSper diluted share	-$1.00	$1.39	-$0.37	$0.72

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.95%of listed shares

HORIZON KINETICS ASSET MANAGEMENT LLC7.84M shares · Jun 30, 2026

View holders

Top 20 reported holders of MIAX
Holder	% owned
HORIZON KINETICS ASSET MANAGEMENT LLC	7.95%7.84M shares
BlackRock, Inc.	5.14%5.07M shares
T. Rowe Price Investment Management, Inc.	5.10%5.03M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.84%3.79M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	3.40%3.36M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.21%3.17M shares
Invesco Ltd.	2.05%2.02M shares
J Digital 6 LLC	1.83%1.81M shares
BLAIR WILLIAM & CO/IL	1.79%1.77M shares
Balyasny Asset Management L.P.	1.71%1.68M shares
AMERICAN CENTURY COMPANIES INC	1.61%1.59M shares
STATE STREET CORP	1.45%1.43M shares
JPMORGAN CHASE & CO	1.45%1.43M shares
GEODE CAPITAL MANAGEMENT, LLC	1.42%1.4M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.16%1.14M shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	1.05%1.04M shares
LORD, ABBETT & CO. LLC	1.01%1M shares
MORGAN STANLEY	0.96%950.59K shares
TWO SIGMA INVESTMENTS, LP	0.90%888.11K shares
Comly Barbara J.	≈0.90%882.98K shares

Percentages use 98.61M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys20$3.14M disclosed value

Sells (SEC code S)39$44.28M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Brown ShellyEVP, Chief Strategy Officer	SellCommon Stock	4.7K	$44.23	$208.5K	316.7K
Jun 11, 2026Form 4 · 10b5-1	Schwarzkopf CynthiaDirector	SellCommon Stock	19.5K	$41.73	$813.7K	81.3K
Jun 9, 2026Form 4 · 10b5-1	Jayabalan HarishEVP, CISO and CRO	SellCommon Stock	9.8K	$40.04	$391.7K	73.4K
Jun 8, 2026Form 4 · 10b5-1	Jayabalan HarishEVP, CISO and CRO	SellCommon Stock	10.2K	$40.12	$409.9K	73.4K
Jun 2, 2026Form 4 · 10b5-1	Comly Barbara J.EVP, GC & Corporate Secretary	SellCommon Stock	28.0K	$42.85	$1.20M	843.8K

Review ownership filings at SEC.gov ↗

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Miami International Holdings, Inc. (MIAX)

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