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Miami International Holdings, Inc.
NYSE: MIAX Financials Cap Markets 🔎 Screen
$2.7B
Market Cap
P/E
PEG
30.4%
ROCE
-11.2%
ROE
0.03
D/E
8.1%
OPM
-31.8%
% from 52W High
56
α RS
🔍 MIAX is showing a high-conviction setup because it matches 3 of 39 tracked screener presets and institutional_quality preset's Backtest win rate is 50.5% over 90 days. Net: Partial signal stack, not a recommendation. ? Conviction Backtest
Sources
Conviction 3/39 · Backtest win rate 50.5%
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🌏 Global Investor Returns
Currency-adjusted total returns for MIAX including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Miami International Holdings, Inc., through its subsidiaries, builds and operates various financial marketplaces in the United States. It operates through Options, Equities, and International segments. The company’s markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. It also trades Hard Red Spring Wheat futures and options on MIAX Futures; provides clearing services for U.S. futures and options on futures through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. In addition, the company offers financial markets and securities services to public and private companies. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding MIAX
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 271.5K $10.6M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →
📊 MIXED Q1 2026: Record revenue $129M (+40% YoY), EBITDA margin 51%, EPS $0.42.
Revenue & Profitability
Q1 net revenue was $129M (up 40% YoY). GAAP net income of $170M included a $51M gain on sale of MIAXdx and a $70M income tax benefit. Adjusted EBITDA was $66M (up 66% YoY) with a 51% margin. Adjusted diluted EPS was $0.42 (up 51% YoY).
Outlook
Management sees powerful secular tailwinds: options industry ADV reached 63M contracts in Q1 (up 17% YoY), driven by elevated volatility, broad investor participation, and growth in single-name short-dated expirations. They expect continued benefit from geopolitical tensions and trade policy uncertainty, which sustain hedging demand.
Growth Drivers
Options market share rose to 17.3% (from 16% in Q1 2025), with strong RPC and growing Sapphire floor volumes (first 1M contracts day in April). The equities business is now net positive from improved pricing. International revenue grew via TISE acquisition. Futures growth awaits the May 17 launch of Bloomberg Equity Index Futures.
Balance Sheet & CapEx
Full-year 2026 CapEx guidance reaffirmed at $40M-$45M. Q1 was front-loaded due to equipment purchases locked in ahead of AI-driven price increases. Investments continue in technology and people, including the futures platform and new product launches.
Margins
Adjusted EBITDA margin was 51% in Q1, up 800 bps YoY, reflecting operating leverage. Management expects to grow margins over time, especially as new futures revenue comes at high incremental margins. Near-term, marketing spend for the Bloomberg launch and branding campaign may temporarily impact margins.
Key Risks
Key risks discussed include uncertainty around options regulatory fee reform (effective July 1), which could impact revenues. Also, reliance on elevated volatility; if volatility normalizes, volumes may decline. The launch of new futures products carries execution and adoption risk.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q2 2026 Q2 2026 2026-08-05
Record Q2 net revenue and EBITDA were driven by robust options trading and the launch of Bloomberg futures products. Guidance for operating expenses was lowered, with continued investment in technology and new product launches, including upcoming agricultural futures.
Q1 2026 Q1 2026 2026-05-06
Record Q1 2026 revenue and margin expansion were driven by strong options growth, industry volatility, and new product launches. The company reaffirmed full-year guidance, highlighted a robust cash position, and is set to roll out Bloomberg Equity Index Futures in phases.
Q4 2025 Q4 2025 2026-02-25
Delivered record revenue and profitability in 2025, driven by strong options volume growth, strategic transactions, and technology investments. Guidance for 2026 anticipates continued growth, elevated expenses for new products, and a focus on retail and international expansion.
Q3 2025 Q3 2025 2025-11-05
Net revenues surged 57% year-over-year to $109.5 million, with record options market share and strong adjusted EBITDA growth. The IPO strengthened the balance sheet, enabling debt reduction and supporting ongoing technology and product expansion.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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