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Miami International Holdings, Inc.
NYSE: MIAX Financials Cap Markets 🔎 Screen
$3.3B
Market Cap
P/E
PEG
13.6%
ROCE
-11.2%
ROE
0.00
D/E
6.7%
OPM
+17.2%
% from 52W High
75
α RS
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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
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By Category
📊 Sector Averages
About

Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities.

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 Mixed → 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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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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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.

⚠️ Important Disclaimers — Please read without fail.

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:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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