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MIAX

MIAMI INTERNATIONAL HOLDINGS, INC.

MIAX

MIAMI INTERNATIONAL HOLDINGS, INC. • NYSE
$45.61 ▼ -0.55% (-0.25)
Market Cap $3.71 B
52w High $51.38
52w Low $28.63
Dividend Yield 0%
P/E -24.39
Volume 267.02K
Outstanding Shares 81.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $339.778M ▲ $109.788M ▲ $-102.08M ▼ -30.043% ▼ $-1.46 ▼ $-91.283M ▼
Q2-2025 $327.784M ▲ $77.371M ▲ $23.527M ▲ 7.178% ▲ $0.3 ▲ $36.495M ▲
Q1-2025 $327.077M ▲ $69.591M ▼ $-21.42M ▼ -6.549% ▼ $-0.27 ▼ $-10.61M ▼
Q4-2024 $323.896M ▲ $74.547M ▲ $2.891M ▲ 0.893% ▲ $0.037 ▲ $15.925M ▲
Q3-2024 $276.656M $70.717M $-3.204M -1.158% $-0.04 $5.767M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $401.482M ▲ $1.225B ▲ $393.361M ▼ $831.909M ▲
Q2-2025 $195.319M ▲ $1.022B ▲ $603.324M ▲ $418.266M ▲
Q1-2025 $129.761M ▼ $923.665M ▼ $543.909M ▼ $379.756M ▲
Q4-2024 $150.341M ▲ $973.651M ▲ $606.034M ▲ $367.617M ▲
Q3-2024 $125.091M $872.19M $520.759M $352.429M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $23.527M ▲ $54.954M ▲ $-71.829M ▼ $39.106M ▲ $22.369M ▲ $46.169M ▲
Q1-2025 $-21.42M ▼ $11.191M ▼ $-8.144M ▲ $-1.911M ▼ $1.136M ▼ $3.047M ▼
Q4-2024 $2.891M ▲ $39.04M ▲ $-9.062M ▲ $-633K ▼ $29.345M ▲ $29.978M ▲
Q3-2024 $-3.205M ▼ $-55.97M ▼ $-11.702M ▼ $79.497M ▲ $11.825M ▼ $-66.094M ▼
Q2-2024 $107.273M $88.981M $-6.75M $-54.269M $27.962M $82.231M

Five-Year Company Overview

Income Statement

Income Statement MIAX looks like a growth story that is maturing into a profitable business. Revenue has climbed steadily over the last few years, and gross profit has risen along with it, which suggests the core trading and data businesses are gaining traction. Profitability, however, has been bumpy. The company moved from losses a few years ago to modest profits more recently, with earnings swinging around as it invested and scaled. Operating profit is still very thin, which means much of the earnings improvement is coming from operating leverage and efficiency gains rather than wide margins. Still, the direction of travel is positive: higher sales, better earnings, and a business that appears to be crossing over from “build-out” mode toward more consistent profitability.

Balance Sheet

Balance Sheet There is no detailed balance sheet data provided, so it’s hard to judge financial strength with precision. Given MIAX’s strategy, it is reasonable to assume the balance sheet carries meaningful investments in technology and acquired exchanges, likely including intangible assets. The company’s expansion and acquisition activity also suggest that leverage and capital structure are important areas to watch, especially around and after the IPO. Without hard figures on cash, debt, or equity, the main takeaway is that investors would need to focus on how the company funds its technology build-out and global footprint, and whether it maintains a conservative cushion for market or regulatory shocks.

Cash Flow

Cash Flow Cash flow data is not provided, so any conclusions here must be cautious. From the income statement trend, MIAX has moved from losses to positive earnings and stronger EBITDA, which often lines up with improving operating cash flow. At the same time, MIAX is clearly spending heavily on technology, new platforms, and acquisitions, which likely means sizable investment outflows. The key unknowns are how self-funding the business now is, and how dependent it remains on external capital to support growth. Until detailed figures are available, cash generation and cash discipline should be treated as open questions rather than assumed strengths or weaknesses.

Competitive Edge

Competitive Edge MIAX operates in one of the toughest arenas in finance—electronic exchanges—yet appears to have carved out a meaningful niche. Its main strengths are: - A proprietary, ultra-fast, and highly reliable trading platform, which is vital for professional options and high-speed traders. - A family of exchanges spanning options, equities, and futures, giving it a diversified and scalable platform. - A rising share of U.S. options trading, signaling that its pricing, technology, and service are resonating with market participants. - Global reach through ownership of exchanges in Bermuda and Europe, which broadens its customer base and regulatory footprint. The flip side is that it competes head‑to‑head with very large and well‑entrenched players. Regulatory risk, fee pressure, and the constant need to stay at the technological frontier are ongoing challenges. MIAX’s moat is real, but it must be actively maintained through performance, innovation, and client service.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of MIAX’s strategy and is one of its standout features. Key elements include: - An in‑house technology stack designed for very low latency, high reliability, and easy scaling across multiple markets. - A modern, AI‑enabled clearing system for futures, which strengthens risk management and positions MIAX as more than just an execution venue. - A new futures platform (Onyx) and plans to roll out financial index futures, showing the company can launch and support new product lines. - A deliberate push into regulated digital assets and crypto‑linked products through partnerships and new derivatives, giving it optionality in an emerging area. - Exposure to prediction markets via a minority stake in a platform operated by a larger retail brokerage, offering upside without full operational risk. Overall, MIAX behaves more like a fintech builder than a traditional, slow‑moving exchange, which could be a differentiator if it continues to execute well.

Summary

MIAX is evolving from a smaller, fast‑growing exchange operator into a more diversified, technology‑driven market infrastructure company. The financial track record shows steady revenue growth and a swing toward profitability, even though margins are still thin and detailed balance sheet and cash flow data are missing. That makes the trend encouraging but calls for caution around capital structure and cash generation until more information is available. Strategically, MIAX’s strengths lie in its proprietary technology, multi‑exchange model, and willingness to push into new areas like futures, digital assets, and innovative index products. Its growing presence in U.S. options and its international acquisitions suggest that customers are taking it seriously. The main risks revolve around intense competition with much larger incumbents, regulatory complexity across markets and asset classes, and execution risk as it rolls out new platforms and products. In short, MIAX looks like an ambitious, innovation‑led exchange group with improving financial performance, operating in a demanding environment where continued flawless technology and disciplined growth will be crucial.

NEWS

November 25, 2025 · 5:20 PM UTC

Miami International Holdings Announces Sale of MIAXdx to Robinhood Markets in Partnership with Susquehanna International Group

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November 10, 2025 · 4:40 PM UTC

Miami International Holdings Announces Expanded Roles for Shelly Brown and Joseph W. Ferraro

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November 5, 2025 · 4:10 PM UTC

Miami International Holdings Reports Results for Third Quarter 2025

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November 5, 2025 · 4:05 PM UTC

Miami International Holdings Reports Trading Results for October 2025

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October 21, 2025 · 6:45 AM UTC

Miami International Holdings Announces Date of Third Quarter 2025 Earnings Release and Conference Call

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