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Friday 6 November 2026
Export MIAX’s income statement to Excel — free account
Miami International Holdings, Inc.
MIAX Financial Capital Markets
Miami International Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 19.6% from fiscal 2024.
- Revenue
- +10.7%
- EPS
- +136.3%
- Free cash flow
- −62.6%
- Total debt
- −76.5%
Quarter to September 2026, against a year earlier
34.42
0.55
−1.57%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 1,041 | 1,140 | 1,364 | 1,503 | +14.5% | 537 | 580 | 620 | (23.1%) | |
| Gross margin, % | — | — | — | — | — | — | — | 22.33 | 24.18 | 31.56 | 34.95 | +9.2 pt | ||||||
| EBT | — | — | — | — | — | — | — | (22) | 105 | (69) | 224 | +76.3% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | (2.12) | 9.22 | (5.03) | 14.89 | (2.9) pt | ||||||
| Net income | — | — | — | — | — | — | — | (21) | 102 | (70) | 297 | +81.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 18.44 | 18.78 | 19.53 | 15.16 | +2.9% | |||||
| Earnings | — | — | — | — | — | — | — | (0.38) | 1.68 | (1.00) | 3.21 | +62.5% | ||||||
| Cash flow | — | — | — | — | — | — | — | (0.87) | 1.84 | 2.40 | 2.56 | n/m | ||||||
| Capex | — | — | — | — | — | — | — | (0.46) | (0.64) | (0.50) | (0.45) | +4.3% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (1.33) | 1.19 | 1.90 | 2.11 | n/m | ||||||
| Book value | — | — | — | — | — | — | — | 0.00 | 6.06 | 12.62 | 12.31 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 56 | 61 | 70 | 89 | +11.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 10.72 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 0.00 | 2.27 | 2.27 | 0.8 | ||||||
| P/B | — | — | — | — | — | — | — | 5.43 | 5.43 | 3.52 | 2.80 | 4.8 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 0.00 | 1.93 | — | 0.6 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 16.04 | 16.04 | 19.82 | — | 17.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (49) | 111 | 168 | 254 | n/m | |||||
| Capex | — | — | — | — | — | — | — | (26) | (39) | (35) | (44) | +16.0% | ||||||
| Free cash flow | — | — | — | — | — | — | — | (75) | 72 | 133 | 209 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | — | 168 | 518 | 765 | +209.1% | |||||
| Net debt | — | — | — | — | — | — | — | — | (150) | (466) | (738) | +209.7% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | — | 368 | 881 | 1,220 | +139.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 20.98 | (6.27) | 20.88 | (6.3) pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | (0.81) | 13.84 | 21.20 | +13.8 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 0.00 | (11.22) | 28.93 | (11.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 433 | 439 | — | +1.4% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 2.63 | 3.11 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Miami International Holdings, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PIPR Piper Sandler Companies | $4.7B | 15.8× | 14.2× | −7.56% (below 0%: shrinking) | −33.84% (below 0%: shrinking) | +58.77% (above 0%: growing) | 98.61% | 15.04% | Compare |
| MC Moelis & Company | $4.7B | 19.3× | 21.1× | +12.05% (above 0%: growing) | +16.36% (above 0%: growing) | +8.25% (above 0%: growing) | 100.00% | 17.79% | Compare |
| PJT PJT Partners Inc. | $3.9B | 18.7× | 35.4× | −13.86% (below 0%: shrinking) | +35.37% (above 0%: growing) | +26.53% (above 0%: growing) | 32.91% | 17.86% | Compare |
| LAZ Lazard, Inc. | $3.8B | 22.0× | 22.9× | +8.84% (above 0%: growing) | −61.97% (below 0%: shrinking) | +9.21% (above 0%: growing) | 100.00% | 6.72% | Compare |
| MIAX Miami International Holdings, Inc. | $3.5B | 10.7× | 12.0× | +10.71% (above 0%: growing) | n/m | −62.61% (below 0%: shrinking) | 34.83% | 12.55% | |
| LCLN Lincoln International Inc. | $2.7B | — | — | — | — | — | 100.00% | (7.04%) | Compare |
| IOND Ionic Digital Inc. | $2.5B | — (loss-making) | — | — | n/m | — | 93.28% | (16.93%) | Compare |
| PURR Hyperliquid Strategies Inc | $2.4B | — (loss-making) | — (loss-making) | +6,940.21% (above 0%: growing) | n/m | −6,672.51% (below 0%: shrinking) | 100.00% | 7,380.58% | Compare |
| MARA Marathon Digital Holdings, Inc. | $2.3B | — (loss-making) | — (loss-making) | −26.67% (below 0%: shrinking) | n/m | +85.60% (above 0%: growing) | 17.19% | (297.96%) | Compare |
| Median of peers | $3.3B | 19.0× | 22.0× | +0.64% | −8.74% | +17.87% | 99.31% | 10.88% |
Pay and ownership Proxy statement filed 27 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 21.19m | 35.06m | 144.37 |
Ownership
Directors and executive officers, together
15.60%
Horizon Kinetics Asset Management LLC ............
11.67%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Miami International Holdings, Inc. (MIAX) Latest News
30 Oct
29 Oct
25 Oct
16 Jul
16 Jun
20 May
19 May
MIAX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Shares outstanding
- Book value per share