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Ionic Digital Inc. (IOND) vs Miami International Holdings, Inc. (MIAX)

Ionic Digital Inc. and Miami International Holdings, Inc. are both Capital Markets companies. Miami International Holdings, Inc. is the larger, with a market value of $3.5B against $2.5B — 1.4× the size. Ionic Digital Inc. has negative trailing earnings, so its P/E is not meaningful; Miami International Holdings, Inc. trades at 10.7×. Miami International Holdings, Inc. has the higher net margin (19.8% vs −24.9%) and the higher return on invested capital (21.2% vs −3.52%). Across the 14 metrics below, Miami International Holdings, Inc. leads on 11 and Ionic Digital Inc. on 3.

Valuation

Metric IOND MIAX Capital Markets median
P/E n/m 10.72 14.35
P/S 11.53 2.27 2.07
P/B 4.03 2.80 1.36
Price to free cash flow n/m 16.29 9.28
EV/EBITDA 102.91 — —
EV/Sales 10.83 — —
Earnings yield (2.15%) 9.33% (8.28%)
Free cash flow yield (5.18%) 6.14% (1.12%)

Profitability

Metric IOND MIAX Capital Markets median
Gross margin 68.15% 34.95% 68.15%
Operating margin (14.07%) 10.89% 0.00%
Net margin (24.90%) 19.75% (0.34%)
Free cash flow margin (59.70%) 13.94% 0.00%
Return on equity 0.00% 28.93% 0.00%
Return on assets 0.00% 20.88% 0.00%
Return on invested capital (3.52%) 21.20% 0.00%

Growth

Metric IOND MIAX Capital Markets median
Revenue growth (TTM) — 18.22% 19.72%
EPS growth (last fiscal year) — (173.17%) 16.79%
Revenue growth, 5-year CAGR — — 17.41%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric IOND MIAX Capital Markets median
Debt to equity 0.00 0.00 0.07
Current ratio 24.39 3.10 1.51
Net debt to EBITDA 0.00 (3.75) (0.03)

Dividend

Metric IOND MIAX Capital Markets median
Dividend yield — — 1.58%
Payout ratio — — 0.19

Size

Metric IOND MIAX Capital Markets median
Market cap 2.46b 3.45b 527.01m

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