Miami International Holdings, Inc. (MIAX) vs Piper Sandler Companies (PIPR)

Miami International Holdings, Inc. and Piper Sandler Companies are both Capital Markets companies. Piper Sandler Companies is the larger, with a market value of $4.7B against $3.5B — 1.4× the size. Miami International Holdings, Inc. trades at the lower P/E: 10.7× against 15.8×. Piper Sandler Companies grew revenue faster over the last twelve months: 21.1% against 18.2%. Miami International Holdings, Inc. has the higher net margin (19.8% vs 14.6%) and the higher return on invested capital (21.2% vs 0.00%). Across the 18 metrics below, Miami International Holdings, Inc. leads on 10 and Piper Sandler Companies on 8.

Valuation

Metric MIAX PIPR Capital Markets median
P/E 10.72 15.81 14.35
P/S 2.27 2.17 2.07
P/B 2.80 2.88 1.36
Price to free cash flow 16.29 9.28 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.33% 6.33% (8.28%)
Free cash flow yield 6.14% 10.78% (1.12%)

Profitability

Metric MIAX PIPR Capital Markets median
Gross margin 34.95% 98.96% 68.15%
Operating margin 10.89% 22.81% 0.00%
Net margin 19.75% 14.55% (0.34%)
Free cash flow margin 13.94% 0.00% 0.00%
Return on equity 28.93% 0.00% 0.00%
Return on assets 20.88% 0.00% 0.00%
Return on invested capital 21.20% 0.00% 0.00%

Growth

Metric MIAX PIPR Capital Markets median
Revenue growth (TTM) 18.22% 21.05% 19.72%
EPS growth (last fiscal year) (173.17%) 54.49% 16.79%
Revenue growth, 5-year CAGR — 8.93% 17.41%
Net income growth, 5-year CAGR — 47.35% 0.00%

Health

Metric MIAX PIPR Capital Markets median
Debt to equity 0.00 0.00 0.07
Current ratio 3.10 1.41 1.51
Net debt to EBITDA (3.75) (1.72) (0.03)

Dividend

Metric MIAX PIPR Capital Markets median
Dividend yield — 0.86% 1.58%
Payout ratio — 0.14 0.19

Size

Metric MIAX PIPR Capital Markets median
Market cap 3.45b 4.74b 527.01m

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