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 $5.0B against $3.5B — 1.4× the size. Piper Sandler Companies trades at the lower P/E: 15.9× against 29.3×. Piper Sandler Companies has the higher net margin (14.5% vs 9.70%) and the higher return on invested capital (26.1% vs 16.1%). Across the 19 metrics below, Piper Sandler Companies leads on 13 and Miami International Holdings, Inc. on 6.

Valuation

Metric MIAX PIPR Capital Markets median
P/E 29.33 15.88 15.78
P/S 2.27 2.32 2.32
P/B 2.89 3.12 1.89
Price to free cash flow 13.81 10.06 6.25
EV/EBITDA 17.51 8.21 8.87
EV/Sales 1.79 2.28 2.28
Earnings yield 3.41% 6.30% (3.77%)
Free cash flow yield 7.24% 9.94% (1.49%)

Profitability

Metric MIAX PIPR Capital Markets median
Gross margin 34.35% 99.05% 62.80%
Operating margin 7.92% 24.96% 0.00%
Net margin 9.70% 14.53% (0.55%)
Free cash flow margin 16.43% 23.02% 0.00%
Return on equity 18.75% 20.72% 0.00%
Return on assets 17.78% 14.34% 0.00%
Return on invested capital 16.10% 26.13% 0.00%

Growth

Metric MIAX PIPR Capital Markets median
Revenue growth (TTM) — 32.39% 21.02%
EPS growth (last fiscal year) (173.17%) 54.49% —
Revenue growth, 5-year CAGR — 8.93% 18.16%
Net income growth, 5-year CAGR — 47.35% 0.00%

Health

Metric MIAX PIPR Capital Markets median
Debt to equity 0.00 0.00 0.08
Current ratio 2.61 1.41 1.51
Net debt to EBITDA (3.75) (1.72) (0.24)

Dividend

Metric MIAX PIPR Capital Markets median
Dividend yield — 3.12% 2.20%
Payout ratio — 0.49 0.00

Size

Metric MIAX PIPR Capital Markets median
Market cap 3.54b 5.02b 724.58m

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