MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX)
Miami International Holdings, Inc. (MIAX) is a financial services corporation that operates diverse marketplaces through its various subsidiaries, facilitating trading across options, futures, and cash equities. Its extensive options suite encompasses MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. For U.S. equities, it provides MIAX Pearl Equities. The company's offerings extend to U.S. futures and their corresponding options traded on MIAX Futures, a platform that also facilitates transactions in hard red spring wheat products. Furthermore, MIAX supports international listings via BSX and TISE. Beyond market operation, MIAX also delivers essential post-trade services. This includes comprehensive clearing for U.S. futures and options through MIAX Futures Clearing, alongside its ownership of Dorman Trading. Dorman Trading, a full-service futures commission merchant, provides execution and clearing services for a broad client base, including introducing brokers, retail investors, institutional firms, and professional traders. Established in 2007, Miami International Holdings, Inc. maintains its headquarters in Princeton, New Jersey.
Sector: Security Brokers, Dealers & Flotation Companies
Industry: Financial - Capital Markets
Miami International Holdings, Inc.
NYSE:MIAXFinancial Services · Financial - Capital Markets
-2.89%$33.98
AH Close$33.98+0.00%vs close
AH Close$33.98+0.00%vs close
Mkt Cap$3.37B
Float77.5M
O/S99.23M
Inst Own72.4%
SI11.5%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.36B
Net Income-$70.03M
Total Assets$1.26B
Free Cash Flow$145.04M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$1.51M
Total Equity$881.02M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MIAX's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.26B
Liabilities$378.41M
Accounts Receivable$231.64M
Accounts Payable$0
Inventory$0
PP&E (Net)$46.85M
Goodwill$0
Intangible Assets$269.32M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Revenue | $1.36B | $1.14B | $1.04B | $797.92M | $751.54M | $452.45M |
| YoY Growth | 19.6% | 9.5% | 30.5% | 6.2% | 66.1% | - |
| Cost of Revenue | $992.3M | $864.43M | $808.54M | $602.28M | $570.2M | $355.93M |
| Gross Profit | $371.77M | $275.64M | $232.47M | $195.63M | $181.34M | $96.53M |
| Gross Margin | 27.3% | 24.2% | 22.3% | 24.5% | 24.1% | 21.3% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $270.92M | $225.93M | $189.07M | $151M | $122.25M | $0 |
| Other | $64.3M | $52.54M | $46.27M | $39.29M | $35.37M | $0 |
| Total Operating Expenses | $335.22M | $278.47M | $235.34M | $190.29M | $157.62M | $0 |
| Operating Income (EBIT) | $36.55M | -$2.83M | -$2.87M | $5.34M | $23.72M | -$23.88M |
| Operating Margin | 2.7% | -0.2% | -0.3% | 0.7% | 3.2% | -5.3% |
| Interest Expense | $12.89M | $13.95M | $18.88M | $21.92M | $19.3M | $0 |
| Interest Income | $9.41M | $3.3M | $2.66M | $600K | $0 | $0 |
| Other Income (Expense) | -$105.13M | $107.91M | -$19.2M | $44.76M | -$114.3M | -$21.01M |
| Income Before Tax (EBT) | -$68.58M | $105.08M | -$22.07M | $50.11M | -$90.58M | -$44.89M |
| Income Tax Expense | $1.45M | $3.1M | -$697K | -$7.22M | $2.98M | -$12.82M |
| Net Income | -$70.03M | $102.12M | -$20.89M | $57.55M | -$93.41M | -$31.89M |
| Net Income Margin | -5.1% | 9.0% | -2.0% | 7.2% | -12.4% | -7.0% |
| Supplementary Data | ||||||
| EPS | -1.00 | 1.29 | -0.26 | 0.72 | -1.18 | -0.40 |
| Diluted EPS | -1.00 | 1.29 | -0.26 | 0.72 | -1.18 | -0.40 |
| Weighted Average OS | 69.84M | 79.44M | 79.44M | 79.44M | 79.44M | 79.44M |
| EBITDA | -$26.31M | $142.4M | $17.84M | $92.31M | -$50.22M | -$6.52M |
| EBITDA Margin | -1.9% | 12.5% | 1.7% | 11.6% | -6.7% | -1.4% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Assets | ||||||
| Current Assets | ||||||
| Cash and Cash Equivalents | $509.73M | $150.34M | $59.29M | $126.45M | $160.9M | $57.24M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $509.73M | $150.34M | $59.29M | $126.45M | $160.9M | $57.24M |
| Accounts Receivable | $231.64M | $231.5M | $180.31M | $157.52M | $58.41M | $54.07M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $133.75M | $92.15M | $145.53M | $41.23M | -$111.31M |
| Total Current Assets | $741.37M | $572.82M | $386.18M | $478.73M | $313.69M | $0 |
| Long-Term Assets | ||||||
| Property, Plant & Equipment Net | $46.85M | $52.67M | $44.58M | $45.24M | $39.57M | $43.44M |
| Goodwill | $0 | $46.82M | $46.82M | $44.3M | $34.42M | $0 |
| Intangible Assets | $269.32M | $153.77M | $147.34M | $126.05M | $110.8M | $0 |
| Long-Term Investments | $30.31M | $31.02M | $35.59M | $16.63M | $11.59M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $22.1M |
| Other Long-Term Assets | $171.57M | $116.55M | $59.33M | $44.42M | $25.2M | -$208.91M |
| Total Long-Term Assets | $518.05M | $400.83M | $333.66M | $276.64M | $221.58M | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $414.01M |
| Total Assets | $1.26B | $973.65M | $719.84M | $755.37M | $535.27M | $414.01M |
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts Payable | $0 | $165.45M | $141.72M | $114.34M | $5.64M | $0 |
| Short-Term Debt | $1.51M | $4.77M | $112.24M | $32M | $15M | $14.58M |
| Current Income Tax Payable | $0 | $206K | $1.33M | $4.36M | $2.43M | $0 |
| Current Unearned Revenue | $0 | $2.71M | $2.89M | $1.16M | $7.24M | $0 |
| Other Current Liabilities | $0 | $24.13M | $37.9M | $4.99M | $11.57M | -$14.58M |
| Total Current Liabilities | $1.51M | $405.22M | $448.94M | $393.31M | $185.78M | $0 |
| Long-Term Liabilities | ||||||
| Long-Term Debt | $0 | $32.27M | $6.18M | $115.5M | $149.08M | $86.24M |
| Long-Term Unearned Revenue | $9.57M | $0 | $0 | $0 | $1.02M | $10.19M |
| Long-Term Deferred Tax Liabilities | $22.39M | $10.77M | $7.58M | $8.44M | $10.08M | $31.78M |
| Other Long-Term Liabilities | $344.94M | $157.78M | $93.36M | $238.22M | $302.77M | -$130.81M |
| Total Long-Term Liabilities | $376.9M | $200.81M | $107.12M | $362.17M | $463.04M | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $475.6M |
| Total Liabilities | $378.41M | $606.03M | $556.06M | $755.48M | $648.82M | $475.6M |
| Stockholders' Equity | ||||||
| Preferred Stock | $0 | $1K | $1K | $2K | $1K | $1K |
| Common Stock | $86K | $63K | $57K | $95K | $89K | $84K |
| Retained Earnings | -$632.34M | -$562.31M | -$668.5M | -$647.61M | -$705.16M | -$611.75M |
| Comprehensive Income & Other | -$641K | $0 | -$0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $1.51B | $929.86M | $833.08M | $647.78M | $591.68M | $550.08M |
| Total Equity | $881.02M | $367.62M | $164.64M | $272K | -$113.39M | -$61.59M |
| Minority Interest | $0 | $0 | -$861K | -$379K | -$151K | $0 |
| Total Liabilities and Equity | $1.26B | $973.65M | $720.7M | $755.75M | $535.42M | $414.01M |
| Supplementary Data | ||||||
| Total Debt | $1.51M | $43.81M | $123.04M | $151.91M | $166.67M | $103.41M |
| Net Debt | -$508.22M | -$106.53M | $63.74M | $25.46M | $5.77M | $46.17M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
| Operating Activities | ||||||
| Net Income | -$70.03M | $101.99M | -$21.37M | $57.33M | -$93.56M | -$31.89M |
| Depreciation & Amortization | $29.38M | $23.37M | $21.03M | $20.28M | $21.06M | $17.36M |
| Deferred Income Tax | $474K | $3.19M | -$864K | -$7.19M | $410K | $0 |
| Stock-Based Compensation | $57.57M | $43.63M | $30.03M | $22.32M | $18.11M | $0 |
| Changes in Working Capital: | ||||||
| Accounts Receivable | $9.12M | -$53.07M | -$28.79M | $2.8M | -$13.19M | -$33.36M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$40.63M | $49.07M | $12.26M | -$6.6M | $11.6M | $34.55M |
| Other Working Capital | $1.43M | -$4.33M | -$79.83M | $82.98M | -$22.21M | $88.36M |
| Total Working Capital Change | -$30.09M | -$8.34M | -$96.36M | $79.18M | -$23.79M | $89.55M |
| Other Non-Cash Items | $180.53M | -$52.4M | $18.34M | -$50.29M | $102M | $45.32M |
| Net Cash from Operating | $167.83M | $111.44M | -$49.2M | $121.63M | $24.23M | $120.34M |
| Investing Activities | ||||||
| Capital Expenditures | -$22.79M | -$39.01M | -$25.89M | -$20.03M | -$18.06M | -$17.88M |
| Acquisitions | -$56.46M | $0 | -$19.88M | -$24.25M | $0 | -$717K |
| Purchases of Investments | -$10M | -$1.58M | -$18.37M | -$9.65M | -$4.84M | -$7.12M |
| Sales of Investments | $0 | $0 | $0 | $0 | $23.22M | $0 |
| Other Investing Activities | -$12.08M | $0 | $0 | $0 | $0 | $738K |
| Net Cash from Investing | -$101.33M | -$40.59M | -$64.14M | -$53.93M | $320K | -$24.98M |
| Financing Activities | ||||||
| Debt Repaid | $141.36M | $21.99M | $30.65M | $17.54M | -$70.62M | $2.09M |
| Common Stock Issuance | $377.96M | $10.04M | $16.44M | $9.57M | $21.84M | $14.24M |
| Common Stock Repurchases | -$21.83M | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $41.36M | -$2.41M | -$1.38M | -$352K | -$76K |
| Net Cash from Financing | $214.77M | $29.41M | -$16.62M | -$9.35M | $92.11M | $12.07M |
| Forex Effect | -$19.09M | $0 | $0 | $0 | $0 | -$50.2M |
| Net Change in Cash | $262.19M | $100.26M | -$129.96M | $58.35M | $116.66M | $57.24M |
| Supplementary Data | ||||||
| Operating Cash Flow | $167.83M | $111.44M | -$49.2M | $121.63M | $24.23M | $120.34M |
| Capital Expenditure | -$22.79M | -$39.01M | -$25.89M | -$20.03M | -$18.06M | -$7.66M |
| Free Cash Flow | $145.04M | $72.43M | -$75.09M | $101.6M | $6.17M | $112.69M |
| Cash at Beginning | $275.16M | $176.14M | $306.09M | $247.74M | $131.09M | $0 |
| Cash at End | $537.35M | $276.4M | $176.14M | $306.09M | $247.74M | $57.24M |