MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) Stock

MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) is a Financials stock trading at $41.30 (as of 2026-08-20), with a market capitalization of $4.10B and a trailing P/E of 30.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Miami International Holdings, Inc. operates trading venues and related services for options, futures, and cash equities. Its subsidiaries run options and equities markets through MIAX Options and MIAX platforms, futures markets through MIAX Futures and its clearing unit, and international listings via BSX and TISE, and include Dorman Trading for execution and clearing.

Understand MIAMI INTERNATIONAL HOLDINGS, INC.: how it makes money

Miami International Holdings (MIAX) operates options, equities, and futures markets, earning money largely through transaction-related net revenue from its exchange and related services, including options, equities, futures, and international listings.

Exchange profits are structurally tied to trading activity, since MIAX’s net revenue is generated across its options, equities, futures, and international markets, and operating momentum is reflected in market-wide volume and market share metrics.

Revenue by segment (latest quarter)
Options	$0.2B
Equities	$0.0B
Futures	$0.0B
Intl	$0.0B
NetRev	$0.1B
Corp	$0.0B

Business quality (Mixed): The provided data clearly links MIAX’s business to multiple trading venues and shows a volume and market share KPI set, but the segment inputs are limited to the provided Net Revenue breakdown and do not fully explain how total revenue of 0.4B is composed.

Valuation: At 40× earnings, MIAX trades 19% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Market share and daily volume are central indicators for MIAX’s options businesses, with Market Share (Multi-Listed Options) at 17.3% and Average Daily Volume (ADV) at 11,100,000: In a trading exchange model, higher and more durable participation in the relevant contracts tends to support transaction activity across listed products.
Options-related net revenue is the largest provided component (Options net revenue totals 0.22B): A concentration in options can be a strength if MIAX maintains its listing demand, pricing power, and execution quality over time.

Bear case

The provided net revenue mix shows much smaller contributions from equities (0.02B), futures (0.01B), and international (0.02B) compared with options (0.22B): If options activity weakens, overall results may be more exposed than a more diversified product mix.
The company operates multiple markets and trading venues (options, equities, futures, and international listings): Execution and participation can shift across venues, so maintaining market share and volumes (captured by Market Share and ADV KPIs) is critical and can be challenging.

Valuation — source: SEC EDGAR (first-party)
Price	$41.30
Market Cap	$4.10B
P/E Ratio	30.2
EV / EBITDA	24.8
Price / Book	3.56
Price / Sales	2.88
FCF Yield	7.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.36B
Net Margin	-5.1%
Revenue Growth (YoY)	19.6%
EPS Growth (YoY)	-159.5%
FCF Growth (YoY)	71.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.12 (safe)

Valuation vs Sector & Industry
Stock P/E	30.2
Sector P/E (Financials)	15.1
Industry P/E (Trading)	34.6
vs Sector	99.3%
vs Industry	-12.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	T. Rowe Price Investment Management, Inc. ($161.35M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Financials
Industry	Trading
CEO	Thomas Gallagher
Employees	433
Country	US
IPO Date	2025-08-14

Related Companies (Business model: Investment Bank / Capital Markets; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.