Miami International Holdings, Inc.
$40.33
-2.3%Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. The company also trades hard red spring wheat futures and options on MIAX Futures; offers clearing services for U.S. futures and options through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
Medium confidenceValuation multiple is compressed (P/E -40.3).
Valuation inputs: P/E -40.3, earnings yield N/A, momentum -2.3%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE -8.0%, ROIC +2.9%).
Profitability stack: net margin -5.1%, ROE -8.0%, ROIC +2.9%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +30.0%, momentum -2.3%, net margin -5.1%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Miami International Holdings, Inc. Market vs Earnings Trajectory
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Miami International Holdings, Inc. Fair Value Envelope
Miami International Holdings, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Minimal operating profit suggests high operating costs or pricing challenges. Scalability is concerning.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Profitability Insight
Non-operating losses: Core business is profitable but other expenses (interest, taxes, one-time items) are driving net losses. Review capital structure and non-operating items.
Miami International Holdings, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.
Miami International Holdings, Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.
Financial Health Insight
Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.
Miami International Holdings, Inc. Street Expectations Map
Wall Street analysts project that MIAX stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 50.00, with estimates ranging from a low of 50.00 to a high of 50.00.
The consensus 1-year price target stands at 50.00, with estimates ranging from a low of 50.00 to a high of 50.00.
Analyst Consensus Analysis
Upside Potential
Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.
Analyst Agreement
High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.
Analyst Conviction
Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.
Market Sentiment Insight
Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.
Miami International Holdings, Inc. Insider Positioning
During the last 12 months, insiders have purchased $935K and sold $26.63M worth of MIAX shares, resulting in $25.69M of net selling activity.
3 Months
0
0.00
433.6K
19.48M
-19.5M
-$19.48M
3-6 Months
21.6K
934.85K
174.6K
7.15M
-6.2M
-$6.21M
6-9 Months
0
0.00
0
0.00
+0
+$0
9-12 Months
0
0.00
0
0.00
+0
+$0
Top Buyers
Stahl Murray
Director
$935K
Top Sellers
Stahl Murray
Director
$7.15M
Gallagher Thomas P.
Director, Officer: Chairman & Ceo
$6.35M
Schafer Douglas M. Jr
Officer: Evp And Cio
$4.18M
Brown Shelly
Officer: Evp, Chief Strategy Officer
$2.64M
Emmons Lance
Officer: Evp And Cfo
$1.97M
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $25.69M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
5 insider sellers vs. 1 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.
No Dividend Yield Data
MIAX has not reported any dividend yield values in the available annual periods.
miax Dividend History
Learning Layer
Related Guides
Build conviction on MIAX by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.