Share count
70Mpeak FY2024
← All companies ← MHO Manual MIDD → ← MGRE Capital Markets & Asset Management MKTX →
MIAX, Miami International Holdings Inc.
Capital Markets & Asset Management financial
We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies.
Our MIAX Exchanges, MIAX Futures Exchange and Bermuda Stock Exchange marketplaces are enabled by our in-house built, proprietary technology.
Our MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.4B
+19.6% YoY
Vital signs · TTM, with 3-yr average
Revenue $1.4B 3-yr avg $1.2B
Net margin 8.6% 3-yr avg 0.6%
Revenue $370M +13.0% vs yr-ago qtr
Operating margin 12.4% yr-ago 6.8%
Net income $170M yr-ago ($21M)
Net margin 46.0% yr-ago −6.5%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has been modest for a fee business (median −0%). It earns this on little capital, so return on equity has run near −8%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $1.0B | $1.1B | $1.4B | $1.4B | RevenueRevenue |
| −0.3% | −0.2% | 6.7% | 8.2% | Operating marginOp. mgn |
| −2.0% | 9.0% | −5.1% | 8.6% | Net marginNet mgn |
| ($21M) | $102M | ($70M) | $122M | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($65M) | $85M | $145M | $188M | Owner earningsOwner earn. |
| -13% | 28% | -8% | 11% | Return on equityROE |
| −13% | 28% | −8% | 11% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $974M | $1.3B | $1.4B | Total assetsAssets |
| $59M | $150M | $434M | $551M | Cash & investmentsCash+inv |
| $164M | $368M | $881M | $1.1B | Shareholders’ equityEquity |
| Per share | ||||
| 84.7M | 112M | 105M | 109M | Shares out (diluted)Shares |
| $12.29 | $10.18 | $13.02 | $12.89 | Revenue / shareRev/sh |
| $-0.25 | $0.91 | $-0.67 | $1.11 | EPS (diluted)EPS |
| $-0.77 | $0.76 | $1.38 | $1.72 | Owner earnings / shareOE/sh |
| $1.93 | $3.28 | $8.41 | $9.76 | Book value / shareBVPS |
Share counts before TTM are restated ×1.5 for a stock split, so per-share figures sit on one basis.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$1.4Blow FY2023
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Operating margin 6.7%Thin for a fee businessOperating income $92M ÷ revenue $1.4BIndustry peers: median 27%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −5.1%SlimNet income ($70M) ÷ revenue $1.4B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −8%Below the cost of equityNet income ($70M) ÷ equity $881MIndustry peers: median 19%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“We may be unable to procure hardware and software from these providers that is necessary for the continued operation of our trading, clearing and other systems if AI companies procure large quantities of components from our providers, disrupting our supply chain.”
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$971M
- Cash & short-term investments$551M
- Receivables$107M
- Other current assets$314M
Current liabilities$351M
- Debt due within a year$2M
- Accounts payable$13M
- Other current liabilities$336M
Current ratio2.77×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.77×stricter: inventory excluded
Cash ratio1.57×strictest: cash alone against what's due
Working capital$620Mthe cushion left after near-term bills
Debt due this year vs. cash$2M due · $551M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+13.0%the freshest read on whether the business is still growing
Current ratio, recent quarters1.4× → 2.8×
Deeper floors
Tangible book value$834Mequity stripped of goodwill & intangibles
Net current asset value$593MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$23M$22M of it operating leases
Deferred revenue$10Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership15.6%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$58M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 63% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| HOODRobinhood Markets Inc. | $4.5B | -28.6% | -29.0% | -8% |
| VIRTVirtu Financial | $3.6B | 14.2% | 10.4% | 22% |
| SEICSEI Investments Company | $2.3B | 26.6% | 27.0% | 27% |
| PIPRPiper Sandler | $1.9B | 10.0% | 7.6% | 9% |
| MIAXMiami International Holdings Inc. | $1.4B | -0.2% | -2.0% | -8% |
| VCTRVictory Capital Holdings | $1.3B | 38.3% | 25.6% | 19% |
| MKTXMarketAxess | $846M | 48.5% | 35.9% | 26% |
| WTWisdomTree Inc. | $494M | 29.1% | 16.6% | 18% |
| Group median | — | 20.4% | 13.5% | 18% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Miami International Holdings Inc. has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2024+71%/yr
Owner-earnings growth · since FY2024+71%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $188M on 95M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $549M. The if-converted diluted count is 109M, 15% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($30M) runs well above depreciation ($31M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $195M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Miami International Holdings Inc. (MIAX), the owner's record," https://ownerscorecard.com/c/MIAX, data as of 2026-07-09.
Manual order: ← MHO its page in the Manual MIDD →
Industry order: ← MGRE the Capital Markets & Asset Management chapter MKTX →