Miami International Holdings, Inc. (MIAX) stock analysis
Close on Nov 12, 2026Market cap $3.58BP/E 12.9Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed13 of 30 checks passed
Miami International passes 13 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 2/6
- Past performance
- 3/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $36.86 is below our fair value estimate of $38.96.
Return on capital over 10%
Return on invested capital was 34.1%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 0.1% of shareholders' equity, under the 40% we consider low.
Interest well covered
Operating income covers interest expense 533.1 times.
What to watch
Margin of safety under 20%
The price is 5.4% below fair value, less than the 20% cushion we look for.
Growing slower than the industry
Revenue grew 14.0% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 16.2%.
No dividend
Miami International has not paid a dividend in the last twelve months.
Valuation3/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Miami International's P/E of 13.2 is below the Security Brokers, Dealers, and Flotation median of 15.7.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Miami International's price-to-book of 3.00 is below the Security Brokers, Dealers, and Flotation median of 3.12.
Trading below fair value
The share price of $36.86 is below our fair value estimate of $38.96.
Margin of safety under 20%
The price is 5.4% below fair value, less than the 20% cushion we look for.
Growth2/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 14.0% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 16.2%.
Guidance raised
Miami International raised its full year 2026 Depreciation and amortization expense outlook on Oct 29, 2026.
Gross margin improving
Gross margin was 34.9% over the last twelve months, against 29.4% a year earlier.
Past performance3/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 34.1%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Miami International's return on equity of 28.9% is above the Security Brokers, Dealers, and Flotation median of 17.9%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin above the industry
Miami International's net margin of 19.8% is above the Security Brokers, Dealers, and Flotation median of 14.4%.
Financial health5/6
Low debt
Debt is 0.1% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 16724% of total debt.
Interest well covered
Operating income covers interest expense 533.1 times.
Short-term assets cover short-term debts
Current assets are 3.10 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 7.03; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Miami International has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$38.96
The share price is 5% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 15.7× | – | 15.7× | $43.83 | 53% |
| EV/EBITDA | 13.2× | – | 13.2× | $33.40 | 47% |
| Earnings powerleft out, too far from the others | 9.5% cost of equity | – | – | $5.92 | – |
| Fair value | $38.96 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- EV/EBITDA at month end
- Security Brokers, Dealers, and Flotation median 13.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $55.47M
- Value traded per 1% price move
- $23.75M
Downside
High risk
- Typical loss in a bad month
- 28.1%
- Volatility (annualized)
- 43%
- Sharpe ratio, 1 year
- -0.68
- Beta to the S&P 500 (5Y)
- 0.93
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2022 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.6% | – | – | – | |
| Gross profit | +56.2% | – | – | – | |
| Free cash flow | +71.2% | – | – | – |
Returns and balance sheet
4 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2022 | FY2022 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | – | 2.54 | |
| Debt to equity | – | – | 0.00 | |
| Net debt to EBITDA | – | – | -3.56× | |
| Interest coverage | – | – | 7.1× | |
| Capex to revenue | – | – | 1.7% | |
| Diluted shares | – | – | 70M |
Cash use needs five years of cash flow figures
Miami International does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.1% | 1.22× | 1.79× | -11.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$70.03M
- Cash generatingOperating cash flow above zero$167.83M
- Return on assets improvedROA up on the prior year– → -7.2%
- Earnings backed by cashOperating cash flow above net income$167.83M vs -$70.03M
- Less leverageLong-term debt to assets fell3.3% → 0.0%
- Better liquidityCurrent ratio rose1.41 → 2.54
- No dilutionShare count did not rise75M → 70M
- Gross margin improvedGross margin up on the prior year24.18% → 31.56%
- More efficientAsset turnover rose– → 1.40
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