Miami International Holdings, Inc. (MIAX) is a publicly traded company in the Financial Services — Financial - Capital Markets industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
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.
Is Miami International Holdings, Inc. stock overvalued or undervalued in 2026?
Miami International Holdings, Inc. (MIAX) trades at 9.4× earnings (P/E), against a median of 12.9× across the 321 financial services companies above $2bn in Kaplio's universe. Earnings per share over the last twelve months ($3.74) include about $0.42 of gains from outside the business; without them, they would be around $3.32, and the consensus expects $1.91 for 2027. That is why this range uses expected earnings. No valuation verdict: its last-twelve-month earnings are inflated by a one-off, so its P/E looks lower than it is.
Kaplio overview: Miami International Holdings, Inc.
Market cap $3B · 52 weeks $30 – $57 (38% below the high) · P/E 9.4× · 2027 est. P/E 18.4× · Dividend none · Next earnings February 24, 2027 · expected EPS $0.40 · Closing price, Nov 4 · accounts published Oct 29.
- Valuation: 2027 est. P/E 18.3× (no verdict).
- Business: ROE 27.5% (excellent).
- Balance sheet: Debt/Equity 0.00 (solid).
- Earnings: 6 of 6 (uneven).
Where would it trade at its usual multiples?
No valuation verdict: its last-twelve-month earnings are inflated by a one-off, so its P/E looks lower than it is.
Earnings per share over the last twelve months ($3.74) include about $0.42 of gains from outside the business; without them, they would be around $3.32, and the consensus expects $1.91 for 2027. That is why this range uses expected earnings.
Why is Miami International Holdings, Inc. 's P/E so low?
Miami International Holdings, Inc. trades at a P/E of 9.3× on reported earnings, but over the last 12 months 24% of its pre-tax income ($52.9M) came from outside the business, such as revaluations or sales of stakes in other companies. It is real money, but it doesn't repeat every year. Without that part, its P/E would be about 10.5×. On analysts' expected earnings for 2027, its P/E is 18.3×. Kaplio's calculation from the official quarterly accounts filed up to the quarter ended September 30, 2026.
| Quarter ended | From the business | Outside the business | Net income |
|---|---|---|---|
| December 31, 2025 | $42.7M | −$11.8M | $29.9M |
| March 31, 2026 | $43.4M | $56.6M | $170M |
| June 30, 2026 | $27.8M | $985,000 | $44.2M |
| September 30, 2026 | $57.0M | $7.1M | $52.5M |
What matters in financial services: 3 of 4 pass
- Operating margin 2.7%, fails.
- 5y revenue growth 27.9%, passes.
- ROE 27.5%, passes.
- Debt / Equity 0.00, passes.
Against its peers (reference peers) — Miami International Holdings, Inc. : P/E 9.3×; EV/EBITDA 13.1×*; ROIC 10.6%; $3.5B. MarketAxess Holdings Inc. (P/E 20.3×; EV/EBITDA 12.9×; ROIC 19.9%; $5.8B), Circle Internet Group (P/E 42.3×; EV/EBITDA 30.1×; ROIC 9.1%; $19.3B), Tradeweb Markets Inc. (P/E 29.8×; EV/EBITDA 16.6×; ROIC 10.1%; $27.4B). * EV/EBITDA excluding non-operating items (revaluations, stake sales).
Profitability
| Return on Equity | 27.50% |
| Return on Invested Capital | 10.56% |
| Return on Assets | 18.35% |
| Gross Margin | 32.61% |
| Operating Margin | 11.37% |
| Net Margin | 19.75% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 694.82 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 6.10 |
Price Performance
| 1 month | +13.58% |
| 3 months | -20.94% |
| Year-to-date | -21.20% |
| 1 year | -23.70% |
Related companies: IBKR · HOOD · TW · MKTX · CRCL
Explore sector: Financial Services · Financial - Capital Markets
More sections of MIAX: Financials · Valuation · Estimates · Technical · Ownership
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