Detailed financial statements for None (MIAX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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.
Analysis Summary
None reported revenue of $1.36B in the most recent fiscal year, growing at a 5-year CAGR of 24.7%.
Balance sheet quality for MIAX: current ratio of 491.6, net cash position of $508.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $452.5M | $751.5M | $797.9M | $1.04B | $1.14B | $1.36B |
| Cost of Revenue | $355.9M | $570.2M | $602.3M | $808.5M | $864.4M | $992.3M |
| Gross Profit | $96.5M | $181.3M | $195.6M | $232.5M | $275.6M | $371.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | $122.2M | $151.0M | $189.1M | $225.9M | $270.9M |
| Operating Expenses | 0 | $157.6M | $190.3M | $235.3M | $278.5M | $335.2M |
| Operating Income | -$23.9M | $23.7M | $5.3M | -$2.9M | -$2.8M | $36.6M |
| EBITDA | -$6.5M | -$50.2M | $92.3M | $17.8M | $142.4M | -$26.3M |
| Interest Expense | 0 | $19.3M | $21.9M | $18.9M | $14.0M | $12.9M |
| Pre-tax Income | -$44.9M | -$90.6M | $50.1M | -$22.1M | $105.1M | -$68.6M |
| Income Tax | -$12.8M | $3.0M | -$7.2M | -$697000 | $3.1M | $1.4M |
| Net Income | -$31.9M | -$93.4M | $57.6M | -$20.9M | $102.1M | -$70.0M |
| EPS | $-0.40 | $-1.18 | $0.72 | $-0.26 | $1.29 | $-1.00 |
| EPS (Diluted) | $-0.40 | $-1.18 | $0.72 | $-0.26 | $1.29 | $-1.00 |
| Shares Outstanding (Diluted) | $79.4M | $79.4M | $79.4M | $79.4M | $79.4M | $69.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $339.8M | $369.4M | $369.7M | $387.6M |
| Gross Profit | $109.5M | $124.5M | $112.4M | $141.1M |
| Operating Income | -$305000 | $42.7M | $43.4M | $27.8M |
| EBITDA | -$91.3M | $39.1M | $108.2M | $37.6M |
| Net Income | -$102.1M | $29.9M | $170.2M | $44.2M |
| EPS | $-1.46 | $0.43 | $2.44 | $0.46 |
| EPS (Diluted) | $-1.46 | $0.43 | $2.44 | $0.40 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $57.2M | $160.9M | $126.4M | $59.3M | $150.3M | $509.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $54.1M | $58.4M | $157.5M | $180.3M | $231.5M | $231.6M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $313.7M | $478.7M | $386.2M | $572.8M | $741.4M |
| Property, Plant & Equipment | $43.4M | $39.6M | $45.2M | $44.6M | $52.7M | $46.9M |
| Goodwill | 0 | $34.4M | $44.3M | $46.8M | $46.8M | 0 |
| Intangible Assets | 0 | $110.8M | $126.1M | $147.3M | $153.8M | $269.3M |
| Total Assets | $414.0M | $535.3M | $755.4M | $719.8M | $973.7M | $1.26B |
| Accounts Payable | 0 | $5.6M | $114.3M | $141.7M | $165.4M | 0 |
| Short-term Debt | $14.6M | $15.0M | $32.0M | $112.2M | $4.8M | $1.5M |
| Total Current Liabilities | 0 | $185.8M | $393.3M | $448.9M | $405.2M | $1.5M |
| Long-term Debt | $86.2M | $149.1M | $115.5M | $6.2M | $32.3M | 0 |
| Total Liabilities | $475.6M | $648.8M | $755.5M | $556.1M | $606.0M | $378.4M |
| Retained Earnings | -$611.8M | -$705.2M | -$647.6M | -$668.5M | -$562.3M | -$632.3M |
| Total Equity | -$61.6M | -$113.4M | $272000 | $164.6M | $367.6M | $881.0M |
| Total Debt | $103.4M | $166.7M | $151.9M | $123.0M | $43.8M | $1.5M |
| Net Debt | $46.2M | $5.8M | $25.5M | $63.7M | -$106.5M | -$508.2M |
| Working Capital | 0 | $127.9M | $85.4M | -$62.8M | $167.6M | $739.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $401.5M | $509.7M | $643.9M | $660.5M |
| Total Assets | $1.23B | $1.26B | $1.44B | $1.60B |
| Total Liabilities | $393.4M | $378.4M | $378.6M | $450.1M |
| Total Equity | $831.9M | $881.0M | $1.07B | $1.15B |
| Total Debt | $12.8M | $1.5M | $1.5M | $1.5M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$31.9M | -$93.6M | $57.3M | -$21.4M | $102.0M | -$70.0M |
| Depreciation & Amortization | $17.4M | $21.1M | $20.3M | $21.0M | $23.4M | $3.0M |
| Stock-based Compensation | 0 | $18.1M | $22.3M | $30.0M | $43.6M | $57.6M |
| Change in Working Capital | $89.5M | -$23.8M | $79.2M | -$96.4M | -$8.3M | -$30.1M |
| Operating Cash Flow | $120.3M | $24.2M | $121.6M | -$49.2M | $111.4M | $167.8M |
| Capital Expenditure | -$7.7M | -$18.1M | -$20.0M | -$25.9M | -$39.0M | -$22.8M |
| Acquisitions | -$717000 | 0 | -$24.2M | -$19.9M | 0 | -$56.5M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$21.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $112.7M | $6.2M | $101.6M | -$75.1M | $72.4M | $145.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $54.7M | $47.0M | $60.9M | $122.8M |
| Capital Expenditure | -$4.5M | -$4.1M | -$11.7M | -$16.3M |
| Free Cash Flow | $50.2M | $42.9M | $49.2M | $106.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $29.1M | 0 | 0 | $16.0M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +66.1% | +6.2% | +30.5% | +9.5% | +19.6% |
| Net Income Growth (YoY) | | -192.9% | +161.6% | -136.3% | +588.9% | -168.6% |
| EPS Growth (YoY) | | -195.0% | +161.0% | -136.1% | +596.2% | -177.5% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% | +0.0% | -12.1% |
| FCF Growth (YoY) | | -94.5% | +1546.4% | -173.9% | +196.5% | +100.2% |
| Gross Margin | 21.3% | 24.1% | 24.5% | 22.3% | 24.2% | 27.3% |
| Operating Margin | -5.3% | 3.2% | 0.7% | -0.3% | -0.2% | 2.7% |
| EBITDA Margin | -1.4% | -6.7% | 11.6% | 1.7% | 12.5% | -1.9% |
| Net Margin | -7.0% | -12.4% | 7.2% | -2.0% | 9.0% | -5.1% |
| FCF Margin | 24.9% | 0.8% | 12.7% | -7.2% | 6.4% | 10.6% |
| Effective Tax Rate | 28.6% | -3.3% | -14.4% | 3.2% | 2.9% | -2.1% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.42 | $0.08 | $1.28 | $-0.95 | $0.91 | $2.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $79.4M | $79.4M | $79.4M | $79.4M | $79.4M | $69.8M |
Financial Health
| Piotroski F-Score | 7 |
| Altman Z-Score | 6.10 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -76.85 | -26.05 | 42.69 | -118.23 | 23.83 | -44.38 |
| P/B | -39.65 | -21.53 | 8977.36 | 14.83 | 6.64 | 3.52 |
| P/S | 5.40 | 3.25 | 3.06 | 2.35 | 2.14 | 2.27 |
| Gross Margin | 21.3% | 24.1% | 24.5% | 22.3% | 24.2% | 27.3% |
| Operating Margin | -5.3% | 3.2% | 0.7% | -0.3% | -0.2% | 2.7% |
| Net Margin | -7.0% | -12.4% | 7.2% | -2.0% | 9.0% | -5.1% |