Valuation of Miami International Holdings, Inc. (MIAX): 2027 est. P/E 18.3×, P/B 2.84, EV/EBITDA 13.1, dividend yield 0.00%. The price range it would trade at on its usual multiples and on its sector's, with its peers' multiples and a comparison against other Financial Services companies.
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.
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 |
Analysis Summary
Miami International Holdings, Inc. reported revenue of $1.36B in the most recent fiscal year, growing at a 5-year CAGR of 24.7%.
Trailing-twelve-month margins: gross margin 32.6%, operating margin 11.4%, net margin 19.8%.
At $34.97 (closing price, November 4, 2026), MIAX trades at a P/E of 9.35 and an ROE of 27.50%. Market capitalisation stands at $3.5B.
Balance sheet quality for MIAX: debt-to-equity ratio of 0.00, current ratio of 694.82 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 9.35 |
| Price / Book | 2.84 |
| EV / EBITDA | 13.1 |
| Dividend Yield | 0.00% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| MIAX | Miami International Holdings, Inc. | $3.5B | 9.35 | 2.84 | 27.5% |
| IBKR | Interactive Brokers Group, Inc. | $136.9B | 29.95 | 5.67 | 20.4% |
| HOOD | Robinhood Markets, Inc. | $69.4B | 40.28 | 7.71 | 20.9% |
| TW | Tradeweb Markets Inc. | $27.4B | 29.81 | 4.04 | 13.8% |
| MKTX | MarketAxess Holdings Inc. | $5.8B | 20.27 | 4.57 | 24.1% |
| CRCL | Circle Internet Group | $19.3B | 42.26 | 4.81 | 13.1% |
Price
| Price | $34.97 (closing price, November 4, 2026) |
| Market Cap | $3.5B |
| Exchange | NYSE |
| Country | US |
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% |
Related companies: IBKR · HOOD · TW · MKTX · CRCL
Explore sector: Financial Services · Financial - Capital Markets
More sections of MIAX: Overview · Financials · Estimates · Technical · Ownership
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