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Operates US options and equities exchanges (MIAX Options, MIAX Pearl, MIAX Emerald) providing electronic trading and market data.
Operates US options and equities exchanges (MIAX Options, MIAX Pearl, MIAX Emerald) providing electronic trading and market data.
Earns a fee on each options contract traded and rebates part of it to market makers who post prices, so the net amount kept per contract is what matters, with market data and connection charges adding a steadier layer. It competes with many other US options exchanges for the same order flow.
Moat: narrow (network effects, regulatory licence, scale). Exchange licenses and order-flow network effects are difficult and slow for new entrants to replicate.
Headquarters: Miami, Florida, United States · Founded: 2008 · Employees: 439
Size Miami International (MIAX) is a United States Financials company (Investment Banks/Brokers) with a market value of $3.45B, the 1444th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.48 on 6 Nov 2026.
Performance Over six months the shares fell 33.7%, against -12.3% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 14.0% over the last twelve months (peer median +6.4%); the operating margin is 12.3% (peer median 35.7%).
Valuation It trades at 18.8× forward earnings against a peer median of 16.7× (7th most expensive of 16).
Short interest Short interest is 8.0% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.50B | $1.36B | $1.14B | $1.04B | $798M |
| Revenue growth | — | +20% | +10% | +30% | — |
| Gross profit | $491M | $401M | $252M | $211M | $175M |
| EBITDA | $219M | $65.9M | $89.1M | $20.9M | $103M |
| Net income | $297M | -$70.0M | $102M | -$20.9M | $57.6M |
| Free cash flow | $220M | $145M | $84.7M | -$65.4M | $111M |
| Capital expenditure | $44.2M | $34.9M | $39.0M | $25.9M | $20.0M |
| Total debt | $29.6M | $25.0M | $59.2M | $140M | $161M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Miami International MIAX | $3.45B | -34% | +14% | 12% | 18.8× | n/a |
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MIAX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.3% | -1.6% | highest of 21 |
| 6-month return | -33.7% | -12.3% | 3rd lowest of 21 |
| Distance from 52-week high | -39.7% | -27.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +14.0% | +6.4% | 8th highest of 21 |
| Operating margin | 12.3% | 35.7% | 4th lowest of 20 |
| Forward P/E | 18.8× | 16.7× | 7th most expensive of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Miami International MIAX | United States | $3.45B | -34% | +14% | 12% | 18.8× | n/a | n/a |
| Pacific Securities 601099.SS | China | $3.47B | -8% | -11% | 14% | n/a | n/a | n/a |
| Kiwoom 039490.KS | South Korea | $3.48B | -53% | +100% | 41% | 2.9× | n/a | n/a |
| J-Yuan Trust 600816.SS | China | $3.50B | -18% | +139% | 13% | n/a | n/a | n/a |
| Angel One ANGELONE.NS | India | $3.20B | +3% | +21% | 28% | 23.1× | n/a | n/a |
| Lazard LAZ | United States | $3.74B | -20% | +9% | 11% | 16.7× | n/a | n/a |
| Minmetals Capital 600390.SS | China | $3.15B | -11% | -62% | 60% | 51.9× | n/a | n/a |
| PJT Partners PJT | United States | $3.80B | -4% | +10% | 21% | 18.0× | n/a | n/a |
| Plus500 PLUS.L | United Kingdom | $3.12B | -26% | +3% | 41% | 10.4× | n/a | n/a |
| Western Securities 002673.SZ | China | $3.83B | -14% | -2% | 29% | n/a | n/a | n/a |
| Tata Investment TATAINVEST.NS | India | $3.06B | -22% | +18% | 89% | n/a | n/a | n/a |
| Southwest Securities 600369.SS | China | $3.90B | -8% | -13% | 27% | 20.6× | n/a | n/a |
| HUAXI Securities 002926.SZ | China | $3.01B | -12% | +10% | 36% | 11.4× | n/a | n/a |
| XTB Spolka Akcyjna XTB.WA | Poland | $3.98B | +22% | +63% | 48% | 9.6× | n/a | n/a |
| TP ICAP TCAP.L | United Kingdom | $2.97B | -1% | +4% | 11% | 8.9× | n/a | n/a |
| Central Depository Services (India) CDSL.NS | India | $2.95B | +5% | +3% | 50% | 52.1× | n/a | n/a |
| Guosheng Securities 002670.SZ | China | $2.92B | -20% | -11% | 11% | n/a | n/a | n/a |
| Yongan Futures 600927.SS | China | $2.83B | -12% | -139% | n/a | 24.3× | n/a | n/a |
| IG Group Holdings plc IGG.L | United Kingdom | $4.23B | -38% | +16% | 40% | 8.7× | n/a | n/a |
| flatexDEGIRO FTK.DE | Germany | $2.78B | -27% | +20% | 45% | 11.1× | n/a | n/a |
| Nanjing Securities 601990.SS | China | $4.30B | -11% | -9% | 37% | 24.1× | n/a | n/a |