MIAX
Financial ServicesMiami International Holdings, Inc. · Financial - Capital Markets · $5B
What is Miami International Holdings, Inc. ?
Miami International Holdings operates a network of regulated exchanges spanning options, futures, and cash equities markets. Incorporated in 2007 and headquartered in Princeton, New Jersey, the company has grown into a multi-venue exchange operator with both domestic and international reach.
The company generates revenue by operating trading venues where market participants buy and sell financial instruments. Its exchange platforms cover U.S. options across four distinct venues, U.S. equities, and futures markets. Beyond exchange operations, Miami International Holdings provides clearing services for futures and options on futures, and owns Dorman Trading — a futures commission merchant serving retail customers, institutional clients, introducing brokers, and professional traders. International exposure comes through the Bermuda Stock Exchange and The International Stock Exchange.
Miami International Holdings was incorporated in 2007 and is headquartered in Princeton, New Jersey.
- U.S. options trading across MIAX Options, Pearl, Emerald, and Sapphire venues
- U.S. equities trading via MIAX Pearl Equities
- Futures and options on futures through MIAX Futures
- Clearing services for U.S. futures and options
- Full-service futures brokerage through Dorman Trading
Is MIAX a Good Stock to Buy?
UQS Score rates MIAX as Below Average overall, reflecting meaningful challenges across several key quality dimensions.
The most notable bright spot in MIAX's profile is its Risk pillar, which scores Strong — suggesting the company carries a relatively manageable risk profile compared to peers in the Financial Services sector. Valuation also registers as Good, meaning the stock does not appear richly priced relative to its fundamentals.
Both the Quality and Moat pillars score Weak, pointing to below-average business durability and competitive positioning. Growth comes in at Neutral, offering little near-term upside catalyst from a fundamental standpoint.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does MIAX pay dividends?
No — Miami International Holdings, Inc. does not currently pay a dividend.
MIAX does not currently pay a dividend. Exchange operators at this stage of development often prioritize reinvesting capital into platform expansion, technology infrastructure, and regulatory compliance rather than returning cash to shareholders. Investors seeking income should factor this into their assessment of the stock.
When does MIAX report earnings?
Miami International Holdings reports earnings on a quarterly cadence, consistent with standard practice for U.S.-listed companies.
Given the Neutral Growth pillar and Weak Quality pillar in the UQS framework, recent earnings periods have not demonstrated the kind of consistent profitability or revenue acceleration that would elevate the overall score. Exchange revenue can be sensitive to market volatility and trading volumes.
For the most recent quarter's results and upcoming reporting dates, visit Miami International Holdings' investor relations page directly.
MIAX Price History
+17.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
MIAX Long-term Outlook
The UQS Growth pillar for MIAX sits at Neutral, suggesting neither a strong expansion trajectory nor a contraction. The Strong Risk score provides some reassurance that the business is not in acute financial distress. However, Weak Quality and Moat ratings indicate the company has yet to establish the durable earnings power or competitive barriers that typically support a more optimistic long-term fundamental outlook.
Growth drivers
- Expansion of multi-venue options trading and increased market share in U.S. listed options
- Growth in futures clearing and commission merchant services through Dorman Trading
- International exchange listings via BSX and TISE broadening revenue diversification
Key risks
- Weak competitive moat leaves MIAX vulnerable to larger, better-capitalized exchange operators
- Trading volume sensitivity — exchange revenues can decline sharply in low-volatility environments
- Regulatory complexity across multiple asset classes and jurisdictions adds operational risk
MIAX vs Peers
MIAX operates in a competitive Financial Services landscape alongside firms with very different business models and scale.
Marathon Digital focuses on cryptocurrency mining rather than traditional exchange operations, representing a fundamentally different revenue model and risk profile.
PJT Partners is an advisory-driven investment bank, generating revenue through M&A and restructuring mandates rather than transaction-based exchange fees.
Lazard combines financial advisory with asset management, offering broader revenue diversification than a pure-play exchange operator like MIAX.
Frequently Asked Questions
What does Miami International Holdings do?
Miami International Holdings operates regulated trading venues across U.S. options, equities, and futures markets. It also provides clearing services and owns Dorman Trading, a futures commission merchant. Internationally, the company operates the Bermuda Stock Exchange and The International Stock Exchange.
Does MIAX pay dividends?
MIAX does not currently pay a dividend. The company appears to prioritize reinvesting resources into its exchange platforms and service infrastructure. Investors focused on income generation should note this absence when evaluating the stock.
When does MIAX report earnings?
Miami International Holdings follows a standard quarterly earnings reporting schedule. Specific dates are not covered by our data source. For the most accurate and up-to-date earnings calendar, check the company's official investor relations page.
Is MIAX a good stock to buy?
UQS Score rates MIAX as Below Average, driven by Weak Quality and Moat pillars. The Risk pillar is Strong and Valuation is Good, which may appeal to certain investors. Whether it fits your portfolio depends on your risk tolerance and investment goals — the full UQS breakdown is available to Pro members.
Is MIAX overvalued?
The UQS Valuation pillar for MIAX is rated Good, suggesting the stock is not trading at a stretched premium relative to its fundamentals. That said, Valuation alone does not make a complete investment case — Quality and Moat weaknesses are important context.
How does MIAX compare to its competitors?
MIAX competes in Financial Services but differs meaningfully from peers like Lazard and PJT Partners, which focus on advisory services, and Marathon Digital, which operates in cryptocurrency mining. MIAX's exchange-operator model is relatively unique among this peer set, making direct comparisons complex.
What is MIAX's market cap bracket?
MIAX is classified as a mid-cap company. This places it in a segment that typically offers more growth potential than large-caps but with greater volatility and less liquidity than the largest exchange operators in the sector.
Who founded Miami International Holdings?
Miami International Holdings was incorporated in 2007. Detailed founding history and leadership background are publicly available through the company's official website and regulatory filings.
Is MIAX a long-term quality investment?
From a long-term quality standpoint, MIAX's UQS profile raises caution. Weak Quality and Moat scores suggest the business has not yet demonstrated the durable competitive advantages typically associated with high-quality long-term holdings. The Strong Risk score offers some stability, but the overall picture warrants careful evaluation.
What is the main competitive advantage of Miami International Holdings?
MIAX's multi-venue approach — operating four distinct options exchanges plus equities, futures, and international listings — provides operational breadth. However, the UQS Moat pillar rates this advantage as Weak, indicating the company has not yet built the kind of entrenched competitive barriers seen among the largest exchange operators.
What sector does MIAX belong to?
MIAX operates in the Financial Services sector, specifically as a multi-asset exchange operator. It competes for trading volume and market share in U.S. listed options, equities, and futures — markets that are heavily regulated and dominated by well-established incumbents.
Is MIAX a growth stock or value stock?
Based on UQS pillar labels, MIAX shows Neutral Growth and Good Valuation — a profile that doesn't fit neatly into either category. It is not a high-growth story, but it also doesn't appear significantly overpriced. Investors can view the complete breakdown with a Pro membership.
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Pro Analysis
MIAX — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 15, 2026 | 49.2 | 42.9 | 37.0 | 41.5 | 93.1 | 46.8 | +6.1 |
| May 7, 2026 | 43.1 | 14.1 | 37.0 | 41.5 | 82.3 | 64.3 | 0.0 |
| May 3, 2026 | 43.1 | 14.1 | 37.0 | 41.5 | 82.3 | 64.7 | -0.1 |
| Apr 26, 2026 | 43.2 | 14.1 | 37.0 | 41.5 | 82.3 | 65.4 | -0.1 |
| Apr 24, 2026 | 43.3 | 14.1 | 37.0 | 41.5 | 82.3 | 65.9 | 0.0 |
| Apr 19, 2026 | 43.3 | 14.1 | 37.0 | 41.5 | 82.3 | 65.6 | -0.4 |
| Apr 14, 2026 | 43.7 | 14.9 | 37.0 | 41.5 | 82.3 | 67.4 | -0.1 |
| Apr 12, 2026 | 43.8 | 14.9 | 37.0 | 41.5 | 82.3 | 67.9 | -0.2 |
| Apr 10, 2026 | 44.0 | 14.9 | 37.0 | 41.5 | 82.3 | 69.2 | 0.0 |
| Apr 7, 2026 | 44.0 | 15.0 | 37.0 | 41.5 | 82.3 | 69.1 | -0.1 |
MIAX — Pillar Breakdown
Quality
— 44.1/100 (25%)Miami International Holdings, Inc. has average quality metrics, with room for improvement in margins or capital efficiency.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 41.5/100 (20%)Miami International Holdings, Inc. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 93.1/100 (15%)Miami International Holdings, Inc. carries minimal financial risk with conservative leverage and strong solvency.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 49.5/100 (15%)Miami International Holdings, Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 37/100 (25%)Miami International Holdings, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for MIAX.
Score Composition
Financial Data
More Stock Analysis
How is the MIAX UQS Score Calculated?
The UQS (Unified Quality Score) for Miami International Holdings, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Miami International Holdings, Inc. 's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Miami International Holdings, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.