MIAX Miami International Holdings, Inc. Common Stock
NYSE · Financial Services · View on SEC EDGAR ↗ 10-K/10-Q Aug 7, 2026MIAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Miami International Holdings, Inc. Common Stock Company overview from Wikipedia
Miami International Holdings, Inc. (MIH), trading as MIAX, is an American company formed in 2007 that operates global financial exchanges and execution services.
The company owns a number of U.S. exchanges for equities, equity options, and commodities. These include the MIAX Exchange Group — which is composed of MIAX, MIAX Pearl, MIAX Pearl Equities, MIAX Emerald, and MIAX Sapphire — and the Minneapolis Grain Exchange (MGEX). It also owns the Bermuda Stock Exchange and Dorman Trading, a Futures Commission Merchant. MIH also has a subsidiary, Miami International Technologies, which is focused on the sale and licensing of trading technology developed by MIAX Exchange Group. The firm was also the owner of LedgerX, an exchange and clearinghouse for derivatives contracts in digital currencies in the U.S., but sold 90% of its position in it.
Despite its name, MIH is headquartered in Princeton, New Jersey.
History
MIH launched the Miami International Securities Exchange (MIAX) in 2012, after receiving approval from the U.S. Securities and Exchange Commission (SEC).
The company received approval from the SEC and launched MIAX Pearl Equities, MIH's first equities exchange, in 2020. MIAX Pearl Equities received backing and support from member firms such as IMC Financial Markets, Susquehanna International Group, Two Sigma Investments, Hudson River Trading, and Chicago Trading Company. The exchange also became a participant in the UTP Plan.
In 2022, MIH acquired Dorman Trading, a full-service Futures Commission Merchant registered with the Commodity Futures Trading Commission (CFTC). Subsequently, the company filed for a U.S. initial public offering with the SEC. MIH's equities exchange, MIAX Pearl Equities, reached a market share of 0.99% at the end of the same year. In May 2023, MIH acquired LedgerX from the FTX bankruptcy estate; MIH later sold a 90% stake in the company in January 2026, retaining a 10% minority share.
On October 17, 2023, MIH announced that it had filed the Form 1 application to the SEC to register MIAX Sapphire, a new exchange for U.S. options. The exchange commenced trading operations in the third quarter of 2024.
In November 2023, MIH announced plans to open a new options trading pit and offices in Miami's Wynwood neighborhood, which would house MIH's new trading venue, MIAX Sapphire. The new exchange, MIH's fourth options exchange, would include a physical trading floor in Miami, the first of its kind. Delays pushed the physical trading floor opening to 2025
In 2024, the firm named former Citadel Securities executive Troy Kane CEO of its newly-formed futures business, MIAX Futures. Later in August 2024, MIH secured a $100 million investment from private equity firm Warburg Pincus to fund continued global expansion, including the construction of a physical trading floor in Miami for MIAX Sapphire and the growth of its agricultural and financial futures businesses.
MIAX venues rely heavily on equity-rights programs where firms receive stakes for meeting volume thresholds, creating a high structural concentration on institutional partners.
Infrastructure outages
The MIAX Exchange Group has experienced intermittent network disruptions affecting market access, , which required participants to reroute orders.
Initial public offering
The company went public on August 14, 2025, listing on the New York Stock Exchange with the ticker symbol "MIAX". Shares of the stock jumped 38% from their IPO price on its debut, valuing the company at about $2.5 billion as it raised $345 million.
Acquisition of MGEX
In 2020, the company acquired MGEX, which was known for its signature wheat contracts. MIH subsequently renamed the market as MIAX Futures Exchange in 2024.
Financial futures
In September 2025, the company announced its plans to launch financial futures on MIAX Futures using its proprietary Onyx trading platform.
Lawsuits
In 2017, Nasdaq brought forward a lawsuit against MIH claiming the latter used trade secrets to create MIAX's trading platforms and obtain a patent. In its suit, Nasdaq alleged that at least 15 of its former employees joined MIH and that three of them had forwarded technical documents to their personal emails before joining the rival firm. MIH countered with its own suits, arguing that seven of Nasdaq's existing patents tried asserted claim over the invention of options trading.
In 2020, Cboe Global Markets sued to block MIH from offering SPIKES volatility index futures on its MIAX options exchanges. Cboe contested an SEC exemptive order allowing SPIKES futures to trade via the Minneapolis Grain Exchange (MGEX) without standard security futures classifications. Critics noted this exemption gave SPIKES an operational and tax advantage over Cboe's VIX. The D.C. Circuit ruled for Cboe in July 2023, vacating the SEC order due to insufficient competition justification. The litigation loss removed MGEX's primary proprietary product and halted MIH's market competition. MGEX suspended and officially delisted SPIKES futures on December 29, 2023. The delisting eliminated open interest, and removed SPIKES from the rulebook.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MIAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 33.6 | · | · | · | |
| P/S (TTM) | 2.3 | · | · | · | |
| P/B (MRQ) | 2.9 | · | · | · | |
| EV / EBITDA | 20.4 | · | · | · | |
| Price / FCF (TTM) | 13.3 | · | · | · | |
| Price / Cash Flow (TTM) | 11.7 | · | · | · | |
| EV / Revenue | 1.8 | · | · | · | |
| EV / FCF | 17.1 | · | · | · | |
| Price / Tangible Book (MRQ) | 3.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MIAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 34.3% | · | · | · | |
| Operating Margin (TTM) | 7.9% | · | · | · | |
| EBITDA Margin (TTM) | 10.2% | · | · | · | |
| Pretax Margin (TTM) | 3.9% | · | · | · | |
| Net Profit Margin (TTM) | 9.7% | · | · | · | |
| ROA | -6.3% | · | · | · | |
| ROE | -10.8% | · | · | · | |
| ROIC | 10.6% | · | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MIAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.0 | · | · | · | |
| Current Ratio (MRQ) | 2.6 | · | · | · | |
| Quick Ratio | 1.6 | · | · | · | |
| Long-Term Debt / Equity (MRQ) | 0.0 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MIAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 19.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MIAX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.2 | · | · | · | |
| Receivables Turnover | 14.3 | · | · | · | |
| Revenue / Employee | ≈$3.1M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.48 | $0.42 | 13.4% | |
| March 31, 2026 | $0.42 | $0.38 | 9.8% | |
| Dec. 31, 2025 | $0.52 | $0.42 | 24.3% | |
| Sept. 30, 2025 | $0.42 | $0.31 | 36.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $1.36B | $1.14B | $1.04B | |
| Cost of Revenue | $934M | $864M | $809M | |
| Gross Profit | $431M | $276M | $232M | |
| Operating Expenses | $339M | $278M | $235M | |
| Operating Income | $92M | $-3M | $-3M | |
| Interest Income | $9M | $3M | $3M | |
| Other Non-op | $11M | $1M | $5M | |
| Pretax Income | $-69M | $105M | $-22M | |
| Income Tax | $1M | $3M | $-697.0K | |
| Net Income | $-70M | $102M | $-21M | |
| EPS (Basic) | $-1.00 | $1.68 | $-0.37 | |
| EPS (Diluted) | $-1.00 | $1.39 | $-0.37 | |
| Shares (Basic) | 69,836,032 | 60,698,967 | 56,457,675 | |
| Shares (Diluted) | 69,836,032 | 74,625,858 | 56,457,675 | |
| EBITDA | $121M | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $434M | $150M | $59M | |
| Receivables | $98M | $92M | · | |
| Other Current Assets | $39M | $23M | · | |
| Current Assets | $855M | $573M | · | |
| PP&E (Net) | $47M | $44M | · | |
| Accum. Depreciation | $130M | $112M | · | |
| Goodwill | $62M | $47M | $47M | |
| Intangibles | $171M | $114M | $115M | |
| Other Non-current Assets | $64M | $82M | · | |
| Total Assets | $1.26B | $974M | · | |
| Accounts Payable | $8M | $13M | · | |
| Accrued Liabilities | $9M | $9M | · | |
| Current Liabilities | $337M | $405M | · | |
| Capital Leases | $17M | $15M | · | |
| Deferred Tax | $22M | $11M | · | |
| Other Non-current Liabilities | $19M | $15M | · | |
| Total Liabilities | $378M | $606M | · | |
| Long-term Debt | $2M | $37M | · | |
| Total Debt | $2M | · | · | |
| Common Stock | $86.0K | $63.0K | · | |
| Paid-in Capital | $1.52B | $931M | · | |
| Retained Earnings | $-632M | $-562M | · | |
| Treasury Stock | $8M | $775.0K | · | |
| AOCI | $-641.0K | $0 | · | |
| Stockholders' Equity | $881M | $368M | $164M | |
| Liabilities + Equity | $1.26B | $974M | · | |
| Shares Outstanding | 85,536,287 | 63,181,011 | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $29M | $23M | $21M | |
| Stock-based Comp | $58M | $44M | $30M | |
| Deferred Tax | $474.0K | $3M | $-864.0K | |
| Amort. of Intangibles | $904.0K | $489.0K | · | |
| Other Non-cash | $150M | · | · | |
| Operating Cash Flow | $168M | $111M | $-49M | |
| CapEx | $23M | $27M | $16M | |
| Investing Cash Flow | $-101M | $-41M | $-64M | |
| Net Debt Issued | $-140M | · | · | |
| Stock Repurchased | $22M | $12M | $3M | |
| Net Stock Activity | $-22M | · | · | |
| Financing Cash Flow | $215M | $29M | $-17M | |
| Net Change in Cash | $281M | $100M | $-130M | |
| Taxes Paid | $784.0K | $-1M | $602.0K | |
| Free Cash Flow | $145M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Gross Margin | 31.6% | · | · | |
| Operating Margin | 6.7% | · | · | |
| Net Margin | -5.1% | · | · | |
| Pretax Margin | -5.0% | · | · | |
| EBITDA Margin | 8.9% | · | · | |
| ROA | -6.3% | · | · | |
| ROE | -10.8% | · | · | |
| ROIC | 10.6% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 2.5 | · | · | |
| Quick Ratio | 1.6 | · | · | |
| Debt / Equity | 0.0 | · | · | |
| LT Debt / Equity | 0.0 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 1.2 | · | · | |
| Receivables Turnover | 14.3 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Book Value / Share | $10.30 | · | · | |
| Revenue / Share | $19.53 | · | · | |
| Cash Flow / Share | $2.40 | · | · | |
| Cash / Share | $5.07 | · | · | |
| EPS (TTM) | $-1.00 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue YoY | 19.7% | 9.5% | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $1.36B | · | · | |
| Net Income TTM | $-70M | · | · | |
| Market Cap | $3.80B | · | · | |
| Enterprise Value | $3.36B | · | · | |
| P/E | -44.4 | · | · | |
| P/S | 2.8 | · | · | |
| P/B | 4.3 | · | · | |
| P / Tangible Book | 5.9 | · | · | |
| P / Cash Flow | 22.6 | · | · | |
| P / FCF | 26.2 | · | · | |
| EV / EBITDA | 27.7 | · | · | |
| EV / FCF | 23.2 | · | · | |
| EV / Revenue | 2.5 | · | · | |
| Earnings Yield | -2.2% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $388M | $370M | $369M | $340M | $328M | $327M | $324M | $277M | |
| Cost of Revenue | $247M | $241M | $245M | $230M | $223M | $235M | $242M | $207M | |
| Gross Profit | $141M | $129M | $125M | $109M | $105M | $92M | $82M | $70M | |
| Operating Expenses | $113M | $83M | $82M | $110M | $77M | $70M | $75M | $71M | |
| Operating Income | $28M | $46M | $43M | $-305.0K | $27M | $22M | $7M | $-1M | |
| Interest Income | $5M | $4M | $4M | $3M | $1M | $1M | $1M | $840.0K | |
| Other Non-op | $-4M | $2M | $186.0K | $-2M | $11M | $2M | $2M | $-703.0K | |
| Pretax Income | $29M | $100M | $31M | $-103M | $25M | $-21M | $3M | $-2M | |
| Income Tax | $-15M | $-70M | $922.0K | $-810.0K | $1M | $210.0K | $374.0K | $2M | |
| Net Income | $44M | $170M | $30M | $-102M | $24M | $-21M | $3M | $-3M | |
| EPS (Basic) | $0.46 | $1.85 | $0.51 | $-1.46 | $0.36 | $-0.34 | $0.04 | $-0.05 | |
| EPS (Diluted) | $0.40 | $1.56 | $0.51 | $-1.46 | $0.30 | $-0.34 | $0.04 | $-0.05 | |
| Shares (Basic) | 95,305,096 | 91,793,374 | · | 70,128,197 | 64,942,755 | 63,549,403 | · | 63,246,820 | |
| Shares (Diluted) | 110,713,513 | 109,154,227 | · | 70,128,197 | 78,458,195 | 63,549,403 | · | 63,246,820 | |
| EBITDA | $37M | $54M | · | $8M | · | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $660M | $551M | $434M | $401M | · | · | $150M | · | |
| Receivables | $120M | $107M | $98M | $100M | · | · | $92M | · | |
| Other Current Assets | $36M | $40M | $39M | $30M | · | · | $23M | · | |
| Current Assets | $1.10B | $971M | $855M | $792M | · | · | $573M | · | |
| PP&E (Net) | · | $53M | $47M | $48M | · | · | $44M | · | |
| Accum. Depreciation | · | $135M | $130M | $125M | · | · | $112M | · | |
| Goodwill | $62M | $62M | $62M | $65M | · | · | $47M | · | |
| Intangibles | $169M | $169M | $171M | $189M | · | · | $114M | · | |
| Other Non-current Assets | $63M | $59M | $64M | $68M | · | · | $82M | · | |
| Total Assets | $1.60B | $1.44B | $1.26B | $1.23B | · | · | $974M | · | |
| Accounts Payable | $19M | $13M | $8M | $9M | · | · | $13M | · | |
| Accrued Liabilities | $9M | $9M | $9M | $9M | · | · | $9M | · | |
| Current Liabilities | $423M | $351M | $337M | $349M | · | · | $405M | · | |
| Capital Leases | $15M | $15M | $17M | $19M | · | · | $15M | · | |
| Deferred Tax | $11M | $11M | $22M | $22M | · | · | $11M | · | |
| Other Non-current Liabilities | $16M | $17M | $19M | $21M | · | · | $15M | · | |
| Total Liabilities | $450M | $379M | $378M | $393M | · | · | $606M | · | |
| Long-term Debt | $2M | $2M | $2M | $6M | · | · | $37M | · | |
| Total Debt | $2M | $2M | · | $6M | · | · | · | · | |
| Common Stock | $99.0K | $95.0K | $86.0K | $82.0K | · | · | $63.0K | · | |
| Paid-in Capital | $1.59B | $1.54B | $1.52B | $1.50B | · | · | $931M | · | |
| Retained Earnings | $-418M | $-462M | $-632M | $-662M | · | · | $-562M | · | |
| Treasury Stock | $18M | $15M | $8M | $8M | · | · | $775.0K | · | |
| AOCI | $-2M | $-2M | $-641.0K | $-631.0K | · | · | $0 | · | |
| Stockholders' Equity | $1.15B | $1.07B | $881M | $832M | · | · | $368M | · | |
| Liabilities + Equity | $1.60B | $1.44B | $1.26B | $1.23B | · | · | $974M | · | |
| Shares Outstanding | 98,610,560 | 94,211,531 | 85,536,287 | 81,413,957 | · | · | 63,181,011 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| D&A | $9M | $8M | $8M | $8M | $7M | $6M | $6M | $6M | |
| Stock-based Comp | $7M | $9M | $10M | $29M | $9M | $9M | $10M | · | |
| Amort. of Intangibles | $315.0K | $318.0K | $304.0K | $400.0K | · | · | $89.0K | $100.0K | |
| Other Non-cash | · | $-126M | · | · | · | · | · | · | |
| Operating Cash Flow | $123M | $61M | $47M | $55M | $55M | $11M | $39M | · | |
| CapEx | $16M | $12M | $4M | $2M | $12M | $5M | $6M | · | |
| Investing Cash Flow | $-22M | $46M | $-17M | $-5M | $-72M | $-8M | $-9M | · | |
| Stock Repurchased | $4M | $13M | $0 | $20M | $0 | $2M | $318.0K | · | |
| Net Stock Activity | · | $-13M | · | · | · | · | · | · | |
| Financing Cash Flow | $33M | $7M | $3M | $174M | $39M | $-2M | $-633.0K | · | |
| Net Change in Cash | $134M | $113M | $33M | $224M | $22M | $1M | $29M | · | |
| Taxes Paid | · | · | $-487.0K | · | · | · | $-1M | · | |
| Free Cash Flow | · | $49M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.4% | 34.8% | · | 32.2% | · | · | · | · | |
| Operating Margin | 7.2% | 12.4% | · | -0.09% | · | · | · | · | |
| Net Margin | 11.4% | 46.1% | · | -30.0% | · | · | · | · | |
| Pretax Margin | 7.4% | 27.1% | · | -30.3% | · | · | · | · | |
| EBITDA Margin | 9.4% | 14.6% | · | 2.3% | · | · | · | · | |
| ROA | 5.5% | 23.6% | · | -16.7% | · | · | · | · | |
| ROE | 7.7% | 31.9% | · | -24.5% | · | · | · | · | |
| ROIC | 3.7% | 7.3% | · | -0.04% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.6 | 2.8 | · | 2.3 | · | · | · | · | |
| Quick Ratio | 1.8 | 1.9 | · | 1.4 | · | · | · | · | |
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | · | · | · | · | |
| LT Debt / Equity | 0.0 | 0.0 | · | 0.0 | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | · | 0.6 | · | · | · | · | |
| Receivables Turnover | 6.5 | 6.9 | · | 6.8 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $11.67 | $11.31 | · | $10.22 | · | · | · | · | |
| Revenue / Share | $3.50 | $3.39 | · | $4.85 | · | · | · | · | |
| Cash Flow / Share | · | $0.56 | · | · | · | · | · | · | |
| Cash / Share | $6.70 | $5.85 | · | $4.93 | · | · | · | · | |
| EPS (TTM) | $1.01 | $0.91 | · | $-1.46 | $-0.05 | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.47B | $1.41B | · | $1.32B | $1.26B | · | · | · | |
| Net Income TTM | $142M | $122M | · | $-97M | $2M | · | · | · | |
| Market Cap | $3.66B | $3.67B | · | $3.28B | · | · | · | · | |
| Enterprise Value | $3.01B | $3.12B | · | $2.88B | · | · | · | · | |
| P/E | 36.8 | 42.8 | · | -27.6 | · | · | · | · | |
| P/S | 2.5 | 2.6 | · | 2.5 | · | · | · | · | |
| P/B | 3.2 | 3.4 | · | 3.9 | · | · | · | · | |
| P / Tangible Book | 4.0 | 4.4 | · | 5.7 | · | · | · | · | |
| P / Cash Flow | · | 60.2 | · | · | · | · | · | · | |
| EV / Revenue | 2.0 | 2.2 | · | 2.2 | · | · | · | · | |
| Earnings Yield | 2.7% | 2.3% | · | -3.6% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.36B | $1.14B | $1.04B |
| Gross Margin % | 31.6% | · | · |
| Operating Margin % | 6.7% | · | · |
| Net Income | $-70M | $102M | $-21M |
| Diluted EPS | $-1.00 | $1.39 | $-0.37 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Debt / Equity | 0.0 | · | · |
| Current Ratio | 2.5 | · | · |
| Quick Ratio | 1.6 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Free Cash Flow | $145M | · | · |
Institutional owners (13F) 229 filers · $2.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 52 (-31 vs prior Q) | 38 (+8 vs prior Q) | 97 (+11 vs prior Q) | 48 (+23 vs prior Q) | +24.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC | $291,415,166 | 7,842,173 | 11.56% | Shares |
| BlackRock, Inc. | $188,466,378 | 5,071,754 | 7.48% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $140,703,293 | 3,786,418 | 5.58% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $124,673,398 | 3,355,043 | 4.95% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $117,636,892 | 3,165,686 | 4.67% | Shares |
| VANGUARD GROUP INC | $85,577,333 | 1,928,286 | 3.40% | Shares |
| Invesco Ltd. | $75,087,354 | 2,020,650 | 2.98% | Shares |
| J Digital 6 LLC | $67,156,815 | 1,807,234 | 2.66% | Shares |
| BLAIR WILLIAM & CO/IL | $65,752,093 | 1,769,432 | 2.61% | Shares |
| Balyasny Asset Management L.P. | $62,537,456 | 1,682,924 | 2.48% | Shares |
| AMERICAN CENTURY COMPANIES INC | $58,980,261 | 1,587,196 | 2.34% | Shares |
| STATE STREET CORP | $53,246,341 | 1,432,894 | 2.11% | Shares |
| JPMORGAN CHASE & CO | $52,718,389 | 1,427,881 | 2.09% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $51,869,678 | 1,395,680 | 2.06% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $42,508,067 | 1,143,920 | 1.69% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $38,625,925 | 1,039,449 | 1.53% | Shares |
| MORGAN STANLEY | $35,324,037 | 950,593 | 1.40% | Shares |
| Allspring Global Investments Holdings, LLC | $33,492,482 | 857,682 | 1.33% | Shares |
| TWO SIGMA INVESTMENTS, LP | $33,002,130 | 888,109 | 1.31% | Shares |
| BANK OF AMERICA CORP /DE/ | $31,845,377 | 856,980 | 1.26% | Shares |
| Alyeska Investment Group, L.P. | $31,539,550 | 848,750 | 1.25% | Shares |
| FRANKLIN RESOURCES INC | $29,163,130 | 784,799 | 1.16% | Shares |
| Walleye Capital LLC | $27,053,743 | 728,034 | 1.07% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $26,039,536 | 700,741 | 1.03% | Shares |
| NewEdge Advisors, LLC | $25,328,627 | 681,610 | 1.00% | Shares |
| Nuveen, LLC | $24,827,154 | 668,115 | 0.98% | Shares |
| Caldwell Investment Management Ltd. | $22,279,367 | 600,000 | 0.88% | Shares |
| UBS Group AG | $21,099,336 | 567,797 | 0.84% | Shares |
| Driehaus Capital Management LLC | $21,034,492 | 566,052 | 0.83% | Shares |
| NORTHERN TRUST CORP | $20,896,443 | 562,337 | 0.83% | Shares |
| AMERIPRISE FINANCIAL INC | $20,790,462 | 559,485 | 0.82% | Shares |
| SEVEN GRAND MANAGERS, LLC | $20,438,000 | 550,000 | 0.81% | Shares |
| Ghisallo Capital Management LLC | $18,580,000 | 500,000 | 0.74% | Shares |
| Clearstead Advisors, LLC | $17,611,499 | 473,937 | 0.70% | Shares |
| ROYCE & ASSOCIATES LP | $16,826,531 | 452,813 | 0.67% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $15,883,113 | 427,425 | 0.63% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $15,097,142 | 406,274 | 0.60% | Shares |
| GOLDMAN SACHS GROUP INC | $14,858,203 | 399,844 | 0.59% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $14,666,606 | 394,688 | 0.58% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $13,880,784 | 373,541 | 0.55% | Shares |
| Allianz Asset Management GmbH | $13,350,139 | 359,261 | 0.53% | Shares |
| D. E. Shaw & Co., Inc. | $13,211,421 | 355,528 | 0.52% | Shares |
| TOCQUEVILLE ASSET MANAGEMENT L.P. | $12,568,441 | 338,225 | 0.50% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $11,717,886 | 315,336 | 0.46% | Shares |
| SEI INVESTMENTS CO | $11,410,378 | 307,062 | 0.45% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,237,184 | 302,400 | 0.45% | Call option |
| BARCLAYS PLC | $10,991,000 | 295,775 | 0.44% | Shares |
| Burkehill Global Management, LP | $10,776,400 | 290,000 | 0.43% | Shares |
| MAD RIVER INVESTORS | $10,739,240 | 289,000 | 0.43% | Shares |
| MARSHALL WACE, LLP | $10,682,756 | 287,480 | 0.42% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| HORIZON KINETICS ASSET MANAGEMENT LLC, Horizon Kinetics Holding Corp ×5 filings | May 21, 2026 | 7.80% | Amendment | Passive investment | SEC |
| Thomas P. Gallagher, Gallagher Investments LLC ×2 filings | Aug. 28, 2025 | 4.90% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 25 insiders · 9 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas P. Gallagher | Chairman & CEO | Sept. 3, 2026 M | 786,542 | 0 | 12 | $-32,301,033 |
| Cees Vermaas | CEO of TISEG | June 16, 2026 A | 4,660 | 0 | 0 | $0 |
| Lance Emmons | EVP and CFO | Aug. 17, 2026 S | 86,538 | 0 | 2 | $-3,471,650 |
| Douglas M. Schafer JR | EVP and CIO | Oct. 2, 2026 M | 387,414 | 0 | 7 | $-13,681,120 |
| Harish Jayabalan | EVP, CISO and CRO | Sept. 25, 2026 M | 86,398 | 0 | 4 | $-2,562,017 |
| Shelly Brown | EVP, Chief Strategy Officer | Sept. 16, 2026 S | 316,490 | 0 | 11 | $-5,114,047 |
| Edward Deitzel | EVP, CRO, CCO MIAX Exchanges | Sept. 3, 2026 M | 119,601 | 0 | 8 | $-2,932,391 |
| Barbara J. Comly | EVP, GC & Corporate Secretary | Sept. 2, 2026 M | 839,564 | 0 | 7 | $-9,977,618 |
| John Smollen | EVP, New Product Development | June 16, 2026 A | 178,212 | 0 | 0 | $0 |
| Judson Gray Teekell | Director | Sept. 2, 2026 S | 69,251 | 0 | 8 | $-1,000,841 |
| Cynthia Schwarzkopf | Director | Aug. 17, 2026 M | 88,545 | 0 | 3 | $-1,237,985 |
| Kurt M. Eckert | Director | Aug. 4, 2026 M | 149,612 | 0 | 5 | $-2,224,532 |
| David A Brown | Director | July 8, 2026 F | 7,066 | 0 | 0 | $0 |
| Lisa Moore | Director | June 16, 2026 A | 12,737 | 0 | 0 | $0 |
| Kenneth W. Lozier | Director | June 16, 2026 A | 8,237 | 0 | 0 | $0 |
| Mark I. Massad | Director | June 16, 2026 A | 10,737 | 0 | 0 | $0 |
| Talal Jassim Al-Bahar | Director | June 16, 2026 A | 40,891 | 0 | 0 | $0 |
| John Beckelman | Director | June 16, 2026 A | 15,904 | 0 | 0 | $0 |
| Mark F. Raymond | Director | June 16, 2026 M | 67,064 | 0 | 0 | $0 |
| Eric Sites | Director | June 16, 2026 A | 5,684 | 0 | 0 | $0 |
| Paul Stahlin | Director | June 16, 2026 A | 42,143 | 0 | 0 | $0 |
| Jill E. Sommers | Director | June 16, 2026 A | 6,083 | 0 | 0 | $0 |
| Lee Becker | Director | June 15, 2026 A | 2,267 | 0 | 0 | $0 |
| Jamil Nazarali | Director | Aug. 13, 2025 P | 2,500 | 0 | 0 | $0 |
| HORIZON KINETICS ASSET MANAGEMENT LLC | 10% owner | May 19, 2026 J | 2,170,898 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 26 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SSMG · Virtus ETF Trust II | 0.77% | 525 NS | July 31, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.24% | 2,930 NS | Aug. 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.22% | 723,531 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.17% | 82,084 SH | Aug. 19, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.16% | 2,879 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 20,566 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.12% | 36,655 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.11% | 24,356 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.11% | 1,963,978 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.09% | 440,657 SH | Aug. 19, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.07% | 1,243,674 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 1,959,732 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 4,408 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 11,224 SH | Oct. 23, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 5,077 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 369,891 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.01% | 30,303 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 3,634 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 20,517 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 48,774 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,711,581 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,296 SH | Aug. 19, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | -0.05% | -28,347 NS | July 31, 2026 | N-PORT |
| IAI · iShares Trust | · | 39,984 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 3,490 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 84,049 SH | Sept. 11, 2026 | Daily |
MIAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
5 analysts · 2026-10-25Mean target $46.20 +36.0%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
| CBOE | · | · | 15.1% | 23.3% | 22.4% | 51.5% |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | · |
| FDS | $11.05B | 21.5 | 6.7% | 21.5% | 25.8% | · |
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | · |
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | · |
| DFIN | $1.20B | 40.6 | -1.9% | 4.2% | 8.0% | · |
| VALU | · | · | -4.7% | 64.7% | 20.3% | · |
| GEMI | $1.17B | -0.6 | 26.3% | -324.6% | 220.5% | · |
| MKTW | · | 6.5 | -19.7% | 1.7% | -46.4% | · |
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