MIAMI INTERNATIONAL HOLDINGS, INC. MIAX
We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchanges, MIAX Futures Exchange and Bermuda Stock Exchange marketplaces are enabled by our in-house built, proprietary technology. We believe the speed and performance of our proprietary technology coupled with our fully integrated, award-winning customer service, sets us apart from our competitors.
Our MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. We are regarded as a market leader relative to many of our peers with respect to our technology, based on feedback from our customers. We differentiate our trading platform with our throughput, latency, reliability and wire-order determinism.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $1.36B | $1.14B | $1.04B | — |
| Cost of revenue | $933.5M | $864.4M | $808.5M | — |
| Gross profit | $430.5M | $275.6M | $232.5M | — |
| Total operating expenses | $338.6M | $278.5M | $235.3M | — |
| Operating income | $92.0M | -$2.8M | -$2.9M | — |
| Interest expense | $12.9M | $14.0M | $18.9M | — |
| Pre-tax income | -$68.6M | $105.1M | -$22.1M | — |
| Income tax | $1.4M | $3.1M | $697.0K | — |
| Net income | -$70.0M | $102.1M | -$20.9M | — |
| EPS, basic | -1.00 | 1.68 | -0.37 | — |
| EPS, diluted | -1.00 | 1.39 | -0.37 | — |
| Shares, diluted (wtd. avg.) | $69.8M | $74.6M | $56.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $433.6M | $150.3M | $59.3M | $306.1M |
| Receivables | $98.1M | $92.4M | — | — |
| Total current assets | $855.2M | $572.8M | — | — |
| Property, plant and equipment | $46.9M | $44.5M | — | — |
| Goodwill | $62.2M | $46.8M | $46.8M | — |
| Other intangibles | $170.8M | $114.2M | $114.7M | — |
| Total assets | $1.26B | $973.7M | — | — |
| Accounts payable | $8.3M | $12.8M | — | — |
| Short-term debt | $1.5M | $4.8M | — | — |
| Total current liabilities | $337.3M | $405.2M | — | — |
| Long-term debt | $0 | $32.3M | — | — |
| Total liabilities | $378.4M | $606.0M | — | — |
| Retained earnings | -$632.3M | -$562.3M | — | — |
| Total equity | $881.0M | $367.6M | $163.8M | -$107.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $167.8M | $111.4M | -$49.2M | — |
| Depreciation and amortisation | $29.4M | $23.4M | $21.0M | — |
| Stock-based compensation | $57.6M | $43.6M | $30.0M | — |
| Capital expenditure | $22.8M | $26.7M | $16.2M | — |
| Investing cash flow | -$101.3M | -$40.6M | -$64.1M | — |
| Financing cash flow | $214.8M | $29.4M | -$16.6M | — |
| Buybacks | $21.8M | $12.4M | $3.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027312.
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