Miami International Holdings has delivered three consecutive earnings beats averaging roughly 28% above consensus with strong growth metrics and a healthy balance sheet, yet the stock sits just below its near-term price target with less than 1% headroom and elevated leverage at a debt-to-equity of 2.1 — the reward-to-risk geometry does not support new capital at current prices.
Thesis pillars
- Earnings Outperformance Streak↑Improving
- Growth Profile Above Peers↓Deteriorating
- Uptrend Pullback Accumulation↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 6, 2026· older than 90 days
Miami International Holdings, I (MIAX) Stock Analysis
Recovery setup
Financial Services · Capital Markets
Hold if already holding. Not a fresh buy at $34.97, but acceptable to hold if already in. Reason: Below 200-MA, MA slope -4.0%/30d (confirmed downtrend).
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached... Read more
Hold if already holding. Not a fresh buy at $34.97, but acceptable to hold if already in. Reason: Below 200-MA, MA slope -4.0%/30d (confirmed downtrend). Chart setup: Death cross but MACD improving, RSI 65. Maintain position. Not compelling to add more. Score 6.1/10, moderate confidence.
Passes 4/8 gates (positive momentum, earnings proximity 111d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Miami International Holdings, I
About Miami International Holdings, I
Miami International Holdings' MIAX Exchanges processed 2.4 billion multi-listed U.S. options contracts in 2025 — a 41.1% increase over 2024 — capturing a 17.1% market share and ranking as the 13th largest global derivatives exchange operator by FIA contract count as of December 31, 2025. Net transaction and clearing fees represented 60.6% of revenues less cost of revenues in 2025, with non-transaction fees including market data and access fees accounting for 39.4%.
The company generates fee revenue across four models: transaction and clearing fees from four U.S. options exchanges (MIAX Options, Pearl, Emerald, and Sapphire), MIAX Pearl Equities, and MIAX Futures; market data subscriptions; membership and access fees; and international listing fees from BSX and TISE. Each exchange uses a distinct allocation and pricing model — Pro-Rata, Maker-Taker, and Taker-Maker structures — to attract different order-flow segments. Dorman Trading, the company's FCM subsidiary, competes on price and execution quality with larger, better-capitalized FCMs. A ten-year exclusive license with Bloomberg Index Services, signed in July 2024, covers the Bloomberg 500, Bloomberg US Large Cap Volatility, and Bloomberg US 100 indices; certain Bloomberg Products were planned for launch in the second quarter of 2026, representing a new proprietary product pipeline not available to competing venues in North and South America.
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The company's non-transaction fees — including market data and connectivity fees — are subject to SEC review on the MIAX Exchanges, and ongoing industry challenges to the Consolidated Audit Trail (CAT) funding model mean that SROs, including the MIAX Exchanges, may continue to incur significant CAT costs without reimbursement. The company's January 2026 sale of 90% of MIAXdx to a Robinhood-SIG joint venture reduced its CFTC-regulated crypto derivatives exposure, retaining only a 10% stake in the renamed Rothera Exchange and Clearing LLC.
See also: Financial Services · Capital Markets
From Miami International Holdings, I's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — Miami International Holdings, I
Latest news
- NEWS Miami International (NYSE:MIAX) Stock Gets Downgrade from Zacks Research - MarketBeat — MarketBeat Oct 28, 2026 negative
- NEWS MIAX CEO on expanding retail futures access, Bloomberg partnership and more - Yahoo Finance — Yahoo Finance Oct 27, 2026 neutral
- NEWS Rosenblatt cuts Miami International Holdings stock price target on revenue pressure - Investing.com Nigeria — Investing.com Nigeria Oct 27, 2026 negative
- NEWS MIAX launches four fertilizer futures contracts By Investing.com - Investing.com Canada — Investing.com Canada Oct 21, 2026 positive
- NEWS MIAX launches four fertilizer futures contracts By Investing.com - Investing.com Nigeria — Investing.com Nigeria Oct 21, 2026 positive
Latest item Oct 28, 2026 · Generated 2026-11-05T11:39:30Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Material Events(8-K, last 90d)
- 2026-04-27Item 5.02LOWEric Sites elected as a director to the Board, effective April 24, 2026, to fill an existing vacancy until the 2026 Annual Meeting. No committee appointments. No family relationships or reportable transactions with the company cited.SEC filing →
- 2026-04-09Item 5.02MEDIUMApril 9, 2026: Board member Murray Stahl passed away. No successor named. The company expressed gratitude for his dedication and service.SEC filing →
- 2026-03-26Item 5.02LOWMarch 24, 2026: Lee Becker informed the Board he would not stand for re-election at the 2026 Annual Meeting; no disagreement cited. Jill E. Sommers elected to fill an existing vacancy, effective March 25, 2026, until the 2026 Annual Meeting.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $34.97, but acceptable to hold if already in. Reason: Below 200-MA, MA slope -4.0%/30d (confirmed downtrend). Chart setup: Death cross but MACD improving, RSI 65. Maintain position. Not compelling to add more. Analyst target $38.98 (+11.5%), stop $32.52 (−7.5%), A.R:R 0.8:1. Score 6.1/10, moderate confidence.
Analyst target: $38.98 (+11.5% upside). Analyst target $38.98 (+11.5%), stop $32.52 (−7.5%), A.R:R 0.8:1. Stop-loss: $32.52.
Below 200-MA, MA slope -4.0%/30d (confirmed downtrend).
Miami International Holdings, I trades at a P/E of 11.9 (forward 18.5). TrendMatrix value score: 6.8/10. Verdict: Hold.
13 analysts rate MIAX, with a consensus score of 3.8/5. 5 analysts publish price targets averaging $45.
What does Miami International Holdings, I do?Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and...
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached 2.4 billion contracts (41.1% increase from 2024), with net transaction and clearing fees representing 60.6% of revenues less cost of revenues.