NYSE : MIAX
Miami International Holdings, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 33.63 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.36B
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Financial statements
Miami International Holdings, Inc. (MIAX) reported revenue of 1.50B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.47B | 1.34B | 1.12B | 1.03B | 788.51M | 744.87M |
| Other Revenue | 34.03M | 27.00M | 16.75M | 15.70M | 9.41M | 6.68M |
| Revenue | 1.50B | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
| Cost of Revenue | 977.72M | 933.54M | 864.43M | 808.54M | 602.28M | 570.20M |
| Gross Profit | 525.22M | 430.53M | 275.64M | 232.47M | 195.63M | 181.34M |
| Selling, General & Admin | 282.00M | 291.09M | 244.25M | 203.96M | 160.77M | 136.56M |
| Operating Expenses | 316.37M | 320.47M | 267.63M | 224.99M | 181.06M | 157.62M |
| Operating Income | 208.85M | 110.06M | 8.02M | 7.48M | 14.58M | 23.72M |
| Interest Expense | -307.00K | -12.89M | -13.95M | -18.88M | -21.92M | -19.30M |
| Interest & Investment Income | 20.62M | 10.41M | 6.90M | 2.66M | 600.00K | |
| Currency Exchange Gain (Loss) | 900.00K | 900.00K | ||||
| Other Non Operating Income (Expenses) | -20.53M | -58.12M | 69.04M | 1.21M | 71.53M | -117.67M |
| EBT Excluding Unusual Items | 209.54M | 50.37M | 70.01M | -7.52M | 64.80M | -113.25M |
| Merger & Restructuring Charges | -2.90M | -2.72M | -2.41M | |||
| Gain (Loss) on Sale of Investments | 10.37M | 10.37M | -5.19M | 882.00K | -4.82M | 19.52M |
| Gain (Loss) on Sale of Assets | 50.57M | -2.05M | 52.60M | |||
| Asset Writedown | -2.72M | -2.72M | -1.98M | -7.62M | -4.30M | |
| Legal Settlements | -34.43M | -4.43M | -8.86M | -3.16M | ||
| Other Unusual Items | -9.56M | -117.22M | -1.50M | -5.08M | 3.15M | |
| Pretax Income | 223.78M | -68.58M | 105.08M | -22.07M | 50.11M | -90.58M |
| Income Tax Expense | -73.07M | 1.45M | 3.10M | -697.00K | -7.22M | 2.98M |
| Earnings From Continuing Operations | 296.85M | -70.03M | 101.99M | -21.37M | 57.33M | -93.56M |
| Minority Interest in Earnings | 137.00K | 482.00K | 228.00K | 151.00K | ||
| Net Income | 296.85M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
| Net Income to Common | 296.85M | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M |
| Shares Outstanding (Basic) | 91.78M | 69.84M | 60.70M | 56.46M | 54.71M | 47.13M |
| Shares Outstanding (Diluted) | 102.90M | 69.84M | 74.63M | 56.46M | 75.17M | 47.13M |
| EPS (Basic) | 3.23 | -1.00 | 1.68 | -0.37 | 1.05 | -1.98 |
| EPS (Diluted) | 2.89 | -1.00 | 1.39 | -0.37 | 0.77 | -1.98 |
| Free Cash Flow | 145.04M | 84.70M | -65.40M | 110.68M | 13.16M | |
| Free Cash Flow Per Share | 2.08 | 1.14 | -1.16 | 1.47 | 0.28 | |
| Gross Margin | 34.95% | 31.56% | 24.18% | 22.33% | 24.52% | 24.13% |
| Operating Margin | 13.90% | 8.07% | 0.70% | 0.72% | 1.83% | 3.16% |
| Profit Margin | 19.75% | -5.13% | 8.96% | -2.01% | 7.21% | -12.43% |
| Free Cash Flow Margin | 10.63% | 7.43% | -6.28% | 13.87% | 1.75% | |
| EBITDA | 243.23M | 139.44M | 31.39M | 28.51M | 34.86M | 44.78M |
| EBITDA Margin | 16.18% | 10.22% | 2.75% | 2.74% | 4.37% | 5.96% |
| D&A For EBITDA | 34.38M | 29.38M | 23.37M | 21.03M | 20.28M | 21.06M |
| EBIT | 208.85M | 110.06M | 8.02M | 7.48M | 14.58M | 23.72M |
| EBIT Margin | 13.90% | 8.07% | 0.70% | 0.72% | 1.83% | 3.16% |
| Effective Tax Rate | 2.94% | |||||
| Revenue as Reported | 1.50B | 1.36B | 1.14B | 1.04B | 797.92M | 751.54M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 725.65M | 461.27M | 181.15M | 74.48M | 145.98M | 160.90M |
| Short-Term Investments | 16.94M | 10.22M | 9.27M | 7.40M | ||
| Cash & Short-Term Investments | 725.65M | 478.21M | 191.37M | 83.75M | 153.38M | 160.90M |
| Receivables | 248.46M | 231.64M | 239.58M | 186.54M | 157.52M | 58.41M |
| Restricted Cash | 13.67M | 6.00M | 6.27M | 7.42M | 7.06M | 11.58M |
| Other Current Assets | 141.91M | 139.36M | 135.60M | 108.47M | 160.77M | 82.80M |
| Total Current Assets | 1.13B | 855.21M | 572.82M | 386.18M | 478.73M | 313.69M |
| Property, Plant & Equipment | 59.52M | 62.00M | 59.96M | 49.79M | 49.01M | 42.69M |
| Long-Term Investments | 28.85M | 19.18M | 31.02M | 35.59M | 16.63M | 11.59M |
| Goodwill | 62.00M | 62.21M | 46.82M | 46.82M | 44.30M | 34.42M |
| Other Intangible Assets | 205.61M | 207.11M | 146.49M | 142.13M | 122.28M | 107.68M |
| Long-Term Deferred Charges | 5.98M | 5.41M | 3.97M | |||
| Other Long-Term Assets | 68.68M | 14.11M | 59.39M | 7.67M | 7.67M | 4.20M |
| Total Assets | 1.62B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Accounts Payable | 73.44M | 8.33M | 12.81M | 11.58M | 9.09M | 5.64M |
| Accrued Expenses | 36.20M | 60.24M | 79.36M | 53.15M | 57.16M | 39.22M |
| Current Portion of Long-Term Debt | 1.52M | 1.51M | 4.77M | 112.24M | 32.00M | 15.00M |
| Current Portion of Leases | 6.69M | 6.77M | 4.61M | 4.41M | 2.51M | |
| Current Income Taxes Payable | 1.20M | 206.00K | 1.33M | 4.36M | ||
| Current Unearned Revenue | 8.96M | 9.57M | 2.71M | 2.89M | 1.16M | 4.89M |
| Other Current Liabilities | 244.63M | 249.72M | 298.60M | 263.13M | 285.13M | 118.52M |
| Total Current Liabilities | 364.75M | 337.26M | 405.22M | 448.94M | 393.31M | 185.78M |
| Long-Term Debt | 96.46M | 6.18M | 115.50M | 149.08M | ||
| Long-Term Leases | 22.23M | 16.55M | 13.01M | 12.84M | 86.00K | |
| Long-Term Deferred Tax Liabilities | 10.88M | 22.39M | 10.77M | 7.58M | 8.44M | 10.08M |
| Other Long-Term Liabilities | 2.21M | 80.58M | 80.52M | 238.22M | 303.79M | |
| Total Liabilities | 397.85M | 378.41M | 606.03M | 556.06M | 755.48M | 648.82M |
| Common Stock | 100.00K | 86.00K | 63.00K | 57.00K | 95.00K | 89.00K |
| Additional Paid-In Capital | 1.61B | 1.52B | 930.64M | 833.08M | 647.78M | 591.68M |
| Retained Earnings | -365.44M | -632.34M | -562.31M | -668.50M | -647.61M | -705.16M |
| Treasury Stock | -27.23M | -8.23M | -775.00K | |||
| Comprehensive Income & Other | -1.92M | -641.00K | ||||
| Total Common Equity | 1.22B | 881.02M | 367.62M | 164.64M | 270.00K | -113.39M |
| Minority Interest | -861.00K | -379.00K | -151.00K | |||
| Shareholders' Equity | 1.22B | 881.02M | 367.62M | 163.78M | -107.00K | -113.54M |
| Total Liabilities & Equity | 1.62B | 1.26B | 973.65M | 719.84M | 755.37M | 535.27M |
| Total Debt | 23.75M | 24.75M | 121.01M | 135.88M | 151.91M | 166.67M |
| Net Cash (Debt) | 701.90M | 453.45M | 70.36M | -52.13M | 1.46M | -5.77M |
| Net Cash Per Share | 6.82 | 6.49 | 0.94 | -0.92 | 0.02 | -0.12 |
| Filing Date Shares Outstanding | 99.95M | 91.65M | 63.64M | 67.53M | 47.60M | 41.18M |
| Total Common Shares Outstanding | 99.95M | 85.54M | 63.18M | 57.54M | 47.60M | 41.18M |
| Working Capital | 764.94M | 517.95M | 167.59M | -62.76M | 85.42M | 127.91M |
| Book Value Per Share | 12.21 | 10.30 | 5.82 | 2.86 | 0.01 | -2.75 |
| Tangible Book Value | 952.67M | 611.70M | 174.31M | -24.30M | -166.31M | -255.49M |
| Tangible Book Value Per Share | 9.53 | 7.15 | 2.76 | -0.42 | -3.49 | -6.20 |
| Land | 2.21M | 2.21M | 2.69M | 4.44M | 5.28M | |
| Buildings | 9.37M | 12.04M | 13.53M | 18.11M | 19.65M | |
| Machinery | 126.09M | 112.14M | 95.61M | 82.31M | 74.60M | |
| Leasehold Improvements | 31.37M | 22.59M | 14.39M | 14.07M | 12.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -70.03M | 102.12M | -20.89M | 57.55M | -93.41M | |
| Depreciation & Amortization | 29.38M | 23.37M | 21.03M | 20.28M | 21.06M | |
| Other Amortization | 3.02M | 2.84M | 1.88M | 1.97M | 1.61M | |
| Loss (Gain) From Sale of Assets | 2.05M | |||||
| Asset Writedown & Restructuring Costs | 2.72M | 1.98M | 7.62M | 4.30M | ||
| Loss (Gain) From Sale of Investments | -10.37M | 5.19M | -882.00K | 4.82M | -19.52M | |
| Stock-Based Compensation | 57.57M | 43.63M | 30.03M | 22.32M | 18.11M | |
| Provision & Write-off of Bad Debts | 47.00K | 37.00K | 6.00K | 4.00K | 3.00K | |
| Other Operating Activities | 183.54M | -59.40M | 8.38M | -68.80M | 120.17M | |
| Change in Accounts Receivable | -4.51M | -34.31M | 2.14M | -1.87M | -13.19M | |
| Change in Accounts Payable | -37.90M | 49.07M | 12.26M | -6.60M | 11.60M | |
| Change in Unearned Revenue | 1.21M | -183.00K | -718.00K | -3.89M | -5.30M | |
| Change in Other Net Operating Assets | 11.11M | -22.92M | -110.05M | 91.53M | -16.91M | |
| Operating Cash Flow | 167.83M | 111.44M | -49.20M | 121.63M | 24.23M | |
| Capital Expenditures | -22.79M | -26.74M | -16.20M | -10.95M | -11.07M | |
| Cash Acquisitions | -56.46M | -19.88M | -24.25M | |||
| Sale (Purchase) of Intangibles | -12.08M | -12.27M | -9.69M | -9.09M | -6.99M | |
| Investment in Securities | -10.00M | -1.58M | -18.37M | -9.65M | 18.38M | |
| Investing Cash Flow | -101.33M | -40.59M | -64.14M | -53.93M | 320.00K | |
| Long-Term Debt Issued | 36.88M | 35.47M | 1.49M | 80.48M | ||
| Long-Term Debt Repaid | -140.16M | -57.47M | -32.14M | -17.54M | -9.86M | |
| Net Debt Issued (Repaid) | -103.28M | -21.99M | -30.65M | -17.54M | 70.62M | |
| Issuance of Common Stock | 381.32M | 10.04M | 16.44M | 9.57M | 21.67M | |
| Repurchase of Common Stock | -21.83M | -12.42M | -3.31M | -1.38M | ||
| Other Financing Activities | -41.44M | 53.79M | 905.00K | -179.00K | ||
| Financing Cash Flow | 214.77M | 29.41M | -16.62M | -9.35M | 92.11M | |
| Foreign Exchange Rate Adjustments | -89.00K | |||||
| Net Cash Flow | 281.19M | 100.26M | -129.96M | 58.35M | 116.66M | |
| Free Cash Flow | 145.04M | 84.70M | -65.40M | 110.68M | 13.16M | |
| Free Cash Flow Margin | 10.63% | 7.43% | -6.28% | 13.87% | 1.75% | |
| Free Cash Flow Per Share | 2.08 | 1.14 | -1.16 | 1.47 | 0.28 | |
| Levered Free Cash Flow | 55.65M | 9.71M | 18.03M | 36.02M | 17.49M | |
| Unlevered Free Cash Flow | 60.69M | 15.59M | 27.94M | 47.75M | 27.94M | |
| Cash Interest Paid | 9.83M | 12.62M | 16.84M | 18.57M | 15.52M | |
| Cash Income Tax Paid | 1.21M | -1.05M | 602.00K | 2.52M | 350.00K | |
| Change in Working Capital | -30.09M | -8.34M | -96.36M | 79.18M | -23.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.36B | 3.79B | ||||
| Enterprise Value | 2.66B | 3.38B | ||||
| Last Close Price | 33.63 | 44.38 | ||||
| Forward PE | 18.52 | 31.82 | ||||
| PS Ratio | 2.24 | 2.78 | ||||
| PB Ratio | 2.75 | 4.30 | ||||
| P/TBV Ratio | 3.53 | 6.20 | ||||
| P/FCF Ratio | 13.37 | 26.14 | ||||
| P/OCF Ratio | 11.78 | 22.59 | ||||
| EV/Sales Ratio | 1.77 | 2.48 | ||||
| EV/EBITDA Ratio | 10.93 | 24.23 | ||||
| EV/EBIT Ratio | 12.73 | 30.70 | ||||
| EV/FCF Ratio | 10.57 | 23.30 | ||||
| Debt / Equity Ratio | 0.02 | 0.03 | 0.33 | 0.83 | -1,419.75 | -1.47 |
| Debt / EBITDA Ratio | 0.09 | 0.15 | 2.40 | 3.15 | 3.20 | 3.72 |
| Debt / FCF Ratio | 0.17 | 1.43 | 1.37 | 12.66 | ||
| Net Debt / Equity Ratio | -0.57 | -0.52 | -0.19 | 0.32 | 13.67 | -0.05 |
| Net Debt / EBITDA Ratio | -2.89 | -3.25 | -2.24 | 1.83 | -0.04 | 0.13 |
| Net Debt / FCF Ratio | -3.13 | -0.83 | -0.80 | -0.01 | 0.44 | |
| Asset Turnover | 1.06 | 1.22 | 1.35 | 1.41 | 1.24 | 1.62 |
| Quick Ratio | 2.67 | 2.10 | 1.06 | 0.60 | 0.79 | 1.18 |
| Current Ratio | 3.10 | 2.54 | 1.41 | 0.86 | 1.22 | 1.69 |
| Return on Equity (ROE) | 28.93% | -11.22% | 38.38% | -26.11% | ||
| Return on Assets (ROA) | 9.18% | 6.16% | 0.59% | 0.63% | 1.41% | 3.20% |
| Return on Invested Capital (ROIC) | 42.19% | 30.37% | 3.03% | 2.59% | 4.10% | 8.22% |
| Return on Capital Employed (ROCE) | 16.70% | 11.90% | 1.40% | 2.80% | 4.00% | 6.80% |
| Earnings Yield | 8.58% | -1.85% | ||||
| FCF Yield | 7.48% | 3.83% | ||||
| Buyback Yield / Dilution | -58.38% | 6.42% | -32.18% | 24.89% | -59.50% | -30.25% |