Miami International Holdings, Inc. (MIAX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Miami International Holdings, Inc. stock $38.43, price $34.48, upside +11.5%, quality 41 out of 100. Rating: undervalued. Calculated from audited financials with 3 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
15‑month range $29.55 – $56.84 · fair‑value band $22.39 – $67.38 · the $34.48 price screens below the $38.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities.
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Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures; and international listings through BSX and TISE. The company also trades Hard Red Spring Wheat futures and options on MIAX Futures; provides clearing services for U.S. futures and options on futures through MIAX Futures Clearing; and owns Dorman Trading, a full-service futures commission merchant provides execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders.
In addition, it offers financial markets and securities services to public and private companies. Miami International Holdings, Inc. was incorporated in 2007 and is headquartered in Princeton, New Jersey.
Stock analysis
Miami International Holdings, Inc. (MIAX) currently trades at $34.48, while our model-based Fair Value estimate is $38.43, implying the stock looks roughly 10% undervalued today.
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Valuation
How firm this estimate is: it rests on 3 models at a data quality of 96/100, which puts the data coverage at medium.
Scenario range: $22.39 (bear) to $67.38 (bull), the price of $34.48 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Miami International Holdings, Inc. reported revenue of $1.4B in FY2025 versus $752M in FY2021, a compound +16.1%/yr. Reported net income was −$70.0M in FY2025.
Key figures
Market cap $3.8B Mid · P/E ratio 34.5 · P/S ratio 2.24 · EPS (TTM) $1.00 · Net margin −5.1% · Return on equity 28.9% · Return on assets (EBIT) 1.5% (5-year average) · Operating margin 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 11%, MIAX screens cheaper than that median.
Fair Value models
Bear$22.39Fair Value $38.43Bull$67.38
Price $34.48 · Upside +11.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.8548 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF$26.34$45.21$79.2776
Rev-Margin DCF$13.99$19.34$27.1573
NCAV (Graham)$2.40$3.63$4.5454
All 3 models by family
Asset-Based
NCAV (Graham)$2.40$3.63$4.5454
Growth DCF
Growth DCF$26.34$45.21$79.2776
Rev-Margin DCF$13.99$19.34$27.1573
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, 10 officers or directors sold shares worth $54.0M and none bought.
SaleDouglas M. Schafer JREVP and CIO9× since Mar 17, 2026: 384,000 shares, avg. $40.64$15.6MNov 4, 202610b5-1 plan
SaleBarbara J. ComlyEVP, GC & Corporate Secretary9× since Apr 15, 2026: 322,224 shares, avg. $40.94$13.2MNov 4, 202610b5-1 plan
SaleShelly BrownEVP, Chief Strategy Officer8× since Mar 23, 2026: 119,554 shares, avg. $41.65$5.0MSep 16, 202610b5-1 plan
SaleThomas P. GallagherChairman & CEO, Director9× since Apr 15, 2026: 749,059 shares, avg. $43.12$32.3MSep 3, 202610b5-1 plan
SaleEdward DeitzelEVP, CRO, CCO MIAX Exchanges6× since Apr 7, 2026: 67,335 shares, avg. $43.55$2.9MSep 3, 202610b5-1 plan
SaleJudson Gray TeekellDirector7× since Mar 25, 2026: 23,545 shares, avg. $42.51$1.0MSep 2, 202610b5-1 plan
SaleLance EmmonsEVP and CFO2× since May 15, 2026: 70,000 shares, avg. $49.60$3.5MAug 17, 202610b5-1 plan
SaleCynthia SchwarzkopfDirector3× since Jun 11, 2026: 29,500 shares, avg. $41.97$1.2MAug 17, 202610b5-1 plan
SaleHarish JayabalanEVP, CISO and CRO3× since Jun 8, 2026: 60,000 shares, avg. $42.70$2.6MAug 4, 202610b5-1 plan
SaleKurt M. EckertDirector5× since Mar 19, 2026: 55,105 shares, avg. $40.37$2.2MAug 4, 202610b5-1 plan
Plus 4 more entries from the last 12 months.
Plus 69 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5.3% (2020) → −0.2% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +9.6% a year for the price.
News mood ⓘNews mood, the average tone of recent news (68 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Record options trading volumes form the main strength while sustained net losses and negative returns remain the central weakness limiting business durability.
Main risk: A sustained sharp drop in equities trading volumes on the Pearl platform would reduce overall trading revenue and pressure margins further.
MIAX has posted record year-to-date options volumes with average daily contracts up over 20 percent, yet equities trading on its Pearl platform has dropped sharply year over year. The firm is also building out futures capabilities through new clearing access and added capital. Our models currently see it as undervalued. Will the options strength carry the business or will progress in futures and equities prove decisive?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+11.5% · Above median
Profitability
Return on equity (12 months)28.9% · Top 25%
Return on assets−5.6% · Bottom 25%
Net margin (12 months)19.8% · Below median
Operating margin (12 months)12.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)10.7% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Miami International Holdings, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/MIAX
Frequently asked questions
Is Miami International Holdings, Inc. (MIAX) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of $38.43 versus a price of $34.48, about +11% upside (undervalued).
What is the fair value of MIAX?
Our model-based fair value for Miami International Holdings, Inc. is $38.43 (as of Nov 2, 2026), built from audited fundamentals. The current price: $34.48.
What is the quality score of MIAX?
Miami International Holdings, Inc. has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Miami International Holdings, Inc. (MIAX)?
Our model-based price target is the fair value of $38.43 (as of Nov 2, 2026) from 3 valuation models. Cautious scenario $22.39, optimistic scenario $67.38. It is a calculation from audited fundamentals, not an analyst target.
What is the Miami International Holdings, Inc. stock forecast for 2026?
Our models put fair value at $38.43, about +11% upside versus a price of $34.48 (undervalued). Cautious scenario $22.39, optimistic scenario $67.38. The calculation is refreshed regularly with new filings.
What is the revenue of Miami International Holdings, Inc. (MIAX)?
Miami International Holdings, Inc. reported trailing-twelve-month revenue of about $1.5B (latest available figure, as of Nov 2, 2026).
What growth is priced into Miami International Holdings, Inc. (MIAX)?
For today's price to be fair in a discounted-cash-flow model, Miami International Holdings, Inc. would have to grow free cash flow by +12.2 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.7 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of MIAX use?
Our models discount Miami International Holdings, Inc. at 9.7 %: a base by market capitalisation (mid), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Miami International Holdings, Inc. that is +12.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Miami International Holdings, Inc. (MIAX) delivered so far?
Over the past 5 years revenue at Miami International Holdings, Inc. grew +24.7 % a year. The price currently implies free-cash-flow growth of +12.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Miami International Holdings, Inc. (MIAX) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Miami International Holdings, Inc. (+12.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Miami International Holdings, Inc. (MIAX)?
The free-cash-flow yield on the price is 3.80 %: that much free cash flow Miami International Holdings, Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Miami International Holdings, Inc. (MIAX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Miami International Holdings, Inc. it is $38.43 per share (as of Nov 2, 2026), against a price of $34.48. It is the blended result of 3 valuation models in 2 families (Asset-Based, Growth DCF).
Is Miami International Holdings, Inc. stock overvalued or undervalued in 2026?
As of Nov 2, 2026, MIAX trades below its calculated fair value: price $34.48, fair value $38.43, a gap of about +11% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MIAX?
No. The price is what the market pays today ($34.48); the fair value is what the company's own numbers justify ($38.43). For Miami International Holdings, Inc. the two are $3.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Miami International Holdings, Inc. worth?
The market values Miami International Holdings, Inc. at about $3.8B (market capitalisation, as of Nov 2, 2026). Per share that is $34.48; our models calculate a fair value of $38.43 per share.
What do the bullish and bearish scenarios say about MIAX?
Our models span a range for Miami International Holdings, Inc.: cautious scenario $22.39, base $38.43, optimistic $67.38 per share (as of Nov 2, 2026, price $34.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MIAX?
Miami International Holdings, Inc. trades at a price-to-earnings ratio of 34.5 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $38.43 is built from several models across several years. Other multiples: P/B 4.3, P/S 2.5, EV/EBITDA 13.7.
How solid is the balance sheet of Miami International Holdings, Inc. (MIAX)?
Balance-sheet figures for Miami International Holdings, Inc. (as of Nov 2, 2026): return on equity 28.9%, debt of 0.04 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is MIAX from its 52-week high?
Miami International Holdings, Inc. trades at $34.48, about 39% below its 52-week high of $56.84 and 17% above the low of $29.55 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $38.43 is for.
Which stocks are comparable to Miami International Holdings, Inc.?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Miami International Holdings, Inc. stock attractive at the current price?
The data as of Nov 2, 2026: price $34.48, calculated fair value $38.43 (+11%), Quality Score 41/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MIAX calculated?
We run Miami International Holdings, Inc. through 3 models from 2 families: Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $38.43 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Miami International Holdings, Inc. currently trades 10% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Miami International Holdings, Inc. (MIAX)?
The closing price on Nov 6, 2026 was $34.48. Our model-based fair value is $38.43, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Miami International Holdings, Inc. right now?
The model range is unusually wide ($22.39 to $67.38). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Miami International Holdings, Inc.
How large is the market capitalisation of Miami International Holdings, Inc. (MIAX)?
The market capitalisation of Miami International Holdings, Inc. is $3.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Miami International Holdings, Inc. (MIAX)?
The price-to-sales ratio of Miami International Holdings, Inc. is 2.24 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Miami International Holdings, Inc. (MIAX)?
Earnings per share at Miami International Holdings, Inc. are $1.00 (price ÷ EPS = P/E 34.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Miami International Holdings, Inc. (MIAX)?
The net margin of Miami International Holdings, Inc. is −5.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Miami International Holdings, Inc. (MIAX)?
The return on equity (ROE) of Miami International Holdings, Inc. is 28.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Miami International Holdings, Inc. (MIAX)?
On an EBIT basis the return on assets of Miami International Holdings, Inc. is 1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Miami International Holdings, Inc. (MIAX)?
The operating margin of Miami International Holdings, Inc. is 12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Miami International Holdings, Inc. (MIAX)?
Revenue at Miami International Holdings, Inc. is growing +10.7% versus a year earlier (3y avg +19.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Miami International Holdings, Inc. (MIAX)?
Earnings per share at Miami International Holdings, Inc. are growing +32.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Miami International Holdings, Inc. (MIAX) hold?
Miami International Holdings, Inc. holds more cash than debt, $508M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 2, 2026