Miami International Holdings (MIAX) Fair Value & Analysis
Financial Services · US · Market cap $4.2B
Miami International Holdings
MIAX · US
Fair value as of: Aug 13, 2026
From 3 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from $9.78 to $43.60 (+345.8%) since Jul 18, 2026. Share price +6.3% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The model range is unusually wide ($25.55 to $76.16). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (12 months)
White line = price, green steps = our fair value per fiscal year. As of Aug 13, 2026.
How to read this chart
12‑month range $30.74 – $56.84 · fair‑value band $25.55 – $76.16 · the $43.90 price screens above the $43.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Aug 13, 2026.
Analysis
Miami International Holdings (MIAX) currently trades at $43.90, while our model-based Fair Value estimate is $43.60, implying the stock looks roughly 0.7% fairly valued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Miami International Holdings generated revenue of $1.4B at a net margin of 8.7%. Revenue grew 13.0% year over year. It earns a return on equity of 16.8%. The balance sheet holds a net cash position of $508M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $25.55 (bear case) to $76.16 (bull case); at $43.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 53% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -1%, MIAX screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 3 models by family
Widest divergence: Growth DCF ($19.39) versus Asset-Based ($6.10). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. Its markets include options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S.
Full company description
Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Miami International Holdings reported revenue of $1.4B in FY2025 versus $752M in FY2021, a compound +16.1%/yr. Reported net income was −$70.0M in FY2025.
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Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- MIAX's Revenue Jumped 35% to a Record. Here's What to Know About Its Insider Activity
- MIAX Insiders Cashed In Options the Same Day. Here's What to Make of It
- Miami International Q2 Earnings Call Highlights
- Nasdaq (NDAQ) Ends Its Patent Fight With Miami And Clears A Long Legal Overhang
Peer Group
Capital Markets · 425 stocks
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.
Valuation Multiples vs Capital Markets median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 54/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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