MIAX NYSE Security Brokers, Dealers & Flotation Companies Financials FY2023βFY2025
Miami International Holdings, Inc. had $1.4B of revenue in fiscal 2025, up 19.6% on the year before.
Last close Β· Oct 23, 2026
$33.98
2.9%Hi! I read Miami International Holdings, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.6%
Yes. Sales grew 19.6% last year.
Does it make a profit?
β5.1%
No. It lost money last year.
Does profit turn into cash?
10.6%
Yes. 10.6% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
34.0x
One share costs 34.0 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Miami International Holdings, Inc. had $1.4B of revenue in fiscal 2025, up 19.6% on the year before. Its operating margin was 6.7%, up 7.0Β pts: of every 100 in sales, about 7 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Miami International Holdings, Inc. lost $70.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $145M in fiscal 2025, 10.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Miami International Holdings, Inc. returned $21.8M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count fell 6.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.7M and sold $79.3M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.7M
2 insiders
Sold, 12 months
$79.3M
11 insiders
Of sales under plans
94%
$74.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 40,000 | $33.34 | $1.3M | Form 4 |
| Sep 16, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 21,217 | $38.61 | $0.8M | Form 4 |
| Sep 3, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 47,000 | $42.43 | $2.0M | Form 4 |
| Sep 3, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 11,000 | $42.21 | $0.5M | Form 4 |
| Sep 2, 2026 | Judson Gray TeekellDirector | Sold plan | 8,545 | $41.34 | $0.4M | Form 4 |
| Sep 2, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 44,445 | $40.49 | $1.8M | Form 4 |
| Sep 2, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $40.48 | $1.9M | Form 4 |
| Aug 19, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 149,700 | $41.13 | $6.2M | Form 4 |
| Aug 17, 2026 | Lance EmmonsEVP and CFO | Sold plan | 35,000 | $42.83 | $1.5M | Form 4 |
| Aug 17, 2026 | Cynthia SchwarzkopfDirector | Sold plan | 5,000 | $42.85 | $0.2M | Form 4 |
| Aug 4, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 48,334 | $45.69 | $2.2M | Form 4 |
| Aug 4, 2026 | Kurt M. EckertDirector | Sold plan | 1,063 | $45.80 | $0.0M | Form 4 |
| Aug 4, 2026 | Judson Gray TeekellDirector | Sold plan | 3,000 | $45.79 | $0.1M | Form 4 |
| Aug 4, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $45.71 | $2.2M | Form 4 |
| Aug 4, 2026 | Harish JayabalanEVP, CISO and CRO | Sold plan | 20,000 | $45.90 | $0.9M | Form 4 |
| Aug 4, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 44,445 | $45.69 | $2.0M | Form 4 |
| Aug 4, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 11,000 | $45.78 | $0.5M | Form 4 |
| Jul 15, 2026 | Cynthia SchwarzkopfDirector | Sold plan | 5,000 | $42.00 | $0.2M | Form 4 |
| Jul 13, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 70,000 | $42.52 | $3.0M | Form 4 |
| Jul 13, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 28,000 | $41.98 | $1.2M | Form 4 |
| Jul 7, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 28,228 | $42.27 | $1.2M | Form 4 |
| Jul 6, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 41,772 | $42.09 | $1.8M | Form 4 |
| Jul 6, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 11,000 | $42.04 | $0.5M | Form 4 |
| Jul 6, 2026 | Harish JayabalanEVP, CISO and CRO | Sold plan | 20,000 | $42.12 | $0.8M | Form 4 |
| Jul 6, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 16,000 | $42.13 | $0.7M | Form 4 |
| Jul 2, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 28,000 | $41.22 | $1.2M | Form 4 |
| Jul 2, 2026 | Kurt M. EckertDirector | Sold plan | 5,250 | $39.35 | $0.2M | Form 4 |
| Jul 2, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $41.22 | $2.0M | Form 4 |
| Jul 2, 2026 | Judson Gray TeekellDirector | Sold plan | 3,000 | $40.00 | $0.1M | Form 4 |
| Jun 15, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 4,714 | $44.23 | $0.2M | Form 4 |
| Jun 11, 2026 | Cynthia SchwarzkopfDirector | Sold plan | 19,500 | $41.73 | $0.8M | Form 4 |
| Jun 9, 2026 | Harish JayabalanEVP, CISO and CRO | Sold plan | 9,783 | $40.04 | $0.4M | Form 4 |
| Jun 8, 2026 | Harish JayabalanEVP, CISO and CRO | Sold plan | 10,217 | $40.12 | $0.4M | Form 4 |
| Jun 2, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 70,000 | $42.36 | $3.0M | Form 4 |
| Jun 2, 2026 | Judson Gray TeekellDirector | Sold plan | 3,000 | $42.78 | $0.1M | Form 4 |
| Jun 2, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 28,000 | $42.85 | $1.2M | Form 4 |
| Jun 2, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 16,000 | $42.12 | $0.7M | Form 4 |
| Jun 2, 2026 | Kurt M. EckertDirector | Sold plan | 5,250 | $42.76 | $0.2M | Form 4 |
| Jun 2, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 11,000 | $42.16 | $0.5M | Form 4 |
| Jun 2, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $42.84 | $2.1M | Form 4 |
| May 15, 2026 | Lance EmmonsEVP and CFO | Sold plan | 35,000 | $56.36 | $2.0M | Form 4 |
| May 5, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 15,771 | $47.92 | $0.8M | Form 4 |
| May 4, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 54,229 | $47.26 | $2.6M | Form 4 |
| May 4, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 16,000 | $47.28 | $0.8M | Form 4 |
| May 4, 2026 | Judson Gray TeekellDirector | Sold plan | 3,000 | $47.30 | $0.1M | Form 4 |
| May 4, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 28,000 | $47.26 | $1.3M | Form 4 |
| May 4, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $47.25 | $2.3M | Form 4 |
| May 4, 2026 | Kurt M. EckertDirector | Sold plan | 5,625 | $47.29 | $0.3M | Form 4 |
| May 4, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 11,000 | $47.28 | $0.5M | Form 4 |
| Apr 15, 2026 | Barbara J. ComlyEVP, GC & Corporate Secretary | Sold plan | 29,667 | $43.64 | $1.3M | Form 4 |
| Apr 15, 2026 | Thomas P. GallagherChairman & CEO, Director | Sold plan | 224,025 | $43.43 | $9.7M | Form 4 |
| Apr 8, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 16,434 | $42.08 | $0.7M | Form 4 |
| Apr 8, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 7,572 | $42.02 | $0.3M | Form 4 |
| Apr 7, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 900 | $42.00 | $0.0M | Form 4 |
| Apr 7, 2026 | Edward DeitzelEVP, CRO, CCO MIAX Exchanges | Sold plan | 4,763 | $42.00 | $0.2M | Form 4 |
| Apr 6, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 2,357 | $41.33 | $0.1M | Form 4 |
| Apr 2, 2026 | Judson Gray TeekellDirector | Sold plan | 2,700 | $40.00 | $0.1M | Form 4 |
| Mar 25, 2026 | Judson Gray TeekellDirector | Sold plan | 300 | $40.00 | $0.0M | Form 4 |
| Mar 23, 2026 | Shelly BrownEVP, Chief Strategy Officer | Sold plan | 25,932 | $39.33 | $1.0M | Form 4 |
| Mar 19, 2026 | Kurt M. EckertDirector | Sold plan | 37,917 | $39.00 | $1.5M | Form 4 |
| Mar 17, 2026 | Douglas M. Schafer JREVP and CIO | Sold plan | 48,000 | $39.74 | $1.9M | Form 4 |
| Mar 5, 2026 | Murray StahlDirector, 10% owner | Bought | 7,200 | $43.08 | $0.3M | Form 4 |
| Mar 4, 2026 | Horizon Kinetics Asset Management LLC | Bought | 7,200 | $43.38 | $0.3M | Form 4 |
| Mar 2, 2026 | Horizon Kinetics Asset Management LLC | Sold | 121,054 | $40.92 | $5.0M | Form 4 |
| Dec 12, 2025 | Murray StahlDirector, 10% owner | Bought | 2,439 | $41.00 | $0.1M | Form 4 |
| Oct 3, 2025 | Horizon Kinetics Asset Management LLC | Bought | 2 | $41.97 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Miami International Holdings, Inc. has $432M more cash than debt.
Cash, debt and the ratios that show how comfortably Miami International Holdings, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $59.3M | $150M | $434M |
| Debt incl. finance leases | β | $37.0M | $2.0M |
| Net debt / EBITDA | β | β5.5x | β3.6x |
| Debt / equity | β | 0.1x | 0.0x |
| Interest coverage | β0.2x | β0.2x | 7.1x |
| Current ratio | β | 1.4x | 2.5x |
| Quick ratio | β | 1.4x | 2.5x |
| Total assets | β | $974M | $1.3B |
| Total liabilities | β | $606M | $378M |
| Shareholders' equity | $164M | $368M | $881M |
| Net debt (β = net cash) | β | β$113M | β$432M |
KIRA Β· Its return on capital was 16.2%: every 100 invested in the business earned about 16 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Miami International Holdings, Inc. passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 |
| Accruals ratio | β | β1.0% | β21.3% |
| Altman Z'' | β | β0.14 | 4.00 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $1.0B | $1.1B | $1.4B |
| Gross profit | $232M | $276M | $431M |
| Operating income | β$2.9M | β$2.8M | $92.0M |
| Interest expense | $18.9M | $14.0M | $12.9M |
| Pretax income | β$22.1M | $105M | β$68.6M |
| Income tax | β$0.7M | $3.1M | $1.5M |
| Net income | β$20.9M | $102M | β$70.0M |
| Diluted EPS | β$0.37 | $1.39 | β$1.00 |
| Diluted shares | 0.06B | 0.07B | 0.07B |
| Cash flow | |||
| Cash from operations | β$49.2M | $111M | $168M |
| Capital expenditure | $16.2M | $26.7M | $22.8M |
| Free cash flow | β$65.4M | $84.7M | $145M |
| Depreciation and amortization | $21.0M | $23.4M | $29.4M |
| Stock-based compensation | $30.0M | $43.6M | $57.6M |
| Acquisitions | $19.9M | $0.0M | $56.5M |
| Share buybacks | $3.3M | $12.4M | $21.8M |
| Dividends and buybacks | $3.3M | $12.4M | $21.8M |
| Balance sheet | |||
| Cash and short-term investments | $59.3M | $150M | $434M |
| Total debt | β | $37.0M | $1.5M |
| Finance lease liabilities | β | β | $0.5M |
| Current assets | β | $573M | $855M |
| Current liabilities | β | $405M | $337M |
| Property and equipment, net | β | $44.5M | $46.9M |
| Goodwill | $46.8M | $46.8M | $62.2M |
| Intangible assets | $115M | $114M | $171M |
| Total assets | β | $974M | $1.3B |
| Total liabilities | β | $606M | $378M |
| Preferred stock | β | $0.0M | $0.0M |
| Shareholders' equity | $164M | $368M | $881M |
| Margins | |||
| Gross margin | 22.3% | 24.2% | 31.6% |
| Operating margin | β0.3% | β0.2% | 6.7% |
| EBITDA margin | 1.7% | 1.8% | 8.9% |
| Net margin | β2.0% | 9.0% | β5.1% |
| FCF margin | β6.3% | 7.4% | 10.6% |
| Returns | |||
| Return on capital | β | β1.1% | 16.2% |
| Return on capital employed | β | β0.5% | 10.0% |
| Return on equity | β12.8% | 38.4% | β11.2% |
| Return on assets | β | 10.5% | β6.3% |
| Return on tangible equity | β928.4% | 49.4% | β10.8% |
| Growth | |||
| Revenue growth | β | 9.5% | 19.6% |
| Net income growth | β | β | β168.6% |
| EPS growth | β | β | β171.9% |
| FCF growth | β | β | 71.2% |
| Share count change | β | 32.2% | β6.4% |
| Financial health | |||
| Net debt / EBITDA | β | β5.5x | β3.6x |
| Debt / equity | β | 0.1x | 0.0x |
| Interest coverage | β0.2x | β0.2x | 7.1x |
| Current ratio | β | 1.4x | 2.5x |
| Quick ratio | β | 1.4x | 2.5x |
| Capital allocation | |||
| Capex / revenue | 1.6% | 2.3% | 1.7% |
| Stock comp / revenue | 2.9% | 3.8% | 4.2% |
| Payouts / FCF | β | 14.7% | 15.1% |
| Quality scores | |||
| Piotroski F-score | β | β | 6.0 |
| Altman Z'' | β | β0.1 | 4.0 |
| Accruals ratio | β | β1.0% | β21.3% |
Source: SEC EDGAR XBRL filings (CIK 0001438472). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
