{ "ok": true, "cik": "1438472", "ticker": "MIAX", "name": "Miami International Holdings, Inc.", "filings": [ { "form": "10-Q", "filed": "2026-08-07", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000162828026054575/0001628280-26-054575-index.htm" }, { "form": "8-K", "filed": "2026-08-05", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000040/0001438472-26-000040-index.htm" }, { "form": "8-K", "filed": "2026-07-21", "items": [ "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000162828026049014/0001628280-26-049014-index.htm" }, { "form": "8-K", "filed": "2026-06-22", "items": [ "3.02 Unregistered Sales of Equity Securities" ], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000036/0001438472-26-000036-index.htm" }, { "form": "8-K", "filed": "2026-06-18", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000032/0001438472-26-000032-index.htm" }, { "form": "8-K", "filed": "2026-06-17", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers" ], "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000030/0001438472-26-000030-index.htm" } ], "events12m": 18, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-06-17", "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000030/0001438472-26-000030-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001438472.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1438472" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Miami International Holdings, Inc. ($MIAX). Last filing: 10-Q, 2026-08-07. 18 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 1364073000, "revenueGrowth1y": 0.1964796960191988, "revenueGrowthPerYear": 0.14459497900624707, "yearsOfData": 3, "operatingMargin": 0.0674216115999657, "operatingMarginPrior": -0.002477913675627504, "netMargin": -0.051338161520681075, "operatingCashFlow": 167833000, "capitalSpending": 22790000, "freeCashFlow": 145043000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 433648000, "longTermDebt": 1508000, "longTermDebtChange": -0.9592817604968273, "revenueHistory": [ { "fiscalYearEnd": "2023-12-31", "revenue": 1041007000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 1140072000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 1364073000 } ], "totalEquity": 881017000, "totalAssets": 1259425000, "equityRatio": 0.6995390753716973, "returnOnEquity": -0.07948654793267326, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1, "sharesOutstanding": 69836032, "bookValuePerShare": 12.615507708112625, "revenuePerShare": 19.532510094502506, "range80": { "low": 1269854219.699707, "high": 1882028377.6688604, "baseline": 1596698377.5929925, "n": 4599, "band": "b1" }, "ifPaceHeld": { "low": 1269854219.699707, "high": 1882028377.6688604 } }, "edgarette": "🔖 Exposure: revenue $1.4B (FY2025), total debt $1.5M. Experience: revenue up 19.6% on the year, up 14.5% a year over 2 years; operating margin 6.7%, up from -0.2%. Soundness: equity 70.0% of assets, return on equity -7.9%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $1.3B and $1.9B next year (method v3, set from 4,599 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, security brokers, dealers & flotation companies): operating margin 6.7% against a 24.4% median; growth 19.6% against 18.7%.", "peers": { "sic": 6211, "sicDescription": "Security Brokers, Dealers & Flotation Companies", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6211", "growth": [ 0.1867, 21 ], "opMargin": [ 0.2443, 10 ], "equityRatio": [ 0.157, 18 ], "returnOnEquity": [ 0.1508, 15 ] }, "summary": "Miami International Holdings (MIAX) grew revenue 19.6% in FY2025 to $1.4 billion, operating margin 6.7% against a 24.4% median for security brokers, dealers & flotation companies, equity 70.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Miami International Holdings, Inc. against its own record and its peers
Operating marginPeer median 24.4%6.7%Revenue, on the yearPeer median 18.7%19.6%Equity of assetsPeer median 15.7%70.0%Return on equityPeer median 15.1%-7.9%Gold tick: the median of 15–18 peers with $50M+ revenue in security brokers, dealers & flotation companies
", "chartHorizon": null, "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-27T21:23:03.202Z", "hash": "e9ba4ae10ec7f5af", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Miami International Holdings (MIAX) grew revenue 19.6% in FY2025 to $1.4 billion, operating margin 6.7% against a 24.4% median for security brokers, dealers & flotation companies, equity 70.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 1364073000, "totalDebt": 1508000, "cash": 433648000 }, "experience": { "revenueGrowth1y": 0.1964796960191988, "revenueGrowthPerYear": 0.14459497900624707, "operatingMargin": 0.0674216115999657, "operatingMarginPrior": -0.002477913675627504, "netMargin": -0.051338161520681075, "freeCashFlow": 145043000 }, "soundness": { "equityRatio": 0.6995390753716973, "returnOnEquity": -0.07948654793267326, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 6211, "sicDescription": "Security Brokers, Dealers & Flotation Companies", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "6211", "growth": [ 0.1867, 21 ], "opMargin": [ 0.2443, 10 ], "equityRatio": [ 0.157, 18 ], "returnOnEquity": [ 0.1508, 15 ] }, "credibility": { "auditedYears": 3, "weight": "moderate", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "5.02", "label": "Director or officer change", "count": 5, "latest": { "filed": "2026-06-17", "url": "https://www.sec.gov/Archives/edgar/data/1438472/000143847226000030/0001438472-26-000030-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 1269854219.699707, "high": 1882028377.6688604, "baseline": 1596698377.5929925, "coverage": 0.8, "method": "v3", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); range = 10th to 90th percentile of how SEC company-years of the same size band actually turned out", "calibratedOn": { "companyYears": 4599, "sizeBand": "b1" }, "credibility": null, "stress": null, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-27T21:23:03.202Z", "hash": "e9ba4ae10ec7f5af", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001438472.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1438472" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.123, "growth3y": 0.1965, "volatility": 0.0626, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.6995, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "later", "inside": "Turns 12.3% of revenue into operating cash; revenue growing 19.7% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 44th percentile for cash, 87th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 44, "growthPctInClass": 87, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 167833000, "investing": -101326000, "financing": 214768000, "capitalSpending": 22790000, "free": 145043000, "trend": [ { "fiscalYearEnd": "2023-12-31", "operating": -49195000, "free": -65397000 }, { "fiscalYearEnd": "2024-12-31", "operating": 111439000, "free": 84700000 }, { "fiscalYearEnd": "2025-12-31", "operating": 167833000, "free": 145043000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 433648000, "shortTerm": null, "longTerm": 19180000, "equityHoldings": 16942000, "totalAssets": 1259425000, "ladder": null, "currentRatio": 2.54, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.123, "growth3y": 0.1965, "volatility": 0.0626, "paysDividend": false, "raisedDividend": false, "equityRatio": 0.6995, "quadrant": { "code": "fs", "label": "Fast and steady", "plain": "growing faster than its size class, with steadier revenue" }, "compass": { "code": "later", "inside": "Turns 12.3% of revenue into operating cash; revenue growing 19.7% a year over three years; no common dividend.", "outside": "Among $1B-10B companies: 44th percentile for cash, 87th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$1B-10B", "cashPctInClass": 44, "growthPctInClass": 87, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 167833000, "investing": -101326000, "financing": 214768000, "capitalSpending": 22790000, "free": 145043000, "trend": [ { "fiscalYearEnd": "2023-12-31", "operating": -49195000, "free": -65397000 }, { "fiscalYearEnd": "2024-12-31", "operating": 111439000, "free": 84700000 }, { "fiscalYearEnd": "2025-12-31", "operating": 167833000, "free": 145043000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 433648000, "shortTerm": null, "longTerm": 19180000, "equityHoldings": 16942000, "totalAssets": 1259425000, "ladder": null, "currentRatio": 2.54, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }