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Miami Intl Hldg Financials

MIAX
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Miami Intl Hldg (MIAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
37

Miami Intl Hldg has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from -0.3% the prior year.

Growth
66

Miami Intl Hldg's revenue surged 19.6% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 66/100.

Leverage
100

Miami Intl Hldg carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
48

Miami Intl Hldg's current ratio of 2.54 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
52

Miami Intl Hldg has a free cash flow margin of 10.6%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
0

Miami Intl Hldg generates a -8.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 27.8% the prior year.

Altman Z-Score Safe
7.02

Miami Intl Hldg scores 7.02, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.7B) relative to total liabilities ($378.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Miami Intl Hldg passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed
-2.40x

For every $1 of reported earnings, Miami Intl Hldg generates $-2.40 in operating cash flow ($167.8M OCF vs -$70.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe
7.2x

Miami Intl Hldg earns $7.2 in operating income for every $1 of interest expense ($92.0M vs $12.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.4B
YoY+19.6%

Miami Intl Hldg generated $1.4B in revenue in fiscal year 2025. This represents an increase of 19.6% from the prior year.

EBITDA
$121.3M
YoY+490.6%

Miami Intl Hldg's EBITDA was $121.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 490.6% from the prior year.

Net Income
-$70.0M
YoY-168.6%

Miami Intl Hldg reported -$70.0M in net income in fiscal year 2025. This represents a decrease of 168.6% from the prior year.

EPS (Diluted)
$-1.00
YoY-171.9%

Miami Intl Hldg earned $-1.00 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 171.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$145.0M
YoY+71.2%

Miami Intl Hldg generated $145.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 71.2% from the prior year.

Cash & Debt
$433.6M
YoY+188.4%

Miami Intl Hldg held $433.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
86M
YoY+35.4%

Miami Intl Hldg had 86M shares outstanding in fiscal year 2025. This represents an increase of 35.4% from the prior year.

Margins & Returns

Gross Margin
31.6%
YoY+7.4pp

Miami Intl Hldg's gross margin was 31.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.4 percentage points from the prior year.

Operating Margin
6.7%
YoY+7.0pp

Miami Intl Hldg's operating margin was 6.7% in fiscal year 2025, reflecting core business profitability. This is up 7.0 percentage points from the prior year.

Net Margin
-5.1%
YoY-14.1pp

Miami Intl Hldg's net profit margin was -5.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 14.1 percentage points from the prior year.

Return on Equity
-8.0%
YoY-35.7pp

Miami Intl Hldg's ROE was -8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 35.7 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$21.8M
YoY+75.7%

Miami Intl Hldg spent $21.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 75.7% from the prior year.

Capital Expenditures
$22.8M
YoY-14.8%

Miami Intl Hldg invested $22.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.8% from the prior year.

MIAX Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue N/A $339.8M N/A N/A N/A $276.7M N/A N/A
Cost of Revenue N/A $230.3M N/A N/A N/A $207.1M N/A N/A
Gross Profit N/A $109.5M N/A N/A N/A $69.6M N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A -$305K N/A N/A N/A -$1.2M N/A N/A
Interest Expense N/A $3.4M N/A N/A N/A $2.1M N/A N/A
Income Tax N/A -$810K N/A N/A N/A $1.6M N/A N/A
Net Income N/A -$102.1M-533.9% $23.5M+209.8% -$21.4M N/A -$3.2M-103.0% $107.3M+2257.1% -$5.0M
EPS (Diluted) N/A $-1.46 N/A N/A N/A $-0.05 N/A N/A

MIAX Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.3B+2.8% $1.2B N/A N/A $973.7M N/A N/A N/A
Current Assets $855.2M+8.0% $792.0M N/A N/A $572.8M N/A N/A N/A
Cash & Equivalents $433.6M+8.0% $401.5M N/A N/A $150.3M+20.2% $125.1M N/A N/A
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $98.1M-1.8% $99.9M N/A N/A $92.4M N/A N/A N/A
Goodwill $62.2M-3.9% $64.7M N/A N/A $46.8M N/A N/A N/A
Total Liabilities $378.4M-3.8% $393.4M N/A N/A $606.0M N/A N/A N/A
Current Liabilities $337.3M-3.4% $349.3M N/A N/A $405.2M N/A N/A N/A
Long-Term Debt $0-100.0% $1.5M N/A N/A $32.3M N/A N/A N/A
Total Equity $881.0M+5.9% $831.9M+98.9% $418.3M+10.1% $379.8M+3.3% $367.6M+4.6% $351.4M0.0% $351.4M+94.9% $180.3M
Retained Earnings -$632.3M+4.5% -$662.3M N/A N/A -$562.3M N/A N/A N/A

MIAX Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $47.0M N/A N/A N/A $39.0M N/A N/A N/A
Capital Expenditures $4.1M N/A N/A N/A $6.1M N/A N/A N/A
Free Cash Flow $42.9M N/A N/A N/A $32.9M N/A N/A N/A
Investing Cash Flow -$16.8M N/A N/A N/A -$9.1M N/A N/A N/A
Financing Cash Flow $3.1M N/A N/A N/A -$633K N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0 N/A N/A N/A $318K N/A N/A N/A

MIAX Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A 32.2% N/A N/A N/A 25.1% N/A N/A
Operating Margin N/A -0.1% N/A N/A N/A -0.4% N/A N/A
Net Margin N/A -30.0% N/A N/A N/A -1.2% N/A N/A
Return on Equity N/A -12.3%-17.9pp 5.6%+11.3pp -5.6% N/A -0.9%-31.4pp 30.5%+33.3pp -2.8%
Return on Assets N/A -8.3% N/A N/A N/A N/A N/A N/A
Current Ratio 2.54+0.3 2.27 N/A N/A 1.41 N/A N/A N/A
Debt-to-Equity 0.000.0 0.00 N/A N/A 0.09 N/A N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Miami Intl Hldg (MIAX) reported $1.4B in total revenue for fiscal year 2025. This represents a 19.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Miami Intl Hldg (MIAX) revenue grew by 19.6% year-over-year, from $1.1B to $1.4B in fiscal year 2025.

No, Miami Intl Hldg (MIAX) reported a net income of -$70.0M in fiscal year 2025, with a net profit margin of -5.1%.

Miami Intl Hldg (MIAX) reported diluted earnings per share of $-1.00 for fiscal year 2025. This represents a -171.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Miami Intl Hldg (MIAX) had EBITDA of $121.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Miami Intl Hldg (MIAX) had $433.6M in cash and equivalents against $0 in long-term debt.

Miami Intl Hldg (MIAX) had a gross margin of 31.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Miami Intl Hldg (MIAX) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Miami Intl Hldg (MIAX) had a net profit margin of -5.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Miami Intl Hldg (MIAX) has a return on equity of -8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Miami Intl Hldg (MIAX) generated $145.0M in free cash flow during fiscal year 2025. This represents a 71.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Miami Intl Hldg (MIAX) generated $167.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Miami Intl Hldg (MIAX) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Miami Intl Hldg (MIAX) invested $22.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Miami Intl Hldg (MIAX) spent $21.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Miami Intl Hldg (MIAX) had 86M shares outstanding as of fiscal year 2025.

Miami Intl Hldg (MIAX) had a current ratio of 2.54 as of fiscal year 2025, which is generally considered healthy.

Miami Intl Hldg (MIAX) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Miami Intl Hldg (MIAX) had a return on assets of -5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Miami Intl Hldg (MIAX) has an Altman Z-Score of 7.02, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Miami Intl Hldg (MIAX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Miami Intl Hldg (MIAX) has an earnings quality ratio of -2.40x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Miami Intl Hldg (MIAX) has an interest coverage ratio of 7.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Miami Intl Hldg (MIAX) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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