Miami Intl Hldg Financials
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).
Cash generation and margin expansion improved sharply, but external financing still played a major role in the FY2025 balance-sheet reset.
Between the last two annual periods, headline earnings moved opposite operating performance: net income flipped from$102.1M profit to-$70.0M loss even as operating income went from slightly negative to solidly positive. That gap means the bottom line was heavily shaped by non-operating items, so net income alone would misread how the core business actually changed.
After two years near break-even at the operating line, gross margin expansion to
Cash conversion was strong enough to produce
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Miami Intl Hldg's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Miami Intl Hldg has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This below-average margin results in a low score of 29/100, suggesting thin profitability after operating expenses. This is up from -0.3% the prior year.
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 57/100.
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.
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.
Miami Intl Hldg has a free cash flow margin of 10.6%, earning a moderate score of 41/100. The company generates positive cash flow after capital investments, but with room for improvement.
Miami Intl Hldg generates a -8.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is down from 27.8% the prior year.
Miami Intl Hldg scores 8.86, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.9B) relative to total liabilities ($378.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
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.
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.
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
Earnings & Revenue
Miami Intl Hldg generated $1.4B in revenue in fiscal year 2025. This represents an increase of 19.6% from the prior year.
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.
Miami Intl Hldg reported -$70.0M in net income in fiscal year 2025. This represents a decrease of 168.6% from the prior year.
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
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.
Miami Intl Hldg held $433.6M in cash against $0 in long-term debt as of fiscal year 2025.
Miami Intl Hldg had 86M shares outstanding in fiscal year 2025. This represents an increase of 35.4% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $369.7M | N/A | $339.8M | N/A | $327.1M | N/A | $276.7M | N/A |
| Cost of Revenue | $241.1M | N/A | $230.3M | N/A | $235.2M | N/A | $207.1M | N/A |
| Gross Profit | $128.6M | N/A | $109.5M | N/A | $91.9M | N/A | $69.6M | 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 | $46.0M | N/A | -$305K | N/A | $22.3M | N/A | -$1.2M | N/A |
| Interest Expense | $33K | N/A | $3.4M | N/A | $4.4M | N/A | $2.1M | N/A |
| Income Tax | -$70.2M | N/A | -$810K | N/A | $210K | N/A | $1.6M | N/A |
| Net Income | $170.2M | N/A | -$102.1M-533.9% | $23.5M+209.8% | -$21.4M | N/A | -$3.2M-103.0% | $107.3M |
| EPS (Diluted) | $1.56 | N/A | $-1.46 | N/A | $-0.34 | N/A | $-0.05 | N/A |
MIAX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+14.7% | $1.3B+2.8% | $1.2B | N/A | N/A | $973.7M | N/A | N/A |
| Current Assets | $971.4M+13.6% | $855.2M+8.0% | $792.0M | N/A | N/A | $572.8M | N/A | N/A |
| Cash & Equivalents | $550.8M+27.0% | $433.6M+8.0% | $401.5M | N/A | $129.8M-13.7% | $150.3M+20.2% | $125.1M | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $106.8M+8.9% | $98.1M-1.8% | $99.9M | N/A | N/A | $92.4M | N/A | N/A |
| Goodwill | $61.9M-0.5% | $62.2M-3.9% | $64.7M | N/A | N/A | $46.8M | N/A | N/A |
| Total Liabilities | $378.6M+0.1% | $378.4M-3.8% | $393.4M | N/A | N/A | $606.0M | N/A | N/A |
| Current Liabilities | $350.9M+4.0% | $337.3M-3.4% | $349.3M | N/A | N/A | $405.2M | N/A | N/A |
| Long-Term Debt | $0 | $0-100.0% | $1.5M | N/A | N/A | $32.3M | N/A | N/A |
| Total Equity | $1.1B+20.9% | $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 |
| Retained Earnings | -$462.1M+26.9% | -$632.3M+4.5% | -$662.3M | N/A | N/A | -$562.3M | N/A | N/A |
MIAX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $60.9M+29.6% | $47.0M | N/A | N/A | $11.2M-71.3% | $39.0M | N/A | N/A |
| Capital Expenditures | $11.7M+183.7% | $4.1M | N/A | N/A | $4.7M-23.4% | $6.1M | N/A | N/A |
| Free Cash Flow | $49.2M+14.8% | $42.9M | N/A | N/A | $6.5M-80.2% | $32.9M | N/A | N/A |
| Investing Cash Flow | $45.6M+370.7% | -$16.8M | N/A | N/A | -$8.1M+10.1% | -$9.1M | N/A | N/A |
| Financing Cash Flow | $7.1M+130.7% | $3.1M | N/A | N/A | -$1.9M-201.9% | -$633K | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $13.3M | $0 | N/A | N/A | $1.9M+511.3% | $318K | N/A | N/A |
MIAX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.8% | N/A | 32.2% | N/A | 28.1% | N/A | 25.1% | N/A |
| Operating Margin | 12.4% | N/A | -0.1% | N/A | 6.8% | N/A | -0.4% | N/A |
| Net Margin | 46.1% | N/A | -30.0% | N/A | -6.6% | N/A | -1.2% | N/A |
| Return on Equity | 16.0% | N/A | -12.3%-17.9pp | 5.6%+11.3pp | -5.6% | N/A | -0.9%-31.4pp | 30.5% |
| Return on Assets | 11.8% | N/A | -8.3% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 2.77+0.2 | 2.54+0.3 | 2.27 | N/A | N/A | 1.41 | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.00 | N/A | N/A | 0.09 | N/A | N/A |
| FCF Margin | 13.3% | N/A | N/A | N/A | 2.0% | N/A | N/A | N/A |
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Frequently Asked Questions
What is Miami Intl Hldg's annual revenue?
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.
How fast is Miami Intl Hldg's revenue growing?
Miami Intl Hldg (MIAX) revenue grew by 19.6% year-over-year, from $1.1B to $1.4B in fiscal year 2025.
Is Miami Intl Hldg profitable?
No, Miami Intl Hldg (MIAX) reported a net income of -$70.0M in fiscal year 2025, with a net profit margin of -5.1%.
What is Miami Intl Hldg's EBITDA?
Miami Intl Hldg (MIAX) had EBITDA of $121.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Miami Intl Hldg have?
As of fiscal year 2025, Miami Intl Hldg (MIAX) had $433.6M in cash and equivalents against $0 in long-term debt.
What is Miami Intl Hldg's gross margin?
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.
What is Miami Intl Hldg's operating margin?
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.
What is Miami Intl Hldg's net profit margin?
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.
What is Miami Intl Hldg's return on equity (ROE)?
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.
What is Miami Intl Hldg's free cash flow?
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.
What is Miami Intl Hldg's operating cash flow?
Miami Intl Hldg (MIAX) generated $167.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Miami Intl Hldg's total assets?
Miami Intl Hldg (MIAX) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Miami Intl Hldg's capital expenditures?
Miami Intl Hldg (MIAX) invested $22.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Miami Intl Hldg's current ratio?
Miami Intl Hldg (MIAX) had a current ratio of 2.54 as of fiscal year 2025, which is generally considered healthy.
What is Miami Intl Hldg's debt-to-equity ratio?
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.
What is Miami Intl Hldg's return on assets (ROA)?
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.
What is Miami Intl Hldg's Altman Z-Score?
Miami Intl Hldg (MIAX) has an Altman Z-Score of 8.86, 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.
What is Miami Intl Hldg's Piotroski F-Score?
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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Miami Intl Hldg's earnings high quality?
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.
Can Miami Intl Hldg cover its interest payments?
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.
How financially healthy is Miami Intl Hldg?
Miami Intl Hldg (MIAX) scores 48 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.