Comprehensive Stock Comparison
Compare MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) vs Tradeweb Markets Inc. (TW) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | TW | 18.9% revenue growth vs MIAX's 9.5% |
| Value | TW | Lower P/E (30.8x vs 31.0x) |
| Quality / Margins | TW | 39.6% net margin vs MIAX's 9.0% |
| Stability / Safety | MIAX | Beta 0.35 vs TW's 0.43 |
| Dividends | TW | 0.4% yield; 5-year raise streak; MIAX pays no meaningful dividend |
| Momentum (1Y) | MIAX | +38.6% vs TW's -8.6% |
| Efficiency (ROA) | TW | 9.9% ROA vs MIAX's -7.9%, ROIC 9.0% vs -0.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Miami International Holdings operates a network of electronic exchanges for options, futures, and equities trading. It generates revenue primarily from transaction fees — including exchange, clearing, and market data fees — across its various market segments. The company's competitive advantage lies in its multi-asset exchange ecosystem, which creates network effects and cross-selling opportunities among its interconnected trading venues.
Tradeweb operates electronic marketplaces for institutional fixed income and derivatives trading. It generates revenue primarily from transaction fees — roughly 80% of revenue — with the remainder from subscription and other fees for data and analytics services. The company's moat lies in its deep institutional network, regulatory compliance infrastructure, and the liquidity network effects that come from connecting over 2,500 clients across 45 markets.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
TW leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). MIAX leads in 1 (Risk & Volatility).
Financial Metrics (TTM)
TW is the larger business by revenue, generating $2.1B annually — 1.8x MIAX's $1.1B. TW is the more profitable business, keeping 39.6% of every revenue dollar as net income compared to MIAX's 9.0%.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| RevenueTrailing 12 months | $1.1B | $2.1B |
| EBITDAEarnings before interest/tax | $84M | $1.1B |
| Net IncomeAfter-tax profit | -$97M | $813M |
| Free Cash FlowCash after capex | $129M | $1.1B |
| Gross MarginGross profit ÷ Revenue | +24.2% | +66.1% |
| Operating MarginEBIT ÷ Revenue | -0.2% | +40.3% |
| Net MarginNet income ÷ Revenue | +9.0% | +39.6% |
| FCF MarginFCF ÷ Revenue | +6.4% | +54.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -35.2% | +128.8% |
Valuation Metrics
At 32.6x trailing earnings, TW trades at a 1% valuation discount to MIAX's 33.0x P/E. On an enterprise value basis, TW's 25.1x EV/EBITDA is more attractive than MIAX's 180.2x.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| Market CapShares × price | $3.8B | $29.0B |
| Enterprise ValueMkt cap + debt − cash | $3.7B | $27.1B |
| Trailing P/EPrice ÷ TTM EPS | 33.02x | 32.61x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.97x | 30.83x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.96x |
| EV / EBITDAEnterprise value multiple | 180.16x | 25.14x |
| Price / SalesMarket cap ÷ Revenue | 3.34x | 14.14x |
| Price / BookPrice ÷ Book value/share | 9.21x | 3.68x |
| Price / FCFMarket cap ÷ FCF | 52.58x | 25.75x |
Profitability & Efficiency
TW delivers a 11.3% return on equity — every $100 of shareholder capital generates $11 in annual profit, vs $-12 for MIAX. TW carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to MIAX's 0.12x.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| ROE (TTM)Return on equity | -11.7% | +11.3% |
| ROA (TTM)Return on assets | -7.9% | +9.9% |
| ROICReturn on invested capital | -0.6% | +9.0% |
| ROCEReturn on capital employed | -0.7% | +11.1% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 8 |
| Debt / EquityFinancial leverage | 0.12x | 0.02x |
| Net DebtTotal debt minus cash | -$107M | -$1.9B |
| Cash & Equiv.Liquid assets | $150M | $2.1B |
| Total DebtShort + long-term debt | $44M | $139M |
| Interest CoverageEBIT ÷ Interest expense | -4.03x | 606.34x |
Total Returns (with DRIP)
A $10,000 investment in TW five years ago would be worth $16,970 today (with dividends reinvested), compared to $13,858 for MIAX. Over the past 12 months, MIAX leads with a +38.6% total return vs TW's -8.6%. The 3-year compound annual growth rate (CAGR) favors TW at 20.6% vs MIAX's 11.5% — a key indicator of consistent wealth creation.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| YTD ReturnYear-to-date | -2.4% | +16.1% |
| 1-Year ReturnPast 12 months | +38.6% | -8.6% |
| 3-Year ReturnCumulative with dividends | +38.6% | +75.6% |
| 5-Year ReturnCumulative with dividends | +38.6% | +69.7% |
| 10-Year ReturnCumulative with dividends | +38.6% | +251.0% |
| CAGR (3Y)Annualised 3-year return | +11.5% | +20.6% |
Risk & Volatility
MIAX is the less volatile stock with a 0.35 beta — it tends to amplify market swings less than TW's 0.43 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.35x | 0.43x |
| 52-Week HighHighest price in past year | $51.38 | $152.65 |
| 52-Week LowLowest price in past year | $28.63 | $97.06 |
| % of 52W HighCurrent price vs 52-week peak | +82.9% | +80.7% |
| RSI (14)Momentum oscillator 0–100 | 51.6 | 69.7 |
| Avg Volume (50D)Average daily shares traded | 924K | 1.3M |
Analyst Outlook
Wall Street rates MIAX as "Buy" and TW as "Buy". Consensus price targets imply 17.4% upside for MIAX (target: $50) vs 14.9% for TW (target: $142). TW is the only dividend payer here at 0.39% yield — a key consideration for income-focused portfolios.
| Metric | MIAXMIAMI INTERNATION… | TWTradeweb Markets … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $50.00 | $141.67 |
| # AnalystsCovering analysts | 5 | 28 |
| Dividend YieldAnnual dividend ÷ price | — | +0.4% |
| Dividend StreakConsecutive years of raises | — | 5 |
| Dividend / ShareAnnual DPS | — | $0.48 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| MIAMI INTERNATIONAL… (MIAX) | $452M | $1.1B | +152.0% |
| Tradeweb Markets In… (TW) | $492M | $2.1B | +317.0% |
Tradeweb Markets Inc.'s revenue grew from $492M (2016) to $2.1B (2025) — a 17.2% CAGR.
Chart 2Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| MIAMI INTERNATIONAL… (MIAX) | -7.0% | 9.0% | +227.1% |
| Tradeweb Markets In… (TW) | 18.9% | 39.6% | +109.2% |
Tradeweb Markets Inc.'s net margin went from 19% (2016) to 40% (2025).
Chart 3P/E Ratio History — 7 Years
| Stock | 2019 | 2025 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | 41.8 | 28.4 | -32.1% |
Tradeweb Markets Inc. has traded in a 28x–92x P/E range over 7 years; current trailing P/E is ~33x.
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| MIAMI INTERNATIONAL… (MIAX) | -0.4 | 1.29 | +422.5% |
| Tradeweb Markets In… (TW) | 0.41 | 3.78 | +822.0% |
Tradeweb Markets Inc.'s EPS grew from $0.41 (2016) to $3.78 (2025) — a 28% CAGR.
Chart 5Free Cash Flow — 5 Years
MIAMI INTERNATIONAL HOLDINGS, INC. generated $72M FCF in 2024 (+1074% vs 2021). Tradeweb Markets Inc. generated $1B FCF in 2025 (+114% vs 2021).
MIAX vs TW: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is MIAX or TW a better buy right now?
Tradeweb Markets Inc. (TW) offers the better valuation at 32.6x trailing P/E (30.8x forward), making it the more compelling value choice. Analysts rate MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MIAX or TW?
On trailing P/E, Tradeweb Markets Inc. (TW) is the cheapest at 32.6x versus MIAMI INTERNATIONAL HOLDINGS, INC. at 33.0x. On forward P/E, Tradeweb Markets Inc. is actually cheaper at 30.8x.
03Which is the better long-term investment — MIAX or TW?
Over the past 5 years, Tradeweb Markets Inc. (TW) delivered a total return of +69.7%, compared to +38.6% for MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX). A $10,000 investment in TW five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: TW returned +251.0% versus MIAX's +38.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MIAX or TW?
By beta (market sensitivity over 5 years), MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) is the lower-risk stock at 0.35β versus Tradeweb Markets Inc.'s 0.43β — meaning TW is approximately 22% more volatile than MIAX relative to the S&P 500. On balance sheet safety, Tradeweb Markets Inc. (TW) carries a lower debt/equity ratio of 2% versus 12% for MIAMI INTERNATIONAL HOLDINGS, INC. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MIAX or TW?
Tradeweb Markets Inc. (TW) is the more profitable company, earning 39.6% net margin versus 9.0% for MIAMI INTERNATIONAL HOLDINGS, INC. — meaning it keeps 39.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: TW leads at 40.3% versus -0.2% for MIAX. At the gross margin level — before operating expenses — TW leads at 66.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is MIAX or TW more undervalued right now?
On forward earnings alone, Tradeweb Markets Inc. (TW) trades at 30.8x forward P/E versus 31.0x for MIAMI INTERNATIONAL HOLDINGS, INC. — 0.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MIAX: 17.4% to $50.00.
07Which pays a better dividend — MIAX or TW?
In this comparison, TW (0.4% yield) pays a dividend. MIAX does not pay a meaningful dividend and should not be held primarily for income.
08Is MIAX or TW better for a retirement portfolio?
For long-horizon retirement investors, Tradeweb Markets Inc. (TW) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.43), +251.0% 10Y return). Both have compounded well over 10 years (TW: +251.0%, MIAX: +38.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between MIAX and TW?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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