Cash conversion remains highly erratic, evidenced by an OCF/NI ratio that swung from 13.50 in 2024Q4 to a negative 0.54 in 2025Q3, complicating the assessment of true operational cash generation.
| Cash from Operations | 156.64M | 167.83M | 111.44M | -49.2M | 121.63M | 24.23M | 120.34M |
| Operating CF Margin % | - | 12.3% | 9.77% | -4.73% | 15.24% | 3.22% | 26.6% |
| Operating CF Growth % | 79.85% | 50.61% | 326.53% | -140.45% | 401.99% | -79.87% | - |
| Net Income | 121.61M | -70.03M | 101.99M | -21.37M | 57.33M | -93.56M | -31.89M |
| Depreciation & Amortization | 31.3M | 3.02M | 23.37M | 21.03M | 20.28M | 21.06M | 17.36M |
| Stock-Based Compensation | 29.1M | 57.57M | 43.63M | 30.03M | 22.32M | 18.11M | 0 |
| Deferred Taxes | 10K | 474K | 3.19M | -864K | -7.19M | 410K | 0 |
| Other Non-Cash Items | -20M | 206.89M | -52.4M | 18.34M | -50.29M | 102M | 45.32M |
| Working Capital Changes | -5.38M | -30.09M | -8.34M | -96.36M | 79.18M | -23.79M | 89.55M |
| Change in Receivables | -4.09M | 9.12M | -53.07M | -28.79M | 2.8M | -13.19M | -33.36M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -13.97M | -40.63M | 49.07M | 12.26M | -6.6M | 11.6M | 34.55M |
| Cash from Investing | -93.18M | -101.33M | -40.59M | -64.14M | -53.93M | 320K | -24.98M |
| Capital Expenditures | -26.72M | -22.79M | -39.01M | -25.89M | -20.03M | -18.06M | -17.88M |
| CapEx % of Revenue | 1.9% | 1.67% | 3.42% | 2.49% | 2.51% | 2.4% | 3.95% |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 37.77M | 30.31M | 31.02M | 35.59M | 16.63M | 11.59M | 0 |
| Other Investing | 0 | -12.08M | 0 | 0 | 0 | 0 | 738K |
| Cash from Financing | 216.68M | 214.77M | 29.41M | -16.62M | -9.35M | 92.11M | 12.07M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 729.33M | 356.13M | 10.04M | 16.44M | 9.57M | 21.84M | 14.24M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -21.83M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.57M | 0 | 41.36M | -2.41M | -1.38M | -352K | -76K |
| Net Change in Cash | 367.51M | 262.19M | 100.26M | -129.96M | 58.35M | 116.66M | 57.24M |
| Free Cash Flow | 139.22M | 145.04M | 72.43M | -75.09M | 101.6M | 6.17M | 112.69M |
| FCF Margin % | 9.9% | 10.63% | 6.35% | -7.21% | 12.73% | 0.82% | 24.91% |
| FCF Growth % | 183.18% | 100.25% | 196.46% | -173.91% | 1546.36% | -94.52% | - |
| FCF per Share | 1.28 | 2.08 | 0.91 | -0.95 | 1.28 | 0.08 | 1.42 |
| FCF Conversion (FCF/Net Income) | 1.14x | -2.40x | 1.09x | 2.35x | 2.11x | -0.26x | -3.77x |
| Interest Paid | 1.78M | 0 | 12.62M | 16.84M | 18.57M | 15.52M | 0 |
| Taxes Paid | 157K | 0 | 457K | 602K | 2.52M | 350K | 0 |
Inconsistent Operating Cash Conversion
As reported in recent financial statements, MIAX exhibits significant volatility in its cash conversion, with the OCF/NI ratio swinging from a high of 13.50 in 2024Q4 to a negative 0.54 in 2025Q3, suggesting that net income is a poor proxy for actual cash generation.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are heavily distorting the company's reported profitability. Investors should monitor whether this disconnect is a permanent feature of the exchange's rebate-heavy business model or a temporary byproduct of aggressive expansion.
Based on the company's quarterly filings, FCF margins have fluctuated wildly, ranging from a negative 23.9% in 2024Q3 to a positive 30.8% in 2024Q2, which highlights the inherent difficulty in maintaining consistent cash flow generation while scaling a multi-license exchange platform in a competitive market.
The erratic nature of free cash flow suggests that the company's operational cash generation is highly sensitive to trading volume spikes and the timing of liquidity payments. This lack of a stable FCF trajectory may complicate long-term valuation models that rely on predictable cash conversion.
According to historical data, MIAX's capital expenditure as a percentage of revenue has remained relatively contained, peaking at 4.7% in 2025Q2, which suggests that the company is prioritizing software-driven scalability over heavy physical infrastructure investment to support its growing multi-exchange footprint.
While the capital intensity appears manageable, the reliance on internal technology builds means that maintenance capex may be understated if the company is capitalizing significant development costs. Analysts should investigate whether these investments are truly growth-oriented or merely necessary to keep pace with legacy exchange incumbents.
As indicated by the quarterly cash flow data, working capital changes have been a major source of volatility, with a significant $72.8 million outflow in 2024Q3 followed by a $14.6 million inflow in 2025Q3, reflecting the complex timing of clearinghouse settlements and market maker rebate cycles.
These large, periodic swings in working capital suggest that the company's cash position is subject to significant intra-quarter fluctuations that are not captured by headline net income. This volatility warrants further investigation into the company's credit risk exposure and the efficiency of its clearinghouse operations.
Based on reported figures, MIAX has utilized stock-based compensation as a recurring adjustment, with $29.1 million recorded in 2025Q3, which effectively inflates operating cash flow by masking the true economic cost of talent acquisition required to maintain its competitive multi-license regulatory strategy.
The reliance on equity-based incentives suggests that the company may be struggling to fund its growth through cash-based compensation alone. Investors should consider the dilutive impact of these adjustments when evaluating the sustainability of the company's current cash flow profile.
Quick answers to the most common questions about buying MIAX stock.
Miami International Holdings, Inc. (MIAX) generated $167.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Miami International Holdings, Inc. (MIAX) generated $145.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Miami International Holdings, Inc. (MIAX) spent $22.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Miami International Holdings, Inc. (MIAX) spent $21.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.