Latest Ratios: P/E Ratio -37.9x · EV/EBITDA 45.0x · ROE -11.2%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $3.1B | — | — | — | — | — |
| Enterprise Value | $3.0B | $2.6B | — | — | — | — | — |
| P/E Ratio → | -37.92 | — | — | — | — | — | — |
| P/S Ratio | 2.55 | 2.27 | — | — | — | — | — |
| P/B Ratio | 3.01 | 3.52 | — | — | — | — | — |
| P/FCF | 23.96 | 21.37 | — | — | — | — | — |
| P/OCF | 20.71 | 18.47 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | — | — | — | — | — |
| EV / EBITDA | 45.00 | 39.30 | — | — | — | — | — |
| EV / EBIT | 81.18 | — | — | — | — | — | — |
| EV / FCF | — | 17.86 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 27.3% | 27.3% | 24.2% | 22.3% | 24.5% | 24.1% | 21.3% |
| Operating Margin | 2.7% | 2.7% | -0.2% | -0.3% | 0.7% | 3.2% | -5.3% |
| Net Profit Margin | -5.1% | -5.1% | 9.0% | -2.0% | 7.2% | -12.4% | -7.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -11.2% | -11.2% | 38.4% | -25.5% | — | — | — |
| ROA | -6.3% | -6.3% | 12.1% | -2.8% | 8.9% | -19.7% | -7.7% |
| ROIC | 4.2% | 4.2% | -0.6% | -1.0% | 3.9% | 37.5% | -42.8% |
| ROCE | 4.0% | 4.0% | -0.7% | -0.9% | 1.5% | 8.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.12 | 0.75 | — | — | — |
| Debt / EBITDA | 0.02 | 0.02 | 2.13 | 6.77 | 5.93 | 3.72 | — |
| Net Debt / Equity | — | -0.58 | -0.29 | 0.39 | — | — | — |
| Net Debt / EBITDA | -7.71 | -7.71 | -5.18 | 3.51 | 0.99 | 0.13 | — |
| Debt / FCF | — | -3.50 | -1.47 | — | 0.25 | 0.94 | 0.41 |
| Interest Coverage | -4.32 | -4.32 | 8.53 | -0.17 | 3.29 | -3.69 | — |
Net cash position: cash ($510M) exceeds total debt ($2M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 491.63 | 491.63 | 1.41 | 0.86 | 1.22 | 1.69 | — |
| Quick Ratio | 491.63 | 491.63 | 1.41 | 0.86 | 1.22 | 1.69 | — |
| Cash Ratio | 338.02 | 338.02 | 0.37 | 0.13 | 0.32 | 0.87 | — |
| Asset Turnover | — | 1.08 | 1.17 | 1.45 | 1.06 | 1.40 | 1.09 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 4.2% | 4.7% | — | — | — | — | — |
| Buyback Yield | 0.6% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.6% | — | — | — | — | — | — |
| Shares Outstanding | — | $70M | $79M | $79M | $79M | $79M | $79M |
Persistent Operating Margin Volatility
According to current market data, MIAX trades at a forward P/E of 24.49, which suggests that investors are pricing in significant future earnings expansion despite the company's recent history of negative net margins and the lack of a clear, stable path to bottom-line profitability.
The valuation appears to be driven by top-line growth expectations rather than current cash generation, placing it in a higher-risk category compared to mature peers like CME or ICE. Investors should monitor whether the company can transition from a growth-at-all-costs model to one that justifies these multiples through sustained margin expansion.
Based on reported figures, MIAX's ROIC has fluctuated from a negative 2.0% in 2023Q4 to a positive 3.3% in 2026Q1, indicating that the company is still in the early stages of generating meaningful returns on the capital deployed to build its multi-license exchange infrastructure.
The inconsistency in ROIC suggests that the company's aggressive reinvestment strategy has yet to yield a stable compounding effect on invested capital. This volatility warrants further investigation into whether the recent uptick in returns is a structural improvement or merely a temporary byproduct of favorable market volume cycles.
As reported in financial statements, MIAX's asset turnover has remained relatively low at 0.27 in 2026Q1, reflecting the capital-intensive nature of maintaining multiple regulatory licenses and the associated technology stacks required to compete with larger, more established exchange operators in the U.S. market.
The low asset turnover suggests that the company's revenue base has not yet scaled sufficiently to fully utilize its existing infrastructure. Investors should monitor the DSO trend, which has increased from 21 days in 2024Q2 to 41 days in 2026Q1, as this may indicate a lengthening of the collection cycle for clearing and data services.
Based on a comparison with industry peers like CBOE and NDAQ, MIAX's gross margin of 30.4% lags significantly behind the 60% plus margins typically seen in the sector, suggesting a structural reliance on liquidity rebates that may be difficult to reduce without sacrificing market share.
This margin gap appears to be a deliberate strategic choice to incentivize liquidity, but it leaves the company with less operational flexibility than its peers. The disparity in net margins compared to the 20% to 60% range of established exchanges highlights the competitive disadvantage MIAX faces in terms of pure profitability.
As indicated by the company's financial profile, the P/E ratio is a fundamentally flawed metric for MIAX, as it fails to account for the heavy non-cash depreciation and amortization charges associated with its recent acquisitions and the aggressive build-out of its proprietary technology stack.
Analysts should instead focus on EV/EBITDA or adjusted free cash flow to better understand the underlying unit economics of the exchange business. Relying on P/E in this context obscures the company's ability to generate cash and may lead to an inaccurate assessment of its true valuation relative to more mature, less capital-intensive peers.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MIAX stock.
Miami International Holdings, Inc. 's current P/E ratio is -37.9x. This places it at the 50th percentile of its historical range.
Miami International Holdings, Inc. 's current EV/EBITDA is 45.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.3x.
Miami International Holdings, Inc. 's return on equity (ROE) is -11.2%. The historical average is 0.6%.
Based on historical data, Miami International Holdings, Inc. is trading at a P/E of -37.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Miami International Holdings, Inc. has 27.3% gross margin and 2.7% operating margin.
Miami International Holdings, Inc. 's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.