Miami International Holdings has delivered three consecutive earnings beats averaging roughly 28% above consensus with strong growth metrics and a healthy balance sheet, yet the stock sits just below its near-term price target with less than 1% headroom and elevated leverage at a debt-to-equity of 2.1 — the reward-to-risk geometry does not support new capital at current prices.
Thesis pillars
- Earnings Outperformance Streak→Stable
- Growth Profile Above Peers→Stable
- Uptrend Pullback Accumulation↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 6, 2026
Miami International Holdings, I (MIAX) Stock Analysis
Recovery setup
Financial Services · Capital Markets
Wait for pullback to $30.77. Weak momentum; also insider activity concern, below 200-day MA (death cross), recent C-suite change — blocks BUY_NOW at $31.98. Engine's entry $30.77 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Below 200-MA, MA slope -3.9%/30d (confirmed downtrend).
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached... Read more
Wait for pullback to $30.77. Weak momentum; also insider activity concern, below 200-day MA (death cross), recent C-suite change — blocks BUY_NOW at $31.98. Engine's entry $30.77 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Below 200-MA, MA slope -3.9%/30d (confirmed downtrend). Chart setup: Death cross but MACD improving, RSI 57. Earnings today. Wait until post-earnings. Score 6.3/10, high confidence.
Passes 3/8 gates (favorable risk/reward ratio, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and clean insider activity and death cross (50MA < 200MA) and earnings proximity 0d<=7d. Suitability: speculative.
About Miami International Holdings, I
About Miami International Holdings, I
Miami International Holdings' MIAX Exchanges processed 2.4 billion multi-listed U.S. options contracts in 2025 — a 41.1% increase over 2024 — capturing a 17.1% market share and ranking as the 13th largest global derivatives exchange operator by FIA contract count as of December 31, 2025. Net transaction and clearing fees represented 60.6% of revenues less cost of revenues in 2025, with non-transaction fees including market data and access fees accounting for 39.4%.
The company generates fee revenue across four models: transaction and clearing fees from four U.S. options exchanges (MIAX Options, Pearl, Emerald, and Sapphire), MIAX Pearl Equities, and MIAX Futures; market data subscriptions; membership and access fees; and international listing fees from BSX and TISE. Each exchange uses a distinct allocation and pricing model — Pro-Rata, Maker-Taker, and Taker-Maker structures — to attract different order-flow segments. Dorman Trading, the company's FCM subsidiary, competes on price and execution quality with larger, better-capitalized FCMs. A ten-year exclusive license with Bloomberg Index Services, signed in July 2024, covers the Bloomberg 500, Bloomberg US Large Cap Volatility, and Bloomberg US 100 indices; certain Bloomberg Products were planned for launch in the second quarter of 2026, representing a new proprietary product pipeline not available to competing venues in North and South America.
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The company's non-transaction fees — including market data and connectivity fees — are subject to SEC review on the MIAX Exchanges, and ongoing industry challenges to the Consolidated Audit Trail (CAT) funding model mean that SROs, including the MIAX Exchanges, may continue to incur significant CAT costs without reimbursement. The company's January 2026 sale of 90% of MIAXdx to a Robinhood-SIG joint venture reduced its CFTC-regulated crypto derivatives exposure, retaining only a 10% stake in the renamed Rothera Exchange and Clearing LLC.
See also: Financial Services · Capital Markets
From Miami International Holdings, I's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-10-29Recent Developments — Miami International Holdings, I
Latest news
- NEWS MIAX Pearl Equities updates NBBO Setter Plus securities list from Oct. 1 - Traders Union — Traders Union positive
- NEWS Miami International (NYSE:MIAX) Sets New 1-Year Low - Here's What Happened - MarketBeat — MarketBeat negative
- NEWS MIAX|Miami International Holdings Inc|Price:46.120|Chg%:-0.280 - TradingKey — TradingKey neutral
- NEWS Miami International (NYSE:MIAX) Stock Gets Downgrade from Zacks Research - MarketBeat — MarketBeat negative
- NEWS Bank of America Corp DE Takes $31.84 Million Position in Miami International Holdings, Inc. $MIAX - MarketBeat — MarketBeat positive
Generated 2026-10-29T11:14:33Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Material Events(8-K, last 90d)
- 2026-04-27Item 5.02LOWEric Sites elected as a director to the Board, effective April 24, 2026, to fill an existing vacancy until the 2026 Annual Meeting. No committee appointments. No family relationships or reportable transactions with the company cited.SEC filing →
- 2026-04-09Item 5.02MEDIUMApril 9, 2026: Board member Murray Stahl passed away. No successor named. The company expressed gratitude for his dedication and service.SEC filing →
- 2026-03-26Item 5.02LOWMarch 24, 2026: Lee Becker informed the Board he would not stand for re-election at the 2026 Annual Meeting; no disagreement cited. Jill E. Sommers elected to fill an existing vacancy, effective March 25, 2026, until the 2026 Annual Meeting.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $30.77. Weak momentum; also insider activity concern, below 200-day MA (death cross), recent C-suite change — blocks BUY_NOW at $31.98. Engine's entry $30.77 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Below 200-MA, MA slope -3.9%/30d (confirmed downtrend). Chart setup: Death cross but MACD improving, RSI 57. Earnings today. Wait until post-earnings. Target $39.85 (+24.6%), stop $28.62 (−11.7%), A.R:R 2.7:1. Score 6.3/10, high confidence.
Take-profit target: $39.85 (+24.6% upside). Target $39.85 (+24.6%), stop $28.62 (−11.7%), A.R:R 2.7:1. Stop-loss: $28.62.
Below 200-MA, MA slope -3.9%/30d (confirmed downtrend).
Miami International Holdings, I trades at a P/E of 32.0 (forward 17.2). TrendMatrix value score: 7.4/10. Verdict: Buy (Wait for Entry).
13 analysts cover MIAX with a consensus score of 3.8/5. Average price target: $46.
What does Miami International Holdings, I do?Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and...
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached 2.4 billion contracts (41.1% increase from 2024), with net transaction and clearing fees representing 60.6% of revenues less cost of revenues.