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Miami International Holdings

MIAX on NYSE. Miami International Holdings runs financial exchanges and sells trading access to brokers and traders. Market value $3.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

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Return on equity
five annual reports to December 2025
Not reported

We don't have this figure for this company.

Price to book
quarterly report to June 2026
2.7×

What you pay for each dollar of net assets: $2.66.

Earnings yield
past 12 months to June 2026
4.7%

Profit per $100 you pay: $4.66.

Quality score: not known. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.

$30.79 a share, at its 1-year low

Over the past year the price has ranged from $30.69 to $57.14.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
$1.4bn
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.10bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
6 March 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 205 funds in all.

Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Horizon Kinetics
    Passive investor
    at least 7.8%−4.4 pts
    (filed with 1 related holder)
    Since 19 May 2026
    What they said

    HKAM acquired the securities reported herein on behalf of the Managed Accounts for investment purposes. In the ordinary course of its business, HKAM intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other…

    Read the filing
  • 5.3%
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    5.1%
    Since 30 June 2026
  • Thomas P. Gallagher
    Insider or founder
    at least 4.9%−0.2 pts
    (filed with 1 related holder)
    Since 26 August 2025
    What they said

    The Reporting Persons acquired all of their securities for investment purposes only and are being held as a long-term investment. The Reporting Persons intend to continuously review their investment in the Issuer and may in the future determine to acquire additional securities…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $722,511 of shares on the open market. 11 sold $77m, $74m of it under preset trading plans.

  • Schafer Douglas M. JR
    EVP and CIO
    Sold
    under a preset trading plan
    Date
    2 October 2026
    Shares
    40,000
    Price
    $33.34
    Value
    $1m
  • Brown Shelly
    EVP, Chief Strategy Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    21,217
    Price
    $38.61
    Value
    $819,188
  • Deitzel Edward
    EVP, CRO, CCO MIAX Exchanges
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    11,000
    Price
    $42.21
    Value
    $464,310
  • Gallagher Thomas P.
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    47,000
    Price
    $42.43
    Value
    $2m
  • Comly Barbara J.
    EVP, GC & Corporate Secretary
    Sold
    under a preset trading plan
    Date
    2 September 2026
    Shares
    44,445
    Price
    $40.49
    Value
    $2m
  • Schafer Douglas M. JR
    EVP and CIO
    Sold
    under a preset trading plan
    Date
    2 September 2026
    Shares
    48,000
    Price
    $40.48
    Value
    $2m
  • Teekell Judson Gray
    Director
    Sold
    under a preset trading plan
    Date
    2 September 2026
    Shares
    8,545
    Price
    $41.34
    Value
    $353,231
  • Gallagher Thomas P.
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    149,700
    Price
    $41.13
    Value
    $6m
  • Schwarzkopf Cynthia
    Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    5,000
    Price
    $42.85
    Value
    $214,250
  • Emmons Lance
    EVP and CFO
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    35,000
    Price
    $42.83
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.