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MIAX

MIAX

MIAX
$42.33USD↓-1.31%-0.56 today

MARKET CAP

4.1B

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$42 – $43

52W RANGE

$29
$57

AI Summary

Stalk
Buy NowMedium

MIAX remains in early, fragile Stage 1 consolidation. The active Lockout Rally pattern demonstrates strong demand and continuation bias. Short-term EMAs are rising, and price is tightly tracking above them, confirming support. Despite overbought conditions, lockout rally dynamics justify participation now. Execution favors buying into strength around prior resistance breakouts, targeting continuation.

  • ↑Record 40% YoY revenue growth to $129M in Q1 2026
  • ↑Adjusted EBITDA margin improved to 51%, up 800bps YoY
  • ↓Elevated volatility risk may deter risk-averse traders
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Miami International Holdings, Inc. (NASDAQ: MIAC) operates as a leading exchange holding company, offering trading in various asset classes, including options, equities, and futures. The company is actively focused on leveraging technological advancements and market volatility to strengthen its competitive position within the financial markets. The recent performance speaks to its strategic positioning, supported by a robust cash balance and ongoing expansion of product offerings, positioning MIAC favorably in a landscape marked by growing competition and evolving trading preferences.

Bull says

  • ↑Record 40% YoY revenue growth to $129M in Q1 2026
  • ↑Adjusted EBITDA margin improved to 51%, up 800bps YoY
  • ↑Options market share rose to 17.3% from 16% last year
  • ↑Cash balance of $551M supports growth investments and M&A
  • ↑Launch of Bloomberg Equity Futures will diversify product lineup
  • ↑High earnings yield and strong momentum underpin valuation

Bear says

  • ↓Elevated volatility risk may deter risk-averse traders
  • ↓Negative dividend yield raises questions on shareholder returns
  • ↓Upcoming regulatory fee reforms could reduce trading revenues
  • ↓Recent insider selling may signal waning management confidence
  • ↓Operating expenses up 13–18% could compress margins
  • ↓Weak profitability factors and high volatility may drive share swings

Investment themes with MIAX

Capital Markets↓ -0.02%

Debt and equity trading fueling economic growth

SNEX · AAMI · PWP
Brokerages↓ -0.12%

GS · MS · SCHW

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-12-2026bullish

Transcript signals

Bull points

  • In Q1, we executed well and continued to benefit from industry tailwinds, posting record quarterly revenue in a volatile market environment.
  • Options industry ADV reached 63 million contracts in Q1, up 17% year-over-year, driven by elevated volatility, broad investor participation, and growing volume in the new short-term expirations in single-name stocks.
  • First quarter total net revenue grew 40% year over year to $129 million, and adjusted EBITDA margin improved by 800 basis points year-over-year to 51%.

Bear points

  • Adjusted Q1 operating expenses were $63 million compared to $52 million in the prior year period. This increase was primarily due to planned expansion of headcount to support our growth initiatives and higher employer payroll taxes tied to the timing of incentive compensation payments.
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