MIAXNYSESecurity Brokers, Dealers & Flotation CompaniesUS GAAP · USD

Miami International Holdings, Inc

Miami International Holdings operates regulated financial marketplaces and related trading infrastructure across options, equities, futures and international listing venues. Its core business is running exchange and clearing platforms on proprietary technology, with additional revenue from market data, access fees, listing services and futures clearing through Dorman Trading.

Kysy yhtiöstä
Liikevaihto1 364milj. USD
+19,6 %v/v
Liikevoitto (EBIT)92,0milj. USD
+3 355,5 %v/v
EBIT-marginaali6,7%
+7,0 %-yks.v/v
Nettotulos−70,0milj. USD
−168,6 %v/v
Vapaa kassavirta145milj. USD
+71,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2023–2025

−50005001 0001 500milj. USD2023: 1 041 milj. USD2023: EBIT −2,9 milj. USD20232024: 1 140 milj. USD2024: EBIT −2,8 milj. USD20242025: 1 364 milj. USD2025: EBIT 92 milj. USD20251 36492
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Miami International Holdings, Inc

Liiketoiminta

Osuus liikevaihdosta
Options and equities exchanges55 %

U.S. listed options and equities trading venues, including order execution, access and market data.

Futures exchange and clearing15 %

MIAX Futures trading and clearing services for listed futures products and related post-trade activity.

International listing venues15 %

BSX and TISE listing and trading services for international issuers and market participants.

Market data and access fees12 %

Subscription and tape-plan data, connectivity and access fees charged to market participants.

Other exchange and clearing revenue3 %

Listing fees, member fines, rental income and interest income from clearing operations.

Tuotteet

Raportoitu · osuus liikevaihdosta
87,2%FY2025100 %
  • Transaction and Clearing Fees87,2 %
  • Access Fees7,8 %
  • Market Data Fees3,0 %
  • Other2,0 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Customers are primarily SEC-registered broker-dealers, sponsored access clients, market makers, proprietary trading firms and buy-side institutions that route orders to MIAX venues. MIAX Futures also serves FCMs, introducing brokers, retail customers, international clients and professional traders, while BSX and TISE serve international brokers and issuers seeking listing or trading access.

Broker-dealers and sponsored access clients

They route equity and options orders to MIAX exchanges for execution, market access and data.

Market makers and proprietary trading firms

They use MIAX's low-latency trading platform to quote and trade actively in listed options and equities.

FCMs, introducing brokers and professional futures traders

They use MIAX Futures and Dorman Trading for futures execution, clearing and related services.

International brokers and issuers

They use BSX and TISE for international trading access and listing services for securities and debt instruments.

Buy-side institutions and retail investors via brokers

They participate indirectly through broker-dealers to access liquidity and listed products on MIAX venues.

Strategia

Management is focused on growing order flow and market share by differentiating on proprietary technology, speed, reliability and customer service. The company is also expanding its product set across options, equities, futures and international listings while using the IPO proceeds and operating cash flow to support growth, innovation and potential M&A.

Increase trading volume and order flowLyhyt aikaväli

Transaction and clearing fees depend heavily on activity levels and product mix.

Differentiate through technology and serviceKeskipitkä aikaväli

Speed, reliability and customer support are key venue-selection factors in a competitive market.

Broaden product and venue footprintKeskipitkä aikaväli

A wider product set can deepen customer relationships and diversify revenue sources.

Preserve financial flexibilityLyhyt aikaväli

The business may need capital for technology, growth initiatives and acquisitions.

Maantiede

The company is headquartered in the United States, where its core options and equities exchanges generate most activity. It also operates internationally through BSX in Bermuda and TISE in the Channel Islands/UK offshore market, which broadens its issuer and member base and adds non-U.S. regulatory exposure.

Riskit

The business is highly sensitive to trading and clearing volumes, so weaker market activity or a shift toward lower-fee products can quickly pressure revenue. Competition is intense across exchanges and clearing, and the company also faces regulatory, ownership-structure and technology execution risks that are common in market infrastructure businesses.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Trading and clearing volume decline1Intense competitive pressure2Technology and operational reliability3Order flow concentration4Regulatory and market-structure changes5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Trading and clearing volume declineVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A large share of revenue comes from transaction and clearing fees tied to market activity.

    KohdistuuOptionsEquitiesFutures venues
  2. Intense competitive pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company competes with other exchanges, ATSs, CME, ICE, OCC and other clearing providers.

    KohdistuuExecutionClearingMarket data pricing
  3. Technology and operational reliabilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The business competes on latency, throughput and determinism, so outages can impair trust and volumes.

    Kohdistuu: Proprietary trading platforms

  4. Order flow concentrationVaikutus: KorkeaTodennäköisyys: Matala

    A small number of customers can represent a meaningful share of revenue, increasing volatility if they leave.

    Kohdistuu: Exchange and market data revenue

  5. Regulatory and market-structure changesVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Exchange and clearing economics depend on SEC/CFTC rules, tape plans and market structure.

    Kohdistuu: U.S. and international regulated venues

Kysy Clarifolta: Miami International Holdings, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for exchange, market data and listing fees

Different fee streams are recognized based on service delivery, which can create quarter-to-quarter mix changes.

Vaikutus: Affects reported revenue timing and comparability across periods

Goodwill impairment

Acquired exchange businesses and reporting units are tested using forecasts and valuation assumptions.

Vaikutus: Could create large non-cash charges if market conditions weaken

Indefinite-lived intangible assets

Exchange licenses are not amortized but are tested for impairment when indicators arise.

Vaikutus: Valuation changes can materially affect asset carrying values

Fair value measurement and discounted cash flow assumptions

Management uses income and market approaches that depend on future volume, expenses and growth assumptions.

Vaikutus: Estimates influence impairment conclusions and reported equity

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Embrace Change Acquisition Corp.

EMCGF · Blank Checks

Amber International Holding Ltd

AMBR · Finance Services

International Media Acquisition Corp.

IMAQW · Services-Motion Picture & Video Tape Production

FIGX Capital Acquisition Corp.

FIGXU · Blank Checks

mF International Ltd

MFI · Services-Computer Programming Services

Nasdaq, Inc

NDAQ · Security & Commodity Brokers, Dealers, Exchanges & Services

Päivitetty: 24.9.2026

Miami International Holdings, Inc (NYSE) – Security Brokers, Dealers & Flotation Co | Analyysi – Clarifo