What is the 13F Pro Quality Score for MIAX?

13F Pro ranks MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MIAX's current score at https://13fpro.ai/company/MIAX (free sign-up required for the full ranking).

Where does 13F Pro source MIAX data?

All MIAMI INTERNATIONAL HOLDINGS, INC. fundamentals and ownership data come directly from SEC EDGAR. MIAMI INTERNATIONAL HOLDINGS, INC. files with the SEC under CIK 1438472. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MIAX in?

MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives MIAX's revenue?

Per MIAMI INTERNATIONAL HOLDINGS, INC.'s latest 10-Q filed with the SEC on 2026-08-07, the biggest revenue drivers are: Options ($316.5M, +20.9% YoY); Equities ($40.6M, +0.5% YoY); Futures ($24.6M, +6.3% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/MIAX.

What are MIAX's largest expenses?

MIAMI INTERNATIONAL HOLDINGS, INC.'s latest 10-Q reports these as the largest expense items: Liquidity payments ($206.6M, +5.6% YoY); Compensation and benefits ($41.0M, +1.9% YoY); Litigation settlement ($30.0M). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is MIAX research updated on 13F Pro?

MIAX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

MIAMI INTERNATIONAL HOLDINGS, INC.(MIAX)Stock Analysis

AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →

Financials →NYSEmid

Institutional-grade research for retail investors

SEC EDGAR: CIK 1438472 MIAX stock profile & AI dashboard →

13F Pro Quality Score

66.3/100

Rank #427 of 2,961 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

68.5/100

Profitability

62.5/100

Balance Sheet

83.3/100

Earnings Quality

79.7/100

Free Cash Flow

68.7/100

Institutional Flow

97.9/100

Revenue Scale

57.4/100

Dilution Risk

27.2/100

Email me the moment this company reports earnings

AI Research Report

Two-page plain-English analysis: business, thesis, and three scenarios for the next two years. Refreshed every quarter.

Upgrade to Pro

Pro: 5 reports/month · Pro+: unlimitedOpinion, not investment advice. Do your own research.

Why MIAX Scores 66/100

exact factor attribution · 2026-09-11

MIAX's composite is driven by revenue growth and capital efficiency, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+4.9 pts

69th pct

Capital efficiency

+4.4 pts

83th pct

Institutional flow

+3.2 pts

98th pct

Earnings quality

+3.0 pts

80th pct

Free cash flow

+2.8 pts

69th pct

Profitability

+2.5 pts

63th pct

Scale

+1.5 pts

57th pct

Earnings growth

+1.3 pts

69th pct

Shareholder dilution

-1.5 pts

27th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

MIAX Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX), a Financials sector company. 13F Pro's AI-powered ranking engine scores MIAX at 66.3/100 on a 32-signal composite quality model, placing it at rank #427 of 2,961 stocks — the top 25% of the AI-ranked universe. MIAX scores in the top quartile across institutional flow (97.9), balance sheet strength (83.3), earnings quality (79.7). Shareholder dilution risk is elevated at 27.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), MIAMI INTERNATIONAL HOLDINGS, INC. reports quarterly revenue of $387.6M, net income of $44.2M, an operating margin of 7.2%. Top institutional holders of MIAX by reported 13-F value include HORIZON KINETICS ASSET MANAGEMENT, BlackRock, T. Rowe Price Investment Management, based on the most recent SEC filings. MIAX trades on the NYSE exchange and files with the SEC under CIK 1438472. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MIAX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MIAMI INTERNATIONAL HOLDINGS, INC. directly from SEC EDGAR. MIAMI INTERNATIONAL HOLDINGS, INC.'s 13F Pro composite quality score has ranged between 32 and 69 since 2026, currently 66.3 — an improving long-term trajectory across 40 quarterly and live scoring snapshots.

✦

Fun facts about MIAMI INTERNATIONAL HOLDINGS, INC.

Quirks, history, and lore behind MIAX — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · operates in the exchange and trading infrastructure space · listed on Nasdaq · headquartered in New Jersey.
2
The Numbers
A relatively small-cap player in a field dominated by giants, yet it handles a meaningful slice of U.S. options volume daily — proving you don't need to be biggest to be relevant.
3
The History
Founded in the 2010s, it entered a crowded market by launching its own options exchange and has since grown by adding multiple exchange venues under one roof.
4
The Secret
It doesn't just run one exchange — it operates a family of options and equities exchanges, competing directly with the likes of Cboe and Nasdaq's own exchange group.
5
The Lore
The company expanded into sports betting infrastructure by acquiring a stake in the Nevada-based sports wagering market — an unusual pivot for an exchange operator.
6
The Giveaway
Its ticker spells out its home city — MIAX — and its full name literally tells you it's a Miami-branded international holdings company running options exchanges from the Jersey shore.

▶ Think you know your stocks? Play the Daily Ticker

What's Driving MIAX's Business? Latest 10-Q Breakdown

✓ 42/42 datapoints verified

AI-extracted from MIAMI INTERNATIONAL HOLDINGS, INC.'s 10-Q filed 2026-08-07 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue rose 18.3% to $387.6M on a 26.8% jump in options market contracts, but a $30.0M Nasdaq litigation settlement held operating income flat at $27.8M.

Biggest Revenue Drivers

Options$316.5M+20.9% YoY

26.8% increase in Options market contracts, plus higher access fees from added member connections and expiration of MIAX Sapphire fee waivers

Equities$40.6M+0.5% YoY

MIH U.S. equities market share fell to 0.9% from 1.1% despite 9.9% industry volume growth

Biggest Revenue Drivers

Total revenue: $387.6M+18.3% YoY

Options$316.5M+20.9% YoY

26.8% increase in Options market contracts, plus higher access fees from added member connections and expiration of MIAX Sapphire fee waivers

Within Options

Transaction and clearing fees$276.6M+19.0% YoY

Equities$40.6M+0.5% YoY

MIH U.S. equities market share fell to 0.9% from 1.1% despite 9.9% industry volume growth

Futures$24.6M+6.3% YoY

Agricultural products ADV fell 28.6% on lower volatility and participant migration timing to MIAX Futures Onyx

International$5.7M+150.7% YoY

Primarily due to the TISE Acquisition completed in June 2025

Largest Expense Items

Liquidity payments$206.6M+5.6% YoY

Options liquidity payments up $13.1M on 26.8% more Options market contracts, offset by a 13.7% decrease in cost per contract

Compensation and benefits$41.0M+1.9% YoY

Higher headcount, merit increases and cash bonuses, offset by a $3.2M decrease in share-based compensation

Litigation settlement$30.0M

Loss contingency recognized on the Nasdaq matter; settlement paid July 20, 2026

Section 31 fees$23.0M+94.5% YoY

Higher average rate ($20.60 per million from April 4, 2026) and increased volume; a pass-through to the SEC

Margins: Revenues less cost of revenues rose 34.8% to $141.1M, with adjusted EBITDA margin expanding 7.5 points to 54.4%; Options adjusted EBITDA margin reached 77.8% from 72.2%.

Watch Items from the Filing

Three customers accounted for 16%, 15% and 12% of total revenue ($166.6M of $387.6M), reported primarily within the Options segment, with no contractual obligation to continue.
Equities revenue was flat at $40.6M as MIH market share fell to 0.9% from 1.1%; the segment posted a $2.3M operating loss.
Futures segment lost $12.7M at the operating line; agricultural ADV fell 28.6% and newly launched financial futures carry inverted pricing at $(1.766) revenue per contract.
CAT funding remains contested: $36.5M notes receivable net of a $26.1M credit-loss allowance, with an 11th Circuit petition pending that could halt fee recoupment.
Nasdaq litigation fully resolved on July 20, 2026 with a $30.0M payment and mutual release, leaving MIAX free to operate without a Nasdaq license.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$387.6M

Net Income

Q2 2026

$44.2M

Free Cash Flow

Q2 2026

$106.5M

Operating Margin

Q2 2026

7.2%

ROIC

Q2 2026

9.6%

D/E Ratio

Q2 2026

0.00

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+19.6% YoY

$1.36BFY 2025

FY22 —FY23 $1.04BFY24 $1.14BFY25 $1.36B

Net Income

-168.6% YoY

$-70.0MFY 2025

FY22 —FY23 $-20.9MFY24 $102.1MFY25 $-70.0M

Operating Income

+3355.5% YoY

$92.0MFY 2025

FY22 —FY23 $-2.9MFY24 $-2.8MFY25 $92.0M

EPS (Diluted)

-171.9% YoY

$-1.00FY 2025

FY22 —FY23 $-0.37FY24 $1.39FY25 $-1.00

Total Assets

+29.4% YoY

$1.26BFY 2025

FY22 —FY23 —FY24 $973.7MFY25 $1.26B

Total Debt

-92.8% YoY

$3.0MFY 2025

FY22 —FY23 —FY24 $41.8MFY25 $3.0M

Op. Cash Flow

+50.6% YoY

$167.8MFY 2025

FY22 —FY23 $-49.2MFY24 $111.4MFY25 $167.8M

Free Cash Flow

+71.2% YoY

$145.0MFY 2025

FY22 —FY23 $-65.4MFY24 $84.7MFY25 $145.0M

Metric	FY 2025	FY 2024	FY 2023	FY 2022
Revenue	$1.36B +19.6%	$1.14B +9.5%	$1.04B	—
Net Income	$-70.0M -168.6%	$102.1M +588.9%	$-20.9M	—
Operating Income	$92.0M +3355.5%	$-2.8M +1.4%	$-2.9M	—
EPS (Diluted)	$-1.00 -171.9%	$1.39 +475.7%	$-0.37	—
Total Assets	$1.26B +29.4%	$973.7M	—	—
Total Debt	$3.0M -92.8%	$41.8M	—	—
Operating Cash Flow	$167.8M +50.6%	$111.4M +326.5%	$-49.2M	—
Free Cash Flow	$145.0M +71.2%	$84.7M +229.5%	$-65.4M	—

Get alerted when MIAX's score changes

Free account: watchlist tracking, the daily AI brief, and the AI screener.

Passwordless sign-in · Payments by Stripe · Auth by Clerk

Available Research

13F Pro tracks comprehensive data for MIAMI INTERNATIONAL HOLDINGS, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MIAX

HORIZON KINETICS ASSET MANAGEMENT LLC
$291.4M7,842,173 sh
BlackRock, Inc.
$188.5M5,071,754 sh
T. Rowe Price Investment Management, Inc.
$187.0M5,032,970 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$140.7M3,786,418 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$124.7M3,355,043 sh
VANGUARD CAPITAL MANAGEMENT LLC
$117.6M3,165,686 sh
Invesco Ltd.
$75.1M2,020,650 sh
J Digital 6 LLC
$67.2M1,807,234 sh
BLAIR WILLIAM & CO/IL
$65.8M1,769,432 sh
BALYASNY ASSET MANAGEMENT L.P.
$62.5M1,682,924 sh

Fund	Value	Shares
HORIZON KINETICS ASSET MANAGEMENT LLC	$291.4M	7,842,173
BlackRock, Inc.	$188.5M	5,071,754
T. Rowe Price Investment Management, Inc.	$187.0M	5,032,970
VANGUARD PORTFOLIO MANAGEMENT LLC	$140.7M	3,786,418
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$124.7M	3,355,043
VANGUARD CAPITAL MANAGEMENT LLC	$117.6M	3,165,686
Invesco Ltd.	$75.1M	2,020,650
J Digital 6 LLC	$67.2M	1,807,234
BLAIR WILLIAM & CO/IL	$65.8M	1,769,432
BALYASNY ASSET MANAGEMENT L.P.	$62.5M	1,682,924

Companies Similar to MIAX

Ranked by quality-profile closeness and shared hedge-fund ownership — not just sector membership.

HLI

HOULIHAN LOKEY, INC.

AI score

Similar quality profile · 10 shared holders

WESTFIELD CAPITAL MANAGEMENT CO LP Alyeska Investment Group, L.P.JENNISON ASSOCIATES LLC

LandBridge Co LLC

AI score

Similar quality profile · 18 shared holders

HORIZON KINETICS ASSET MANAGEMENT LLC T. Rowe Price Investment Management, Inc.MAD RIVER INVESTORS

TPL

Texas Pacific Land Corp

AI score

Similar quality profile · 13 shared holders

HORIZON KINETICS ASSET MANAGEMENT LLC TOCQUEVILLE ASSET MANAGEMENT L.P.MAD RIVER INVESTORS

PIPR

PIPER SANDLER COMPANIES

AI score

Similar quality profile · 10 shared holders

North Reef Capital Management LP LORD, ABBETT & CO. LLC Voleon Capital Management LP

PJT

PJT Partners Inc.

AI score

Similar quality profile · 3 shared holders

Voleon Capital Management LP Grandeur Peak Global Advisors, LLC AVIVA PLC

HLNE

Hamilton Lane INC

AI score

Similar quality profile · 4 shared holders

T. Rowe Price Investment Management, Inc.Bullseye Asset Management LLC FRED ALGER MANAGEMENT, LLC

PLMR

Palomar Holdings, Inc.

AI score

Similar quality profile · 5 shared holders

T. Rowe Price Investment Management, Inc.WESTFIELD CAPITAL MANAGEMENT CO LP KING LUTHER CAPITAL MANAGEMENT CORP

EVR

Evercore Inc.

AI score

Similar quality profile · 5 shared holders

Alyeska Investment Group, L.P.LORD, ABBETT & CO. LLC DRIEHAUS CAPITAL MANAGEMENT LLC

Similarity is computed from the 8 composite sub-scores and latest-quarter 13F conviction holdings (index-style filers excluded). Refreshed monthly.

More Financials Companies

View all Financials →

AAAU

Goldman Sachs Physical Gold ETF

AAC

Ares Acquisition Corp III

AACB

Artius II Acquisition Inc.

AACI

Armada Acquisition Corp. III

AACO

Abony Acquisition Corp. I

AACP

Apogee Acquisition Corp

AAME

ATLANTIC AMERICAN CORP

AAMI

Acadian Asset Management Inc.

Put MIAX on your watchlist

Track score changes the day MIAMI INTERNATIONAL HOLDINGS, INC. files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.

View Pricing

Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).

Passwordless sign-in · Payments by Stripe · Auth by Clerk

Popular Research

AAPL

Apple

MSFT

Microsoft

NVDA

NVIDIA

GOOG

Alphabet

AMZN

Amazon

Is MIAX a good stock to buy?

13F Pro's AI-powered analysis of MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MIAX are available on the MIAX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. MIAX is classified as a mid company.

Which hedge funds own MIAX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MIAX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of MIAMI INTERNATIONAL HOLDINGS, INC.'s investment landscape.