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Miami International Holdings Inc. (MIAX) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$34.88 +3.72% NYSE • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $35.05

Miami International Holdings Inc. (MIAX) carries a Roarable Rating of D+ (Sell) with 53/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D+ • SELL / AVOID Cap $3.34B
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is MIAX stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
▼

As of 2026-11-03, Miami International Holdings Inc. (NYSE: MIAX) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 53/100 at a spot price of $34.88 (+3.72% 1D, market cap $3.34B). Pillar breakdown: Fundamental Cash Engine 16/20, Institutional 13F & Options Flow 6/20, SEC Balance-Sheet Forensics 11/20, FRED Macro Regime Fit 9/20, and Executive Insider Alignment 11/20. Across 1097 tracked Financials issuers, MIAX ranks #569 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does MIAX compare to CII and WT in the Financials sector?
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Within the Financials sector (Investment Bankers/Brokers/Service), MIAX carries a Roarable D+ (53/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of 16.2%. By comparison, CII (BlackRock Enhanced Large Cap Core Fund Inc.) holds a D grade (45/100 RQD, P/E N/A, ROIC —, cap $3.50B) and WT (WisdomTree Inc.) posts a C+ grade (67/100 RQD, P/E 28.9x, ROIC 33.3%, cap $3.14B). Among the 5-stock peer group, PIPR leads on earnings multiple (17.3x) while WT leads on capital efficiency (33.3% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for MIAX?
▼

Per MIAX's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001438472), Miami International Holdings Inc. generated $1.36B in revenue (+19.6% YoY), -$70.0M in net income, and $145.0M in free cash flow against $1.26B in total assets and $0 in total debt. Key quantitative strengths: Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $35.05 (+0.48%)🧬 Cannibal Buyback (-0.96% YoY Shares)⚙️ Cash Engine: 16/20 (B+) • 10.6% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record: Scores of 53/100 (D+) historically posted market-perform odds over rolling 90-day windows (-0.9% avg 90D alpha vs SPY • 50.6% hit rate — wait for RQD ≥ 70 breakout).
Audit Bucket Track Record →
RQD QUANT TACHOMETERSELL / AVOID • D+
025507510053
JEV AI Jury Split (Battleground)
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D+ · Rk D
Cash (16)Whales (6)SEC (11)Macro (9)CEO (11)
Each axis scored 0–20
12M PRICE TARGET CONE-2.2% Base Target
$60 Bull$34 Base$27 Bear
📬 FREE MIAX RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for MIAX)Realized 20D OHLCV Swing Band: ±9.1%
Deterministic 5-Pillar Attribution (53/100 Composite)
🔍 WHY MIAX SCORES 53/100 (D+) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: Cash Engine Quality+16/20 pts (30% of score)

SEC XBRL FY 2025 (10-K): 10.6% FCF Margin ($145.0M FCF) & 52% Gross Margin

▲ #2 Bullish Driver: SEC 10-K Forensic Risk+11/20 pts (21% of score)

Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 5/9

▼ #1 Drag / Risk Factor: Whale & Options Positioning6/20 pts (-14 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-14 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
45
Grade D$29.55+9.7% Next Q
Q2 (-2Q)
48
Grade D$32.41+0.4% Next Q
Q3 (-1Q)
50
Grade C-$32.53+7.2% Next Q
Current
53
Grade D+$34.88-0.9% Hist 90D α
Trajectory: D (45) → D+ (53)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a MIAX Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While MIAX currently carries a cautious 53/100 (D+) rating due to Whale & Options Positioning (6/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($36.06) and Max Pain ($36.62) forces dealer call-delta covering toward $60.00.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Cannibal Buyback (-0.96% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $MIAX• $2.4M Crowd Pool • Kalshi / Polymarket Composite
Contract: “MIAX Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”
YES 53%NO 47%Trade / Inspect Odds →
VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How MIAX Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$145.0M (10.6% FCF Margin)
Revenue$1.36BGross Profit $709.3M (52%)Cost of Sales $654.8MOp Profit $92.0M (6.7%)OpEx (R&D/SG&A) $617.3MNet Profit$0 (0%)Tax/Other $92.0M

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow
FY23
Rev $1.04B
FY24
Rev $1.14B
FY25
Rev $1.36B
Fiscal YearRevenueGross MarginOp MarginNet ProfitFree Cash FlowROIC %
FY 2025$1.36B52%6.7%-$70.0M$145.0M16.2%
FY 2024$1.14B52%-0.2%$102.1M$84.7M-0.9%
FY 2023$1.04B52%-0.3%-$20.9M-$49.2M16.2%
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring MIAX)

  • ✓Walkthrough of MIAX's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
  • ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
RQD INSIDER CLUB WAITLIST$49/YR PLANNED
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MIAX // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -26.27%📐 HORIZONTAL RANGE
2026-11-03O $31.44H $34.88L $31.44C $34.88VOL 2.32M
RES: $51.39SUP: $27.93SMA50: $36.06SMA200: $41.28
$59.11$50.96$42.82$34.68$26.53RES $51.39SUP $27.93$34.882026-05-042026-06-172026-08-042026-09-182026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

MIAX Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 MIAX Butterfly Map → + Track MIAX →
Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle
23.2%/yr Implied 5Y Growth

vs. +19.6% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on MIAX today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for MIAX. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for MIAX today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (MIAX)

Financials Rank #569 of 1097 ⚔️ CII vs MIAX Full Matrix →

1. Head-to-Head Financials Peer Comparison (MIAX vs. CII, WT, BULL, PIPR)

Industry: Investment Bankers/Brokers/Service (64 Tracked Issuers)

Across 1097 tracked Financials securities in the Roarable RQD universe, Miami International Holdings Inc. (MIAX) ranks #569 by composite RQD confidence (53/100, grade D+) and #336 by equity capitalization ($3.34B). Within this direct 5-issuer industry benchmark cohort, PIPR leads on earnings valuation at 17.3x trailing P/E, while WT leads on capital efficiency and profitability with 33.3% ROIC and — gross margin. WT currently holds the highest overall quantitative score in the immediate peer group at 67/100 (C+) compared with MIAX at 53/100 (D+).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
MIAX ACTIVE
Miami International Holdings Inc.
D+ 53/100 — — 16.2% +3.72% $3.34B Benchmark Subject
CII
BlackRock Enhanced Large Cap Core Fund Inc.
D 45/100 — — — -1.28% $3.50B /cii-vs-miax →
WT
WisdomTree Inc.
C+ 67/100 28.9x — 33.3% -2.22% $3.14B /wt-vs-miax →
BULL
Webull Corporation (Class A)
D 51/100 116.3x — 1.5% +0.58% $2.80B /bull-vs-miax →
PIPR
Piper Sandler Companies
C 63/100 17.3x — 18.3% +5.66% $4.51B /pipr-vs-miax →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001438472 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Miami International Holdings Inc. (MIAX) reported GAAP revenue of $1.36B (+19.6% vs. FY2024 revenue of $1.14B , and +31.0% cumulative change since FY2023) , GAAP net income of -$70.0M, operating cash flow of $167.8M, and free cash flow of $145.0M (+71.2% YoY). On the balance sheet, MIAX closed FY2025 with $1.26B in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 5/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $1.36B -$70.0M $167.8M $145.0M $1.26B $0
FY2024 (FY) 2024-12-31 $1.14B $102.1M $111.4M $84.7M $973.7M $32.3M
FY2023 (FY) 2023-12-31 $1.04B -$20.9M -$49.2M -$49.2M — —

3. MIAX Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is MIAX stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, Miami International Holdings Inc. (NYSE: MIAX) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 53/100 at a spot price of $34.88 (+3.72% 1D, market cap $3.34B). Pillar breakdown: Fundamental Cash Engine 16/20, Institutional 13F & Options Flow 6/20, SEC Balance-Sheet Forensics 11/20, FRED Macro Regime Fit 9/20, and Executive Insider Alignment 11/20. Across 1097 tracked Financials issuers, MIAX ranks #569 in composite RQD confidence.

How does MIAX compare to CII and WT in the Financials sector?

Within the Financials sector (Investment Bankers/Brokers/Service), MIAX carries a Roarable D+ (53/100 RQD), trailing P/E of N/A, gross margin of —, and ROIC of 16.2%. By comparison, CII (BlackRock Enhanced Large Cap Core Fund Inc.) holds a D grade (45/100 RQD, P/E N/A, ROIC —, cap $3.50B) and WT (WisdomTree Inc.) posts a C+ grade (67/100 RQD, P/E 28.9x, ROIC 33.3%, cap $3.14B). Among the 5-stock peer group, PIPR leads on earnings multiple (17.3x) while WT leads on capital efficiency (33.3% ROIC).

What are the biggest fundamental strengths and SEC risk factors for MIAX?

Per MIAX's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001438472), Miami International Holdings Inc. generated $1.36B in revenue (+19.6% YoY), -$70.0M in net income, and $145.0M in free cash flow against $1.26B in total assets and $0 in total debt. Key quantitative strengths: Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Institutional options positioning shows a 50% call / 50% put premium split.

Where is MIAX trading relative to its 50-day, 200-day, and 52-week technical levels?

MIAX last traded at $34.88 (+3.72% on volume of 1,958,223 shares), positioning the stock -3.27% below its 50-day simple moving average ($36.06) and -15.50% below its 200-day simple moving average ($41.28). Across its 52-week range of $29.06 to $57.14, MIAX sits at the 20.7% percentile with a 14-day RSI of 51.0 (NEUTRAL RANGE) and an implied next-earnings move of ±9.1% ($31.71 to $38.05).

Direct Sub-Reports: MIAX RQD Cockpit MIAX 12M Forecast MIAX Earnings & Move MIAX Dividends & DRIP MIAX Insiders & 13F MIAX Whale Options MIAX Profit Sankey MIAX News & Why
ROARABLE RATING BRIEF • RQD 53/100 (D+) ✓ SEC XBRL & RQD VERIFIED

MIAX — Miami International Holdings Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Miami International Holdings Inc. (MIAX) earns a live Roarable RQD composite score of 53/100, corresponding to a D+ letter grade (Roarable Sell) at a spot price of $34.88 (+3.72% 1D, market capitalization $3.34B).

  • Fundamental Cash Engine (16/20): Anchored by return on invested capital (ROIC) of 16.2%, gross margin of —, operating margin of 6.7%, and free cash flow yield of 4.65%.
  • Whale 13F & Options Flow (6/20) + Insider Conviction (11/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
  • Macro Regime Fit (9/20) + Forensic Balance Sheet (11/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 5/9, and Debt/Equity of N/A.

2. Business Model, Unit Margins & SEC Financial Trajectory

Miami International Holdings Inc. Is a NYSE-listed issuer in the Financials sector, Investment Bankers/Brokers/Service industry. The profile does not describe its products, customers, or revenue model. The company reported revenue of $1.36B for FY 2025, indicating a sizable operating base.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Miami International Holdings Inc. (MIAX) reported $1.36B in annual revenue (up from $1.14B in FY2024, +19.6% YoY) and -$70.0M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($1.04B revenue, -$20.9M net income) through FY2025, MIAX scaled operating cash flow to $167.8M and free cash flow to $145.0M, backed by $1.26B in total assets against $0 in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

  • 🐂 Primary Bull Case (D+ • RQD 53/100): Strong cash generator (steady margins)—profits are backed by real money, not accounting tricks. Free cash flow yield of 4.65% and institutional whale pillar of 6/20. With Fundamental Cash Engine at 16/20 and Institutional Whale Flow at 6/20, sustained execution supports upside toward the upper end of the $29.06 – $57.14 52-week range.
  • 🐻 Primary Bear Case & Valuation Risk: Sensitive to high interest rates and tighter Federal Reserve market liquidity. Investors must weigh current valuation and 24.1x EV/EBITDA against 6.7% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Sector correlations and 2nd-order bottlenecks are — Investors should watch whether trading volume and pricing hold up, since the news flow highlights both a volume miss and a market-share and pricing test.

  • Key Question #1: Can MIAX sustain or expand its 6.7% operating margin and 16.2% ROIC against Investment Bankers/Brokers/Service peers over the next 4 quarters?
  • Key Question #2: Following FY2025 revenue of $1.36B and free cash flow of $145.0M, how will capital allocation balance growth reinvestment against $0 in total debt?
  • Key Question #3: How sensitive is MIAX's equity valuation to Financials capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

MIAX Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Miami International Holdings Inc. (MIAX) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to MIAX Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

MIAX Bull vs. Bear Conversation Board — What's Your Call at $34.88?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON MIAX 🐻 33% BEARISH CONVICTION
1. Pick Your Side on MIAX:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
DE DeltaGamma_99 RQD DEBATE OPENER • Options Flow Specialist 🐂 BULLISH 🎯 Target: $41.03 (+22.0%)
📌 Pinned Debate

ROIC of 16.2% and FCF yield of 4.65% show the business earning solid returns on capital, and FY 2025 operating income turned positive a

Picked up a starter position in MIAX in my $100K Virtual Cash book at $33.63. ROIC of 16.2% and FCF yield of 4.65% show the business earning solid returns on capital, and FY 2025 operating income turned positive at $92.0M.. Trading inside a $29.06–$57.14 52-week range with 4.65% FCF yield gives solid downside support if Investment Bankers/Brokers/Service multiples expand this quarter.

EarningsSniper 🐂 BULL

@BearTrap_Alert Shorting a 6/20 institutional whale-flow stock at $33.63 is dangerous when funds are rotating into Financials.

BE BearTrap_Alert RQD DEBATE OPENER • Cycle Peak Watcher 🐻 BEARISH 🎯 Target: $25.22 (-25.0%)
Spot @ $33.63

A weak 4/20 whale 13F flow pillar, a volume-miss price target cut, and a FY 2025 net loss of -$70.0M despite positive operating income

Careful chasing MIAX at $33.63. A weak 4/20 whale 13F flow pillar, a volume-miss price target cut, and a FY 2025 net loss of -$70.0M despite positive operating income weigh on the outlook.. Gross margin is 0.0%, but operating margin is 6.7%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $25.22 on multiple compression.

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