Miami International (MIAX)
Operates options-led exchanges spanning U.S. securities, futures, and international listings.
Something off on this page? Send us feedback.
Operates regulated marketplaces for U.S. options and equities, futures trading and clearing, and international securities listings. Revenue comes from transactions, access, market data, clearing, and listing services, with options providing most of the business and proprietary technology shared across its U.S. securities venues.
Operates four U.S. options exchanges—MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire—alongside MIAX Pearl Equities. Transaction fees, connectivity and access charges, market-data sales, and index licensing generate revenue, with options contributing most of the business.
Extends the network through MIAX Futures and Dorman Trading, which provide futures trading, clearing, and brokerage services, while the Bermuda Stock Exchange and The International Stock Exchange provide international listing venues. Reuses an in-house trading platform across the U.S. options and equities markets and runs futures on its Onyx platform. Exchange fees and operations remain subject to securities and derivatives regulators, while trading activity, member connectivity, market-data demand, and clearing relationships shape revenue.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Morgan Stanley | Downgrade | ||
| Jul 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $50 | Target: $53 |
| Apr 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $48 | Target: $50 |
| Nov 4, 2025 | Morgan Stanley | Reiterate | Rating: —Target: $45 | Target: $48 |
| Nov 4, 2025 | Piper Sandler | Reiterate | Rating: —Target: $48 | Target: $52 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $660.5M · Total debt $1.5M · Total assets $1.60B · Shareholders' equity $1.15B
- Revenue
- $387.6M
- Operating income
- $27.8M
- Net income
- $44.2M
No dividends on record.
| Institutions | ≈ 75.46% | 71.62M shares | |
|---|---|---|---|
| 221 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 12.77% | 12.11M shares | |
| 26 holders · as of Sep 17, 2026 | |||
| Other | ≈ 11.77% | 11.17M shares | |
| remainder | |||
94.91M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Horizon Kinetics Asset Management LLCInstitution | 8.26% | 7.84M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.34% | 5.07M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 5.30% | 5.03M | as of Jun 30, 2026 |
Murray StahlInsiderdirector | 4.88% | 4.63M | filed Mar 6, 2026 |
Vanguard Portfolio Management LLCInstitution | 3.99% | 3.79M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Shelly Brown | officer: EVP, Chief Strategy Officer | −21,217 | $38.61 |
| Sep 3, 2026 | Thomas P. Gallagher | director, officer: Chairman & CEO | −47,000 | $42.43 |
| Sep 2, 2026 | Barbara J. Comly | officer: EVP, GC & Corporate Secretary | −44,445 | $40.49 |
| Sep 2, 2026 | Douglas M. JR Schafer | officer: EVP and CIO | −48,000 | $40.48 |
| Sep 3, 2026 | Edward Deitzel | officer: EVP, CRO, CCO MIAX Exchanges | −11,000 | $42.21 |
- Cboe Global Markets
U.S. options and equities peer with flagship index derivatives
- Nasdaq
Overlaps in U.S. options, equities, listings, and exchange tech
- Intercontinental Exchange
NYSE-scale overlap in options, equities, listings, and futures
- CME Group
HRS wheat futures, options-on-futures, and clearing overlap
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Miami International | $36.90 | −2.48% | $3.66B | 20.9 | 21.1 | 2.5 | +34.8% |
| Cboe Global Markets | $266.55 | −1.80% | $28.41B | 21.2 | 18.7 | 5.6 | −37.7% |
| Nasdaq | $94.55 | −0.15% | $52.93B | 27.6 | 21.7 | 6.1 | −28.2% |
| Intercontinental Exchange | $153.43 | −1.25% | $87.22B | 21.9 | 18.6 | 6.5 | −18.3% |
| CME Group | $268.68 | −2.48% | $99.07B | 23.4 | 21.7 | 14.6 | +0.8% |
| Median | 22.7 | 20.2 | 6.3 | −23.3% |