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MIAX

Miami International Holdings, Inc.

Miami International Holdings, Inc. is classed by the SEC under Security Brokers, Dealers & Flotation Companies (industry code 6211), based in Princeton, NJ. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $1.4 billion and a loss of $70 million (its filed statements).

Brokerage business Security Brokers, Dealers & Flotation Companies Princeton, NJ filings since 2008 7 of 9 filed, 2 estimated
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Sector peers: ETORMKTXSIEBCOHN

5.5/10headline grade
vs its business-model standard
5.6/10past 5.4/10present 5.3/10future

Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a brokerage business: prior from its industry code (SEC 6211, Security Brokers, Dealers & Flotation Companies); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.

The grade, in three tenses

Headline 5.5 out of ten, 7 of 9 metrics filed and 2 estimated: past 5.6 out of ten, present 5.4 out of ten, future 5.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

  • Surviving crises (past): 6.7 out of ten. No warning events in its filings since 2017. 67th percentile among 30 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Track record (past): 6.0 out of ten. +14.5% a year over 3 filed years; profitable in 1 of 3. 60th percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Shareholder treatment (past): 3.0 out of ten. Share count grew 11.2% a year. 16% of cash flow returned. Insiders: 68 sales, 3 purchases. 30th percentile among 26 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Financial health (present): 7.3 out of ten. ROE -8%: lost 8¢ per shareholder dollar. Leverage 30%: owes 30¢ per asset dollar. 73rd percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Industry position (present): 3.1 out of ten. bottom 31% of 29 in its family; net margin -5.1%. 31st percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Leadership (present): 7.4 out of ten. CrossAssetData estimate 7.4/10, confidence 35 of 100 (one part). 74th percentile among 21 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
  • Room to expand (future): 5.1 out of ten. top 49% of 29 in its family for room to expand. 51st percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Growth drivers (future): 5.6 out of ten. top 44% of 29 in its family for growth drivers. 56th percentile among 29 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
  • Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 25 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-03-06 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-07 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 4, 2026-10-06. Filings on record since 2008. Read from EDGAR 2026-10-12.

Where the revenue comes from

Product and service lines in fiscal 2025: Transaction and Clearing Fees 87%, Access Fees 8%, Market Data Fees 3%, Product and Service Other 2%. As tagged in its annual report (Form 10-K, filed 2026-03-06).

Who runs it

Gallagher, Thomas P. (Chairman & CEO); Vermaas, Cees (CEO of TISEG); Emmons, Lance (EVP and CFO); Brown, Shelly (EVP, Chief Strategy Officer); Schafer, Douglas M. Jr (EVP and CIO); Jayabalan, Harish (EVP, CISO and CRO); Comly, Barbara J. (EVP, GC & Corporate Secretary); Deitzel, Edward (EVP, CRO, CCO MIAX Exchanges); Smollen, John (EVP, New Product Development); Teekell, Judson Gray (director); and 16 more. 26 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-06.

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