MIAMI INTERNATIONAL HOLDINGS, INC.
MIAXdata completeness 100%3 fiscal years on fileMIAMI INTERNATIONAL HOLDINGS, INC. earns about 9% on invested capital, barely covering its ~9% cost of capital, but has diluted owners by 24% over 3 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $27.69 and $29.51 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $1.04B1 | $1.14B1 | $1.36B1 |
| Net income | −$20.9M2 | $102.1M2 | −$70M2 |
| Operating cash flow | −$49.2M3 | $111.4M3 | $167.8M3 |
| Capital expenditure | $16.2M4 | $26.7M4 | $22.8M4 |
| Free cash flow (derived) | −$65.4M3 | $84.7M3 | $145M3 |
| Total debt | — | $74.1M5 | $3.02M5 |
| Cash & equivalents | $59.3M6 | $150.3M6 | $433.6M6 |
| Diluted shares | 56.5M | 74.6M | 69.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $126.16 of net worth that earned you −$10.03 and generated $20.77 of cash last year, against $0.43 of debt.
It earned about 9% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 24% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 96% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $27.69 and $29.51 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$84.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$84.7M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $23.5 |
| Base | 5.0% | $27.69 |
| Bull | 10.0% | $32.71 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0001438472-26-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001438472-26-000023 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001438472-26-000023 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001438472-26-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001438472-26-000023 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001438472-26-000023 (CashAndCashEquivalentsAtCarryingValue)