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MIAMI INTERNATIONAL HOLDINGS, INC.

MIAXdata completeness 100%3 fiscal years on file
The thesis, from the filings

MIAMI INTERNATIONAL HOLDINGS, INC. earns about 11% 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 $26.62 and $28.32 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 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)−$65.4M3,4$84.7M3,4$145M3,4
Total debt—$37M5$1.51M5
Cash & equivalents$59.3M6$150.3M6$433.6M6
Diluted shares56.5M74.6M69.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$126.16
your share of equity
Profit it earned you last year
−$10.03
Free cash flow it threw off
$20.77
Debt you’d be carrying
$0.22

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 $0.22 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 3y
FY23 -2%FY24 45%FY25 -10%

It earned about 11% 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 →
Management signal · capital allocation
+24% shares · 3y

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.

iv. What it’s worth — engine v0.6.0

The 2 estimate methods that apply put fair value between $26.62 and $28.32 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$28.32
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth5.00%
  • Starting free cash flow$84.7M
DCF · Growth Exit 5Y
$26.62
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth5.00%
  • Starting free cash flow$84.7M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.27%
Terminal growth2.5%
At your growth, a share is worth $26.62
The three cases
Bear0.0%$22.66
Base5.0%$26.62
Bull10.0%$31.36

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.

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Sources — the receipts
  1. 10-K filed 2026-03-06 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2026-03-06 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (NetIncomeLoss)
  3. 10-K filed 2026-03-06 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K filed 2026-03-06 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K filed 2026-03-06 · periods ending 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (LongTermDebt)
  6. 10-K filed 2026-03-06 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001438472-26-000023 (CashAndCashEquivalentsAtCarryingValue)