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MIAX(MIAX)
MIAX
Next earnings: Aug 5, 2026
Signal
Mixed1↑1↓
PRICE
Prev Close
56.84
Open
56.20
Day Range55.17 – 57.14
55.17
57.14
52W Range28.63 – 57.14
28.63
57.14
97% of range
VOLUME & SIZE
Avg Volume
1.4M
Float
94.9M
FUNDAMENTALS
P/E Ratio
43.5x
Premium valuation
EPS (TTM)
$1.29
Div Yield
No dividend
Performance
1D↓
-1.20%5D
+12.43%1M
+27.00%3M
+33.27%6M
+15.72%YTD
+26.54%1Y↑
+82.69%Best: 1Y (+82.69%)Worst: 1D (-1.20%)
Quick Read
Trend
UPTREND
Price above SMA50 & SMA200Momentum
BULLISH
price above key MAs · revenue +18% YoYValuation
EXPENSIVE
P/E 44x vs ~20x sectorHealth
STRONG
CR 595.7 · FCF $2.05/shStrong Buy
Key MetricsTTM
Market Cap$5.33B
Revenue TTM$1.41B
Net Income TTM$121.61M
Free Cash Flow$188.41M
Gross Margin30.9%
Net Margin8.6%
Operating Margin6.9%
Return on Equity15.2%
Return on Assets8.4%
Debt / Equity0.00
Current Ratio595.67
EPS TTM$1.32
Alpha SignalsFull Analysis →
What Moves This Stock
Daily equity options contract volume across U.S. markets (MIAX captures 15-18% share)
VIX volatility index levels driving retail and institutional hedging activity
Market share gains or losses versus Cboe Global Markets and Nasdaq exchanges
Retail brokerage order flow routing agreements (Robinhood, Schwab, E*TRADE)
Macro Sensitivity
Economic Cycle
moderate - Options trading volumes correlate with equity market participation and volatility rather than GDP growth directly. Recessions can increase hedging demand (positive) but reduce speculative retail activity (negative). The 2020-2021 retail trading boom demonstrated sensitivity to fiscal stimulus and zero-commission trading adoption.
Interest Rates
Rising interest rates create mixed effects: higher rates increase options pricing (positive for volumes) but reduce equity valuations and retail risk appetite (negative). The Federal Funds rate impacts margin financing costs for market makers and institutional traders. Rate volatility itself drives hedging demand, benefiting exchange volumes.
Key Risks
SEC regulatory changes to payment-for-order-flow could disrupt retail broker routing relationships that drive 40-50% of industry volumes
Consolidation among competitors (Cboe, Nasdaq, ICE) creating scale disadvantages in technology spending and market data pricing power
Technological disruption from decentralized finance (DeFi) options protocols or blockchain-based settlement reducing centralized exchange relevance
Investor Profile
growth - Investors are betting on market share expansion and operating leverage inflection as volumes scale. The 596% EPS growth and 33% one-year return reflect momentum from recovering profitability after investment phase. High revenue growth (9.5%) despite competitive market indicates successful volume capture.
Watch on Earnings
CBOE VIX Index (volatility drives options hedging and speculative volumes)Total U.S. equity options industry contract volume (OCC published data)MIAX market share percentage across four exchanges versus Cboe and NasdaqAverage revenue per contract after maker-taker rebates and routing payments
Health Radar
5 strong1 concern
79/100Liquidity
595.67Strong
Leverage
0.00Strong
Coverage
11.4xStrong
ROE
15.2%Strong
ROIC
6.7%Concern
Cash
$510MStrong
ANALYST COVERAGE5 analysts
BUY
▼ -11.0%downside to target
Stock Health
Composite Score
7 of 7 signals bullish
10/10
Trend
●
✓Trend StateUptrend (price above both MAs)
●
✓Above SMA 50$43.83 (+28.1%)
●
✓Above SMA 200$42.43 (+32.4%)
Technicals
●
✓MA AlignmentGolden Cross (50D vs 200D +3.3%)
Fundamentals
●
✓Last EarningsBeat estimates
●
✓Analyst ConsensusBuy
●
✓LiquidityCurrent Ratio 595.67 — healthy liquidity
Upcoming Events
EEarnings ReportMay 17, 2026
Tomorrow
DEx-Dividend DateAug 14, 2026
In 90 days
PDividend PaymentAug 17, 2026
In 93 days
FinancialsFull statements →
Technicals
Market Position
Price Levels
52W High
$57.14+1.7%
Current
$56.16
SMA 50
$43.83-22.0%
SMA 200
$42.43-24.5%
52W Low
$28.63-49.0%
52-Week RangeNear 52-week high
$28.6397th %ile$57.14
Earnings & Analysts
ANALYST ESTIMATES
Consensus of 6 analysts
Analyst revisions:EPS↑ Revised UpRevenue↓ Revised Down
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2025 | $427.2M $424.8M–$430.8M | — | $1.68 | — | ±10% | High5 |
FY2026(current) | $524.2M $507.6M–$542.6M | ▲ +22.7% | $1.55 | ▼ -8.0% | ±6% | High6 |
FY2027 | $588.6M $553.0M–$618.5M | ▲ +12.3% | $1.84 | ▲ +18.9% | ±5% | High6 |
Range confidence:Tight (high)ModerateWide (low)
Earnings HistoryMIAX
Last 3Q
+26.3%avg beat
Beat 3 of 3 quarters+35%
Q4'25
+27%
Q1'26
+17%
Q2'26
Beat
Miss
Estimate
Deeper color = bigger beat/miss
Insider Activity
SEC Filings →0 Buys/6 SellsNet Selling
NET SELLERS$0 bought · $8.6M sold · 30d window
Gallagher Thomas P.Dir
$756K
May 5
SELL
Gallagher Thomas P.Dir
$2.6M
May 4
SELL
Deitzel EdwardEVP, CRO, CCO …
$520K
May 4
SELL
Brown ShellyEVP, Chief Str…
$756K
May 4
SELL
Teekell Judson GrayDir
$142K
May 4
SELL
Schafer Douglas M. …EVP and CIO
$2.3M
May 4
SELL
Financials
INSTITUTIONAL OWNERSHIP
1
BlackRock, Inc.
2.2M▲2
Invesco Ltd.
1.6M▲3
JPMORGAN CHASE & CO
1.2M▲4
Allspring Global Investments Holdings, LLC
1.1M▲5
LORD, ABBETT & CO. LLC
861K▲6
BLAIR WILLIAM & CO/IL
666K▲7
Caldwell Investment Management Ltd.
664K▼8
BNP PARIBAS ARBITRAGE, SNC
572K▲News & Activity
MIAX News
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About
No company information available
Peers— Financial Services(7 companies)
Screen sector →| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
MIAX◀ | — | -1.20% | — | — | — | — | — |
| $297.81 | -0.70% | $798.0B | 14.1 | +330.7% | 2039.3% | 1503 | |
| $325.75 | +1.00% | $624.4B | 28.0 | +1134.0% | 5014.5% | 1500 | |
| $494.20 | +0.87% | $436.7B | 28.3 | +1641.6% | 4564.7% | 1490 | |
| $49.77 | -0.16% | $353.2B | 11.4 | -45.1% | 1592.6% | 1495 | |
| $192.51 | -1.04% | $303.6B | 16.6 | +1147.7% | 1466.4% | 1526 | |
| $948.47 | -2.11% | $279.8B | 15.9 | -138.4% | 1373.0% | 1526 | |
| Sector avg | — | -0.48% | — | 19.1 | +678.4% | 2675.1% | 1507 |