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MIAX Valuation Multiples

Discover revenue and EBITDA valuation multiples for MIAX and similar public comparables like Tel Aviv Stock Exchange, Tadawul Group, Dubai Financial Market, Tradegate and more.

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MIAX Overview

About MIAX

Miami International Holdings Inc is a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Its MIAX Exchange marketplaces are enabled by its in-house built, proprietary technology. It maintains a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures. The company operates markets across a diverse number of asset classes including options and cash equities as well as futures and options on futures.

Founded

2007

HQ

United States

Employees

433

Financials (LTM)

Revenue: $452M
EBITDA: $207M

EV

$3B

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MIAX Financials

MIAX reported last 12-month revenue of $452M and EBITDA of $207M.

In the same LTM period, MIAX generated $447M in gross profit, $207M in EBITDA, and $13M in net income.

Revenue (LTM)

MIAX P&L

In the most recent fiscal year, MIAX reported revenue of $1B and EBITDA of $196M.

MIAX expects next 12-month revenue of XXX and NTM EBITDA of XXX

See MIAX forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$452MXXX$1BXXXXXXXXX
Gross Profit$447MXXX$431MXXXXXXXXX
Gross Margin99%XXX32%XXXXXXXXX
EBITDA$207MXXX$196MXXXXXXXXX
EBITDA Margin46%XXX14%XXXXXXXXX
EBIT Margin28%XXX8%XXXXXXXXX
Net Profit$13MXXX($70M)XXXXXXXXX
Net Margin3%XXX(5%)XXXXXXXXX

Financial data powered by Morningstar, Inc.

MIAX Stock Performance

MIAX has current market cap of $4B, and enterprise value of $3B.

Market Cap Evolution

MIAX's stock price is $41.35.

See MIAX trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$3B$4B-2.1%XXXXXXXXX$-0.76

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MIAX Valuation Multiples

MIAX trades at 7.5x EV/Revenue multiple, and 16.4x EV/EBITDA.

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EV / Revenue (LTM)

MIAX Financial Valuation Multiples

As of April 11, 2026, MIAX has market cap of $4B and EV of $3B.

Equity research analysts estimate MIAX's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

MIAX has a P/E ratio of 285.5x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$4BXXX$4BXXXXXXXXX
EV (current)$3BXXX$3BXXXXXXXXX
EV/Revenue7.5xXXX2.5xXXXXXXXXX
EV/EBITDA16.4xXXX17.4xXXXXXXXXX
EV/EBIT26.6xXXX31.7xXXXXXXXXX
EV/Gross Profit7.6xXXX7.9xXXXXXXXXX
P/E285.5xXXX(54.7x)XXXXXXXXX
EV/FCF31.2xXXX25.6xXXXXXXXXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified MIAX Valuation Multiples

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MIAX Margins & Growth Rates

MIAX's revenue in the last 12 month grew by 17%.

MIAX's revenue per employee in the last FY averaged $3.1M, while opex per employee averaged $0.8M for the same period.

MIAX's rule of 40 is (16%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

MIAX's rule of X is (110%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

See operational valuation multiples for MIAX and other 15K+ public comps

MIAX Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth17%XXX(63%)XXXXXXXXX
EBITDA Margin46%XXX14%XXXXXXXXX
EBITDA Growth21%XXX22%XXXXXXXXX
Rule of 40—XXX(16%)XXXXXXXXX
Bessemer Rule of X—XXX(110%)XXXXXXXXX
Revenue per Employee—XXX$3.1MXXXXXXXXX
Opex per Employee—XXX$0.8MXXXXXXXXX
S&M Expenses to Revenue—XXX0%XXXXXXXXX
G&A Expenses to Revenue5%XXX20%XXXXXXXXX
R&D Expenses to Revenue1%XXX0%XXXXXXXXX
Opex to Revenue—XXX25%XXXXXXXXX

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MIAX Public Comps

See public comps and valuation multiples for other Stock Exchanges comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
Tel Aviv Stock ExchangeXXXXXXXXXXXXXXXXXX
Tadawul GroupXXXXXXXXXXXXXXXXXX
Dubai Financial MarketXXXXXXXXXXXXXXXXXX
TradegateXXXXXXXXXXXXXXXXXX
Boursa KuwaitXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

MIAX M&A Activity

MIAX acquired XXX companies to date.

Last acquisition by MIAX was on XXXXXXXX, XXXXX. MIAX acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by MIAX

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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MIAX Investment Activity

MIAX invested in XXX companies to date.

MIAX made its latest investment on XXXXXXXX, XXXXX. MIAX invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by MIAX

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About MIAX

When was MIAX founded?MIAX was founded in 2007.
Where is MIAX headquartered?MIAX is headquartered in United States.
How many employees does MIAX have?As of today, MIAX has over 433 employees.
Who is the CEO of MIAX?MIAX's CEO is Thomas P. Gallagher.
Is MIAX publicly listed?Yes, MIAX is a public company listed on NYSE.
What is the stock symbol of MIAX?MIAX trades under MIAX ticker.
When did MIAX go public?MIAX went public in 2025.
Who are competitors of MIAX?MIAX main competitors are Tel Aviv Stock Exchange, Tadawul Group, Dubai Financial Market, Tradegate.
What is the current market cap of MIAX?MIAX's current market cap is $4B.
What is the current revenue of MIAX?MIAX's last 12 months revenue is $452M.
What is the current revenue growth of MIAX?MIAX revenue growth (NTM/LTM) is 17%.
What is the current EV/Revenue multiple of MIAX?Current revenue multiple of MIAX is 7.5x.
Is MIAX profitable?Yes, MIAX is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of MIAX?MIAX's last 12 months EBITDA is $207M.
What is MIAX's EBITDA margin?MIAX's last 12 months EBITDA margin is 46%.
What is the current EV/EBITDA multiple of MIAX?Current EBITDA multiple of MIAX is 16.4x.
What is the current FCF of MIAX?MIAX's last 12 months FCF is $109M.
What is MIAX's FCF margin?MIAX's last 12 months FCF margin is 24%.
What is the current EV/FCF multiple of MIAX?Current FCF multiple of MIAX is 31.2x.

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