Miami International Holdings, Inc. (MIAX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-76.2%

$8.27

vs $34.76 price

Levered DCF

$22.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.11

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-44.38×	23.83×	-118.23×	42.69×	-26.05×	-76.85×
P/B	3.52×	6.64×	14.83×	8,977.36×	-21.53×	-39.65×
P/S	2.27×	2.14×	2.35×	3.06×	3.25×	5.4×
EV / EBITDA	-98.47×	16.4×	140.48×	26.73×	-48.74×	-381.83×
Gross margin	27.3%	24.2%	22.3%	24.5%	24.1%	21.3%
Operating margin	2.7%	-0.2%	-0.3%	0.7%	3.2%	-5.3%
Net margin	-5.1%	9.0%	-2.0%	7.2%	-12.4%	-7.0%
Current ratio	491.63×	1.41×	0.86×	1.22×	1.69×	0×
Debt / equity	0×	0.12×	0.75×	558.5×	-1.47×	-1.68×
Interest coverage	2.84×	-0.2×	-0.15×	0.24×	1.23×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-7.9%	27.8%	-12.7%	21159.2%	82.4%	51.8%
Return on invested capital	2.9%	-0.5%	-0.7%	1.3%	6.5%	-117.0%
Return on assets	-5.6%	10.5%	-2.9%	7.6%	-17.5%	-7.7%
Free cash flow yield	4.7%	3.0%	-3.1%	4.2%	0.3%	4.6%
Earnings yield	-2.3%	4.2%	-0.9%	2.4%	-3.8%	-1.3%
Enterprise value	$2.6B	$2.3B	$2.5B	$2.5B	$2.4B	$2.5B
Net debt / EBITDA	19.31×	-0.75×	3.57×	0.28×	-0.11×	-7.09×
Cash conversion cycle (days)	62	4	-1	3	25	44