Latest revenue
$369.7M
as of 2026-03-31
Latest net income
$170.2M
as of 2026-03-31
Net margin
46.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $4.88B
- Enterprise value
- $4.88B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.0%
- 52-wk high
- $57.14
- 52-wk low
- $28.63
- Beta
- —
- Shares out
- 94.9M
5-year trend
dashed bar = fiscal Q4 derived from 10-K annual − Q1 − Q2 − Q3 (SEC requires only three 10-Qs per year).
What this company does
Item 1. Business The following description of our business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Annual Report on Form 10-K. Overview We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchanges, MIAX Futures Exchange and Bermuda…
AI summary unavailable — showing raw filing excerpt
Generated from MIAX's filing dated 2026-03-06
Key risks
Table of Contents Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Annual Report, including the section titled “Management’s Discussion and Analysis of Financial Condition and Result of Operations” and our consolidated financial statements and the related notes thereto. Our business, results of operations, financial condition, or prospects could also be materially and adversely affected by risks and uncertainties that are not presently known to us or that we currently believe are not…
AI summary unavailable — showing raw filing excerpt
Generated from MIAX's filing dated 2026-03-06
Profitability
Gross margin
31.6%
30.5%Operating margin
6.7%
2820.9%Net margin
-5.1%
157.3%Return on assets
-5.6%
153.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $369.7M | +13.0% | $170.2M | +894.7% | 46.0% |
Q3 2025 2025-09-30 | $339.8M | +22.8% | $-100.0M | -3020.3% | -29.4% |
Q1 2025 2025-03-31 | $327.1M | — | $-21.4M | — | -6.5% |
Q3 2024 2024-09-30 | $276.7M | — | $-3.2M | — | -1.2% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Security Brokers, Dealers & Flotation Companies · SIC 6211
Your notes
Keep private notes on MIAX — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$3.1M
Insider selling
$34.7M
Net activity
−$31.6M
Distinct insiders
16
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns MIAX
Institutional value
$631.2M
Total shares held
16.3M
Distinct holders
96
-66 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 2.2M | $86.9M | +479.2K (+27.3%) | Added |
| 2 | Invesco Ltd. | 1.6M | $61.7M | +306.0K (+23.9%) | Added |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 1.4M | $55.1M | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 1.4M | $53.5M | — | New |
| 5 | JPMORGAN CHASE & CO | 1.2M | $46.4M | +423.7K (+52.0%) | Added |
| 6 | Allspring Global Investments Holdings, LLC | 1.1M | $43.8M | +180.2K (+19.3%) | Added |
| 7 | BLAIR WILLIAM & CO/IL | 665.8K | $25.9M | +10.9K (+1.7%) | Added |
| 8 | BNP PARIBAS FINANCIAL MARKETS | 572.5K | $22.3M | +381.4K (+199.7%) | Added |
| 9 | FRANKLIN RESOURCES INC | 568.2K | $22.1M | +141.0K (+33.0%) | Added |
| 10 | SEVEN GRAND MANAGERS, LLC | 550.0K | $21.4M | +150.0K (+37.5%) | Added |
| 11 | SEI INVESTMENTS CO | 526.4K | $20.5M | +186.1K (+54.7%) | Added |
| 12 | Clearstead Advisors, LLC | 503.7K | $19.6M | — | New |
| 13 | UBS Group AG | 423.4K | $16.5M | +260.5K (+159.9%) | Added |
| 14 | TOCQUEVILLE ASSET MANAGEMENT L.P. | 312.1K | $12.1M | +91.4K (+41.4%) | Added |
| 15 | ROYCE & ASSOCIATES LP | 309.3K | $12.0M | +127.8K (+70.4%) | Added |
| 16 | Penn Capital Management Company, LLC | 273.8K | $10.7M | +21.7K (+8.6%) | Added |
| 17 | Nuveen, LLC | 231.9K | $9.0M | +192.8K (+492.9%) | Added |
| 18 | VANGUARD FIDUCIARY TRUST CO | 202.6K | $7.9M | — | New |
| 19 | FEDERATED HERMES, INC. | 201.1K | $7.8M | +1.1K (+0.6%) | Added |
| 20 | NEW YORK STATE COMMON RETIREMENT FUND | 179.0K | $7.0M | +16.8K (+10.4%) | Added |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
Coming once MIAX's latest filing finishes processing.