MIAMI INTERNATIONAL HOLDINGS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data MIAMI INTERNATIONAL HOLDINGS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
1,041
1,140
1,364
Cost of revenue
809
864
934
Gross profit
232
276
431
Operating expenses
235
278
339
Operating income
-2.87
-2.83
92
Interest expense
18.9
14
12.9
Interest income
2.66
3.3
9.41
Other non-operating income
4.54
1.48
11
Pre-tax income
-22.1
105
-68.6
Income tax
-0.7
3.1
1.45
Net income to minority interests
-0.48
-0.14
0
Net income
-20.9
102
-70
EBITDA
18.2
20.5
121
EPS, basic
-0.37
1.68
-1.00
EPS, diluted
-0.37
1.39
-1.00
Shares, basic (weighted)
56.5
60.7
69.8
Shares, diluted (weighted)
56.5
74.6
69.8
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
59.3
150
434
Receivables
92.4
98.1
Other current assets
23.3
39.2
Total current assets
573
855
Property, plant and equipment
44.5
46.9
Lease right-of-use assets
15.5
15.1
Goodwill
46.8
46.8
62.2
Intangible assets
115
114
171
Long-term investments
31
19.2
Other non-current assets
81.7
63.7
Total assets
974
1,259
Accounts payable
12.8
8.33
Accrued liabilities
8.8
8.97
Deferred revenue
2.71
9.57
Short-term debt
4.77
1.51
Total current liabilities
405
337
Long-term debt
32.3
0
Lease liabilities
15.4
16.8
Other non-current liabilities
15.2
18.8
Total liabilities
606
378
Total debt
37
1.51
Paid-in capital
931
1,522
Retained earnings
-562
-632
Treasury stock
-0.78
-8.23
Other comprehensive income
0
-0.64
Shareholders' equity
881
Total equity
164
368
881
Total liabilities and equity
974
1,259
Shares outstanding
63.2
85.5
Cash flow statement
FY2023
FY2025
FY2025
Net income
-21.4
102
-70
Depreciation and amortization
21
23.4
29.4
Stock-based compensation
30
43.6
57.6
Deferred income tax
-0.86
3.19
0.47
Change in receivables
2.14
-34.3
-4.52
Change in payables
-12.6
26.6
-29.9
Cash from operations
-49.2
111
168
Capital expenditures
-16.2
-26.7
-22.8
Acquisitions
-19.9
0
-56.5
Purchases of investments
-18.4
-1.58
-10
Cash from investing
-64.1
-40.6
-101
Debt repaid
-32
-57.3
-140
Share buybacks
-3.31
-12.4
-21.8
Cash from financing
-16.6
29.4
215
Net change in cash
-130
100
281
Free cash flow
-65.4
84.7
145
Interest paid
16.8
12.6
9.83
Income taxes paid
0.6
-1.05
0.78
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $34.90 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
34.3%
Gross profit / revenue.
Operating margin
7.9%
Operating income / revenue.
EBITDA margin
10.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
3.9%
Pre-tax income / revenue.
Net margin
9.7%
Net income / revenue.
FCF margin
17.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
19.5%
Cash from operations / revenue.
Effective tax rate
-150.5%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
12.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
8.9%
Net income / average total assets.
Return on invested capital (ROIC)
18.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
3.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.3%
Capital expenditures / revenue.
D&A / revenue
2.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
56.2%
Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
490.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-168.6%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-171.9%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
50.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
71.2%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
29.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
-6.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.61x
Current assets / current liabilities.
Quick ratio
1.84x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.56x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.1%
Total debt / total assets.
Liabilities / assets
28.1%
Total liabilities / total assets.
Net debt
-$658.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-4.41x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
11.9%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.29
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$13.25
Revenue / diluted weighted shares.
FCF per share
$2.27
Free cash flow / diluted weighted shares.
Operating cash flow per share
$2.58
Cash from operations / diluted weighted shares.
Book value per share
$11.67
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$3.46B
Share price x shares outstanding.
Enterprise value
$2.80B
Market cap + total debt - cash - short-term investments.
P/E
24.3x
Market cap / net income. Only when net income is positive.
P/S
2.36x
Market cap / revenue.
P/B
3.01x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.77x
Market cap / tangible book value, when positive.
P/FCF
13.8x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
12.1x
Market cap / cash from operations, when positive.
EV/Sales
1.91x
Enterprise value / revenue.
EV/EBIT
24.1x
Enterprise value / operating income, when both are positive.
EV/EBITDA
18.8x
Enterprise value / EBITDA, when both are positive.
EV/FCF
11.2x
Enterprise value / free cash flow, when both are positive.
FCF yield
7.3%
Free cash flow / market cap.
Earnings yield
4.1%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.1%
(Dividends paid + share buybacks) / market cap.
What was MIAMI INTERNATIONAL HOLDINGS, INC.'s revenue in fiscal 2025?
MIAMI INTERNATIONAL HOLDINGS, INC. reported revenue of $1.36B for fiscal 2025, 19.6% higher than the year before.
Was MIAMI INTERNATIONAL HOLDINGS, INC. profitable in fiscal 2025?
No. It reported a net loss of $70.0M.
How much free cash flow did MIAMI INTERNATIONAL HOLDINGS, INC. generate in fiscal 2025?
Cash from operations of $167.8M minus capital expenditures of $22.8M left free cash flow of $145.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.