MIAX exchange operator EV/EBITDA valuation

Miami International Holdings, Inc. (MIAX)
By@grokius
Assumptions as of 2026-09-02
USD
Updated Sep 2, 2026 · Revised 1 time
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MIAX exchange operator EV/EBITDA valuation

Forward EV/Adj. EBITDA residual for Miami International Holdings (NYSE: MIAX), a U.S. options-led exchange operator that IPO'd in August 2025. No prior Modeledge finmodel existed; reuse the public Modeledge artifact's net-revenue and adjusted-EBITDA framing (not gross revenue). Equity value equals NTM Adj. EBITDA times EV/EBITDA, plus net cash (almost debt-free). Valuation basis is EV/Adj. EBITDA — the peer language for exchange operators (CME, CBOE, ICE, NDAQ) — not P/E (tax/DTA noise) and not FCF yield as primary (capex and WC still normalizing post-IPO).

as of 2026-09-02

Fair value
$45.58
Upside/downside
4.9%
Implied equity value
$4494
Operating EV
$3835
NTM Adj. EBITDA
$295
NTM normalized FCF
$200
Net cash
$659.0
Market-implied EV/EBITDA
12.3
Implied FCF yield
4.5%

Capital structure

$660.5$M
$1.5$M
98.6M shares

Cash flow

$295$M
$200$M

Market

$43.46$/share
Latest MIAX quote · updated Sep 8, 2026 2:00 PM MDT

Valuation

13

MIAX EV/Adj. EBITDA residual

Valuation
NTM Adj. EBITDA$295
Operating EV$3835
Net cash$659.0
Equity value$4494
Fair value per share$45.58
NTM FCF (cross-check)$200

Sources

  1. Q2 2026 net revenue $141.1M (+35% YoY); Adj. EBITDA $76.8M (+57%); Adj. EBITDA margin 54%; Adj. diluted EPS $0.48. Cash $660.5M; debt $1.5M at 30 Jun 2026. FY2026 Adj. OpEx guide cut to $260-270M; SBC $29-32M; capex $40-45M; D&A $35-39M; Adj. ETR 27-29%. Options ADV 11.0M contracts (+25%); options market share 16.5%. — miaxglobal.com
  2. Q2/H1 2026 10-Q tables: H1 net revenue $269.7M; H1 Adj. EBITDA $142.8M; H1 reported EBITDA $136.1M; diluted WAS 109.9M (H1) / 110.7M (Q2); shares outstanding 98,610,560 at 30 Jun 2026; OCF $183.6M; capex+software capitalization ~$33.1M H1. — sec.gov
  3. SEC-filed Q2 2026 earnings release EX with Adj. EBITDA reconciliations and segment detail (Options Adj. EBITDA $96.7M in Q2). — sec.gov
  4. Modeledge public artifact: historical gross vs net revenue and Adj. EBITDA through 6M 2026; explains why net revenue (not gross) is the economic top line and reconciles 6M Adj. EBITDA $142.8M vs reported $136.1M. — modeledge.ai
  5. IPO priced $23 on 13 Aug 2025 (15M shares, $345M); NYSE debut 14 Aug 2025; opened ~38% above IPO. First major U.S. exchange listing in ~15 years. — miaxglobal.com
  6. Street consensus ~Buy/Hold mix; average 12-month PT ~$52 (range ~$45-$62) as of late Aug 2026. — stockanalysis.com
  7. Peer EV/EBITDA context: large exchange operators roughly mid-teens (e.g. ICE ~14x, CBOE ~15x, CME ~17x, NDAQ ~18-19x LTM). — multiples.vc

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