MIAXMIAMI INTERNATIONAL HOLDINGS, INC.

Security Brokers, Dealers & Flotation Companies

Revenue: $1.4B; 20% YoY
Operating margin: 6.7%; 2821% YoY
EBITDA: $121M; 491% YoY
Market cap: $3.3B
Employees: —
Net debt / EBITDA: -5.7×; −$697M net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 1 years
3+ of last 5 years
High CEO pay despite TSRNo
$21M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
13% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$79M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.0B	$1.1B	$1.4B	20%
Operating income	−$3M	−$3M	$92M	3356%
Net income	−$21M	$102M	−$70M	169%
Operating cash flow	−$49M	$111M	$168M	51%
Capex	$16M	$27M	$23M	15%
Stock-based comp	$30M	$44M	$58M	32%
Buybacks	$3M	$12M	$22M	76%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 21, 2026	HORIZON KINETICS ASSET MANAGEMENT LLC	SCHEDULE 13D/A	7.8%	Passive
Apr 28, 2026	HORIZON KINETICS ASSET MANAGEMENT LLC	SCHEDULE 13D/A	12.2%	Passive
Apr 14, 2026	HORIZON KINETICS ASSET MANAGEMENT LLC	SCHEDULE 13D/A	12.1%	Passive
Nov 26, 2025	HORIZON KINETICS ASSET MANAGEMENT LLC	SCHEDULE 13D/A	11.7%	Passive
Aug 28, 2025	Gallagher Thomas P.	SCHEDULE 13D/A	4.9%	Passive
Aug 21, 2025	HORIZON KINETICS ASSET MANAGEMENT LLC	SCHEDULE 13D	10.7%	Passive
Aug 21, 2025	Gallagher Thomas P.	SCHEDULE 13D	5.1%	Active

Insider trading

Open-market buys, 12 mo: $723K · 3
Open-market sells, 12 mo: $80M · 68
Net: −$79M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$21M	$35M	144	97