Miami International (MIAX)


Market Price (8/12/2026): $42.32 | Market Cap: $4.0 BilSector: Financials | Industry: Diversified Capital Markets

Miami International (MIAX)


Market Price (8/12/2026): $42.32
Market Cap: $4.0 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%

Attractive yield
FCF Yield is 6.0%

Low stock price volatility
Vol 12M is 42%

Megatrend and thematic drivers
Megatrends include AI in Financial Services, Cybersecurity, and Markets & Betting. Themes include Algorithmic Trading, Show more.

Weak multi-year price returns
2Y Excs Rtn is -9.8%, 3Y Excs Rtn is -35%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/EPrice/Earnings or Price/(Net Income) is 28x

Key risks
MIAX key risks include [1] regulatory changes neutralizing its technological edge, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
2 Attractive yield
FCF Yield is 6.0%
3 Low stock price volatility
Vol 12M is 42%
4 Megatrend and thematic drivers
Megatrends include AI in Financial Services, Cybersecurity, and Markets & Betting. Themes include Algorithmic Trading, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -9.8%, 3Y Excs Rtn is -35%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x, P/EPrice/Earnings or Price/(Net Income) is 28x
7 Key risks
MIAX key risks include [1] regulatory changes neutralizing its technological edge, Show more.

MIAX in ETFs

Weight = MIAX's share of each fund

IWM0.11%
VB0.04%
IWO0.22%
IAI0.12%
VTWO0.09%
VBR0.07%
SCHA0.03%
IWV0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/10/2026

Miami International (MIAX) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Litigation Settlement Charge Impacted GAAP Operating Income. Miami International Holdings reported strong net revenue growth of 35% to $141.1 million in fiscal Q2 2026 (ended June 30, 2026). However, a significant litigation settlement charge of $22.5 million or $30 million limited GAAP operating income growth to only 2% year-over-year. This specific charge likely tempered investor enthusiasm despite otherwise robust top-line performance.

2. Dilution Offset Adjusted Earnings Per Share Growth. Despite adjusted earnings increasing by 41% in fiscal Q2 2026, adjusted diluted earnings per share remained flat at $0.48. This was due to a substantial 41% increase in diluted weighted-average shares used for adjusted EPS, effectively diluting the per-share benefit of the company's earnings growth.

Show more
Updated on 8/10/2026

Miami International (MIAX) stock has lost about 10% since 4/30/2026 because of the following key factors:

1. Litigation Settlement Charge Impacted GAAP Operating Income. Miami International Holdings reported strong net revenue growth of 35% to $141.1 million in fiscal Q2 2026 (ended June 30, 2026). However, a significant litigation settlement charge of $22.5 million or $30 million limited GAAP operating income growth to only 2% year-over-year. This specific charge likely tempered investor enthusiasm despite otherwise robust top-line performance.

2. Dilution Offset Adjusted Earnings Per Share Growth. Despite adjusted earnings increasing by 41% in fiscal Q2 2026, adjusted diluted earnings per share remained flat at $0.48. This was due to a substantial 41% increase in diluted weighted-average shares used for adjusted EPS, effectively diluting the per-share benefit of the company's earnings growth.

3. Management Cautioned on Unsustainable Revenue Per Contract. Management indicated that the elevated revenue per contract (RPC) of $0.124 achieved in fiscal Q2 2026 was not sustainable and is expected to return to a lower range in the second half of 2026. This forward-looking guidance on a key revenue driver introduced uncertainty regarding future revenue growth prospects.

4. Significant Net Insider Selling Activity. Between April 30, 2026, and July 16, 2026, MIAX insiders collectively reported a net selling position of $54.0 million, encompassing $57.0 million in sales across 43 transactions versus $3.0 million in buys across 16 transactions. This substantial aggregate insider selling activity suggests a notable shift in sentiment among company executives and directors during the period.

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Stock Movement Drivers

Fundamental Drivers

The -9.0% change in MIAX stock from 4/30/2026 to 8/11/2026 was primarily driven by a -15.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020268112026Change
Stock Price ($)46.4942.32-9.0%
Change Contribution By: 
Total Revenues ($ Mil)1,3641,4677.5%
P/S Multiple2.82.8-0.2%
Shares Outstanding (Mil)8195-15.2%
Cumulative Contribution-9.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/11/2026
ReturnCorrelation
MIAX-9.0% 
Market (SPY)7.2%10.7%
Sector (XLF)10.9%16.8%

Fundamental Drivers

The 1.4% change in MIAX stock from 1/31/2026 to 8/11/2026 was primarily driven by a 23.9% change in the company's P/S Multiple.
(LTM values as of)13120268112026Change
Stock Price ($)41.7342.321.4%
Change Contribution By: 
Total Revenues ($ Mil)1,3191,46711.2%
P/S Multiple2.22.823.9%
Shares Outstanding (Mil)7095-26.4%
Cumulative Contribution1.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/11/2026
ReturnCorrelation
MIAX1.4% 
Market (SPY)11.7%22.2%
Sector (XLF)8.7%26.3%

Fundamental Drivers

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Market Drivers

7/31/2025 to 8/11/2026
ReturnCorrelation
MIAX  
Market (SPY)22.9%17.5%
Sector (XLF)11.7%26.8%

Fundamental Drivers

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Market Drivers

7/31/2023 to 8/11/2026
ReturnCorrelation
MIAX  
Market (SPY)74.3%17.5%
Sector (XLF)70.9%26.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MIAX Return----44%-2%42%
Peers Return38%-15%25%20%22%2%116%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
MIAX Win Rate----80%50% 
Peers Win Rate58%38%65%52%67%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MIAX Max Drawdown------37% 
Peers Max Drawdown-11%-29%-14%-11%-16%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ICE, CME, NDAQ, CBOE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)

How Low Can It Go

MIAX has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to ICE, CME, NDAQ, CBOE

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

MIAX has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to ICE, CME, NDAQ, CBOE

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Miami International (MIAX)

Miami International (MIAX) is a technology-driven financial company that develops and operates regulated marketplaces for trading various financial products. The company leverages its proprietary, high-performance technology to offer speed, reliability, and low latency across its platforms. MIAX has established itself as a significant global player in the derivatives exchange industry, ranking as the 14th largest operator worldwide as of mid-2025.

MIAX's core business revolves around operating a diverse portfolio of exchanges catering to multiple asset classes. These include U.S. options across its four MIAX Exchanges, U.S. cash equities through MIAX Pearl Equities, and U.S. futures and options on futures via MIAX Futures. The company also extends its reach internationally, operating The Bermuda Stock Exchange (BSX) and The International Stock Exchange Group (TISEG). Complementing its exchange operations, MIAX owns Dorman Trading, a Futures Commission Merchant, and MIAXdx, which lists fully collateralized derivatives, in addition to providing clearing services. A key strategic initiative is its exclusive 10-year licensing agreement with Bloomberg, allowing MIAX to list proprietary futures and cash-settled index options on the Bloomberg 500 Index and the Bloomberg US Large Cap Volatility Index, with launches anticipated from late 2025.

MIAX generates revenue primarily from transaction fees, access fees, and market data fees derived from activity on its exchanges. Its primary customers include financial institutions, traders, and brokers who rely on its robust platforms for executing trades in derivatives and equities. The company has a strong track record of organic growth, significantly expanding its transaction volumes. For instance, its average daily volume in U.S. options grew substantially from 1.0 million contracts in 2015 to 8.7 million in the first half of 2025, demonstrating considerable scaling and market penetration.

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A fast-growing, tech-driven financial exchange operator, similar to a modern **CME Group** or **Nasdaq**.

The global infrastructure provider for trading various financial products, akin to a specialized and agile **Intercontinental Exchange (ICE)**.

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  • U.S. Options Exchanges: Miami International operates multiple regulated platforms for the trading of U.S. options contracts.
  • U.S. Equities Exchange: The company operates a regulated platform dedicated to the trading of U.S. cash equities.
  • Futures and Options on Futures Exchanges: Miami International operates regulated U.S. and international exchanges for trading futures and options on futures, including agricultural commodities and proprietary index products.
  • Proprietary Bloomberg Index Products: The company offers exclusive listings of futures, options on futures, and cash-settled index options based on specific Bloomberg indexes.
  • Fully Collateralized Derivatives Trading Platform: MIAX provides a regulated platform for listing and trading fully collateralized U.S. futures, options on futures, and swaps.
  • Derivatives Clearing Services: The company offers clearing services for U.S. futures, options on futures, and potentially fully collateralized derivatives through its affiliated clearing organizations.
  • Futures Commission Merchant (FCM) Services: Through its subsidiary Dorman Trading, Miami International provides full-service brokerage for futures and options on futures.

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Miami International (MIAX) operates regulated financial marketplaces and primarily serves other companies, specifically financial institutions, rather than individual retail investors directly.

The provided company description does not explicitly name specific major customer companies or include their symbols. However, based on MIAX's business model and revenue streams (transaction fees, access fees, and market data fees related to transactions executed on its exchanges), its major customers are typically financial institutions such as:

  • Broker-dealers
  • Market Makers
  • Proprietary Trading Firms
  • Futures Commission Merchants (FCMs)

These types of firms are the direct participants who connect to MIAX's exchanges to execute trades, provide liquidity, and consume market data.

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Suppliers:

  • Bloomberg Index Services Limited
  • The Options Clearing Corporation

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Thomas P. Gallagher, Chairman and Chief Executive Officer

Thomas P. Gallagher is one of the principal founders of Miami International Holdings (MIH) and the MIAX Exchanges, having served as Chairman of the Board of Directors of MIH and the MIAX Exchanges since 2008 and as Chief Executive Officer since 2012. Prior to joining the company full-time in December 2012, Mr. Gallagher was a founding partner of the law firm Gallagher, Briody & Butler, a corporate and securities law firm. He has been instrumental in sourcing capital for MIH and assembling its team of seasoned industry professionals. Under his leadership, MIAX has grown from a single options exchange to a global exchange group operating eight exchanges across options, futures, and equities. He also serves as Chairman and Chief Executive Officer for several MIAX subsidiaries.

Lance Emmons, Executive Vice President, Chief Financial Officer

Lance Emmons has served as the Company's Executive Vice President, Chief Financial Officer since March 2020. Before joining MIAX, he held Chief Financial Officer positions at several startups, including Princeton Identity from June 2018 to April 2019. From March 2004 to December 2016, Mr. Emmons worked at International Securities Exchange, where his most recent role was Senior Vice President, Finance and Administration, Controller.

Shelly Brown, Executive Vice President, Chief Strategy Officer

Shelly Brown was appointed Executive Vice President, Chief Strategy Officer in November 2025 and also serves as Chief Executive Officer for MIAX Futures. He previously held the role of Executive Vice President, Strategic Planning and Business Development from April 2011 until November 2025. Mr. Brown joined the company in 2011 and has significantly contributed to the growth of its options business. Before his time at MIAX, he was the Director of Business Management for PEAK6 Investments, a Chicago-based trading firm, where he led options execution from September 2009 to February 2011.

Barbara J. Comly, Executive Vice President, General Counsel and Corporate Secretary

Barbara J. Comly holds the position of Executive Vice President, General Counsel and Corporate Secretary at MIAX.

Edward Deitzel, Executive Vice President, Chief Regulatory Officer and Chief Compliance Officer

Edward Deitzel is the Executive Vice President, Chief Regulatory Officer, and Chief Compliance Officer for the MIAX Exchanges. He has served as Chief Regulatory Officer since March 2009 and as Chief Compliance Officer for the MIAX Exchanges since October 2015. Prior to joining MIH, Mr. Deitzel held various surveillance positions at the Philadelphia Stock Exchange from January 1997 through March 2009.

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  • Reliance on Success of Bloomberg Products and License Renewal: Miami International has a ten-year exclusive license agreement with Bloomberg to develop and list proprietary products based on Bloomberg indexes, such as futures and cash-settled index options on the B500 Index. The continuity of this license beyond the initial term is contingent upon meeting "certain minimum revenue thresholds." Failure to successfully launch these products on schedule, achieve sufficient market acceptance, or meet the specified revenue targets could lead to the non-renewal of this exclusive agreement, significantly impacting the company's planned future growth and product expansion strategy.
  • Competitive Market and Technology Dependency: The company operates in a highly competitive global derivatives exchange market and relies heavily on its proprietary technology for speed, performance, and differentiation. A key risk is the potential for competitors to develop superior technology, or for MIAX's technology to fail or become obsolete, which could erode its competitive advantage, market share, and transaction volumes. Furthermore, revenue is primarily derived from transaction, access, and market data fees, making the business susceptible to declines in overall trading activity due to market conditions or increased competition.
  • Regulatory and Compliance Risks: As a financial market infrastructure provider operating multiple exchanges and clearing services regulated by various authorities (including the SEC, CFTC, BMA, and GFSC), Miami International faces significant regulatory risk. Changes in financial market regulations, difficulties in obtaining or maintaining necessary licenses and approvals for existing and new products (such as the planned Bloomberg Products), or increased compliance costs could adversely affect its operations and financial performance.

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Miami International (MIAX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and the continued strength of its existing markets.

Here are 3-5 expected drivers of future revenue growth:

  1. Exclusive Launch of Bloomberg-Indexed Proprietary Products: A significant driver will be the rollout of new proprietary products under a ten-year exclusive license agreement with Bloomberg. This includes futures and cash-settled index options on the Bloomberg 500 Index (B500 Index) and the Bloomberg US Large Cap Volatility Index (B500 Volatility Index). The company expects to launch futures on the B500 Index in the fourth quarter of 2025 or the first quarter of 2026 on MIAX Futures, followed by cash-settled index options on the B500 Index in the first half of 2026 on MIAX Options, and options on futures on the B500 Index targeted for the second half of 2026 on MIAX Futures.
  2. Expansion of Proprietary and Other Products on MIAX Futures and MIAXdx: Beyond the Bloomberg products, MIAX is actively developing and plans to expand its suite of other proprietary products on MIAX Futures and MIAXdx. This includes the potential to enter into additional clearing as a service agreements with other futures markets, further diversifying its product offerings and revenue streams.
  3. Sustained Organic Growth in U.S. Options and Futures Markets: MIAX has a strong track record of organic growth, substantially increasing transaction volume by scaling its operations and launching new marketplaces. This trend is expected to continue, building on the significant increases observed in trading volumes for multi-listed U.S. options (30.5% increase in H1 2025 compared to H1 2024) and futures and options on futures on the MIAX Futures exchange (36.6% increase in H1 2025 compared to H1 2024). The launch of the MIAX Futures Onyx trading system in June 2025 is also expected to support growth in new MIAX Futures products.

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No information is available regarding capital allocation decisions for Miami International (MIAX) within the requested categories for the last 3-5 years in the provided text.

Better Bets vs. Miami International (MIAX)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MIAXICECMENDAQCBOEMedian
NameMiami In.Intercon.CME Nasdaq Cboe Glo. 
Mkt Price42.32151.25259.3295.02282.73151.25
Mkt Cap4.085.393.553.629.653.6
Rev LTM1,46713,4266,7738,7515,0616,773
Op Inc LTM1465,5484,4092,6611,7852,661
FCF LTM2414,6414,2131,9511,8741,951
FCF 3Y Avg1204,0223,9371,8741,5501,874
CFO LTM2855,5144,3092,2461,9632,246
CFO 3Y Avg1594,7774,0252,1041,6192,104

Growth & Margins

MIAXICECMENDAQCBOEMedian
NameMiami In.Intercon.CME Nasdaq Cboe Glo. 
Rev Chg LTM16.8%6.9%5.1%7.7%11.7%7.7%
Rev Chg 3Y Avg16.5%12.0%9.0%13.0%9.5%12.0%
Rev Chg Q18.3%10.7%0.8%20.5%22.9%18.3%
QoQ Delta Rev Chg LTM4.3%2.7%0.2%5.2%5.6%4.3%
Op Inc Chg LTM149.9%15.8%4.8%21.2%35.6%21.2%
Op Inc Chg 3Y Avg82.7%13.7%11.9%16.4%22.0%16.4%
Op Mgn LTM10.0%41.3%65.1%30.4%35.3%35.3%
Op Mgn 3Y Avg4.2%39.4%64.4%28.6%31.4%31.4%
QoQ Delta Op Mgn LTM1.6%-0.4%-0.5%0.0%0.5%0.0%
CFO/Rev LTM19.5%41.1%63.6%25.7%38.8%38.8%
CFO/Rev 3Y Avg12.3%38.8%63.4%26.9%38.3%38.3%
FCF/Rev LTM16.4%34.6%62.2%22.3%37.0%34.6%
FCF/Rev 3Y Avg9.2%32.7%62.1%24.0%36.8%32.7%

Valuation

MIAXICECMENDAQCBOEMedian
NameMiami In.Intercon.CME Nasdaq Cboe Glo. 
Mkt Cap4.085.393.553.629.653.6
P/S2.86.413.86.15.86.1
P/Op Inc27.615.421.220.116.620.1
P/EBIT66.713.916.219.315.216.2
P/E28.321.121.827.321.921.9
P/CFO14.115.521.723.915.115.5
Total Yield3.5%6.1%8.9%4.9%5.6%5.6%
Dividend Yield0.0%1.3%4.4%1.2%1.0%1.2%
FCF Yield 3Y Avg-4.9%4.8%4.3%7.7%4.9%
D/E0.00.20.00.20.10.1
Net D/E-0.20.20.00.1-0.00.0

Returns

MIAXICECMENDAQCBOEMedian
NameMiami In.Intercon.CME Nasdaq Cboe Glo. 
1M Rtn-1.2%11.8%7.9%7.9%5.5%7.9%
3M Rtn-19.3%-2.6%-8.8%6.6%-20.4%-8.8%
6M Rtn4.1%-7.6%-13.0%15.9%3.6%3.6%
12M Rtn37.7%-17.6%-5.7%-0.7%12.8%-0.7%
3Y Rtn37.7%37.8%43.3%94.3%94.8%43.3%
1M Excs Rtn-2.8%7.0%3.0%3.7%-0.8%3.0%
3M Excs Rtn-23.2%-8.1%-12.0%3.5%-23.4%-12.0%
6M Excs Rtn-8.6%-21.1%-24.1%-0.1%-9.8%-9.8%
12M Excs Rtn16.7%-38.8%-25.5%-21.6%-7.8%-21.6%
3Y Excs Rtn-34.9%-34.8%-28.8%27.7%28.5%-28.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Options1,107852788658690
Equities15318816511145
Futures8896842615
International15333 
Corporate and Other11111
Total1,3641,1401,041798752


Operating Income by Segment
$ Mil20252024202320222021
Options23413411710191
International-1-11-5-3 
Equities-12-27-36-33-24
Futures-57-47-29-18-12
Corporate and Other-72-51-49-42-31
Total92-3-3524


Price Behavior

Price Behavior
Market Price$42.32 
Market Cap ($ Bil)3.9 
First Trading Date08/14/2025 
Distance from 52W High-25.5% 
   50 Days200 Days
DMA Price$36.53$36.53
DMA Trendindeterminatedown
Distance from DMA15.8%15.8%
 3M1YR
Volatility49.6%41.8%
Downside Capture96.0533.59
Upside Capture-15.2763.41
Correlation (SPY)9.1% 
MIAX Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta0.470.620.570.73-0.12-0.18
Up Beta-1.640.110.180.690.380.09
Down Beta1.581.111.211.070.120.24
Up Capture268%59%41%66%61%6%
Bmk +ve Days11223567138427
Stock +ve Days12213169131131
Down Capture-118%61%49%60%34%19%
Bmk -ve Days11212859114326
Stock -ve Days10223257110110

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MIAX
MIAX37.8%41.8%0.89-
Sector ETF (XLF)12.9%14.6%0.6126.8%
Equity (SPY)22.1%12.8%1.2817.5%
Gold (GLD)28.2%28.4%0.866.5%
Commodities (DBC)37.4%20.1%1.47-7.4%
Real Estate (VNQ)12.5%13.8%0.6116.5%
Bitcoin (BTCUSD)-45.3%42.9%-1.2820.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MIAX
MIAX6.6%41.8%0.89-
Sector ETF (XLF)11.2%18.4%0.4726.8%
Equity (SPY)13.3%17.2%0.6017.5%
Gold (GLD)18.8%18.6%0.826.5%
Commodities (DBC)9.3%19.6%0.36-7.4%
Real Estate (VNQ)1.9%18.9%-0.0016.5%
Bitcoin (BTCUSD)10.9%52.8%0.3920.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MIAX
MIAX3.2%41.8%0.89-
Sector ETF (XLF)13.7%22.1%0.5726.8%
Equity (SPY)15.3%17.9%0.7317.5%
Gold (GLD)12.0%16.2%0.616.5%
Commodities (DBC)7.9%18.0%0.35-7.4%
Real Estate (VNQ)4.5%20.7%0.1816.5%
Bitcoin (BTCUSD)59.4%66.1%0.9920.8%

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Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity6.2 Mil
Short Interest: % Change Since 7152026-17.8%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity95.3 Mil
Short % of Basic Shares6.5%

Earnings Returns History

Updated 8/10/2026
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-1.1%  
5/6/20264.4%15.8%-17.8%
2/25/20262.1%4.5%-6.5%
11/5/20252.6%11.2%-0.6%
SUMMARY STATS   
# Positive330
# Negative103
Median Positive2.6%11.2% 
Median Negative-1.1% -6.5%
Max Positive4.4%15.8% 
Max Negative-1.1% -17.8%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-1.1%  
5/6/20264.4%15.8%-17.8%
2/25/20262.1%4.5%-6.5%
11/5/20252.6%11.2%-0.6%
SUMMARY STATS   
# Positive330
# Negative103
Median Positive2.6%11.2% 
Median Negative-1.1% -6.5%
Max Positive4.4%15.8% 
Max Negative-1.1% -17.8%

SEC Filings

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Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202503/06/202610-K
09/30/202511/07/202510-Q
06/30/202508/14/2025424B4
03/31/202507/18/2025S-1
09/30/202411/27/2024DRS/A
06/30/202409/23/2024DRS/A
09/30/202312/06/2023DRS/A
06/30/202309/18/2023DRS/A
03/31/202307/28/2023DRS/A
09/30/202212/22/2022DRS/A
06/30/202210/25/2022DRS/A
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Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202503/06/202610-K
09/30/202511/07/202510-Q
06/30/202508/14/2025424B4
03/31/202507/18/2025S-1
09/30/202411/27/2024DRS/A
06/30/202409/23/2024DRS/A
09/30/202312/06/2023DRS/A
06/30/202309/18/2023DRS/A
03/31/202307/28/2023DRS/A
09/30/202212/22/2022DRS/A
06/30/202210/25/2022DRS/A

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted Operating Expenses260.00 Mil265.00 Mil270.00 Mil-1.9% LoweredGuidance: 270.00 Mil for 2026
2026 Share-based Compensation Expense29.00 Mil30.50 Mil32.00 Mil7.0% RaisedGuidance: 28.50 Mil for 2026
2026 Capital Expenditures40.00 Mil42.50 Mil45.00 Mil0 AffirmedGuidance: 42.50 Mil for 2026
2026 Depreciation and Amortization Expense35.00 Mil37.00 Mil39.00 Mil4.2% RaisedGuidance: 35.50 Mil for 2026
2026 Adjusted Effective Tax Rate27.0%28.0%29.0% 0AffirmedGuidance: 28.0% for 2026

Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted Operating Expenses265.00 Mil270.00 Mil275.00 Mil0 AffirmedGuidance: 270.00 Mil for 2026
2026 Share-based Compensation Expense27.00 Mil28.50 Mil30.00 Mil0 AffirmedGuidance: 28.50 Mil for 2026
2026 Capital Expenditures40.00 Mil42.50 Mil45.00 Mil0 AffirmedGuidance: 42.50 Mil for 2026
2026 Depreciation and Amortization Expense33.00 Mil35.50 Mil38.00 Mil0 AffirmedGuidance: 35.50 Mil for 2026
2026 Adjusted Effective Tax Rate27.0%28.0%29.0% 0AffirmedGuidance: 28.0% for 2026

Insider Activity

Updated 7/16/2026
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schwarzkopf, Cynthia DirectSell716202642.005,000210,0003,718,890Form
2Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell714202641.9828,0001,175,44037,067,668Form
3Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell714202642.5270,0002,976,40073,273,653Form
4Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell707202642.2728,2281,193,19872,842,834Form
5Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell707202642.0941,7721,758,18372,532,645Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schwarzkopf, Cynthia DirectSell716202642.005,000210,0003,718,890Form
2Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell714202641.9828,0001,175,44037,067,668Form
3Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell714202642.5270,0002,976,40073,273,653Form
4Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell707202642.2728,2281,193,19872,842,834Form
5Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell707202642.0941,7721,758,18372,532,645Form
6Jayabalan, HarishEVP, CISO and CRODirectSell707202642.1220,000842,4003,288,098Form
7Deitzel, EdwardEVP, CRO, CCO MIAX ExchangesDirectSell707202642.0411,000462,4405,028,026Form
8Brown, ShellyEVP, Chief Strategy OfficerDirectSell707202642.1316,000674,08014,913,599Form
9Teekell, Judson Gray DirectSell707202640.003,000120,0003,010,040Form
10Eckert, Kurt M DirectSell707202639.355,250206,5885,887,232Form
11Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell707202641.2228,0001,154,16036,396,600Form
12Schafer, Douglas M JREVP and CIODirectSell707202641.2248,0001,978,56015,969,205Form
13Brown, ShellyEVP, Chief Strategy OfficerDirectSell617202644.234,714208,50014,008,260Form
14Schwarzkopf, Cynthia DirectSell612202641.7319,500813,7353,392,983Form
15Jayabalan, HarishEVP, CISO and CRODirectSell610202640.049,783391,7112,939,136Form
16Jayabalan, HarishEVP, CISO and CRODirectSell610202640.1210,217409,9062,945,009Form
17Eckert, Kurt M DirectSell604202642.765,250224,4906,087,955Form
18Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell604202642.8528,0001,199,80036,158,715Form
19Deitzel, EdwardEVP, CRO, CCO MIAX ExchangesDirectSell604202642.1611,000463,7604,899,877Form
20Schafer, Douglas M JREVP and CIODirectSell604202642.8448,0002,056,32016,993,814Form
21Brown, ShellyEVP, Chief Strategy OfficerDirectSell604202642.1216,000673,92013,690,980Form
22Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell604202642.3670,0002,965,20072,997,929Form
23Teekell, Judson Gray DirectSell604202642.783,000128,3403,037,979Form
24Emmons, LanceEVP and CFODirectSell518202656.3635,0001,972,6004,749,006Form
25Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell507202647.9215,771755,74682,579,338Form
26Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell505202647.2654,2292,562,86381,441,976Form
27Deitzel, EdwardEVP, CRO, CCO MIAX ExchangesDirectSell505202647.2811,000520,0805,494,929Form
28Brown, ShellyEVP, Chief Strategy OfficerDirectSell505202647.2816,000756,48015,368,222Form
29Teekell, Judson Gray DirectSell505202647.303,000141,9002,664,787Form
30Schafer, Douglas M JREVP and CIODirectSell505202647.2548,0002,268,00018,743,177Form
31Eckert, Kurt M DirectSell505202647.295,625266,0066,732,914Form
32Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell505202647.2628,0001,323,28039,880,067Form
33Gallagher, Thomas PChairman & CEOGallagher Investments, LLCSell417202643.36174,1257,550,06074,721,204Form
34Gallagher, Thomas PChairman & CEODirectSell417202643.6849,9002,179,63221,226,864Form
35Comly, Barbara JEVP, GC & Corporate SecretaryDirectSell417202643.6429,6671,294,66836,825,352Form
36Brown, ShellyEVP, Chief Strategy OfficerDirectSell408202642.0090037,80013,614,174Form
37Brown, ShellyEVP, Chief Strategy OfficerDirectSell408202641.332,35797,41513,434,193Form
38Teekell, Judson Gray DirectSell403202640.002,700108,0002,373,520Form
39Teekell, Judson Gray DirectSell326202640.0030012,0002,481,520Form
40Brown, ShellyEVP, Chief Strategy OfficerDirectSell324202639.3325,9321,019,90611,767,418Form
41Eckert, Kurt M DirectSell320202639.0037,9171,478,7635,552,625Form
42Schafer, Douglas M JREVP and CIODirectSell318202639.7448,0001,907,52015,764,103Form
43Stahl, Murray Horizon Kinetics Asset Management LLCBuy306202643.087,200310,176199,625,913Form
44Stahl, Murray Horizon Kinetics Asset Management LLCSell303202640.92121,0544,953,530191,892,949Form
45Stahl, Murray Horizon Kinetics Asset Management LLCBuy1215202541.002,43999,999186,974,924Form
46Stahl, Murray Horizon Kinetics Asset Management LLCBuy1006202541.97284191,296,112Form
47Stahl, Murray Horizon Kinetics Asset Management LLCBuy930202541.764167190,338,864Form
48Stahl, Murray Horizon Kinetics Asset Management LLCBuy930202536.1034,4701,244,367164,540,876Form
49Emmons, LanceEVP and CFOsonBuy818202531.444126126Form
50Moore, Lisa DirectBuy815202523.005,500126,500126,500Form
51Jayabalan, HarishEVP, CISO and CRODirectBuy815202523.002,50057,500148,189Form
52Stahlin, Paul DirectBuy815202523.001,00023,00023,000Form
53Nazarali, Jamil DirectBuy815202523.002,50057,50057,500Form
54Smollen, JohnEVP Traded Products & RelationDirectBuy815202523.005,000115,000166,198Form
55Deitzel, EdwardEVP, CRO, CCO MIAX ExchangesDirectBuy815202523.001002,300740,439Form
56Gallagher, Thomas PChairman & CEODirectBuy815202523.0012,000276,000276,000Form
57Lozier, Kenneth W DirectBuy815202523.001,00023,00023,000Form
58Massad, Mark I DirectBuy815202523.003,50080,50080,500Form
59Massad, Mark I spouseBuy815202523.002,50057,50057,500Form
60Massad, Mark I childBuy815202523.002,00046,00034,500Form
Core Cache Last Updated: 8/11/2026