Miami International (MIAX)
Market Price (6/27/2026): $37.92 | Market Cap: $3.5 BilSector: Financials | Industry: Diversified Capital Markets
Miami International (MIAX)
Market Price (6/27/2026): $37.92Market Cap: $3.5 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 5.1% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include AI in Financial Services, Cybersecurity, and Markets & Betting. Themes include Algorithmic Trading, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -45% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 57x, P/EPrice/Earnings or Price/(Net Income) is 29x Key risksMIAX key risks include [1] regulatory changes neutralizing its technological edge, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 5.1% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include AI in Financial Services, Cybersecurity, and Markets & Betting. Themes include Algorithmic Trading, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -45% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 57x, P/EPrice/Earnings or Price/(Net Income) is 29x |
| Key risksMIAX key risks include [1] regulatory changes neutralizing its technological edge, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Miami International (MIAX) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Significant insider selling by key executives contributed to negative sentiment.
Thomas P. Gallagher, Chairman and CEO, sold 348,254 shares for an estimated $15,257,754, while Douglas M. Jr Schafer, EVP and CIO, sold 144,000 shares for an estimated $6,231,840. These sales, exceeding the $5 million threshold, occurred during the period, potentially signaling a lack of confidence or profit-taking at higher price levels, which can put downward pressure on the stock.
2. Continued underperformance and operational losses in the Futures segment.
Despite strong overall Q1 2026 results (fiscal quarter ended March 31, 2026), the MIAX Futures segment experienced an operating loss of $12.4 million in Q1 2026, an increase from an $11.3 million operating loss in the prior-year period. This decline was primarily attributed to reduced transaction fees and lower volumes, with MIAX Futures average daily volume (ADV) also decreasing by 38.5% year-over-year in February 2026. This persistent weakness in a specific business segment may have concerned investors, outweighing some of the company's other positive performance indicators.
Show more
Miami International (MIAX) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Significant insider selling by key executives contributed to negative sentiment.
Thomas P. Gallagher, Chairman and CEO, sold 348,254 shares for an estimated $15,257,754, while Douglas M. Jr Schafer, EVP and CIO, sold 144,000 shares for an estimated $6,231,840. These sales, exceeding the $5 million threshold, occurred during the period, potentially signaling a lack of confidence or profit-taking at higher price levels, which can put downward pressure on the stock.
2. Continued underperformance and operational losses in the Futures segment.
Despite strong overall Q1 2026 results (fiscal quarter ended March 31, 2026), the MIAX Futures segment experienced an operating loss of $12.4 million in Q1 2026, an increase from an $11.3 million operating loss in the prior-year period. This decline was primarily attributed to reduced transaction fees and lower volumes, with MIAX Futures average daily volume (ADV) also decreasing by 38.5% year-over-year in February 2026. This persistent weakness in a specific business segment may have concerned investors, outweighing some of the company's other positive performance indicators.
3. A pronounced technical downtrend and market correction following a May 2026 peak.
After a strong Q1 2026 earnings report on May 6, 2026, which initially saw the stock rise by 2.23%, the stock subsequently entered a significant downtrend. A "sell signal" was issued from a pivot top point on May 14, 2026, leading to a substantial fall of 33.50% from that point until June 17, 2026. This technical reversal was further confirmed by the 10-day moving average crossing below the 50-day moving average on June 5, 2026, indicating a shift to a downward trend and a broader market-driven correction or loss of short-term investor confidence.
Show less
Stock Movement Drivers
Fundamental Drivers
The -11.0% change in MIAX stock from 2/28/2026 to 6/26/2026 was primarily driven by a -23.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.60 | 37.92 | -11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,319 | 1,407 | 6.7% |
| P/S Multiple | 2.3 | 2.5 | 9.2% |
| Shares Outstanding (Mil) | 70 | 92 | -23.6% |
| Cumulative Contribution | -11.0% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| MIAX | -11.0% | |
| Market (SPY) | 6.6% | 34.7% |
| Sector (XLF) | 4.7% | 18.3% |
Fundamental Drivers
The -16.9% change in MIAX stock from 11/30/2025 to 6/26/2026 was primarily driven by a -23.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.61 | 37.92 | -16.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,319 | 1,407 | 6.7% |
| P/S Multiple | 2.4 | 2.5 | 2.0% |
| Shares Outstanding (Mil) | 70 | 92 | -23.6% |
| Cumulative Contribution | -16.9% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| MIAX | -16.9% | |
| Market (SPY) | 7.3% | 25.3% |
| Sector (XLF) | 1.3% | 21.8% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| MIAX | ||
| Market (SPY) | 25.1% | 21.5% |
| Sector (XLF) | 6.7% | 22.9% |
Fundamental Drivers
nullnull
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| MIAX | ||
| Market (SPY) | 81.3% | 21.5% |
| Sector (XLF) | 77.0% | 22.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MIAX Return | - | - | - | - | 44% | -17% | 20% |
| Peers Return | 38% | -15% | 25% | 20% | 22% | -15% | 81% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| MIAX Win Rate | - | - | - | - | 80% | 50% | |
| Peers Win Rate | 58% | 38% | 65% | 52% | 67% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MIAX Max Drawdown | - | - | - | - | - | -37% | |
| Peers Max Drawdown | -11% | -29% | -14% | -11% | -16% | -28% | |
| 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 6/26/2026 (YTD)
How Low Can It Go
MIAX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
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.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
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.
AI Analysis | Feedback
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)**.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
Suppliers:
- Bloomberg Index Services Limited
- The Options Clearing Corporation
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
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:
- 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.
- 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.
- 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.
AI Analysis | Feedback
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.86 |
| Mkt Cap | 44.5 |
| Rev LTM | 6,758 |
| Op Inc LTM | 2,527 |
| FCF LTM | 2,724 |
| FCF 3Y Avg | 1,788 |
| CFO LTM | 2,800 |
| CFO 3Y Avg | 2,005 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 13.0% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 21.4% |
| Op Inc Chg 3Y Avg | 14.9% |
| Op Mgn LTM | 34.8% |
| Op Mgn 3Y Avg | 31.0% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 38.4% |
| CFO/Rev 3Y Avg | 36.5% |
| FCF/Rev LTM | 32.5% |
| FCF/Rev 3Y Avg | 32.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Options | 1,107 | 852 | 788 | 658 | 690 |
| Equities | 153 | 188 | 168 | 114 | 45 |
| Futures | 88 | 96 | 84 | 26 | 15 |
| International | 15 | 3 | |||
| Corporate and Other | 1 | 1 | 1 | 1 | 1 |
| Total | 1,364 | 1,140 | 1,041 | 798 | 752 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Options | 234 | 134 | 117 | 101 | 91 |
| International | -1 | -11 | |||
| Equities | -12 | -27 | -41 | -36 | -24 |
| Futures | -57 | -47 | -29 | -18 | -12 |
| Corporate and Other | -72 | -51 | -49 | -42 | -31 |
| Total | 92 | -3 | -3 | 5 | 24 |
Price Behavior
| Market Price | $37.92 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 08/14/2025 | |
| Distance from 52W High | -33.3% | |
| 50 Days | 200 Days | |
| DMA Price | $34.33 | $34.33 |
| DMA Trend | up | up |
| Distance from DMA | 10.5% | 10.5% |
| 3M | 1YR | |
| Volatility | 46.0% | 41.8% |
| Downside Capture | 93.76 | 42.51 |
| Upside Capture | 53.46 | 63.46 |
| Correlation (SPY) | 33.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.52 | 0.94 | 0.72 | 0.21 | 0.47 |
| Up Beta | 0.38 | 0.39 | 0.81 | 1.30 | 0.29 | -0.10 |
| Down Beta | 1.83 | 1.99 | 1.34 | 0.84 | 0.27 | 0.17 |
| Up Capture | 11% | 85% | 90% | 36% | 51% | 5% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 26 | 36 | 68 | 110 | 110 |
| Down Capture | -26% | -54% | 85% | 48% | 19% | 10% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 15 | 27 | 56 | 88 | 88 |
[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 | |
|---|---|---|---|---|
| MIAX | 23.5% | 41.8% | 0.69 | - |
| Sector ETF (XLF) | 5.5% | 14.5% | 0.15 | 22.9% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 21.5% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 7.3% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -4.9% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 12.0% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 21.9% |
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 | |
|---|---|---|---|---|
| MIAX | 4.3% | 41.8% | 0.69 | - |
| Sector ETF (XLF) | 10.7% | 18.6% | 0.44 | 22.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 21.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 7.3% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | -4.9% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 12.0% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 21.9% |
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 | |
|---|---|---|---|---|
| MIAX | 2.1% | 41.8% | 0.69 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.55 | 22.9% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 21.5% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 7.3% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | -4.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 12.0% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 424B4 |
| 03/31/2025 | 07/18/2025 | S-1 |
| 09/30/2024 | 11/27/2024 | DRS/A |
| 06/30/2024 | 09/23/2024 | DRS/A |
| 09/30/2023 | 12/06/2023 | DRS/A |
| 06/30/2023 | 09/18/2023 | DRS/A |
| 03/31/2023 | 07/28/2023 | DRS/A |
| 09/30/2022 | 12/22/2022 | DRS/A |
| 06/30/2022 | 10/25/2022 | DRS/A |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 424B4 |
| 03/31/2025 | 07/18/2025 | S-1 |
| 09/30/2024 | 11/27/2024 | DRS/A |
| 06/30/2024 | 09/23/2024 | DRS/A |
| 09/30/2023 | 12/06/2023 | DRS/A |
| 06/30/2023 | 09/18/2023 | DRS/A |
| 03/31/2023 | 07/28/2023 | DRS/A |
| 09/30/2022 | 12/22/2022 | DRS/A |
| 06/30/2022 | 10/25/2022 | DRS/A |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Expenses | 265.00 Mil | 270.00 Mil | 275.00 Mil | 0 | Affirmed | Guidance: 270.00 Mil for 2026 | |
| 2026 Share-based Compensation Expense | 27.00 Mil | 28.50 Mil | 30.00 Mil | 0 | Affirmed | Guidance: 28.50 Mil for 2026 | |
| 2026 Capital Expenditures | 40.00 Mil | 42.50 Mil | 45.00 Mil | 0 | Affirmed | Guidance: 42.50 Mil for 2026 | |
| 2026 Depreciation and Amortization Expense | 33.00 Mil | 35.50 Mil | 38.00 Mil | 0 | Affirmed | Guidance: 35.50 Mil for 2026 | |
| 2026 Adjusted Effective Tax Rate | 27.0% | 28.0% | 29.0% | 0 | 0 | Affirmed | Guidance: 28.0% for 2026 |
Insider Activity
Updated 6/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 6172026 | 44.23 | 4,714 | 208,500 | 14,008,260 | Form |
| 2 | Schwarzkopf, Cynthia | Direct | Sell | 6122026 | 41.73 | 19,500 | 813,735 | 3,392,983 | Form | |
| 3 | Jayabalan, Harish | EVP, CISO and CRO | Direct | Sell | 6102026 | 40.04 | 9,783 | 391,711 | 2,939,136 | Form |
| 4 | Jayabalan, Harish | EVP, CISO and CRO | Direct | Sell | 6102026 | 40.12 | 10,217 | 409,906 | 2,945,009 | Form |
| 5 | Eckert, Kurt M | Direct | Sell | 6042026 | 42.76 | 5,250 | 224,490 | 6,087,955 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 6172026 | 44.23 | 4,714 | 208,500 | 14,008,260 | Form |
| 2 | Schwarzkopf, Cynthia | Direct | Sell | 6122026 | 41.73 | 19,500 | 813,735 | 3,392,983 | Form | |
| 3 | Jayabalan, Harish | EVP, CISO and CRO | Direct | Sell | 6102026 | 40.04 | 9,783 | 391,711 | 2,939,136 | Form |
| 4 | Jayabalan, Harish | EVP, CISO and CRO | Direct | Sell | 6102026 | 40.12 | 10,217 | 409,906 | 2,945,009 | Form |
| 5 | Eckert, Kurt M | Direct | Sell | 6042026 | 42.76 | 5,250 | 224,490 | 6,087,955 | Form | |
| 6 | Comly, Barbara J | EVP, GC & Corporate Secretary | Direct | Sell | 6042026 | 42.85 | 28,000 | 1,199,800 | 36,158,715 | Form |
| 7 | Deitzel, Edward | EVP, CRO, CCO MIAX Exchanges | Direct | Sell | 6042026 | 42.16 | 11,000 | 463,760 | 4,899,877 | Form |
| 8 | Schafer, Douglas M JR | EVP and CIO | Direct | Sell | 6042026 | 42.84 | 48,000 | 2,056,320 | 16,993,814 | Form |
| 9 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 6042026 | 42.12 | 16,000 | 673,920 | 13,690,980 | Form |
| 10 | Gallagher, Thomas P | Chairman & CEO | Gallagher Investments, LLC | Sell | 6042026 | 42.36 | 70,000 | 2,965,200 | 72,997,929 | Form |
| 11 | Teekell, Judson Gray | Direct | Sell | 6042026 | 42.78 | 3,000 | 128,340 | 3,037,979 | Form | |
| 12 | Emmons, Lance | EVP and CFO | Direct | Sell | 5182026 | 56.36 | 35,000 | 1,972,600 | 4,749,006 | Form |
| 13 | Gallagher, Thomas P | Chairman & CEO | Gallagher Investments, LLC | Sell | 5072026 | 47.92 | 15,771 | 755,746 | 82,579,338 | Form |
| 14 | Gallagher, Thomas P | Chairman & CEO | Gallagher Investments, LLC | Sell | 5052026 | 47.26 | 54,229 | 2,562,863 | 81,441,976 | Form |
| 15 | Deitzel, Edward | EVP, CRO, CCO MIAX Exchanges | Direct | Sell | 5052026 | 47.28 | 11,000 | 520,080 | 5,494,929 | Form |
| 16 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 5052026 | 47.28 | 16,000 | 756,480 | 15,368,222 | Form |
| 17 | Teekell, Judson Gray | Direct | Sell | 5052026 | 47.30 | 3,000 | 141,900 | 2,664,787 | Form | |
| 18 | Schafer, Douglas M JR | EVP and CIO | Direct | Sell | 5052026 | 47.25 | 48,000 | 2,268,000 | 18,743,177 | Form |
| 19 | Eckert, Kurt M | Direct | Sell | 5052026 | 47.29 | 5,625 | 266,006 | 6,732,914 | Form | |
| 20 | Comly, Barbara J | EVP, GC & Corporate Secretary | Direct | Sell | 5052026 | 47.26 | 28,000 | 1,323,280 | 39,880,067 | Form |
| 21 | Gallagher, Thomas P | Chairman & CEO | Gallagher Investments, LLC | Sell | 4172026 | 43.36 | 174,125 | 7,550,060 | 74,721,204 | Form |
| 22 | Gallagher, Thomas P | Chairman & CEO | Direct | Sell | 4172026 | 43.68 | 49,900 | 2,179,632 | 21,226,864 | Form |
| 23 | Comly, Barbara J | EVP, GC & Corporate Secretary | Direct | Sell | 4172026 | 43.64 | 29,667 | 1,294,668 | 36,825,352 | Form |
| 24 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 4082026 | 42.00 | 900 | 37,800 | 13,614,174 | Form |
| 25 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 4082026 | 41.33 | 2,357 | 97,415 | 13,434,193 | Form |
| 26 | Teekell, Judson Gray | Direct | Sell | 4032026 | 40.00 | 2,700 | 108,000 | 2,373,520 | Form | |
| 27 | Teekell, Judson Gray | Direct | Sell | 3262026 | 40.00 | 300 | 12,000 | 2,481,520 | Form | |
| 28 | Brown, Shelly | EVP, Chief Strategy Officer | Direct | Sell | 3242026 | 39.33 | 25,932 | 1,019,906 | 11,767,418 | Form |
| 29 | Eckert, Kurt M | Direct | Sell | 3202026 | 39.00 | 37,917 | 1,478,763 | 5,552,625 | Form | |
| 30 | Schafer, Douglas M JR | EVP and CIO | Direct | Sell | 3182026 | 39.74 | 48,000 | 1,907,520 | 15,764,103 | Form |
| 31 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Buy | 3062026 | 43.08 | 7,200 | 310,176 | 199,625,913 | Form | |
| 32 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Sell | 3032026 | 40.92 | 121,054 | 4,953,530 | 191,892,949 | Form | |
| 33 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Buy | 12152025 | 41.00 | 2,439 | 99,999 | 186,974,924 | Form | |
| 34 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Buy | 10062025 | 41.97 | 2 | 84 | 191,296,112 | Form | |
| 35 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Buy | 9302025 | 41.76 | 4 | 167 | 190,338,864 | Form | |
| 36 | Stahl, Murray | Horizon Kinetics Asset Management LLC | Buy | 9302025 | 36.10 | 34,470 | 1,244,367 | 164,540,876 | Form | |
| 37 | Emmons, Lance | EVP and CFO | son | Buy | 8182025 | 31.44 | 4 | 126 | 126 | Form |
| 38 | Moore, Lisa | Direct | Buy | 8152025 | 23.00 | 5,500 | 126,500 | 126,500 | Form | |
| 39 | Jayabalan, Harish | EVP, CISO and CRO | Direct | Buy | 8152025 | 23.00 | 2,500 | 57,500 | 148,189 | Form |
| 40 | Stahlin, Paul | Direct | Buy | 8152025 | 23.00 | 1,000 | 23,000 | 23,000 | Form | |
| 41 | Nazarali, Jamil | Direct | Buy | 8152025 | 23.00 | 2,500 | 57,500 | 57,500 | Form | |
| 42 | Smollen, John | EVP Traded Products & Relation | Direct | Buy | 8152025 | 23.00 | 5,000 | 115,000 | 166,198 | Form |
| 43 | Deitzel, Edward | EVP, CRO, CCO MIAX Exchanges | Direct | Buy | 8152025 | 23.00 | 100 | 2,300 | 740,439 | Form |
| 44 | Gallagher, Thomas P | Chairman & CEO | Direct | Buy | 8152025 | 23.00 | 12,000 | 276,000 | 276,000 | Form |
| 45 | Lozier, Kenneth W | Direct | Buy | 8152025 | 23.00 | 1,000 | 23,000 | 23,000 | Form | |
| 46 | Massad, Mark I | Direct | Buy | 8152025 | 23.00 | 3,500 | 80,500 | 80,500 | Form | |
| 47 | Massad, Mark I | spouse | Buy | 8152025 | 23.00 | 2,500 | 57,500 | 57,500 | Form | |
| 48 | Massad, Mark I | child | Buy | 8152025 | 23.00 | 2,000 | 46,000 | 34,500 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.