Start here if you're new
what it is
It runs trading venues where people buy and sell options, stocks, futures, and stock listings.
how it gets paid
Last year L Hldgs made $1.4B in revenue. US options markets was the main engine at $0.74B, or 53% of sales.
why it's growing
Revenue grew 19.6% last year. Revenue jumped 193% from a year ago. Gross margin was 30.8%.
what just happened
MIAX posted $995M of quarterly revenue, but still lost $1.51 per share.
At a glance
n/a balance sheet
26.3% return on capital — every dollar works hard here
-$1.00 fy2025 eps est
$6M fy2024 rev est
7.8% operating margin
What they do
It runs trading venues where people buy and sell options, stocks, futures, and stock listings.
MIAX runs its markets on its own software, not rented rails. It has 433 employees behind a $1.4B revenue machine. That is a tiny staff for a business that handles options, stocks, futures, and listings, so moving your trading setup is messy.
How they make money
$1.4B
annual revenue · their business grew +19.6% last year
US options markets
$0.74B
+18.0%
US equities
$0.19B
+15.0%
Futures and options on futures
$0.22B
+28.0%
Derivatives exchange and clearing services
$0.12B
+35.0%
International listings
$0.13B
+8.0%
The products that matter
listed options trading venue
MIAX Options
core exchange franchise
it sits inside a business that reported $430.5M of 2025 net revenue, and management tied that 56% growth to stronger activity across the platform. This is still the front door.
core revenue engine
derivatives venue
MIAXdx
10% retained stake
MIAX sold 90% of this asset in January 2026 to a Robinhood and Susquehanna-backed venture. You still own exposure. You do not own most of the upside anymore.
story changed
cash equities exchange
MIAX Equities
no standalone revenue breakout
there is no clean segment number here. That absence matters more after the MIAXdx sale, because the remaining venues now carry more of the burden of proof.
execution watch
Key numbers
$1.4B
annual revenue
That is the size of the business. A 5% swing is about $70M.
7.8%
operating margin
Operating margin → profit left after running costs → 7.8% means about $7.80 of profit for every $100 of revenue.
26.3%
return on capital
Return on capital → profit generated from money invested → 26.3% says MIAX gets a strong payoff from the money in the business.
$2M
long-term debt
That is tiny beside a roughly $4B market value. Debt is not the problem here.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $2M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MIAX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
MIAX posted $995M of quarterly revenue, but still lost $1.51 per share.
Revenue jumped 193% from a year ago. Gross margin was 30.8%, so the business kept 30.8 cents of every dollar before running costs.
$995M
revenue
-$1.51
eps
30.8%
gross margin
the number that mattered
The big number was $995M in revenue. That is the size jump that matters more than the loss per share.
source: company earnings report, 2026
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What could go wrong
the risk stack is unusually specific here: a live Nasdaq trade-secrets case, a 90% asset sale that changed the business mix, and a revenue model where roughly 70% still depends on trading activity.
high
Nasdaq trade secrets case
Nasdaq's lawsuit survived dismissal in July 2023. The allegation is direct: MIAX used stolen trade secrets to build parts of its exchange infrastructure.
If Nasdaq wins or forces material changes, up to $350M in revenue is in the blast radius. That's more than 80% of the $430.5M reported for 2025.
med
post-MIAXdx growth air pocket
MIAX sold 90% of MIAXdx in January 2026. That means the asset base producing next year's results is not the same one that printed 56% growth in 2025.
If the remaining exchanges do not offset that change, growth rates fall hard from the headline investors just saw.
med
activity-driven revenue concentration
Roughly 70% of revenue comes from transaction and clearing fees. In plain English: a lot of the income statement depends on traders showing up.
If volumes cool, the biggest revenue bucket cools with them. The revenue mix does not give you many places to hide.
med
thin external coverage and messy feeds
There is no composite score, no clean analyst target set, and even the raw feed shows a revenue mismatch between older and current fields.
Less coverage sometimes creates opportunity. It also means you are operating with fewer guardrails and more manual work.
the lawsuit is the heavy one, but the combined picture matters: more than 80% of 2025 revenue could be touched by the legal case, while roughly 70% of revenue still depends on trading activity and the post-sale company has less room for narrative mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
Nasdaq case milestones
Any ruling, settlement signal, or discovery update matters. This is the one issue that can overpower the rest of the operating story.
calendar
June 3, 2026 earnings report
You want the first cleaner read on the company after the MIAXdx sale. Revenue quality matters more than headline growth now.
metric
transaction fee mix
Transaction and clearing fees are roughly 70% of revenue. If that bucket weakens, the whole income statement feels it fast.
trend
what replaces MIAXdx growth
here's what you should know right now: the next debate is simple. If the remaining exchanges hold momentum, the story stabilizes. If they do not, 2025 will look like a peak attached to an asset MIAX mostly sold.
Analyst rankings
coverage depth
limited
There is not enough broad analyst coverage here to lean on consensus. in human-speak, you are doing more of the work yourself.
target data
not available
No usable target set in the feed. That is not a buy or sell signal by itself. It just means this stock sits outside the normal sell-side spotlight.
source: institutional data
Institutional activity
institutional ownership data for MIAX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$43
current price
n/a
target midpoint · n/a from current
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