MIAX
MIAMI INTERNATIONAL HOLDINGS, INC.
There isn't enough reported data to score MIAX yet.
MS
Morgan Stanley
MS's fundamentals are strong: revenue grew 16% and earnings per share grew 29%. At 15x earnings, it's trading in line with its usual 14x. Analysts expect earnings growth.
MIAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| N/A | |
| N/A |
MIAX's revenue is currently healthy, but its profitability is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like MIAX.
MS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MS.
MIAX PE Valuation
MIAX has no meaningful PE right now: it lost money over the past year.
MS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $134 | -29% |
| Fair | 14x | $178 | -5.7% |
| Forward | 14x | $189 | — |
| Current | 15x | $189 | — |
| Expensive | 18x | $223 | +18% |
Historical ranges are pointers, not guarantees.
MS's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
MIAX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MIAX, with profitability improving.
MS Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MS, with profitability improving.
MIAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.83 | — |
| Q3 2025 | -$1.39 | -231% |
MIAX has swung to a loss: it lost $1.39 per share over the past year, after a profit the year before.
MS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.39 | +6.3% |
| Q3 2026 | $12.60 | +29% |
| Q2 2026 | $12.37 | +40% |
| Q1 2026 | $11.04 | +29% |
| Q4 2025 | $10.21 | +28% |
| Q3 2025 | $9.76 | +48% |
| Q2 2025 | $8.84 | +45% |
| Q1 2025 | $8.53 | +55% |
| Q4 2024 | $7.95 | +53% |
MS has the edge over MIAX in the latest year-over-year earnings comparison.
MIAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $376.2M | +11% |
| Q2 2026 | $387.6M | +18% |
| Q1 2026 | $369.7M | +13% |
| Q4 2025 | $369.4M | +14% |
| Q3 2025 | $339.8M | +23% |
| Q2 2025 | $327.8M | +23% |
| Q1 2025 | $327.1M | +20% |
| Q4 2024 | $323.9M | +26% |
MIAX has the edge over MS on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +13 points |
| Q2 2026 | 7.2% | -1.2 points |
| Q1 2026 | 12% | +5.6 points |
| Q4 2025 | 12% | +9.4 points |
| Q3 2025 | -0.1% | +0.3 points |
| Q2 2025 | 8.3% | +11 points |
| Q1 2025 | 6.8% | +7.5 points |
| Q4 2024 | 2.2% | +5.1 points |
MIAX's operating margin was 13% last quarter, up 13 points from the same quarter a year ago, near the top of its range since 2023.
MS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.3B | +12% |
| Q2 2026 | $21.3B | +27% |
| Q1 2026 | $20.6B | +16% |
| Q4 2025 | $17.9B | +10% |
| Q3 2025 | $18.2B | +18% |
| Q2 2025 | $16.8B | +12% |
| Q1 2025 | $17.7B | +17% |
| Q4 2024 | $16.2B | +26% |
MS's revenue has grown year over year for 14 quarters in a row: $20.3B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.2 points |
| Q2 2026 | 34% | +6.9 points |
| Q1 2026 | 34% | +2.8 points |
| Q4 2025 | 32% | +2 points |
| Q3 2025 | 33% | +5.6 points |
| Q2 2025 | 28% | +0.4 points |
| Q1 2025 | 31% | +2.2 points |
| Q4 2024 | 30% | +14 points |
MS has the edge over MIAX on profitability, with a higher operating margin.
MIAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $106.5M | +131% |
| Q1 2026 | $49.2M | +1515% |
| Q4 2025 | $42.9M | +43% |
| Q2 2025 | $46.2M | -44% |
| Q1 2025 | $3M | -88% |
| Q4 2024 | $30M | +$33.3M |
MIAX's free cash flow was $220M over the past year, more than ten times what it generated the year before. Free cash flow isn't a meaningful measure for financial services companies like MIAX.
MS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$46B | -$42.7B |
| Q2 2026 | -$2.7B | -123% |
| Q1 2026 | -$7.1B | +$16.9B |
| Q4 2025 | -$2.4B | -120% |
| Q3 2025 | -$3.3B | +$14B |
| Q2 2025 | $11.8B | +368% |
| Q1 2025 | -$24B | -650% |
| Q4 2024 | $11.8B | +$29.6B |
MS's free cash flow was −$58.3B over the past year, against −$3.7B the year before. Free cash flow isn't a meaningful measure for financial services companies like MS.
MIAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +85.8K shares |
| 1 year | +39% | +31.4M shares |
MIAX has 111M diluted shares, up 39% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $8.9M |
| Q2 2026 | $3.8M |
| Q1 2026 | $13.3M |
| Q4 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
MIAX spent $26M buying back its own shares over the past year.
MS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -1.5% | -24M shares |
| 3 years | -4.7% | -77M shares |
| 5 years | -14% | -246M shares |
| Available history | -4.5% | -74M shares |
MS has the edge over MIAX on shareholder dilution, with a more favorable share count trend.
MIAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -3.5x | Net Cash |
| Q2 2026 | -4.4x | Net Cash |
| Q1 2026 | -3.7x | Net Cash |
| Q4 2025 | -5.1x | Net Cash |
| Q3 2025 | -7.9x | Net Cash |
| Q2 2025 | -2.4x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
MIAX has the edge over MS on leverage, with a lower net debt burden relative to earnings.
MS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.8x | High |
| Q2 2026 | 7.3x | High |
| Q1 2026 | 8.2x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 8.4x | High |
| Q2 2025 | 8.7x | High |
| Q1 2025 | 8.7x | High |
| Q4 2024 | 7.9x | High |
MS's net debt is about 7.8 years of its operating earnings (EBITDA), down from 8.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MS.
MIAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.3 | Neutral |
| Stochastic | 32.0 | Neutral |
MIAX's weekly RSI is 45 (neutral) and its Stochastic is 32 (neutral).
MS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 18.7 | Oversold |
MS's weekly RSI is 45 (neutral) and its Stochastic is 19 (oversold).
MIAX PE vs Financial Services Sector
MIAX has no meaningful PE right now: it lost money over the past year.
MS PE vs Financial Services Sector
| Metric | MS | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 15% above |
| PE % | 59 | 63 | 4 pts below |
MS is trading at 15x earnings, a 15% premium to the Financial Services sector's median of 13x.
MIAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $33.5 | 7.8% above |
| 20 week MA | $39.0 | 7.5% below |
| 50 week MA | $41.6 | 13% below |
MS has stronger trend alignment. MIAX is above 1 of 3 weekly averages versus MS above 3 of 5.
MS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $186.5 | 1.5% above |
| 20 week MA | $203.3 | 6.9% below |
| 50 week MA | $191.9 | 1.4% below |
| 100 week MA | $164.9 | 15% above |
| 200 week MA | $129.3 | 46% above |
MS's trend is mixed: it's above three of its five weekly moving averages, and 46% above its 200-week average.
MIAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $31.1 | $46.7 | +50% |
| 2026 YTD | $46.7 | $36.1 | -23% |
MIAX has finished every year since 2025 higher, and it's down 23% so far in 2026.
MS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.1 | $68.1 | +33% |
| 2021 | $68.1 | $99.3 | +46% |
| 2022 | $99.3 | $86.1 | -13% |
| 2023 | $86.1 | $93.3 | +8.3% |
| 2024 | $93.3 | $126.8 | +36% |
| 2025 | $126.8 | $181.9 | +43% |
| 2026 YTD | $181.9 | $189.2 | +4% |
MS has the edge over MIAX on returns for 2026, with the stronger performance.