Miami International Holdings Inc. (MIAX) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, MIAX scores 51 out of 100, a D grade, labeled "Roarable Sell — Underperform / Distribution Warning." The five pillars are:

• Fundamental Cash Engine: 16 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 16.2% and an FCF yield of 4.65%. These are the strongest inputs in the score and point to reasonable capital efficiency relative to the stock's market value.
• Whale 13F Flow: 4 / 20. Per the Roarable RQD rating, institutional accumulation and options positioning are weak, which is the lowest pillar and a notable drag on the composite.
• Insider Conviction: 11 / 20. Per the Roarable RQD rating, SEC Form 4 and Congressional PTR cluster flow are moderate, neither a strong signal of conviction nor a clear warning.
• Macro Regime Fit: 9 / 20. Per the Roarable RQD rating, beta of 1.0 and sector sensitivity leave the stock exposed to broad market moves without a clear macro tailwind.
• Forensic Balance Sheet: 11 / 20. Per the Roarable RQD rating, Altman Z of 2.5, Piotroski F of 5/9, and Debt/Equity of 0.5 indicate a balance sheet that is serviceable but not especially strong.

For a prospective investor, the upside case rests mainly on the cash-generation pillar: ROIC and FCF yield are the two inputs that argue the business earns good returns on capital. The downside is concentrated in weak institutional flow and a macro fit that offers no clear support, so the score leans toward caution. The stock's valuation, with EV/EBITDA of 24.1 per the market data, is a tradeoff: investors are paying a full multiple for earnings power that the reported net-loss figures do not yet confirm. This brief is educational, not personalized advice.

Per the SEC financials, revenue grew each year across the three reported periods, and FY 2025 operating income turned positive at $92.0M, though net income was $-70.0M. Per the market data, operating margin is 6.7% and net margin is -5.1%. Per the Roarable RQD rating, ROIC is 16.2%, Altman Z is 2.5, and Piotroski F is 5/9. Per the Roarable RQD rating, Debt/Equity is 0.5, and the FY 2025 debt figure of $0.0M in the SEC financials indicates the balance sheet was reported debt-free at period end.

Per the recent news and catalysts section:

• Risk Watch (RED): A headline references an analyst cutting the price target on a volume miss.
• Catalyst (GREEN): A headline references Q3 growth and operating leverage, labeled as a rating upgrade.
• Market Wire (YELLOW): Multiple headlines describe fair value edging lower as analysts trim or reset targets, and one references a market-share and pricing test following a post-earnings slide.
• Market Wire (YELLOW): A headline references September 2026 trading results.

Per the Butterfly Supply-Chain Graph, supply chain is NONE, there are no butterfly links, and there are no proprietary signals. Net read: the news flow is mixed, with the most concrete negative item being the volume-miss target cut and the most concrete positive being the growth and operating leverage upgrade.

• What are the reported EPS and trailing P/E figures, given that EPS is N/A across all three periods and P/E is unavailable?
• What is the source of the FY 2025 net loss of $-70.0M despite positive operating income of $92.0M?
• What drove the FY 2023 cash and debt figures to be unavailable, and how do they compare to later periods?
• What specific market-share and pricing dynamics underlie the reported volume miss and post-earnings slide?
• Who are the institutional holders and insiders behind the RQD whale and insider pillar scores?