Miami International Holdings, Inc. (MIAX)
Compare with another name Open in your desk ↗
Miami International Holdings, Inc. (MIAX) reported revenue of $388 million for Q2 FY2026, the quarter ended 30 June 2026, up 18.3% on the same quarter a year earlier. Net income was $44 million, up 87.9% on the year, and diluted earnings per share $0.40. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.
Revenue$388 millionup 18.3%
Net income$44 millionup 87.9%
Diluted EPS$0.40
QuarterQ2 FY2026ended 30 June 2026
Miami International Holdings (MIAX) in brief
Miami International Holdings (MIAX) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 19.6% on the year before.
Read more
Net loss was $70 million and the diluted loss per share $1.00. Revenue was $1.1 billion in fiscal 2024 and $1.0 billion in fiscal 2023. Net income in the same years was $102 million and a loss of $21 million. Over the twelve months to 30 June 2026, Miami International Holdings reported revenue of $1.5 billion and net income of $142 million. Miami International Holdings had 99 million shares outstanding at the latest filed count. At the close of 27 October 2026 the market cap of Miami International Holdings was $3.2 billion, 42.2 times its earnings over the last twelve months.Ratios
From the filings
ROE12.4%
ROCE10.1%
Operating margin7.9%
Net margin9.7%
FCF margin17.1%
Interest cover31.88
Debt to equity0.00
Cash conversion2.01
Share count, last 12 months-0.6%
Sales CAGR, 3 yearsn/a
Profit CAGR, 3 yearsn/a
EPS, TTM$0.77
At the close of 27 October 2026
Price$32.52
Market cap$3.2 billion
Stock P/E42.23
Price to book2.79
EV / EBITDA17.07
Dividend yieldn/a
Market cap / sales2.19
52-week high$56.84
52-week low$29.53
Price, 1 year-26.5%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read more
The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Miami International Holdings, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.MIAXgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read more
Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on MIAX
| Dividends | no dividend in its filings for fiscal 2023 onward |
| Filings | 25 in twelve months: 17 current reports (8-K), about 5 unregistered sale of equity; 4 results of operations; 4 other events; 4 officer or director change; 1 shareholder vote |
| Planned insider sales | 32 Form 144 notices in twelve months, $87.4 million; latest 2 October 2026 |
| Options tape | put/call 0.39 by open interest at the 27 October 2026 close; the straddle prices a 13.4% move to 20 November 2026 |
| 13F holders | 206 funds reported a position for the quarter to 30 June 2026; largest Horizon Kinetics Asset Management LLC |
| Insider trading | 68 sales and 3 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 8.0 million shares short, 3.66 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Quarterly results, the last 7 quarters
| Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|
| Revenue | 277 | 327 | 328 | 340 | 369 | 370 | 388 |
| Cost of revenue | 207 | 235 | 223 | 230 | 245 | 241 | 247 |
| Gross profit | 69.6 | 91.9 | 105 | 109 | 125 | 129 | 141 |
| Gross margin | 25% | 28% | 32% | 32% | 34% | 35% | 36% |
| Operating income | -1.2 | 22.3 | 27.3 | -0.3 | 42.7 | 46.0 | 27.8 |
| Operating margin | -0% | 7% | 8% | -0% | 12% | 12% | 7% |
| Interest expense | 2.2 | 4.4 | 4.9 | 3.4 | 0.2 | 0.0 | 0.0 |
| Pre-tax income | -1.6 | -21.2 | 24.7 | -103 | 30.9 | 100 | 28.8 |
| Tax rate | n/a | n/a | 5% | n/a | 3% | -70% | -54% |
| Net income | -3.2 | -21.4 | 23.5 | -102 | 29.9 | 170 | 44.2 |
| Net margin | -1% | -7% | 7% | -30% | 8% | 46% | 11% |
| Diluted EPS | -$0.05 | -$0.34 | $0.30 | -$1.46 | $0.27 | $1.56 | $0.40 |
| Operating cash flow | n/a | 11.2 | 55.0 | 54.7 | 47.0 | 60.9 | 123 |
| Capital expenditure | n/a | 4.7 | 12.2 | 1.7 | 4.1 | 11.7 | 16.3 |
| Free cash flow | n/a | 6.5 | 42.7 | 53.0 | 42.9 | 49.2 | 106 |
| Buybacks | n/a | 1.9 | 0.0 | 19.9 | 0.0 | 13.3 | 3.8 |
| Shares outstanding | 81m | 95m | 99m | 81m | 86m | 94m | 99m |
| Filing | 10-Q | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
Read more
* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss), 3 fiscal years and the trailing twelve months
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
Read more
Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 148 peers in Trading (8.9% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 122 peers in Trading (25.3). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|
| Revenue | 1,041 | 1,140 | 1,364 | 1,467 |
| Cost of revenue | 809 | 864 | 934 | 963 |
| Gross profit | 232 | 276 | 431 | 504 |
| Gross margin | 22.3% | 24.2% | 31.6% | 34.3% |
| Operating income | -2.9 | -2.8 | 92.0 | 116 |
| Operating margin | -0.3% | -0.2% | 6.7% | 7.9% |
| Interest expense | 18.9 | 14.0 | 12.9 | 3.6 |
| Pre-tax income | -22.1 | 105 | -68.6 | 56.8 |
| Income tax | -0.7 | 3.1 | 1.4 | -85.5 |
| Effective tax rate | n/a | 2.9% | n/a | -150.5% |
| Net income | -20.9 | 102 | -70.0 | 142 |
| Net margin | -2.0% | 9.0% | -5.1% | 9.7% |
| Diluted EPS | -$0.37 | $1.39 | -$1.00 | $0.77 |
| Filing | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Revenue by segment FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| Options | 788 | 852 | 1,107 | 81.2% |
| Equities | 165 | 188 | 153 | 11.3% |
| Futures | 83.7 | 96.1 | 87.9 | 6.4% |
| International | 3.2 | 3.3 | 14.7 | 1.1% |
OptionsEquitiesFuturesInternational
$ million; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Profit by segment FY2023 to FY2025
The operating profit each segment reports. Costs Miami International Holdings does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.
| FY2023 | FY2024 | FY2025 | Margin FY2025 | |
|---|---|---|---|---|
| Options | 117 | 134 | 234 | 21.1% |
| Equities | -36.5 | -27.1 | -12.0 | -7.8% |
| Futures | -29.2 | -47.2 | -56.8 | -64.7% |
| International | -4.5 | -10.8 | -1.0 | -6.5% |
OptionsEquitiesFuturesInternational
$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.
FY2025Share of salesShare of profit
Options81%100%
Equities11%a loss
Futures6%a loss
International1%a loss
Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.Revenue by product or service FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| Transaction and clearing fees | 907 | 1,000 | 1,189 | 87.2% |
| Access fees | 88.0 | 89.6 | 106 | 7.8% |
| Market data fees | 30.1 | 33.6 | 41.6 | 3.0% |
| Other revenue | 15.7 | 16.7 | 27.0 | 2.0% |
Transaction and clearing feesAccess feesMarket data feesOther revenue
$ million; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow and capital returned
| FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|
| Operating cash flow | -49.2 | 111 | 168 | 285 |
| Capital expenditure | 16.2 | 26.7 | 22.8 | 33.9 |
| Free cash flow | -65.4 | 84.7 | 145 | 251 |
| Free cash flow margin | -6.3% | 7.4% | 10.6% | 17.1% |
| Cash from investing | -64.1 | -40.6 | -101 | 2.0 |
| Cash from financing | -16.6 | 29.4 | 215 | 218 |
| Depreciation and amortisation | 21.0 | 23.4 | 29.4 | 33.1 |
| Share-based compensation | 30.0 | 43.6 | 57.6 | 54.6 |
| Buybacks | 3.3 | 12.4 | 21.8 | 36.9 |
| Diluted shares, weighted | 56m | 75m | 70m | 111m |
| Shares outstanding at period end | n/a | 63m | 86m | 99m |
| Filing | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
Read more
The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet at year end
| FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|
| Funded by | ||||
| Shareholders' equity | 164 | 368 | 881 | 1,150 |
| Debt | n/a | 37.0 | 1.5 | 1.5 |
| Operating lease liabilities | n/a | 15.4 | 16.8 | 14.8 |
| Finance lease liabilities | n/a | n/a | 0.4 | 0.4 |
| Other liabilities | n/a | 554 | 360 | 433 |
| Total liabilities and equity | n/a | 974 | 1,259 | 1,600 |
| Owned | ||||
| Fixed assets | n/a | 44.5 | 46.9 | n/a |
| Goodwill | 46.8 | 46.8 | 62.2 | 61.9 |
| Intangible assets | 115 | 114 | 171 | 169 |
| Investments | n/a | 31.0 | 19.2 | 28.9 |
| Cash and equivalents | 59.3 | 150 | 434 | 660 |
| Receivables | n/a | 92.4 | 98.1 | 120 |
| Other assets | n/a | 494 | 429 | 560 |
| Total assets | n/a | 974 | 1,259 | 1,600 |
| Filing | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
Read more
Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | n/a | n/a | n/a | n/a |
| Profit growth, compounded | n/a | n/a | n/a | n/a |
| Return on equity, average | n/a | n/a | 2.4% | -7.9% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read more
Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Miami International Holdings' revenue in fiscal 2025?
Miami International Holdings (MIAX) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 19.6% on the year before.
How much did Miami International Holdings earn in fiscal 2025?
Net loss was $70 million for fiscal 2025, and the diluted loss per share $1.00.
What is Miami International Holdings' P/E ratio?
At the close of 27 October 2026, Miami International Holdings traded at 42.2 times its earnings over the twelve months to 30 June 2026.
What is Miami International Holdings' market cap?
The market cap of Miami International Holdings was $3.2 billion at the close of 27 October 2026.
Peers: Trading
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Morgan Stanley MS | $293.9 billion | 15.12 | 17.3% | n/a | 18.0% | 3.37 | 2.1% |
| Goldman Sachs Group Inc. GS | $265.8 billion | 14.08 | 17.1% | n/a | 17.8% | 3.57 | 1.9% |
| BlackRock, Inc. BLK | $176.0 billion | 27.14 | 11.4% | 32.6% | 26.5% | 0.22 | 1.9% |
| Charles Schwab Corp. SCHW | $154.4 billion | 16.23 | 20.1% | n/a | 20.3% | 0.45 | 1.3% |
| Robinhood Markets, Inc. HOOD | $86.2 billion | 41.65 | 21.7% | 46.0% | 38.3% | 0.23 | n/a |
| Interactive Brokers Group, Inc. IBKR | $37.0 billion | 32.91 | 19.1% | n/a | 21.3% | n/a | 0.0% |
| Raymond James Financial Inc. RJF | $30.4 billion | 13.79 | 18.2% | n/a | 10.5% | 0.07 | 1.3% |
| Nomura Holdings Inc. NMR * | $26.4 billion | 12.01 | 9.8% | n/a | 14.0% | n/a | 4.5% |
| SEI Investments Co. SEIC | $12.2 billion | 17.90 | 28.3% | 29.4% | 12.8% | 0.01 | 1.0% |
| Freedom Holding Corp. FRHC | $10.9 billion | n/a | n/a | n/a | n/a | n/a | n/a |
| Stifel Financial Corp. SF | $10.9 billion | 11.91 | 15.9% | n/a | 15.4% | 0.10 | 1.9% |
| Jefferies Financial Group Inc. JEF | $10.6 billion | n/a | 8.3% | n/a | 17.7% | 1.72 | 3.5% |
All 156 in Trading
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Morgan Stanley MS | $293.9 billion | 15.12 | 17.3% | n/a | 18.0% | 3.37 | 2.1% |
| Goldman Sachs Group Inc. GS | $265.8 billion | 14.08 | 17.1% | n/a | 17.8% | 3.57 | 1.9% |
| BlackRock, Inc. BLK | $176.0 billion | 27.14 | 11.4% | 32.6% | 26.5% | 0.22 | 1.9% |
| Welltower Inc. WELL | $166.1 billion | 98.23 | 3.4% | -1.9% | 39.2% | 0.37 | 1.2% |
| Charles Schwab Corp. SCHW | $154.4 billion | 16.23 | 20.1% | n/a | 20.3% | 0.45 | 1.3% |
| Prologis, Inc. PLD | $118.0 billion | 28.17 | 7.8% | 54.7% | 7.3% | 0.68 | 3.3% |
| CME Group Inc. CME | $105.3 billion | 24.08 | 16.8% | 65.7% | 9.0% | 0.13 | 3.9% |
| Equinix Inc. EQIX | $98.7 billion | 64.38 | 10.7% | 21.8% | 9.6% | 1.38 | 2.0% |
| Blackstone Inc. BX | $87.8 billion | 26.11 | 39.0% | 47.2% | 17.2% | 1.48 | 4.0% |
| Intercontinental Exchange, Inc. ICE | $87.2 billion | 21.95 | 13.7% | 40.7% | 6.9% | 0.67 | 1.3% |
| Robinhood Markets, Inc. HOOD | $86.2 billion | 41.65 | 21.7% | 46.0% | 38.3% | 0.23 | n/a |
| American Tower Corp. AMT | $85.3 billion | 25.92 | 94.2% | 44.8% | 5.3% | 10.69 | 3.8% |
| KKR & Co. Inc. KKR | $82.6 billion | 29.29 | 10.2% | n/a | 31.1% | 1.72 | 0.8% |
| Brookfield Asset Management Ltd. BAM | $75.4 billion | n/a | n/a | 58.6% | 31.9% | 0.38 | 3.3% |
| Simon Property Group Inc. SPG | $68.8 billion | 14.97 | 104.1% | 47.4% | 15.0% | 6.47 | 4.1% |
| Digital Realty Trust, Inc. DLR | $66.2 billion | 86.90 | 2.9% | 14.6% | 17.4% | 0.68 | n/a |
| Apollo Global Management, Inc. APO | $65.8 billion | 41.56 | 8.9% | 20.2% | 41.2% | 0.65 | 1.8% |
| Public Storage PSA | $58.4 billion | 32.73 | 13.1% | 34.5% | 5.2% | 0.84 | 3.8% |
| Nasdaq, Inc. NDAQ | $58.3 billion | 28.52 | 17.4% | 29.7% | 11.9% | 0.73 | 1.1% |
| Realty Income Corp. O | $53.8 billion | 41.48 | 3.2% | 20.1% | 10.9% | 0.78 | 5.7% |
| Ameriprise Financial Inc. AMP | $43.5 billion | 11.89 | 62.0% | 25.9% | 10.6% | 1.03 | 0.7% |
| Ventas, Inc. VTR | $42.7 billion | 154.33 | 1.8% | 3.3% | 21.5% | 0.87 | 2.4% |
| Ares Management Corp. ARES | $38.3 billion | n/a | 16.0% | 18.1% | 24.0% | 1.79 | 4.0% |
| Crown Castle Inc. CCI | $37.4 billion | n/a | n/a | n/a | n/a | n/a | 4.8% |
| Interactive Brokers Group, Inc. IBKR | $37.0 billion | 32.91 | 19.1% | n/a | 21.3% | n/a | 0.0% |
| Iron Mountain Inc. IRM | $34.3 billion | 82.37 | n/a | 18.8% | 17.4% | n/a | 2.9% |
| Cboe Global Markets, Inc. CBOE | $34.0 billion | 25.34 | 24.1% | 34.7% | 11.7% | 0.26 | 0.9% |
| Extra Space Storage Inc. EXR | $30.6 billion | 31.93 | 7.2% | 40.9% | 4.2% | 1.03 | 4.5% |
| Raymond James Financial Inc. RJF | $30.4 billion | 13.79 | 18.2% | n/a | 10.5% | 0.07 | 1.3% |
| Nomura Holdings Inc. NMR * | $26.4 billion | 12.01 | 9.8% | n/a | 14.0% | n/a | 4.5% |
| Vici Properties Inc. VICI | $26.1 billion | 9.19 | 9.5% | n/a | 4.4% | 0.58 | 7.6% |
| Tradeweb Markets Inc. TW | $25.5 billion | 28.64 | 13.5% | 43.7% | 14.0% | 0.00 | 0.4% |
| LPL Financial Holdings Inc. LPLA | $25.0 billion | 25.34 | 17.5% | 7.0% | 38.8% | 1.30 | 0.4% |
| Vivmark Residential VMRK | $23.4 billion | 27.19 | 8.3% | 28.2% | 2.8% | 0.79 | 4.5% |
| Texas Pacific Land Corp. TPL | $22.8 billion | 42.09 | 32.4% | 74.9% | 20.8% | 0.00 | 0.7% |
| T. Rowe Price Group, Inc. TROW | $22.1 billion | 10.39 | 20.2% | 30.8% | 7.0% | 0.00 | 5.0% |
| Royal Gold Inc. RGLD | $20.3 billion | 26.16 | 9.7% | 61.4% | 93.5% | 0.05 | 0.8% |
| SBA Communications Corp. SBAC | $19.5 billion | 19.84 | n/a | 47.6% | 5.4% | n/a | 2.6% |
| Essex Property Trust, Inc. ESS | $17.6 billion | 42.68 | 7.8% | 32.5% | 4.7% | 1.26 | 3.8% |
| Host Hotels & Resorts, Inc. HST | $17.3 billion | 16.83 | 16.1% | 14.6% | 4.9% | 0.80 | 3.8% |
| TPG Inc. TPG | $17.2 billion | 77.41 | 6.3% | n/a | 30.1% | 0.63 | 5.0% |
| Kimco Realty Corp. KIM | $15.9 billion | 27.89 | 5.9% | 36.0% | 4.4% | 0.85 | 4.3% |
| Franklin Templeton Inc. BEN | $15.9 billion | 21.25 | 6.9% | 9.7% | 7.9% | 0.20 | 4.2% |
| Lamar Advertising Co. LAMR | $15.7 billion | 28.29 | 55.9% | 31.8% | 4.4% | 3.53 | 4.2% |
| W. P. Carey Inc. WPC | $14.5 billion | 21.67 | 7.5% | 41.8% | 9.0% | 1.02 | 5.8% |
| Weyerhaeuser Co. WY | $14.0 billion | 29.39 | 5.0% | 12.3% | -2.6% | 0.57 | 4.3% |
| Omega Healthcare Investors Inc. OHI | $13.8 billion | 16.42 | 15.9% | 60.6% | 15.0% | 0.75 | 5.8% |
| Sun Communities Inc. SUI | $13.8 billion | n/a | n/a | n/a | n/a | 0.73 | 3.8% |
| Mid-America Apartment Communities, Inc. MAA | $13.8 billion | 34.72 | 7.4% | n/a | 0.8% | 1.05 | 5.1% |
| Annaly Capital Management Inc. NLY | $13.8 billion | 4.60 | 17.4% | n/a | 27.5% | 2.03 | 15.3% |
| Carlyle Group Inc. CG | $13.6 billion | 40.12 | 5.0% | 17.0% | -41.9% | 0.42 | 3.6% |
| Regency Centers Corp. REG | $13.6 billion | 25.01 | 8.1% | 72.0% | 8.2% | 0.71 | 4.0% |
| Healthpeak Properties, Inc. DOC | $13.1 billion | 54.40 | 3.1% | 5.1% | 5.5% | 1.28 | 6.4% |
| Invesco Ltd. IVZ | $12.6 billion | n/a | -2.5% | -7.1% | 12.2% | 0.13 | 3.0% |
| SEI Investments Co. SEIC | $12.2 billion | 17.90 | 28.3% | 29.4% | 12.8% | 0.01 | 1.0% |
| Equity Lifestyle Properties Inc. ELS | $11.5 billion | 29.30 | 23.1% | 26.1% | 3.2% | 1.89 | 3.6% |
| American Homes 4 Rent AMH | $11.5 billion | 25.27 | 6.8% | 14.8% | 4.3% | 0.75 | 4.0% |
| Udr, Inc. UDR | $11.4 billion | 22.68 | 17.8% | 40.8% | 1.5% | 1.98 | 4.9% |
| Gaming & Leisure Properties, Inc. GLPI | $11.3 billion | 11.38 | 19.4% | 82.5% | 5.8% | 1.62 | 8.1% |
| Freedom Holding Corp. FRHC | $10.9 billion | n/a | n/a | n/a | n/a | n/a | n/a |
| Stifel Financial Corp. SF | $10.9 billion | 11.91 | 15.9% | n/a | 15.4% | 0.10 | 1.9% |
| Evercore Inc. EVR | $10.7 billion | 14.68 | 40.1% | 21.4% | 45.4% | 0.29 | 1.3% |
| Eastgroup Properties Inc. EGP | $10.6 billion | 33.48 | 8.9% | 40.8% | 10.4% | 0.51 | 3.2% |
| Jefferies Financial Group Inc. JEF | $10.6 billion | n/a | 8.3% | n/a | 17.7% | 1.72 | 3.5% |
| Camden Property Trust CPT | $10.2 billion | 33.61 | 8.6% | n/a | 0.5% | 1.28 | 4.2% |
| Affiliated Managers Group, Inc. AMG | $10.1 billion | 13.57 | 28.2% | 15.1% | 11.8% | 0.99 | 0.0% |
| American Healthcare REIT, Inc. AHR | $9.9 billion | 75.10 | 3.3% | 19.2% | 16.4% | 0.39 | 2.0% |
| Bxp, Inc. BXP | $9.7 billion | 32.75 | 5.8% | 28.3% | 1.9% | 3.03 | 5.0% |
| Federal Realty Investment Trust FRT | $9.5 billion | 22.16 | 13.0% | 47.9% | 8.0% | 1.42 | 4.1% |
| CubeSmart CUBE | $9.2 billion | 28.00 | 13.0% | 39.8% | 3.9% | 1.35 | 5.2% |
| Houlihan Lokey, Inc. HLI | $8.9 billion | 22.24 | 18.0% | 20.4% | 1.7% | 0.00 | 0.2% |
| Brixmor Property Group Inc. BRX | $8.8 billion | 20.96 | 14.1% | n/a | 5.7% | 1.76 | 4.3% |
| Agree Realty Corp. ADC | $8.7 billion | 34.53 | 3.5% | 48.9% | 17.7% | 0.54 | 4.0% |
| CareTrust REIT, Inc. CTRE | $8.5 billion | 22.72 | 7.9% | 55.7% | 53.0% | 0.27 | 4.0% |
| InterDigital, Inc. IDCC | $8.5 billion | 37.95 | 25.1% | 43.8% | -11.7% | 0.32 | 0.9% |
| Ryman Hospitality Properties, Inc. RHP | $8.4 billion | 32.36 | 36.3% | 19.8% | 12.2% | 5.30 | 3.6% |
| Rexford Industrial Realty, Inc. REXR | $8.2 billion | n/a | -6.4% | 39.8% | -2.0% | 0.39 | 4.5% |
| Morningstar, Inc. MORN | $8.1 billion | 20.44 | 41.2% | 23.5% | 9.3% | 1.67 | 0.9% |
| Lineage, Inc. LINE | $8.1 billion | n/a | -2.1% | 3.6% | 1.0% | 0.79 | 6.0% |
| NNN REIT, Inc. NNN | $8.0 billion | 20.46 | 8.6% | 62.3% | 6.5% | 1.12 | 5.7% |
| First Industrial Realty Trust Inc. FR | $7.3 billion | 20.51 | 12.9% | 41.6% | 8.5% | 0.96 | 3.5% |
| Alexandria Real Estate Equities, Inc. ARE | $7.1 billion | n/a | -9.7% | -85.8% | -9.9% | 0.87 | 7.1% |
| Stag Industrial, Inc. STAG | $7.0 billion | 25.67 | 7.4% | 37.7% | 9.3% | 0.94 | 4.3% |
| Macerich Co. MAC | $6.9 billion | n/a | -6.0% | -11.1% | 1.3% | 1.71 | 2.8% |
| Victory Capital Holdings, Inc. VCTR | $6.8 billion | 20.34 | 19.4% | 41.3% | 51.5% | 0.41 | 1.8% |
| StoneX Group Inc. SNEX | $6.7 billion | 9.71 | 18.5% | n/a | 48.7% | 6.97 | n/a |
| Vornado Realty Trust VNO | $6.4 billion | 1,717.00 | 1.2% | n/a | 1.4% | 1.29 | 2.2% |
| Blue OWL Capital Inc. OWL | $6.4 billion | 77.50 | 4.1% | -334.2% | 4.3% | 1.91 | 9.7% |
| Healthcare Realty Trust Inc. HR | $6.1 billion | n/a | -2.1% | n/a | -6.3% | 0.99 | 6.2% |
| SSR Mining Inc. SSRM | $6.0 billion | 26.59 | 7.0% | 40.2% | 48.4% | 0.00 | n/a |
| Dolby Laboratories, Inc. DLB | $5.9 billion | 26.69 | 8.8% | 17.7% | 0.6% | 0.00 | 2.3% |
| Essential Properties Realty Trust, Inc. EPRT | $5.9 billion | 21.81 | 5.8% | 60.6% | 20.4% | 0.66 | 4.7% |
| Marketaxess Holdings Inc. MKTX | $5.8 billion | 19.47 | 24.7% | 40.5% | 3.9% | 0.09 | 1.9% |
| Rayonier Inc. RYN | $5.7 billion | n/a | n/a | n/a | n/a | 0.36 | 5.5% |
| Outfront Media Inc. OUT | $5.5 billion | 22.52 | 35.3% | 20.5% | 7.6% | 3.65 | 3.8% |
| BGC Group, Inc. BGC | $5.4 billion | 27.72 | 18.0% | 4.7% | 27.6% | 1.60 | 0.7% |
| Rithm Capital Corp. RITM | $5.2 billion | n/a | n/a | n/a | n/a | 3.52 | 10.7% |
| Sabra Health Care REIT, Inc. SBRA | $5.0 billion | 74.77 | 2.4% | n/a | 17.3% | 0.95 | 6.2% |
| Kite Realty Group Trust KRG | $5.0 billion | 15.26 | 11.8% | 16.3% | -5.9% | 0.99 | 5.2% |
| Phillips Edison & Company, Inc. PECO | $4.9 billion | 26.52 | 7.5% | n/a | 7.0% | 1.05 | 6.0% |
| Virtu Financial, Inc. VIRT | $4.8 billion | 9.13 | 29.5% | 31.3% | 20.8% | 2.68 | 1.7% |
| HA Sustainable Infrastructure Capital, Inc. HASI | $4.8 billion | 70.17 | 3.3% | n/a | 26.5% | 2.23 | 4.5% |
| Cousins Properties Inc. CUZ | $4.8 billion | 721.50 | 0.1% | 68.0% | 11.9% | 0.83 | 4.4% |
| Starwood Property Trust, Inc. STWD | $4.6 billion | 21.44 | 3.5% | 1.5% | 11.8% | 2.91 | 15.4% |
| Piper Sandler Companies PIPR | $4.4 billion | 15.14 | 22.4% | n/a | 32.4% | n/a | 3.0% |
| Apple Hospitality REIT, Inc. APLE | $4.4 billion | 25.19 | 5.6% | 17.9% | 1.2% | 0.48 | 5.2% |
| Howard Hughes Holdings Inc. HHH | $4.4 billion | 14.83 | 7.4% | 21.3% | 34.0% | 1.38 | n/a |
| EPR Properties EPR | $4.3 billion | 18.01 | 11.4% | 55.1% | 4.5% | 1.43 | 6.4% |
| Tanger Inc. SKT | $4.2 billion | n/a | n/a | n/a | n/a | 2.76 | n/a |
| Lazard, Inc. LAZ | $4.2 billion | 23.15 | 19.5% | 8.1% | 9.2% | 1.78 | 5.2% |
| Kilroy Realty Corp. KRC | $4.2 billion | 149.92 | 0.6% | n/a | -3.6% | 0.84 | 6.0% |
| Americold Realty Trust COLD | $4.1 billion | n/a | -18.9% | -12.5% | -0.2% | 1.76 | 5.7% |
| Federated Hermes, Inc. FHI | $4.1 billion | 10.49 | 32.9% | 27.1% | 15.0% | 0.28 | 2.5% |
| Copt Defense Properties CDP | $3.8 billion | 23.57 | 10.7% | 30.3% | 4.5% | 1.70 | 3.7% |
| Cohen & Steers, Inc. CNS | $3.6 billion | 21.73 | 28.6% | 32.9% | 7.4% | 0.00 | 3.6% |
| LXP Industrial Trust LXP | $3.6 billion | 31.53 | 5.9% | n/a | -3.5% | 0.66 | 4.5% |
| PJT Partners Inc. PJT | $3.5 billion | 19.55 | 63.9% | 21.0% | 22.9% | 0.00 | 0.7% |
| SL Green Realty Corp. SLG | $3.5 billion | n/a | -5.1% | 66.6% | 8.5% | 1.26 | 5.6% |
| Independence Realty Trust, Inc. IRT | $3.5 billion | 82.56 | 1.3% | 16.9% | 3.5% | 0.73 | 4.6% |
| StepStone Group Inc. STEP | $3.4 billion | n/a | n/a | -58.2% | 48.5% | n/a | 3.5% |
| Acadian Asset Management Inc. AAMI | $3.3 billion | 33.19 | n/a | 23.7% | 24.2% | n/a | 0.2% |
| Broadstone Net Lease, Inc. BNL | $3.3 billion | 22.59 | 5.1% | 46.6% | 7.7% | 0.93 | 6.8% |
| Highwoods Properties, Inc. HIW | $3.3 billion | 17.76 | 7.8% | 67.2% | 5.4% | 1.48 | 5.7% |
| WisdomTree, Inc. WT | $3.2 billion | 40.83 | 19.3% | 38.8% | 37.1% | 2.57 | 0.6% |
| National Health Investors Inc. NHI | $3.2 billion | 19.21 | 10.6% | n/a | 23.9% | 0.81 | 5.5% |
| Miami International Holdings, Inc. MIAX | $3.2 billion | 42.23 | 12.4% | 7.9% | n/a | 0.00 | n/a |
| CoreCivic, Inc. CXW | $3.0 billion | 24.66 | 8.9% | 9.9% | 24.3% | 0.94 | 0.0% |
| DiamondRock Hospitality Co. DRH | $2.9 billion | 19.34 | 10.1% | 16.2% | 1.0% | 0.72 | 2.7% |
| Artisan Partners Asset Management Inc. APAM | $2.7 billion | 7.98 | 71.5% | 33.0% | 9.8% | 0.45 | 9.7% |
| Acadia Realty Trust AKR | $2.6 billion | n/a | n/a | n/a | n/a | 0.70 | 4.2% |
| Four Corners Property Trust, Inc. FCPT | $2.4 billion | 19.96 | 7.3% | n/a | 9.6% | 0.77 | 6.6% |
| Pebblebrook Hotel Trust PEB | $2.4 billion | n/a | -1.9% | 4.3% | 2.1% | 0.86 | 0.2% |
| InvenTrust Properties Corp. IVT | $2.4 billion | 82.03 | 1.6% | -7.7% | 12.6% | 0.58 | 3.3% |
| LTC Properties Inc. LTC | $2.3 billion | 15.84 | 10.7% | 53.0% | 59.8% | 0.61 | 5.3% |
| Netstreit Corp. NTST | $2.2 billion | 79.09 | 1.1% | 32.5% | 27.1% | 0.60 | 5.1% |
| SmartStop Self Storage REIT, Inc. SMA | $2.0 billion | 69.21 | 2.5% | 21.4% | 21.1% | 0.97 | 1.7% |
| RLJ Lodging Trust RLJ | $1.9 billion | 290.89 | 1.3% | 9.5% | 1.1% | 1.25 | 4.8% |
| Diversified Healthcare Trust DHC | $1.9 billion | n/a | -16.8% | -8.6% | -1.5% | 1.54 | 0.5% |
| Douglas Emmett Inc. DEI | $1.7 billion | n/a | -1.2% | 19.0% | 0.8% | 3.11 | 7.6% |
| Medical Properties Trust Inc. MPT | $1.6 billion | n/a | -0.7% | 4.3% | 10.6% | 2.16 | 12.9% |
| CBL & Associates Properties Inc. CBL | $1.5 billion | 7.14 | 50.8% | 27.2% | 9.0% | 4.76 | 0.0% |
| Global Net Lease, Inc. GNL | $1.5 billion | n/a | n/a | n/a | n/a | 1.59 | 10.8% |
| American Assets Trust, Inc. AAT | $1.3 billion | 73.16 | 1.6% | 22.8% | -2.9% | 1.50 | 6.4% |
| Easterly Government Properties, Inc. DEA | $1.1 billion | 78.21 | 1.1% | 23.9% | 11.4% | 1.28 | 7.9% |
| Centerspace CSR | $952 million | 45.34 | 3.2% | 26.0% | 0.7% | 1.45 | 5.4% |
| Safehold Inc. SAFE | $809 million | 7.07 | 4.8% | 25.1% | 12.1% | 1.91 | 6.2% |
| Virtus Investment Partners, Inc. VRTS | $801 million | 6.89 | 12.7% | 15.7% | -7.2% | 0.44 | 7.9% |
| Navient Corp. NAVI | $789 million | n/a | -2.1% | n/a | -35.5% | 18.49 | 7.6% |
| Saul Centers, Inc. BFS | $720 million | 29.95 | 11.8% | 67.0% | 8.7% | 5.42 | 8.1% |
| JBG Smith Properties JBGS | $684 million | n/a | -14.2% | -0.9% | -1.1% | 2.37 | 6.1% |
| PennyMac Mortgage Investment Trust PMT | $633 million | 5.11 | 9.0% | 36.5% | 14.6% | 1.71 | 22.0% |
| Arbor Realty Trust Inc. ABR | $545 million | 41.21 | 0.6% | n/a | -16.4% | 4.00 | 37.1% |
| Franklin BSP Realty Trust, Inc. FBRT | $483 million | n/a | n/a | n/a | n/a | 0.02 | 17.3% |
| NexPoint Residential Trust, Inc. NXRT | $469 million | n/a | -13.5% | 11.1% | -0.5% | 6.55 | 11.4% |
| Galaxy Digital Inc. GLXY | $859 | n/a | -18.5% | -2.3% | 66.0% | 1.55 | n/a |
| Hamilton Lane Inc. HLNE | n/a | n/a | 29.4% | 43.6% | 24.0% | 0.29 | 2.7% |
18 companies share its SEC industry code (Security Brokers, Dealers & Flotation Companies); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.