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Piper Sandler Companies vs Miami International Holdings: PIPR and MIAX compared
Piper Sandler Companies is the larger company: $444M of revenue in its latest quarter (Q3 2026) against $376M for Miami International Holdings (Q3 2026). Miami International Holdings is growing faster (+11% against -8% a year earlier). Piper Sandler Companies is more profitable, with an operating margin of 15.0% against 12.5%.
Where the money goes: PIPR and MIAX
Piper Sandler Companies (PIPR) · Q3 2026
Piper Sandler Companies, Q3 2026: revenue $444M (-8% year over year), operating margin 15.0%, net earnings $55.4M, operating cash flow $350M. The chart follows the revenue to costs, profit and cash.
Miami International Holdings (MIAX) · Q3 2026
Miami International Holdings, Q3 2026: revenue $376M (+11% year over year), operating margin 12.5%, net earnings $52.5M, operating cash flow $23.1M. The chart follows the revenue to costs, profit and cash.
| Piper Sandler Companies (PIPR) | Miami International Holdings (MIAX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $444M | $376M |
| Revenue growth, Y/Y | -8% | +11% |
| Gross margin | — | 34.8% |
| Operating margin | 15.0% | 12.5% |
| Net earnings | $55.4M | $52.5M |
| Net margin | 12.5% | 13.9% |
| Operating cash flow | $350M | $23.1M |
| Free cash flow | — | $21.6M |
| Market value | $4.7B | $3.8B |
| P/E | 14.5× | 11.8× |
| Analysts’ mean target | $74.75 | $44.80 |
Where the revenue comes from
Miami International Holdings
- Transaction and clearing fees: $316M (84%)
- Access fees: $36.9M (10%)
- Market data fees: $13.9M (4%)
- Other revenue: $8.9M (2%)
Questions
Which is bigger, Piper Sandler Companies or Miami International Holdings?
Piper Sandler Companies is the larger company: $444M of revenue in its latest quarter (Q3 2026) against $376M for Miami International Holdings (Q3 2026).
Is Piper Sandler Companies or Miami International Holdings growing faster?
Miami International Holdings is growing faster (+11% against -8% a year earlier).
Which is more profitable, Piper Sandler Companies or Miami International Holdings?
Piper Sandler Companies is more profitable, with an operating margin of 15.0% against 12.5%.
More: Piper Sandler Companies earnings · how Piper Sandler Companies makes money · Miami International Holdings earnings · how Miami International Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.