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BULL vs MIAX // FREE CASH FLOW YIELD

Webull Corporation (Class A) (NASDAQ) VS. Miami International Holdings Inc. (NYSE) • 15-METRIC TALLY: BULL 3 — MIAX 6
▲ FREE CASH FLOW YIELD LEADER: BULL
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BULL VS. MIAX) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC BULL MIAX SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) 1.50% 16.20% -14.70 MIAX /roic <GO>
EV/EBITDA & P/E Valuation 95.0x 24.1x +70.90 MIAX /valuation <GO>
Free Cash Flow Yield ACTIVE 19.49% 4.65% +14.84 BULL /fcf-yield <GO>
Operating Margin 3.70% 6.70% -3.00 MIAX /operating-margins <GO>
Net Profit Margin 3.10% -5.10% +8.20 BULL /net-margins <GO>
Revenue Growth (YoY) 11.00% 19.60% -8.60 MIAX /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity — — — TIE /balance-sheet <GO>
Piotroski F-Score Quality 8/9 5/9 +3.00 BULL /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 31.6 50.6 -18.99 MIAX /rsi-technicals <GO>
10Y Yield & FRED Macro Beta 1.09 — — TIE /macro-sensitivity <GO>
Forward P/E Multiple 108.2x — — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $2.88B $3.12B -$238.0M MIAX /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR BULL REV MIAX REV BULL GROSS % MIAX GROSS % BULL FCF MIAX FCF
FY 2025 $0 $1.36B — — $561.5M $145.0M
FY 2024 $0 $1.14B — — $182.8M $84.7M
FY 2023 $0 $1.04B — — $470.6M -$49.2M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
BULL // BETA 1.09
MIAX // BETA —