A Business at a Glance
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MediaAlpha, Inc.
MAX
$863M
Mkt Cap
$13.13
+0.23%
MediaAlpha, Inc. (MAX) has a current P/E ratio of 33.7, compared to its historical median P/E of 34.2. The stock is currently considered Fair based on its historical valuation range.
MediaAlpha, Inc. (MAX) has a 5-year average return on invested capital (ROIC) of -2.1%. This is below average and may indicate limited pricing power.
MediaAlpha, Inc. (MAX) has a market capitalization of $733M. It is classified as a small-cap stock.
MediaAlpha, Inc. (MAX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.45%.
Based on historical P/E analysis, MediaAlpha, Inc. (MAX) appears fair. The current P/E of 33.7 is 2% below its historical median of 34.2. The estimated fair value CAGR (P/E method) is -4.0%.
MediaAlpha, Inc. (MAX) operates in the Services-Business Services, Nec industry, within the Industrials sector.
MediaAlpha, Inc. (MAX) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Our Company Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value(1) across our platform from our core verticals of property & casualty (“P&C”) insurance, health insurance and life insurance during the year ended December 31, 2025. We believe in the disruptive power of transparency. Traditionally, insurance customer acquisition platforms operated in a black box.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.1B | 865M | 388M | 459M | 645M |
| Net Income | 39M | 26M | 17M | -40M | -58M | -5.3M |
| EPS | $0.56 | $0.39 | $0.31 | $-0.89 | $-1.37 | $-0.19 |
| Free Cash Flow | 40M | 65M | 46M | 20M | 28M | 28M |
| ROIC | 31.8% | 18.9% | 29.7% | -26.0% | -34.7% | 1.6% |
| Gross Margin | - | 15.0% | 16.6% | 17.2% | 15.3% | 15.7% |
| Debt/Equity | 85.29 | 37.21 | 69.20 | -17.18 | -11.65 | -43.99 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 44M | 22M | 43M | -40M | -35M | 2.1M |
| Operating Margin | 3.8% | 2.0% | 4.9% | -10.3% | -7.7% | 0.3% |
| ROE | 2036.4% | 615.9% | -420.1% | 307.5% | - | 27.7% |
| Shares Outstanding | 56M | 66M | 54M | 45M | 42M | 28M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 297M | 408M | 585M | 645M | 459M | 388M | 865M | 1.1B | 1.2B |
| Gross Margin | 16.6% | 16.0% | 14.6% | 15.7% | 15.3% | 17.2% | 16.6% | 15.0% | N/A |
| R&D | 10M | 7.0M | 12M | 15M | 21M | 18M | 20M | 21M | 22M |
| SG&A | 7.8M | 19M | 33M | 61M | 56M | 63M | 56M | 90M | 86M |
| EBIT | 19M | 25M | 20M | 2.1M | -35M | -40M | 43M | 22M | 44M |
| Op. Margin | 6.5% | 6.1% | 3.3% | 0.3% | -7.7% | -10.3% | 4.9% | 2.0% | 3.8% |
| Net Income | 18M | 18M | -4.4M | -5.3M | -58M | -40M | 17M | 26M | 39M |
| Net Margin | 6.1% | 4.4% | -0.7% | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% | 3.4% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | N/A | 23.6% | 39.4% | 1.6% | -34.7% | -26.0% | 29.7% | 18.9% | 31.8% |
| ROE | N/A | -48.7% | 5.9% | 27.7% | N/A | 307.5% | -420.1% | 615.9% | 2036.4% |
| ROA | N/A | 30.4% | -2.8% | -2.1% | -25.1% | -25.0% | 8.0% | 7.9% | 10.6% |
| Cash Flow | |||||||||
| Op. Cash Flow | 23M | 22M | 51M | 29M | 28M | 20M | 46M | 66M | 40M |
| Free Cash Flow | 22M | 22M | 51M | 28M | 28M | 20M | 46M | 65M | 40M |
| Owner Earnings | 22M | 19M | 26M | -20M | -36M | -40M | 5.1M | 32M | 9.5M |
| CapEx | 630K | 146K | 296K | 650K | 98K | 73K | 254K | 340K | 325K |
| Maint. CapEx | 200K | 545K | 834K | 3.4M | 6.1M | 7.3M | 6.7M | 3.3M | 285K |
| Growth CapEx | 430K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K |
| D&A | 200K | 545K | 834K | 3.4M | 6.1M | 7.3M | 6.7M | 3.3M | 285K |
| CapEx/OCF | N/A | N/A | 0.6% | 2.3% | 0.3% | 0.4% | 0.6% | 0.5% | 0.8% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 5.8M | 0 | 0 | 5.0M | 0 | 0 | 47M | 47M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 1.3% | N/A | N/A | 5.7% | 6.4% |
| Stock-Based Comp | 824K | 2.3M | 25M | 46M | 58M | 53M | 34M | 30M | 31M |
| Debt Repayment | 3.6M | 15M | 124M | 186M | 9.5M | 9.5M | 13M | 9.5M | 9.5M |
| Balance Sheet | |||||||||
| Net Debt | -2.1M | 88M | 159M | 140M | 172M | 160M | 121M | 108M | 137M |
| Cash & Equiv. | 5.7M | 10M | 24M | 51M | 15M | 17M | 43M | 47M | 26M |
| Long-Term Debt | 3.6M | 97M | 183M | 178M | 174M | 162M | 154M | 132M | 156M |
| Debt/Equity | N/A | -0.86 | -5.41 | -43.99 | -11.65 | -17.18 | 69.20 | 37.21 | 85.29 |
| Interest Coverage | 16.2 | 3.5 | 2.5 | 0.3 | -3.8 | -2.6 | 3.2 | 2.1 | 4.5 |
| Equity | N/A | -114M | -34M | -4.3M | -16M | -10M | 2.4M | 4.2M | 1.9M |
| Total Assets | N/A | 105M | 210M | 290M | 170M | 154M | 262M | 384M | 368M |
| Total Liabilities | 2.0M | 219M | 315M | 351M | 256M | 248M | 309M | 413M | 397M |
| Intangibles | N/A | 19M | 16M | 13M | 33M | 26M | 20M | 3.6M | 3.1M |
| Retained Earnings | N/A | -193M | -419M | -424M | -482M | -523M | -506M | -480M | -469M |
| Working Capital | N/A | 20M | 20M | 53M | 3.5M | -5.1M | 57M | 27M | 52M |
| Current Assets | N/A | 67M | 128M | 137M | 80M | 75M | 190M | 174M | 165M |
| Current Liabilities | N/A | 48M | 107M | 84M | 77M | 80M | 133M | 148M | 113M |
| Per Share Data | |||||||||
| EPS | N/A | N/A | -0.14 | -0.19 | -1.37 | -0.89 | 0.31 | 0.39 | 0.56 |
| Owner EPS | N/A | N/A | 0.83 | -0.74 | -0.86 | -0.89 | 0.10 | 0.49 | 0.17 |
| Book Value | N/A | N/A | -1.08 | -0.16 | -0.38 | -0.23 | 0.04 | 0.06 | 0.03 |
| Cash Flow/Share | N/A | N/A | 1.65 | 1.03 | 0.67 | 0.45 | 0.86 | 1.00 | 0.70 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 31.2M | 27.8M | 42.1M | 45.4M | 53.6M | 65.7M | 55.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 35.9 | 32.5 | 23.4 |
| P/FCF | N/A | N/A | 26.8 | 15.7 | 13.7 | 26.2 | 13.1 | 12.8 | 18.3 |
| EV/EBIT | N/A | N/A | 78.3 | 526.9 | N/A | N/A | 16.8 | 42.5 | 19.6 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | 251.3 | 200.4 | 382.5 |
| Price/Sales | N/A | N/A | 2.1 | 3.3 | 1.1 | 1.2 | 1.0 | 0.6 | 0.6 |
| FCF Yield | N/A | N/A | 3.7% | 2.8% | 7.3% | 3.8% | 7.6% | 7.8% | 5.5% |
| Market Cap | 0 | N/A | 1.4B | 996M | 386M | 527M | 598M | 834M | 733M |
| Avg. Price | 0.00 | N/A | 38.72 | 33.44 | 11.79 | 10.33 | 16.18 | 10.89 | 13.13 |
| Year-End Price | 0.00 | N/A | 43.95 | 15.83 | 9.18 | 11.61 | 11.14 | 12.69 | 13.13 |
MediaAlpha, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
MediaAlpha, Inc. trades at 33.7x trailing earnings, compared to its 15-year median P/E of 34.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.3x vs a median of 14.7x. The company's 5-year average gross margin is 16.0%. Total shareholder yield (buybacks) is 6.4%. At current prices, the estimated annualized return to fair value is -14.1%.
MediaAlpha, Inc. (MAX) has a net profit margin of 2.3%. This is a modest margin.
MediaAlpha, Inc. (MAX) generated $65 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MediaAlpha, Inc. (MAX) has a debt-to-equity ratio of 37.21. This indicates higher leverage, which may increase financial risk.
MediaAlpha, Inc. (MAX) reported earnings per share (EPS) of $0.39 in its most recent fiscal year.
MediaAlpha, Inc. (MAX) has a return on equity (ROE) of 615.9%. This indicates the company generates strong returns for shareholders.
MediaAlpha, Inc. (MAX) has a 5-year average gross margin of 16.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for MediaAlpha, Inc. (MAX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MediaAlpha, Inc. (MAX) has a book value per share of $0.06, based on its most recent annual SEC filing.