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MediaAlpha, Inc. Class A

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Key Metrics

Previous Close: $9.68
52-Week Range: $7.09 – $14.70
Market Cap: $509.63M
P/E (TTM): 5.94
EPS (TTM): 1.62
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 17.95
PEG Ratio: —
Return on Equity: —
Return on Assets: 17.41%
Gross Margin: 14.71%
Operating Margin: 6.35%
Profit Margin: 7.94%
Current Ratio: 1.29
Debt/Equity: —
Total Debt: $176.71M
Free Cash Flow: $24.80M
Revenue Growth: 25.90%
Earnings Growth: —
Enterprise Value: $629.23M

MAX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$459.07M	$388.15M	$864.70M	$1.11B
Cost of Revenue	$389.01M	$321.44M	$721.13M	$946.06M
Gross Profit	$70.06M	$66.71M	$143.57M	$167.54M
Research & Development	$21.08M	$18.46M	$19.76M	$21.40M
Selling, General & Admin	$84.37M	$88.18M	$81.08M	$110.61M
Operating Expenses	$105.45M	$106.64M	$100.85M	$132.01M
Operating Income	-$35.39M	-$39.92M	$42.73M	$35.54M
EBITDA	$45.85M	-$34.43M	$44.53M	-$96.57M
Pretax Income	$30.46M	-$57.02M	$23.50M	-$111.06M
Income Tax	$102.91M	-$463.00K	$1.38M	-$137.82M
Net Income	-$57.67M	-$40.42M	$16.63M	$25.62M
Diluted EPS	-1.37	-0.89	0.31	0.39
Diluted Shares	41.94M	45.57M	53.04M	66.79M

MAX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$14.54M	$17.27M	$43.27M	$46.88M
Receivables	$60.00M	$53.77M	$142.93M	$123.02M
Current Assets	$80.42M	$74.57M	$189.91M	$174.37M
Total Assets	$170.08M	$153.93M	$262.45M	$383.83M
Current Liabilities	$76.89M	$79.72M	$132.95M	$147.65M
Long-Term Debt	$174.30M	$162.44M	$153.60M	$131.60M
Total Debt	$183.07M	$174.30M	$162.44M	$153.41M
Total Liabilities	$256.17M	$248.35M	$308.68M	$413.02M
Retained Earnings	-$482.14M	-$522.56M	-$505.93M	-$480.31M
Shareholders' Equity	-$15.99M	-$10.29M	$2.38M	$4.16M
Working Capital	$3.53M	-$5.15M	$56.95M	$26.73M
Net Debt	$168.53M	$157.03M	$119.18M	$106.53M

MAX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$28.27M	$20.23M	$45.87M	$65.60M
Capital Expenditure	-$98.00K	-$73.00K	-$654.00K	-$340.00K
Free Cash Flow	$28.18M	$20.16M	$45.22M	$65.26M
Depreciation & Amortisation	$6.15M	$7.27M	$6.68M	$3.25M
Stock-Based Compensation	$58.47M	$53.32M	$34.08M	$30.33M
Investing Cash Flow	-$49.77M	-$73.00K	-$654.00K	-$340.00K
Financing Cash Flow	-$14.52M	-$17.43M	-$19.22M	-$61.65M
Dividends Paid	-$2.13M	-$2.85M	-$1.22M	-$1.25M
Share Repurchases	-$5.01M	$0.00	$0.00	-$47.27M
Net Change in Cash	-$36.02M	$2.73M	$26.00M	$3.61M

MAX Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$251.62M	$306.51M	$291.15M	$310.00M	$316.88M
Cost of Revenue	$213.94M	$263.11M	$246.34M	$263.31M	$271.70M
Gross Profit	$37.69M	$43.41M	$44.81M	$46.70M	$45.17M
Research & Development	$5.35M	$5.83M	$5.33M	$5.46M	$6.04M
Selling, General & Admin	$52.38M	$17.84M	$17.17M	$18.87M	$19.17M
Operating Expenses	$57.73M	$23.67M	$22.50M	$24.32M	$25.21M
Operating Income	-$20.04M	$19.73M	$22.31M	$22.37M	$19.96M
EBITDA	-$18.77M	$21.09M	-$100.96M	$23.54M	$58.42M
Pretax Income	-$22.22M	$17.70M	-$104.16M	$20.55M	$55.09M
Income Tax	$316.00K	$54.00K	-$138.14M	$6.50M	$13.31M
Net Income	-$18.74M	$14.91M	$31.41M	$11.47M	$39.44M
Diluted EPS	-0.33	0.26	0.50	0.21	0.65
Diluted Shares	56.14M	56.62M	65.76M	55.85M	62.07M

MAX Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$85.38M	$38.84M	$46.88M	$26.05M	$23.75M
Receivables	$102.78M	$129.17M	$123.02M	$133.80M	$141.57M
Current Assets	$192.47M	$205.74M	$174.37M	$165.21M	$171.34M
Total Assets	$249.42M	$266.23M	$383.83M	$367.71M	$359.82M
Current Liabilities	$148.69M	$189.68M	$147.65M	$113.17M	$133.08M
Long-Term Debt	$149.15M	$133.69M	$131.60M	$156.34M	$169.54M
Total Debt	$158.02M	$155.69M	$153.41M	$163.50M	$176.71M
Total Liabilities	$306.38M	$332.01M	$413.02M	$396.81M	$364.76M
Retained Earnings	-$526.62M	-$511.72M	-$480.31M	-$468.84M	-$429.40M
Shareholders' Equity	-$3.77M	-$29.75M	$4.16M	$1.92M	$28.41M
Working Capital	$43.79M	$16.05M	$26.73M	$52.04M	$38.26M
Net Debt	$72.64M	$116.85M	$106.53M	$137.45M	$152.97M

MAX Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$25.72M	$23.62M	-$7.45M	-$1.56M	$42.59M
Capital Expenditure	-$175.00K	-$68.00K	-$40.00K	-$42.00K	-$774.00K
Free Cash Flow	$25.55M	$23.55M	-$7.49M	-$1.60M	$41.81M
Depreciation & Amortisation	$580.00K	$582.00K	$584.00K	$551.00K	$554.00K
Stock-Based Compensation	$8.11M	$7.66M	$7.53M	$7.26M	$8.47M
Investing Cash Flow	-$175.00K	-$68.00K	-$40.00K	-$42.00K	-$774.00K
Financing Cash Flow	-$3.73M	-$36.59M	-$17.98M	-$19.23M	-$44.12M
Share Repurchases	$0.00	-$32.89M	-$14.38M	-$20.27M	-$20.60M
Net Change in Cash	$21.82M	-$13.04M	-$25.46M	-$20.82M	-$2.31M

Market Snapshot

About

MediaAlpha operates an insurance and performance marketing platform connecting consumers with insurance carriers and distributors through transparent pricing and real-time analytics.