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MediaAlpha, Inc.

MAX

$14.45 ▼ -0.59 (-3.92%) at close

8 Visible periods

31 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Weak

Bearish

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Analytical Summary

MediaAlpha, Inc. faces fundamental challenges. The fundamentals warrant careful consideration of downside risks.

Market Cap $812.7M

Dividend Yield —

Revenue Growth 28.8% ↘

Op. Margin 2.0% ↘

ROIC -3.4% ↘

FCF / Share $1.16 ↗

Trailing P/E 31.4x

Price / Book 195.4x

FCF Yield 8.0%

Debt / Equity 36.88

info Valuation on last close. End-of-day price, Nov 5, 2026.

8-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$1.11B

↑ +28.8% —

Net Income Profit after all expenses

$25.62M

↑ +54.1% —

Operating Margin Operating profit as % of sales

2.0%

↓ -59.8% 33th

FCF / Share Free cash flow per share

$1.16

↑ +34.9% —

Long-Term Debt Long-term obligations

$153.41M

↓ -5.6% —

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Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)

Health Breakdown

Profitability ↑

Financial Health ↑

Cash Quality

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Revenue Growth YoY (%)	28.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+476%)	122.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2356%)	-15.4% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-409%)	-28.9% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-677%)	10.3% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+107%)	43.3% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+767%)	37.4% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+648%)	—
EPS Growth YoY (%)	48.4% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	35.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-878.6% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution Caution Year-over-year change in earnings per share Optimal: > 10%	—	—	—
Net Income Growth YoY (%)	54.1% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	29.9% Excellent ↑ Excellent Improving Year-over-year change in net income	-993.2% Weak ↓ Weak Declining Year-over-year change in net income	-20.8% Weak Weak Year-over-year change in net income	N/M	-1.7% Weak Weak Year-over-year change in net income	—
FCF Growth YoY (%)	34.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	94.4% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-34.2% Weak ↓ Weak Declining Year-over-year change in free cash flow	-10.5% Weak Weak Year-over-year change in free cash flow	-52.8% Weak Weak Year-over-year change in free cash flow	—	—	—
Revenue CAGR 3Y (%)	34.4% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	10.2% Good ↑ Good Improving Compound annual revenue growth over 3 years	-12.8% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	4.0% Caution Caution Compound annual revenue growth over 3 years	29.5% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—
Revenue CAGR 5Y (%)	13.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	16.2% Excellent Excellent Compound annual revenue growth over 5 years	5.5% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Operating Margin (%) (%)	2.0% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	4.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-59%)	-10.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-186%)	-7.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-164%)	0.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-97%)	3.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-72%)	6.1% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-49%)	6.5% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-46%)
Effective Tax Rate (%) (%)	124.1% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	5.9% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	337.8% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	11.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	-13.6% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—
Profit Margin (%) (%)	2.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-71%)	1.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-76%)	-10.4% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-230%)	-12.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-257%)	-0.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-110%)	-0.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-109%)	4.4% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-45%)	6.1% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-24%)
FCF Margin (%) (%)	5.9% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	5.3% Caution → Caution Stable Free cash flow as a percentage of revenue Optimal: > 10%	5.2% Caution ↓ Caution Declining Free cash flow as a percentage of revenue Optimal: > 10%	6.1% Caution → Caution Stable Free cash flow as a percentage of revenue Optimal: > 10%	4.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	8.7% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	5.4% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	7.4% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%
FCF / Net Income (x)	2.55x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	2.74x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-0.50x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-0.49x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-5.30x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-11.71x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.23x Good Good Free cash flow relative to reported net income Optimal: > 1x	1.21x Good Good Free cash flow relative to reported net income Optimal: > 1x

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Return on Invested Capital (%)	-3.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	24.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	-24.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	50.4% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	1.0% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	14.9% Good Good Return earned on debt + equity capital invested Optimal: > 10%	-115.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	5.8% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	16.3% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	-25.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-20.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	9.3% Fair Fair Operating profit relative to total assets Optimal: > 10%	23.6% Excellent Excellent Operating profit relative to total assets Optimal: > 10%	—
Return on Common Equity (%) (%)	—	—	—	—	121.6% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+711%)	12.9% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-14%)	-15.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-205%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Debt to Equity (x)	36.88x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+5168%)	68.31x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+9659%)	-16.93x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-2519%)	-11.45x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-1735%)	-43.07x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-6253%)	-5.41x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-873%)	-0.85x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-222%)	—
Interest Coverage (x)	2.13x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	3.21x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	-2.73x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-3.83x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	0.27x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	2.46x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	3.54x Fair Fair Operating income divided by interest expense Optimal: > 5x	16.18x Excellent Excellent Operating income divided by interest expense Optimal: > 5x
Net Debt (USD)	$106.53M	$119.18M	$157.03M	$168.53M	$136.24M	$159.11M	$86.64M	—
Debt / EBITDA (x)	6.85x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.78x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-4.40x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-5.23x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	74.19x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	9.21x Weak Weak Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.85x Caution Caution Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Revenue per Share (USD)	$19.80	$16.30	$8.52	$10.94	$17.31	$18.20	—	—
Basic EPS, GAAP (USD)	$0.46	$0.31	$-0.89	$-1.37	$-0.14	$-0.14	—	—
Free Cash Flow per Share (USD)	$1.16	$0.86	$0.44	$0.67	$0.75	$1.59	—	—
Book Value per Share (USD)	$0.07	$0.04	$-0.23	$-0.38	$-0.12	$-1.05	—	—
Tangible Book Value per Share (USD)	$-0.84	$-1.23	$-1.84	$-2.30	$-0.95	$-2.11	—	—
Basic Weighted Avg Shares (shares)	56.24M	53.04M	45.57M	41.94M	37.28M	32.13M	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Working Capital (USD)	$26.73M	$56.95M	$-5.15M	$3.53M	$52.89M	$20.34M	$19.58M	—
LT Debt (USD)	$153.41M	$162.44M	$174.30M	$183.07M	$186.80M	$182.67M	$96.67M	—
Total Equity (USD)	$4.16M	$2.38M	$-10.29M	$-15.99M	$-4.34M	$-33.77M	$-113.60M	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗
Sales/Revenue/Turnover (USD)	$1.11B	$864.70M	$388.15M	$459.07M	$645.27M	$584.81M	$408.00M	$296.91M
Depreciation Expense (USD)	$273.00K	$252.00K	$353.00K	$392.00K	$369.00K	$289.00K	$272.00K	$187.00K
Net Income, GAAP (USD)	$25.62M	$16.63M	$-40.42M	$-57.67M	$-5.28M	$-4.37M	$17.82M	$18.12M
Operating Cash Flow (USD)	$65.60M	$45.87M	$20.23M	$28.27M	$28.62M	$51.41M	$22.14M	$22.65M

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 8 years · 28 quarters

MediaAlpha, Inc.

Analytical Summary

8-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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