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Mediaalpha, Inc. (MAX) stock

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NYSE: MAX NYSE Interactive Media & Services Next results ~January 27, 2027

C Fundamentals grade

Mediaalpha, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$21

Cash-flow model

Base case. Range ~$15–$28 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 41% above it.

Price used: $14.78, November 2, 2026

Mediaalpha, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 323 sales by directors and officers, last 12 monthsInsider trades
  • Funds68 adding, 94 cuttingOf 30 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mediaalpha files

10-Q filed October 28: Mediaalpha

Model value +38.6%

Mediaalpha's revenue reached $1.29bn in the twelve months to September 2026, up 15.2% on a year earlier and an acceleration from the 13.8% pace seen a quarter earlier. Profitability told a mixed story: free-cash-flow margin slipped to 4.2% from 7.8%, even as operating margin widened to 7.2% from 1.6%. Shareholders should note the diluted share count climbed 9.7% year-on-year, a dilutive effect on existing holders. The fundamentals grade improves from D to C, and our model value rises from $12.64 to $17.52 a share. Against a current price of $11.77, the rating remains Buy. At that price, the market appears to be pricing in cash-flow growth of roughly 6.6% a year over five years, well below the 14.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Mediaalpha stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.22bn, up 13.8% on a year earlier, slower than the 15.7% growth a quarter earlier. Free-cash-flow margin fell to 4.6% from 6.7% a year earlier. Operating margin widened to 6.9% from 1.3%. The diluted share count is up 9.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks. Our valuation models combined value is $12.64 a share, against a share price of $11.86.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Mediaalpha, Inc.'s trailing-twelve-month revenue grew 15.2% year on year, with a free-cash-flow margin of 4.2%. Where it lags: gross margin of 14.8% ranks 50 of 54 interactive media & services companies we cover.

Our discounted-cash-flow model values the business at ~$21 per share in the base case (~$15–$28 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 8.4%, up 8.5pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $14.78 is 41% below our value per share of $21.
  • Fast growth. Revenue grew 15.2% over the last 12 months, against a median of 2.4% for interactive media & services companies we cover.
  • Margins widening. Operating margin is up 5.6 points on a year ago.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 17.9% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 9.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 0.3 against the S&P 500.
  • Insiders selling. 5 insiders sold $33M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 50% of net income over the last 12 months.
  • Below peers: gross margin. Gross margin of 14.8% ranks 50 of 54 interactive media & services companies we cover (median 60.9%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 45.1% ranks 27 of 32 interactive media & services companies we cover (median 16.9%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.40 against an average estimate of $0.39: beat by 2.9%
Revenue
$376m, up 22.7% on a year earlier
Share reaction
+20.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $355m to $375m (fourth quarter of 2026); contribution $54m to $57m (fourth quarter of 2026)
Next report
October 28, 2026; average EPS estimate $0.43

Mediaalpha's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.2%
  • 1 week+24.4%
  • 1 month+53.6%
  • This year+14.1%
  • 1 year+15.9%
  • 5 years-12.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
7.2%
Net margin
8.4%
EPS (TTM, diluted)
$1.93

Growth

Revenue growth
+15.2%
Change in growth rate
+1.4 pts
Share count change
+9.7%

Cash

Free cash flow (TTM)
$54.2M
FCF margin
4.2%
Stock pay % of revenue
2.4%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Agreement
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mediaalpha, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.1% a year of cash-flow growth for five years.That is slower than the 14.9% a year revenue growth Mediaalpha has delivered.

  • Priced in8.1%
  • Last 12 months15.2%
  • 3 years a year48.5%
  • 5 years a year14.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($14.66, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$21
Price used
$14.66close November 3, 2026
Implied change
▲ +43%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Mediaalpha, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($45.9M, FY2026 Q3 TTM), growing 18.2% and 12.4% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$28 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Mediaalpha, Inc.'s free cash flow after stock-based pay ( $45.9M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Mediaalpha, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$21 ~$15–$28 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$15–$31 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$18–$21 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mediaalpha, Inc. with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −22%
  • Last year's free-cash-flow margin change, if it persists ▼ −44%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $8$12$17$23$32$43
8.5% $6$8$12$17$23$31
10% $4$6$9$13$17$23

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025
Share price$39.07$15.44$9.95$11.15$11.29$12.95
Market value$2.5bn$946m$417m$508m$599m$865m
+ Net debt (− = net cash)$159m$136m$169m$157m$119m$107m
Enterprise value$2.7bn$1.1bn$586m$665m$718m$971m
Multiples
Price / sales 4.3x1.5x0.9x1.3x0.7x0.8x
Price / earnings ————36.0x33.8x
Price / free cash flow 49.1x33.8x14.8x25.2x13.1x13.3x
EV / EBITDA 134.6xn/m——16.7x43.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard Mediaalpha's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.7% of total assets over 6 years.

  • Pricing power 8 / 20

    Gross margin has been a median 15.3%, moving by 0.8 percentage points (standard deviation) across 6 years.

  • Durability 0 / 20

    Operating margin has been a median 1.6%; its worst year was -11.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 6 of 6 years, at a median 4.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (44 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.81 −49% $1.4bn +22%
Next $1.83 +1% $1.5bn +11%

Next year's EPS estimate has moved +17.9% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +47.9% on 90 days ago. In the last 30 days, 1 analyst raised Mediaalpha, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Mediaalpha, Inc., last 90 days
$1.20 $1.40 $1.60 $1.80 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.23 Current fiscal year, 60 days ago: $1.50 Current fiscal year, 30 days ago: $1.50 Current fiscal year, 7 days ago: $1.51 Current fiscal year, Now: $1.81 $1.81 Next fiscal year, 90 days ago: $1.55 Next fiscal year, 60 days ago: $1.67 Next fiscal year, 30 days ago: $1.67 Next fiscal year, 7 days ago: $1.68 Next fiscal year, Now: $1.83 $1.83

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.23$1.55
60 days ago $1.50$1.67
30 days ago $1.50$1.67
7 days ago $1.51$1.68
Now $1.81$1.83

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.39 $0.40 +2.9%
Jun 2026 $0.30 $0.28 −6.9%
Mar 2026 $0.34 $0.30 −11.5%
Dec 2025 $0.40 $2.33 +475.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Revenue fourth quarter of 2026 $355m to $375m
    “Revenue between $355 million - $375 million, representing a 25% year-over-year increase at the midpoint of the guidance range.” source
  • Free cash flow full year $90m to $100m Maintained
    “For the full year, we continue to expect to generate between $90 million - $100 million in free cash flow 1 .” source
  • Contribution fourth quarter of 2026 $54m to $57m Non-GAAP
    “Contribution between $54.0 million - $57.0 million, representing a 18% year-over-year increase at the midpoint of the guidance range.” source
  • Adjusted EBITDA fourth quarter of 2026 $36m to $39m Non-GAAP
    “Adjusted EBITDA between $36.0 million - $39.0 million, representing a 22% year-over-year increase at the midpoint of the guidance range.” source
  • Health insurance vertical as % of revenue the fourth quarter about 4%
    “We expect our Health insurance vertical to account for approximately 4% of revenue in the fourth quarter, reflecting the seasonal peak due to the annual enrollment periods during the quarter.” source
  • Contribution growth excluding under-65 Health fourth quarter of 2026 about 21% growth Non-GAAP
    “Excluding under-65 Health, we expect Contribution to increase by 21% year over year and Adjusted EBITDA to increase by 26% year over year at the guidance midpoints.” source
Show 1 more item
  • Adjusted EBITDA growth excluding under-65 Health fourth quarter of 2026 about 26% growth Non-GAAP
    “Excluding under-65 Health, we expect Contribution to increase by 21% year over year and Adjusted EBITDA to increase by 26% year over year at the guidance midpoints.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Mediaalpha, Inc.'s revenue by +18.2% next year and +12.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.8%, weight 33%) , management guidance (+25.4%, weight 40%) and the company's own record (+13.0%, weight 27%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Oct 20262338
  2. Sep 20262338
  3. Aug 20262338
  4. Jul 20262327

Counts of recommendations published by analysts covering Mediaalpha, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.8%
of tradable shares
Days to cover
3.2
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
66%
of shares
Held by insiders
43.7%
of shares
Employees
147
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +15.9%

$12.75 on October 31, 2025 to $14.78

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +13.8%
P/S multiple 0.7x 0.7x +5.8%
Share count 56m 58m −3.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +51.3%

$9.77 on November 3, 2023 to $14.78

ThenNowEffect
Revenue (last 12 months) $409m $1.2bn +199.1%
P/S multiple 1.0x 0.7x −33.0%
Share count 44m 58m −24.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MAX−61%−36%+12%+1%+15%+14%
Industry peers (median)−25%−54%−6%−21%−16%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MAX25%42%50%42%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MAX−78%−54%−67%−52%−43%−45%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 28, 2020: 92% from March 15, 2021 to May 16, 2023. Getting back needed a 1096% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.17 – $14.78
From 52-week high
0.0%
vs 50-day average
+30.6%
vs 200-day average
+38.8%
Volatility (1 year)
57%
Beta vs S&P 500
0.29

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±13.2%
After a week
6 up, 5 down
typical move ±17.6%
After a month
6 up, 5 down
typical move ±17.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +20.1% 0.0% — —
July 29, 2026 −1.8% +0.1% −10.6% −8.8%
April 29, 2026 −15.0% +1.0% −10.4% −11.1%
February 23, 2026 +14.4% −0.3% +29.6% +20.8%
October 29, 2025 +8.4% −1.1% +19.7% +13.1%
August 6, 2025 +12.3% +0.7% +3.1% +22.3%
April 30, 2025 +9.6% +0.7% +13.3% +16.6%
February 24, 2025 −18.5% −1.0% −21.2% −11.9%
October 30, 2024 −12.6% −2.3% −40.7% −35.5%
July 31, 2024 +15.0% +0.2% +10.5% +20.0%
May 1, 2024 +9.0% +0.6% −1.3% −12.2%
February 20, 2024 +22.3% −0.5% +33.1% +24.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Mediaalpha, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Mediaalpha, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mediaalpha, Inc.
$0 $500M $1B $1.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $388.1M Revenue (TTM), FY24 Q1: $403.2M Revenue (TTM), FY24 Q2: $496.7M Revenue (TTM), FY24 Q3: $681.2M Revenue (TTM), FY24 Q4: $864.7M Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B Revenue (TTM), FY26 Q3: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $388.1M
FY24 Q1 $403.2M
FY24 Q2 $496.7M
FY24 Q3 $681.2M
FY24 Q4 $864.7M
FY25 Q1 $1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
FY26 Q3 $1.3B
Revenue growth, TTM YoY Mediaalpha, Inc.
-50% 0% 50% 100% 150% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -15.4% Revenue growth, TTM YoY, FY24 Q1: -5.8% Revenue growth, TTM YoY, FY24 Q2: 21.3% Revenue growth, TTM YoY, FY24 Q3: 72.5% Revenue growth, TTM YoY, FY24 Q4: 122.8% Revenue growth, TTM YoY, FY25 Q1: 148.6% Revenue growth, TTM YoY, FY25 Q2: 116.6% Revenue growth, TTM YoY, FY25 Q3: 64.9% Revenue growth, TTM YoY, FY25 Q4: 28.8% Revenue growth, TTM YoY, FY26 Q1: 15.7% Revenue growth, TTM YoY, FY26 Q2: 13.8% Revenue growth, TTM YoY, FY26 Q3: 15.2% 15.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -15.4%
FY24 Q1 -5.8%
FY24 Q2 21.3%
FY24 Q3 72.5%
FY24 Q4 122.8%
FY25 Q1 148.6%
FY25 Q2 116.6%
FY25 Q3 64.9%
FY25 Q4 28.8%
FY26 Q1 15.7%
FY26 Q2 13.8%
FY26 Q3 15.2%
Operating margin (TTM) Mediaalpha, Inc.
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -10.3% Operating margin (TTM), FY24 Q1: -6.9% Operating margin (TTM), FY24 Q2: -1.1% Operating margin (TTM), FY24 Q3: 3.7% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q1: 4.0% Operating margin (TTM), FY25 Q2: 1.3% Operating margin (TTM), FY25 Q3: 1.6% Operating margin (TTM), FY25 Q4: 2.0% Operating margin (TTM), FY26 Q1: 3.8% Operating margin (TTM), FY26 Q2: 6.9% Operating margin (TTM), FY26 Q3: 7.2% 7.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -10.3%
FY24 Q1 -6.9%
FY24 Q2 -1.1%
FY24 Q3 3.7%
FY24 Q4 4.9%
FY25 Q1 4.0%
FY25 Q2 1.3%
FY25 Q3 1.6%
FY25 Q4 2.0%
FY26 Q1 3.8%
FY26 Q2 6.9%
FY26 Q3 7.2%
FCF margin (TTM) Mediaalpha, Inc.
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.2% FCF margin (TTM), FY24 Q1: 2.3% FCF margin (TTM), FY24 Q2: 5.4% FCF margin (TTM), FY24 Q3: 5.3% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 6.7% FCF margin (TTM), FY25 Q2: 6.7% FCF margin (TTM), FY25 Q3: 7.8% FCF margin (TTM), FY25 Q4: 5.9% FCF margin (TTM), FY26 Q1: 3.5% FCF margin (TTM), FY26 Q2: 4.6% FCF margin (TTM), FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.2%
FY24 Q1 2.3%
FY24 Q2 5.4%
FY24 Q3 5.3%
FY24 Q4 5.3%
FY25 Q1 6.7%
FY25 Q2 6.7%
FY25 Q3 7.8%
FY25 Q4 5.9%
FY26 Q1 3.5%
FY26 Q2 4.6%
FY26 Q3 4.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Mediaalpha took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Cost of revenue $946M · 85.0%
  3. Gross profit $168M · 15.0%
  4. Research and development $21.4M · 1.9%
  5. Selling, general and admin $111M · 9.9%
  6. Other operating costs $13.4M · 1.2%
  7. Operating income $22.1M · 2.0%
  8. Net income $25.6M · 2.3%

Shares of revenue. Source: Mediaalpha's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 297 408 585 645 459 388 865 1,114 1,294
Gross profit 49 65 85 102 70 67 144 168 192
EBITDA 20 25 20 3 −35 −40 43 22 94
Operating income 19 25 20 2 −35 −40 43 22 93
Net income 18 18 −4 −5 −58 −40 17 26 108
Diluted EPS — — −$0.07 −$0.19 −$1.37 −$0.89 $0.31 $0.39 —
Growth (year on year)
Revenue — +37.4% +43.3% +10.3% −28.9% −15.4% +122.8% +28.8% +15.2%
EBITDA — +28.8% −21.1% −87.3% — — — −47.9% —
Operating income — +28.6% −21.4% −89.0% — — — −48.2% —
Net income — −1.7% −124.5% — — — — — —
Margins
Gross margin 16.6% 16.0% 14.6% 15.7% 15.3% 17.2% 16.6% 15.0% 14.8%
EBITDA margin 6.6% 6.2% 3.4% 0.4% −7.6% −10.2% 5.0% 2.0% 7.2%
Operating margin 6.5% 6.1% 3.3% 0.3% −7.7% −10.3% 4.9% 2.0% 7.2%
Net margin 6.1% 4.4% −0.7% −0.8% −12.6% −10.4% 1.9% 2.3% 8.4%
Free-cash-flow margin 7.4% 5.4% 8.7% 4.3% 6.1% 5.2% 5.3% 5.9% 4.2%
Cash flow
Cash from operations 23 22 51 29 28 20 46 66 55
Capital spending 1 0 0 1 0 0 0 0 1
Free cash flow 22 22 51 28 28 20 46 65 54
Stock-based pay 1 2 25 46 58 53 34 30 31
Free cash flow after stock pay 21 20 26 −18 −30 −33 12 35 23
Balance sheet
Cash 6 10 24 51 15 17 43 47 19
Total debt 0 98 183 187 183 174 162 153 175
Net debt (negative = net cash) −6 88 159 136 169 157 119 107 156
Diluted shares — — 64m 61m 42m 46m 53m 67m —
Returned to shareholders
Buybacks — — 0 0 5 0 0 47 64
Total returned — — 0 0 5 0 0 47 64

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $372m
Short-term assets $193mLonger-term assets $180m
What it owes, and who funded it · $404m
Short-term liabilities $146mLonger-term liabilities $207mShareholders' equity $51m
  • Short-term assets cover short-term liabilities $193m of assets due within a year against $146m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $193m short-term assets against $207m of longer-dated liabilities.
  • More cash than debt $19m of cash against $175m of debt.
  • Debt below 40% of shareholders' equity Debt is 341% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 7933% to 341% over five years.
  • A year's operating cash flow covers at least 20% of debt $55m of operating cash flow against $175m of debt.
  • Operating profit covers interest at least five times over Operating income of $93m against $11m of interest.

From Mediaalpha, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$64.5M
Returned to shareholders
119%
of free cash flow
Buybacks, last 3 fiscal years
$47.3M
Diluted share count
+9.7%
year over year
Total shareholder yield
6.9%
dividends 0.0% + buybacks 6.9% of market value
R&D spending
1.8%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated MAX QNST TREE WBTN BZ YELP Median
Revenue, last 12 months $1.3bn $1.3bn $1.3bn $1.4bn $1.2bn $1.5bn $615m
Revenue growth, last 12 months 15.2% 18.3% 25.3% −0.5% 12.5% 1.5% 2.4%
Revenue growth, 3-year average 48.5% 30.6% 15.5% — — 5.1% 5.0%
Revenue growth, latest quarter 22.7% 42.7% 25.3% −2.8% — 1.4% 2.4%
Gross margin 14.8% 11.3% 29.8% 24.4% 85.1% 92.4% 60.4%
Operating margin 7.2% 2.7% 8.2% −3.8% 29.8% 11.7% 0.3%
Operating margin, 3-year average 4.2% −0.4% 3.2% −4.9% — 11.0% −0.4%
Net margin 8.4% 6.3% 14.3% −25.1% 33.1% 8.6% 3.8%
Cash from operations / revenue 4.3% 10.1% 6.8% 0.4% 55.1% 23.7% 11.4%
Free-cash-flow margin 4.2% 9.9% 5.8% −0.3% 53.6% 20.2% 7.5%
Free-cash-flow margin, 3-year average 5.8% 6.2% 5.8% 1.3% — 19.8% 7.2%
Stock pay / revenue 2.4% 2.9% 1.9% 2.6% 11.0% 8.3% 3.7%
Change in share count 9.7% −0.2% 7.2% 2.4% 2.0% −11.1% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 15.2% 2.4% 21 of 63
Change in growth rate Growth +1.4pp -0.2pp 23 of 63
Gross margin Profitability 14.8% 60.9% 50 of 54
Operating margin Profitability 7.2% 0.3% 24 of 63
Net margin Profitability 8.4% 3.8% 21 of 63
Free-cash-flow margin Cash generation 4.2% 8.9% 40 of 59
Stock pay as % of revenue Cash generation 2.4% 3.9% 16 of 61
Long-term debt as % of assets Balance sheet 45.1% 16.9% 27 of 32
Change in share count Balance sheet 9.7% 1.7% 42 of 55
Days sales outstanding Balance sheet 47 days 49 days 26 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Property and Casualty Insurance $1B 90.1% ▲ 52.4%
Health Insurance $85.7M 7.7% ▼ 50.6%
Life Insurance $21.7M 1.9% ▼ 11.0%
Other $3.2M 0.3% ▼ 63.2%

From Mediaalpha, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$610M
Institutions reporting
154
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
21 / 28

Top buyers and sellers, Q2 2026: 68 institutions bought and 94 sold ; the biggest buyer was Divisadero Street Capital Management, LP (+933K shares) and the biggest seller J. Goldman & Co LP (−585K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
White Mountains Insurance Group Ltd $224M 17.9M 36.8% 0.0%
Blackrock, Inc. $42.6M 3.4M 7.0% ▼ 2.4%
Clearline Capital LP $34.1M 2.7M 5.6% ▲ 4.8%
Jpmorgan Chase & Co $23.3M 1.9M 3.8% ▲ 7.7%
Vanguard Capital Management LLC $16M 1.3M 2.6% ▼ 7.9%
Geode Capital Management, LLC $13.4M 1.1M 2.2% ▼ 0.2%
Divisadero Street Capital Management, LP $12.8M 1.0M 2.1% ▲ 1073.7%
Jacobs Levy Equity Management, Inc $12.2M 971K 2.0% ▲ 29.5%
Acadian Asset Management LLC $12M 957K 2.0% ▲ 13.0%
Jacobs Asset Management, LLC $11.6M 920K 1.9% ▼ 0.5%
State Street Corp $10.8M 862K 1.8% ▲ 2.9%
Arrowstreet Capital, Limited Partnership $10.4M 830K 1.7% ▼ 21.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mediaalpha, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $33.3M 323 trades by 5 insiders · 100% under pre-set plans
Net ▼ $33.3M net selling
Insider Date Trade Shares Price Value
Nonko Eugene Director October 28, 2026 Sell pre-set plan 7,273 $11.63 $84,560
Nonko Eugene Director October 28, 2026 Sell pre-set plan 1,940 $11.63 $22,561
Nonko Eugene Director October 27, 2026 Sell pre-set plan 8,283 $11.85 $98,144
Nonko Eugene Director October 27, 2026 Sell pre-set plan 3,394 $11.92 $40,461
Nonko Eugene Director October 26, 2026 Sell pre-set plan 7,273 $11.83 $86,041
Nonko Eugene Director October 26, 2026 Sell pre-set plan 1,940 $11.83 $22,947
Nonko Eugene Director October 21, 2026 Sell pre-set plan 7,273 $11.63 $84,565
Nonko Eugene Director October 21, 2026 Sell pre-set plan 1,940 $11.63 $22,571
Nonko Eugene Director October 20, 2026 Sell pre-set plan 7,273 $11.72 $85,267
Nonko Eugene Director October 20, 2026 Sell pre-set plan 1,940 $11.62 $22,539
Nonko Eugene Director October 19, 2026 Sell pre-set plan 7,273 $11.39 $82,826
Nonko Eugene Director October 19, 2026 Sell pre-set plan 1,940 $11.39 $22,091

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 23, 2026
  • October 29, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Mediaalpha, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mediaalpha, Inc. in brief

What does Mediaalpha, Inc. do?
Mediaalpha, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Mediaalpha, Inc.'s stock ticker?
Mediaalpha, Inc. trades under the ticker MAX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mediaalpha, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mediaalpha, Inc. reported revenue of $1.3B, 15.2% higher than a year earlier, according to its SEC filings.
What is Mediaalpha, Inc.'s free cash flow?
Mediaalpha, Inc.'s free-cash-flow margin is 4.2% of revenue over the trailing twelve months, ranking 40 of the 59 interactive media & services companies we cover.
What is Mediaalpha, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Mediaalpha, Inc.'s free cash flow after stock-based pay gives ~$21 per share in the base case, and ~$15–$28 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Mediaalpha, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are White Mountains Insurance Group Ltd, Blackrock, Inc. and Clearline Capital LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mediaalpha, Inc. buying back stock, and does it pay a dividend?
Mediaalpha, Inc. spent $64.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 9.7% over the year.
What is Mediaalpha, Inc.'s market cap?
On December 31, 2025, Mediaalpha, Inc.'s market capitalisation was about $865M, with a price-to-earnings ratio of 33.8 and net debt of $107M. Market figures come from third-party market data and may be delayed.
How much debt does Mediaalpha, Inc. have?
Mediaalpha, Inc.'s debt-to-equity ratio is 340.8%, from its latest balance sheet (7933.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Mediaalpha, Inc.'s competitors?
In our Interactive Media & Services peer group, the companies closest to Mediaalpha, Inc. are Quinstreet, Inc, Lendingtree, Inc., Webtoon Entertainment Inc., Kanzhun Ltd and Yelp Inc. The side-by-side comparison below sets their revenue, margins and growth against Mediaalpha, Inc.'s.
Are insiders buying or selling Mediaalpha, Inc. stock?
Over the last 12 months, Mediaalpha, Inc.'s directors and officers reported 0 open-market purchases and 323 sales on Form 4. The insider trading page charts every trade.
When is Mediaalpha, Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mediaalpha, Inc. announces its own schedule.