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Mediaalpha, Inc. key statistics and ratios

In fiscal 2025, Mediaalpha, Inc. had an operating margin of 2.0%, debt equal to 3687.7% of equity and a current ratio of 1.18. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin16.6%16.0%14.6%15.7%15.3%17.2%16.6%15.0%14.8%
Operating margin6.5%6.1%3.3%0.3%−7.7%−10.3%4.9%2.0%7.2%
Net margin6.1%4.4%−0.7%−0.8%−12.6%−10.4%1.9%2.3%8.4%
Free-cash-flow margin7.4%5.4%8.7%4.3%6.1%5.2%5.3%5.9%4.2%
Return on equity44.8%————————
Return on assets—16.9%−2.8%−2.1%−25.1%−25.0%8.0%7.9%28.6%
Asset turnover—3.873.702.582.002.404.153.453.42
Current ratio—1.411.191.631.050.941.431.181.32
Debt to equity0.0%—————>999%>999%340.8%
Interest cover (operating income ÷ interest)16.2x3.5x2.5x0.3xn/mn/m3.0x2.0x8.8x
Effective tax rate—0.0%−13.6%———5.9%——
R&D as % of revenue3.5%1.7%2.1%2.4%4.6%4.8%2.3%1.9%1.8%
Capital spending as % of revenue0.2%0.0%0.1%0.1%0.0%0.0%0.0%0.0%0.1%
Free cash flow ÷ net income121.5%123.4%————274.3%254.7%50.2%
Dividends and buybacks ÷ free cash flow——0.0%0.0%17.8%0.0%0.0%72.4%118.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: MAX vs QNSTMAX vs TREEMAX vs WBTNBZ vs MAX

More: Interactive Media & Services stocks compared, Communication Services sector, rankings of US companies

Figures from Mediaalpha, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Mediaalpha, Inc.