NYSE : MAX
MediaAlpha, Inc. — Financial statements
Communication Services · Internet Content & Information · United States
Last price 14.13 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 836.38M
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Financial statements
MediaAlpha, Inc. (MAX) reported revenue of 1.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.29B | 1.11B | 864.70M | 388.15M | 459.07M | 645.27M |
| Cost of Revenue | 1.10B | 946.06M | 721.13M | 321.44M | 389.01M | 543.75M |
| Gross Profit | 192.01M | 167.54M | 143.57M | 66.71M | 70.06M | 101.52M |
| Selling, General & Admin | 74.94M | 68.23M | 69.99M | 88.18M | 84.37M | 84.18M |
| Research & Development | 23.04M | 21.40M | 19.76M | 18.46M | 21.08M | 15.20M |
| Operating Expenses | 97.98M | 89.63M | 89.76M | 106.64M | 105.45M | 99.38M |
| Operating Income | 94.03M | 77.91M | 53.82M | -39.92M | -35.39M | 2.15M |
| Interest Expense | -10.59M | -11.24M | -14.35M | -15.31M | -9.24M | -7.83M |
| Other Non Operating Income (Expenses) | -122.65M | -121.94M | -6.60M | -1.78M | 75.09M | -3.84M |
| EBT Excluding Unusual Items | -39.20M | -55.27M | 32.87M | -57.02M | 30.46M | -9.52M |
| Asset Writedown | -13.42M | |||||
| Legal Settlements | -552.00K | -42.38M | -11.09M | |||
| Other Unusual Items | 48.40M | 1.73M | ||||
| Pretax Income | 8.65M | -111.06M | 23.50M | -57.02M | 30.46M | -9.52M |
| Income Tax Expense | -110.53M | -137.82M | 1.38M | -463.00K | 102.91M | -1.05M |
| Earnings From Continuing Operations | 119.17M | 26.76M | 22.12M | -56.55M | -72.45M | -8.47M |
| Minority Interest in Earnings | -11.11M | -1.14M | -5.49M | 16.14M | 14.78M | 3.20M |
| Net Income | 108.06M | 25.62M | 16.63M | -40.42M | -57.67M | -5.28M |
| Net Income to Common | 108.06M | 25.62M | 16.63M | -40.42M | -57.67M | -5.28M |
| Shares Outstanding (Basic) | 54.81M | 56.24M | 53.04M | 45.57M | 41.94M | 37.28M |
| Shares Outstanding (Diluted) | 63.13M | 66.79M | 53.04M | 45.57M | 41.94M | 61.26M |
| EPS (Basic) | 1.97 | 0.46 | 0.31 | -0.89 | -1.37 | -0.14 |
| EPS (Diluted) | 1.84 | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 |
| Free Cash Flow | 54.20M | 65.26M | 45.62M | 20.16M | 28.18M | 27.97M |
| Free Cash Flow Per Share | 0.86 | 0.98 | 0.86 | 0.44 | 0.67 | 0.46 |
| Gross Margin | 14.84% | 15.04% | 16.60% | 17.19% | 15.26% | 15.73% |
| Operating Margin | 7.27% | 7.00% | 6.22% | -10.29% | -7.71% | 0.33% |
| Profit Margin | 8.35% | 2.30% | 1.92% | -10.41% | -12.56% | -0.82% |
| Free Cash Flow Margin | 4.19% | 5.86% | 5.28% | 5.19% | 6.14% | 4.33% |
| EBITDA | 96.28M | 81.17M | 60.50M | -32.65M | -29.24M | 5.50M |
| EBITDA Margin | 7.44% | 7.29% | 7.00% | -8.41% | -6.37% | 0.85% |
| D&A For EBITDA | 2.24M | 3.25M | 6.68M | 7.27M | 6.15M | 3.35M |
| EBIT | 94.03M | 77.91M | 53.82M | -39.92M | -35.39M | 2.15M |
| EBIT Margin | 7.27% | 7.00% | 6.22% | -10.29% | -7.71% | 0.33% |
| Effective Tax Rate | 5.89% | 337.85% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.68M | 46.88M | 43.27M | 17.27M | 14.54M | 50.56M |
| Cash & Short-Term Investments | 18.68M | 46.88M | 43.27M | 17.27M | 14.54M | 50.56M |
| Receivables | 166.94M | 123.02M | 142.93M | 53.77M | 60.00M | 76.09M |
| Prepaid Expenses | 6.09M | 4.28M | 3.71M | 3.53M | 5.88M | 10.45M |
| Other Current Assets | 1.00M | 200.00K | ||||
| Total Current Assets | 192.71M | 174.37M | 189.91M | 74.57M | 80.42M | 137.11M |
| Property, Plant & Equipment | 1.25M | 1.86M | 2.20M | 2.76M | 3.51M | |
| Long-Term Investments | 1.40M | 10.00M | ||||
| Goodwill | 47.74M | 47.74M | 47.74M | 47.74M | 47.74M | 18.40M |
| Other Intangible Assets | 2.16M | 3.59M | 19.98M | 26.02M | 32.93M | 12.57M |
| Long-Term Deferred Tax Assets | 122.82M | 149.73M | 102.66M | |||
| Other Long-Term Assets | 6.80M | 7.15M | 2.95M | 3.40M | 4.83M | 5.56M |
| Total Assets | 372.23M | 383.83M | 262.45M | 153.93M | 170.08M | 289.80M |
| Accounts Payable | 121.72M | 91.09M | 105.56M | 56.28M | 53.99M | 61.77M |
| Accrued Expenses | 16.81M | 33.78M | 17.55M | 10.68M | 13.35M | 12.95M |
| Current Portion of Long-Term Debt | 7.17M | 21.81M | 8.85M | 11.85M | 8.77M | 8.73M |
| Current Portion of Leases | 965.00K | 994.00K | 904.00K | 783.00K | 765.00K | |
| Total Current Liabilities | 145.70M | 147.65M | 132.95M | 79.72M | 76.89M | 84.22M |
| Long-Term Debt | 167.75M | 131.60M | 153.60M | 162.44M | 174.30M | 178.07M |
| Long-Term Leases | 415.00K | 1.12M | 1.65M | 2.43M | 3.22M | |
| Other Long-Term Liabilities | 39.02M | 133.36M | 21.01M | 4.53M | 2.54M | 85.87M |
| Total Liabilities | 352.47M | 413.02M | 308.68M | 248.35M | 256.17M | 351.37M |
| Common Stock | 610.00K | 645.00K | 671.00K | 655.00K | 626.00K | 606.00K |
| Additional Paid-In Capital | 454.37M | 483.82M | 507.64M | 511.61M | 465.52M | 419.53M |
| Retained Earnings | -403.65M | -480.31M | -505.93M | -522.56M | -482.14M | -424.48M |
| Total Common Equity | 51.33M | 4.16M | 2.38M | -10.29M | -15.99M | -4.34M |
| Minority Interest | -31.57M | -33.35M | -48.61M | -84.13M | -70.09M | -57.23M |
| Shareholders' Equity | 19.76M | -29.19M | -46.23M | -94.42M | -86.08M | -61.57M |
| Total Liabilities & Equity | 372.23M | 383.83M | 262.45M | 153.93M | 170.08M | 289.80M |
| Total Debt | 174.92M | 154.79M | 164.56M | 176.85M | 186.29M | 190.78M |
| Net Cash (Debt) | -156.24M | -107.91M | -121.30M | -159.58M | -171.75M | -140.22M |
| Net Cash Per Share | -2.48 | -1.62 | -2.29 | -3.50 | -4.09 | -2.29 |
| Filing Date Shares Outstanding | 50.90M | 56.21M | 55.46M | 47.37M | 44.02M | 41.34M |
| Total Common Shares Outstanding | 52.66M | 56.21M | 55.46M | 47.36M | 43.65M | 40.97M |
| Working Capital | 47.01M | 26.73M | 56.95M | -5.15M | 3.53M | 52.89M |
| Book Value Per Share | 0.97 | 0.07 | 0.04 | -0.22 | -0.37 | -0.11 |
| Tangible Book Value | 1.43M | -47.17M | -65.35M | -84.05M | -96.66M | -35.31M |
| Tangible Book Value Per Share | 0.03 | -0.84 | -1.18 | -1.77 | -2.21 | -0.86 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 108.06M | 25.62M | 16.63M | -40.42M | -57.67M | -5.28M |
| Depreciation & Amortization | 2.24M | 3.25M | 6.68M | 7.27M | 6.15M | 3.35M |
| Other Amortization | 541.00K | 654.00K | 755.00K | 793.00K | 832.00K | 1.18M |
| Asset Writedown & Restructuring Costs | 13.42M | |||||
| Loss (Gain) From Sale of Investments | 1.41M | 8.59M | ||||
| Stock-Based Compensation | 31.39M | 30.33M | 34.08M | 53.32M | 58.47M | 45.71M |
| Provision & Write-off of Bad Debts | 87.00K | -173.00K | 497.00K | 5.00K | 136.00K | 143.00K |
| Other Operating Activities | -24.73M | -12.73M | 13.30M | -15.43M | -2.21M | -776.00K |
| Change in Accounts Receivable | -37.86M | 20.09M | -89.66M | 6.22M | 17.34M | 20.06M |
| Change in Accounts Payable | 19.04M | -14.47M | 49.28M | 2.29M | -7.80M | -36.48M |
| Change in Other Net Operating Assets | -43.59M | -393.00K | 14.30M | 4.78M | 4.43M | 699.00K |
| Operating Cash Flow | 55.19M | 65.60M | 45.87M | 20.23M | 28.27M | 28.62M |
| Capital Expenditures | -984.00K | -340.00K | -254.00K | -73.00K | -98.00K | -650.00K |
| Cash Acquisitions | -49.68M | |||||
| Sale (Purchase) of Intangibles | -400.00K | |||||
| Investing Cash Flow | -984.00K | -340.00K | -654.00K | -73.00K | -49.77M | -650.00K |
| Long-Term Debt Issued | 25.00M | 190.00M | ||||
| Long-Term Debt Repaid | -9.50M | -12.55M | -9.50M | -29.50M | -186.38M | |
| Net Debt Issued (Repaid) | 19.92M | -9.50M | -12.55M | -9.50M | -4.50M | 3.62M |
| Issuance of Common Stock | 1.36M | |||||
| Repurchase of Common Stock | -68.98M | -51.48M | -6.31M | -3.72M | -9.03M | -3.38M |
| Common Dividends Paid | -228.00K | |||||
| Dividends Paid | -228.00K | |||||
| Other Financing Activities | -58.81M | -665.00K | -368.00K | -4.21M | -2.35M | -976.00K |
| Financing Cash Flow | -107.87M | -61.65M | -19.22M | -17.43M | -14.52M | -961.00K |
| Net Cash Flow | -53.66M | 3.61M | 26.00M | 2.73M | -36.02M | 27.01M |
| Free Cash Flow | 54.20M | 65.26M | 45.62M | 20.16M | 28.18M | 27.97M |
| Free Cash Flow Margin | 4.19% | 5.86% | 5.28% | 5.19% | 6.14% | 4.33% |
| Free Cash Flow Per Share | 0.86 | 0.98 | 0.86 | 0.44 | 0.67 | 0.46 |
| Levered Free Cash Flow | 49.06M | 96.48M | 32.34M | 34.99M | 50.74M | 31.02M |
| Unlevered Free Cash Flow | 55.13M | 102.85M | 40.55M | 43.77M | 55.68M | 34.73M |
| Cash Interest Paid | 11.52M | 10.79M | 13.94M | 13.77M | 7.07M | 5.60M |
| Cash Income Tax Paid | 1.46M | 1.01M | 228.00K | -257.00K | -2.38M | 307.00K |
| Change in Working Capital | -62.41M | 5.22M | -26.07M | 13.29M | 13.97M | -15.72M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 886.99M | 736.45M | 621.97M | 523.72M | 428.94M | 608.37M |
| Enterprise Value | 1.04B | 817.27M | 703.06M | 601.59M | 524.44M | 707.03M |
| Last Close Price | 14.75 | 12.95 | 11.29 | 11.15 | 9.95 | 15.44 |
| PE Ratio | 8.16 | 28.74 | 37.40 | |||
| Forward PE | 12.30 | 15.55 | 16.32 | 144.79 | 128.06 | 60.93 |
| PS Ratio | 0.67 | 0.66 | 0.72 | 1.35 | 0.93 | 0.94 |
| PB Ratio | 15.13 | -25.23 | -13.45 | -5.55 | -4.98 | -9.88 |
| P/FCF Ratio | 16.11 | 11.29 | 13.63 | 25.98 | 15.22 | 21.75 |
| P/OCF Ratio | 15.82 | 11.23 | 13.56 | 25.89 | 15.17 | 21.26 |
| EV/Sales Ratio | 0.80 | 0.73 | 0.81 | 1.55 | 1.14 | 1.10 |
| EV/EBITDA Ratio | 10.69 | 10.07 | 11.62 | 128.50 | ||
| EV/EBIT Ratio | 10.95 | 10.49 | 13.06 | 329.01 | ||
| EV/FCF Ratio | 18.99 | 12.52 | 15.41 | 29.84 | 18.61 | 25.28 |
| Debt / Equity Ratio | 8.85 | -5.30 | -3.56 | -1.87 | -2.16 | -3.10 |
| Debt / EBITDA Ratio | 1.79 | 1.88 | 2.67 | 29.14 | ||
| Debt / FCF Ratio | 3.23 | 2.37 | 3.61 | 8.77 | 6.61 | 6.82 |
| Net Debt / Equity Ratio | 7.91 | -3.70 | -2.62 | -1.69 | -2.00 | -2.28 |
| Net Debt / EBITDA Ratio | 1.62 | 1.33 | 2.00 | -4.89 | -5.87 | 25.48 |
| Net Debt / FCF Ratio | 2.88 | 1.65 | 2.66 | 7.92 | 6.09 | 5.01 |
| Asset Turnover | 4.05 | 3.45 | 4.15 | 2.40 | 2.00 | 2.58 |
| Quick Ratio | 1.27 | 1.15 | 1.40 | 0.89 | 0.97 | 1.50 |
| Current Ratio | 1.32 | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 |
| Return on Assets (ROA) | 18.41% | 15.07% | 16.16% | -15.40% | -9.62% | 0.54% |
| Return on Invested Capital (ROIC) | 46.70% | 42.61% | 49.73% | -47.70% | 56.35% | 1.39% |
| Return on Capital Employed (ROCE) | 41.50% | 33.00% | 41.60% | -53.80% | -38.00% | 1.00% |
| Earnings Yield | 12.25% | 3.48% | 2.67% | -7.72% | -13.44% | -0.87% |
| FCF Yield | 6.21% | 8.86% | 7.33% | 3.85% | 6.57% | 4.60% |
| Buyback Yield / Dilution | -12.88% | -25.91% | -16.39% | -8.65% | 31.52% | -90.63% |