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Mediaalpha Inc Financials

MAX
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Mediaalpha Inc (MAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 44 / 100
Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
27

Mediaalpha Inc has an operating margin of 2.0%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is down from 4.9% the prior year.

Growth
81

Mediaalpha Inc's revenue surged 28.8% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 81/100.

Leverage
0

Mediaalpha Inc has elevated debt relative to equity (D/E of 31.64), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
19

Mediaalpha Inc's current ratio of 1.18 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.

Cash Flow
40

Mediaalpha Inc has a free cash flow margin of 5.9%, earning a moderate score of 40/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
100

Mediaalpha Inc earns a strong 615.9% return on equity (ROE), meaning it generates $616 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 699.3% the prior year.

Altman Z-Score Grey Zone
2.17

Mediaalpha Inc scores 2.17, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
5/9

Mediaalpha Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
2.56x

For every $1 of reported earnings, Mediaalpha Inc generates $2.56 in operating cash flow ($65.6M OCF vs $25.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.1x

Mediaalpha Inc earns $2.1 in operating income for every $1 of interest expense ($22.1M vs $10.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.1B
YoY+28.8%
5Y CAGR+13.7%

Mediaalpha Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 28.8% from the prior year.

EBITDA
$25.4M
YoY-48.6%
5Y CAGR+5.0%

Mediaalpha Inc's EBITDA was $25.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 48.6% from the prior year.

Net Income
$25.6M
YoY+54.1%

Mediaalpha Inc reported $25.6M in net income in fiscal year 2025. This represents an increase of 54.1% from the prior year.

EPS (Diluted)
$0.39
YoY+25.8%

Mediaalpha Inc earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$65.3M
YoY+43.1%
5Y CAGR+5.0%

Mediaalpha Inc generated $65.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 43.1% from the prior year.

Cash & Debt
$46.9M
YoY+8.3%
5Y CAGR+14.8%

Mediaalpha Inc held $46.9M in cash against $131.6M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
15.0%
YoY-1.6pp
5Y CAGR+0.5pp

Mediaalpha Inc's gross margin was 15.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.

Operating Margin
2.0%
YoY-2.9pp
5Y CAGR-1.3pp

Mediaalpha Inc's operating margin was 2.0% in fiscal year 2025, reflecting core business profitability. This is down 2.9 percentage points from the prior year.

Net Margin
2.3%
YoY+0.4pp
5Y CAGR+3.0pp

Mediaalpha Inc's net profit margin was 2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.

Return on Equity
615.9%
YoY-83.3pp

Mediaalpha Inc's ROE was 615.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 83.3 percentage points from the prior year.

Capital Allocation

R&D Spending
$21.4M
YoY+8.3%
5Y CAGR+11.4%

Mediaalpha Inc invested $21.4M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.

Share Buybacks
$47.3M

Mediaalpha Inc spent $47.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$340K
YoY+33.9%
5Y CAGR+2.8%

Mediaalpha Inc invested $340K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.9% from the prior year.

MAX Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $291.2M-5.0% $306.5M+21.8% $251.6M-4.8% $264.3M-12.1% $300.6M+16.0% $259.1M+45.4% $178.3M+40.8% $126.6M
Cost of Revenue $246.3M-6.4% $263.1M+23.0% $213.9M-3.9% $222.7M-11.5% $251.7M+14.4% $219.9M+50.0% $146.6M+42.4% $103.0M
Gross Profit $44.8M+3.2% $43.4M+15.2% $37.7M-9.5% $41.6M-15.0% $49.0M+24.9% $39.2M+23.8% $31.7M+33.8% $23.7M
R&D Expenses $5.3M-8.6% $5.8M+8.9% $5.4M+9.6% $4.9M-2.7% $5.0M-5.8% $5.3M+5.5% $5.1M+15.8% $4.4M
SG&A Expenses $12.2M-3.4% $12.6M-73.2% $47.1M+168.0% $17.6M-10.2% $19.6M+66.1% $11.8M-14.7% $13.8M+24.0% $11.1M
Operating Income $22.3M+13.1% $19.7M+198.5% -$20.0M-17377.6% $116K-99.4% $18.3M+16.9% $15.6M+140.4% $6.5M+173.7% $2.4M
Interest Expense $2.5M-3.8% $2.6M0.0% $2.6M-3.7% $2.7M-5.4% $2.9M-13.5% $3.3M0.0% $3.3M-14.2% $3.8M
Income Tax -$138.1M-255920.4% $54K-82.9% $316K+744.9% -$49K-105.4% $915K+193.3% $312K+140.0% $130K+381.5% $27K
Net Income $31.4M+110.7% $14.9M+179.5% -$18.7M-862.1% -$1.9M-142.0% $4.6M-51.1% $9.5M+161.9% $3.6M+425.2% -$1.1M
EPS (Diluted) N/A $0.26+178.8% $-0.33-725.0% $-0.04 N/A $0.17+142.9% $0.07+450.0% $-0.02

MAX Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $383.8M+44.2% $266.2M+6.7% $249.4M+3.9% $240.0M-8.6% $262.4M+11.2% $236.1M+19.1% $198.2M+29.5% $153.0M
Current Assets $174.4M-15.2% $205.7M+6.9% $192.5M+5.5% $182.5M-3.9% $189.9M+17.2% $162.1M+32.1% $122.7M+62.2% $75.6M
Cash & Equivalents $46.9M+20.7% $38.8M-54.5% $85.4M+34.3% $63.6M+46.9% $43.3M+33.9% $32.3M+12.7% $28.7M+98.0% $14.5M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $123.0M-4.8% $129.2M+25.7% $102.8M-10.5% $114.8M-19.6% $142.9M+12.7% $126.8M+39.8% $90.7M+57.7% $57.5M
Goodwill $47.7M0.0% $47.7M0.0% $47.7M0.0% $47.7M0.0% $47.7M0.0% $47.7M0.0% $47.7M0.0% $47.7M
Total Liabilities $413.0M+24.4% $332.0M+8.4% $306.4M+9.0% $281.2M-8.9% $308.7M+4.4% $295.7M+32.8% $222.6M+29.4% $172.1M
Current Liabilities $147.6M-22.2% $189.7M+27.6% $148.7M+35.9% $109.4M-17.7% $133.0M+0.3% $132.6M+19.2% $111.2M+45.8% $76.3M
Long-Term Debt $131.6M-1.6% $133.7M-10.4% $149.2M-1.5% $151.4M-1.4% $153.6M-1.4% $155.8M-1.4% $158.0M-1.4% $160.2M
Total Equity $4.2M+114.0% -$29.8M-688.4% -$3.8M-147.7% $7.9M+233.0% $2.4M+128.4% -$8.4M+65.7% -$24.4M-27.9% -$19.1M
Retained Earnings -$480.3M+6.1% -$511.7M+2.8% -$526.6M-3.7% -$507.9M-0.4% -$505.9M+0.9% -$510.6M+1.8% -$520.1M+0.7% -$523.7M

MAX Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow -$7.4M-131.5% $23.6M-8.2% $25.7M+8.5% $23.7M+63.1% $14.5M+80.4% $8.1M-62.7% $21.6M+1187.8% $1.7M
Capital Expenditures $40K-41.2% $68K-61.1% $175K+207.0% $57K+21.3% $47K+9.3% $43K-66.9% $130K+282.4% $34K
Free Cash Flow -$7.5M-131.8% $23.6M-7.8% $25.5M+8.0% $23.6M+63.3% $14.5M+80.7% $8.0M-62.7% $21.5M+1206.5% $1.6M
Investing Cash Flow -$40K+41.2% -$68K+61.1% -$175K-207.0% -$57K-21.3% -$47K+89.4% -$443K-240.8% -$130K-282.4% -$34K
Financing Cash Flow -$18.0M+50.9% -$36.6M-881.9% -$3.7M-11.3% -$3.3M+4.9% -$3.5M+11.3% -$4.0M+45.6% -$7.3M-64.1% -$4.4M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $14.4M N/A N/A N/A $0 N/A N/A N/A

MAX Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 15.4%+1.2pp 14.2%-0.8pp 15.0%-0.8pp 15.8%-0.5pp 16.3%+1.1pp 15.1%-2.6pp 17.8%-0.9pp 18.7%
Operating Margin 7.7%+1.2pp 6.4%+14.4pp -8.0%-8.0pp 0.0%-6.0pp 6.1%+0.1pp 6.0%+2.4pp 3.6%+1.8pp 1.9%
Net Margin 10.8%+5.9pp 4.9%+12.3pp -7.4%-6.7pp -0.7%-2.3pp 1.5%-2.1pp 3.7%+1.6pp 2.0%+2.9pp -0.9%
Return on Equity 755.0% N/A N/A -24.6%-219.7pp 195.1% N/A N/A N/A
Return on Assets 8.2%+2.6pp 5.6%+13.1pp -7.5%-6.7pp -0.8%-2.6pp 1.8%-2.3pp 4.0%+2.2pp 1.8%+2.6pp -0.7%
Current Ratio 1.18+0.1 1.08-0.2 1.29-0.4 1.67+0.2 1.43+0.2 1.22+0.1 1.10+0.1 0.99
Debt-to-Equity 31.64+36.1 -4.49+35.0 -39.52-58.6 19.12-45.5 64.59+83.2 -18.63-12.2 -6.48+1.9 -8.40
FCF Margin -2.6%-10.3pp 7.7%-2.5pp 10.2%+1.2pp 8.9%+4.1pp 4.8%+1.7pp 3.1%-9.0pp 12.0%+10.8pp 1.3%

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Frequently Asked Questions

Mediaalpha Inc (MAX) reported $1.1B in total revenue for fiscal year 2025. This represents a 28.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Mediaalpha Inc (MAX) revenue grew by 28.8% year-over-year, from $864.7M to $1.1B in fiscal year 2025.

Yes, Mediaalpha Inc (MAX) reported a net income of $25.6M in fiscal year 2025, with a net profit margin of 2.3%.

Mediaalpha Inc (MAX) reported diluted earnings per share of $0.39 for fiscal year 2025. This represents a 25.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Mediaalpha Inc (MAX) had EBITDA of $25.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Mediaalpha Inc (MAX) had $46.9M in cash and equivalents against $131.6M in long-term debt.

Mediaalpha Inc (MAX) had a gross margin of 15.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Mediaalpha Inc (MAX) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Mediaalpha Inc (MAX) had a net profit margin of 2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Mediaalpha Inc (MAX) has a return on equity of 615.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Mediaalpha Inc (MAX) generated $65.3M in free cash flow during fiscal year 2025. This represents a 43.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Mediaalpha Inc (MAX) generated $65.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Mediaalpha Inc (MAX) had $383.8M in total assets as of fiscal year 2025, including both current and long-term assets.

Mediaalpha Inc (MAX) invested $340K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Mediaalpha Inc (MAX) invested $21.4M in research and development during fiscal year 2025.

Yes, Mediaalpha Inc (MAX) spent $47.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Mediaalpha Inc (MAX) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

Mediaalpha Inc (MAX) had a debt-to-equity ratio of 31.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Mediaalpha Inc (MAX) had a return on assets of 6.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Mediaalpha Inc (MAX) has an Altman Z-Score of 2.17, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Mediaalpha Inc (MAX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Mediaalpha Inc (MAX) has an earnings quality ratio of 2.56x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Mediaalpha Inc (MAX) has an interest coverage ratio of 2.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Mediaalpha Inc (MAX) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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