What is MediaAlpha, Inc.'s earnings per share (EPS)?

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) Financials

MAX

Trailing 12 months to June 30, 2026

Revenue $1.2B +13.8% YoY

Net Income $97.2M +1580.2% YoY

EPS (Diluted) $1.62 +1572.7% YoY

Free Cash Flow $56.3M -21.5% YoY

Market Cap $534.5M as of Oct 9, 2026

Price / Sales 0.4x on $1.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 5.5x on $97.2M net income, trailing 12 months to June 30, 2026

Price / Book 18.8x on $28.4M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MAX SEC filings page.

MediaAlpha, Inc. (MAX) reported $1.2B in revenue over the twelve months to Jun 30, 2026, up 13.8% from the prior twelve months. This page shows its 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).

Rhea AI MAX FY2025 2026-10-03

MediaAlpha converts rapid revenue growth into cash, but FY2025 shows heavier overhead and a thin, highly leveraged equity cushion.

Revenue grew sharply in FY2025 while operating margin narrowed from 4.9% to 2.0%. Operating cash flow increased to $65.6M from $45.9M, so additional sales produced more cash even as rising operating costs absorbed more of each revenue dollar.

FY2025 free cash flow nearly matched operating cash flow at $65.3M versus $65.6M. It also exceeded net income of $25.6M while capital expenditures were just $340K, indicating an asset-light cash profile where working-capital and noncash effects matter more than heavy physical reinvestment.

The balance sheet remains structurally thin: liabilities exceeded assets, leaving only $4.2M of equity and debt equal to 31.6x equity. The current ratio fell from 1.4x to 1.2x, so improved profitability did not materially strengthen short-term balance-sheet flexibility.

Financial Health Signals

Financial Health Score 42/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of MediaAlpha, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

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 28/100, suggesting thin profitability after operating expenses. This is down from 4.9% the prior year.

Growth

MediaAlpha, Inc.'s revenue surged 28.8% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 97/100.

Leverage

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 19/100, reflecting increased financial risk.

Liquidity

MediaAlpha, Inc.'s current ratio of 1.18 is below the typical benchmark, resulting in a score of 28/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

MediaAlpha, Inc. has a free cash flow margin of 5.9%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

MediaAlpha, Inc.'s ROE of 615.9% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 699.3% the prior year.

Altman Z-Score Grey Zone

2.20

MediaAlpha, Inc. scores 2.20, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

MediaAlpha, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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

2.13x

MediaAlpha, Inc. earns $2.13 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

$316.9M

YoY+25.9%

QoQ+2.2%

5Y CAGR+15.0%

MediaAlpha, Inc. generated $316.9M in revenue in Q2 2026. This represents an increase of 25.9% from the same quarter a year earlier. Against the prior quarter it is up 2.2%.

EBITDA

$20.5M

YoY+205.5%

QoQ-10.4%

5Y CAGR+59.3%

MediaAlpha, Inc.'s EBITDA was $20.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 205.5% from the same quarter a year earlier. Against the prior quarter it is down 10.4%.

Net Income

$39.4M

YoY+310.4%

QoQ+243.9%

MediaAlpha, Inc. reported $39.4M in net income in Q2 2026. This represents an increase of 310.4% from the same quarter a year earlier. Against the prior quarter it is up 243.9%.

EPS (Diluted)

$0.65

YoY+297.0%

QoQ+209.5%

MediaAlpha, Inc. earned $0.65 per diluted share (EPS) in Q2 2026. This represents an increase of 297.0% from the same quarter a year earlier. Against the prior quarter it is up 209.5%.

Cash & Balance Sheet

Free Cash Flow

$41.8M

YoY+63.7%

QoQ+2716.6%

5Y CAGR+67.7%

MediaAlpha, Inc. generated $41.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 63.7% from the same quarter a year earlier. Against the prior quarter it is up 2716.6%.

Cash & Debt

$23.7M

YoY-72.2%

QoQ-8.9%

5Y CAGR+9.6%

MediaAlpha, Inc. held $23.7M in cash against $169.5M in long-term debt as of Q2 2026.

Shares Outstanding

Diluted avg 62M

MediaAlpha, Inc. had a weighted average of 62M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

14.3%

YoY-0.7pp

QoQ-0.8pp

5Y change-1.7pp

MediaAlpha, Inc.'s gross margin was 14.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.

Operating Margin

6.3%

YoY+14.3pp

QoQ-0.9pp

5Y change+5.1pp

MediaAlpha, Inc.'s operating margin was 6.3% in Q2 2026, reflecting core business profitability. This is up 14.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.

Net Margin

12.4%

YoY+19.9pp

QoQ+8.8pp

5Y change+12.6pp

MediaAlpha, Inc.'s net profit margin was 12.4% in Q2 2026, showing the share of revenue converted to profit. This is up 19.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.8 percentage points.

Return on Equity

138.8%

QoQ-459.4pp

MediaAlpha, Inc.'s ROE was 138.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 459.4 percentage points.

Capital Allocation

R&D Spending

$6.0M

YoY+12.9%

QoQ+10.8%

5Y CAGR+9.5%

MediaAlpha, Inc. invested $6.0M in research and development in Q2 2026. This represents an increase of 12.9% from the same quarter a year earlier. Against the prior quarter it is up 10.8%.

Share Buybacks

$20.6M

QoQ+1.6%

MediaAlpha, Inc. spent $20.6M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 1.6%.

Capital Expenditures

$774K

YoY+342.3%

QoQ+1742.9%

5Y CAGR+14.1%

MediaAlpha, Inc. invested $774K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 342.3% from the same quarter a year earlier. Against the prior quarter it is up 1742.9%.

MAX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MAX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Revenue	$1.2B	$1.1B+28.8%	$864.7M+122.8%	$388.1M-15.4%	$459.1M-28.9%	$645.3M+10.3%	$584.8M+43.3%	$408.0M+37.4%	$296.9M
Cost of Revenue	$1.0B	$946.1M+31.2%	$721.1M+124.3%	$321.4M-17.4%	$389.0M-28.5%	$543.8M+8.9%	$499.4M+45.6%	$342.9M+38.5%	$247.7M
Gross Profit	$180.1M	$167.5M+16.7%	$143.6M+115.2%	$66.7M-4.8%	$70.1M-31.0%	$101.5M+18.9%	$85.4M+31.2%	$65.1M+32.2%	$49.2M
R&D Expenses	$22.7M	$21.4M+8.3%	$19.8M+7.1%	$18.5M-12.4%	$21.1M+38.7%	$15.2M+22.1%	$12.4M+76.8%	$7.0M-31.9%	$10.3M
SG&A Expenses	$52.4M	$89.6M+58.9%	$56.4M-10.2%	$62.7M+12.9%	$55.6M-9.5%	$61.4M+86.4%	$32.9M+69.7%	$19.4M+147.2%	$7.8M
Operating Income	$84.4M	$22.1M-48.2%	$42.7M+207.0%	-$39.9M-12.8%	-$35.4M-1746.8%	$2.1M-89.0%	$19.5M-21.4%	$24.8M+28.6%	$19.3M
EBITDA	N/A	$25.4M-48.6%	$49.4M+251.3%	-$32.7M-11.7%	-$29.2M-631.5%	$5.5M-72.3%	$19.8M-21.1%	$25.1M+28.8%	$19.5M
Interest Expense	$10.1M	$10.4M-21.8%	$13.3M-13.2%	$15.3M+65.7%	$9.2M+18.1%	$7.8M-1.4%	$7.9M+13.1%	$7.0M+488.0%	$1.2M
Income Tax	-$118.3M	-$137.8M-10058.2%	$1.4M+398.9%	-$463K-100.4%	$102.9M+9928.6%	-$1.0M+17.4%	-$1.3M	$0	N/A
Net Income	$97.2M	$25.6M+54.1%	$16.6M+141.1%	-$40.4M+29.9%	-$57.7M-993.2%	-$5.3M-20.8%	-$4.4M-124.5%	$17.8M-1.7%	$18.1M
EPS (Basic)	N/A	$0.46+48.4%	$0.31+134.8%	-$0.89+35.0%	-$1.37-878.6%	-$0.140.0%	-$0.14	N/A	N/A
EPS (Diluted)	$1.62	$0.39+25.8%	$0.31+134.8%	-$0.89+35.0%	-$1.37	-$0.19-35.7%	-$0.14	N/A	N/A
Diluted Shares (Avg)	N/A	67M+25.9%	53M+16.4%	46M+8.7%	42M	61M+90.6%	32M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$316.9M+25.9%	$310.0M+17.3%	$291.2M-3.2%	$306.5M+18.3%	$251.6M+41.1%	$264.3M+108.7%	$300.6M+156.6%	$259.1M+247.5%
Cost of Revenue	$271.7M+27.0%	$263.3M+18.2%	$246.3M-2.1%	$263.1M+19.6%	$213.9M+45.9%	$222.7M+116.2%	$251.7M+165.2%	$219.9M+253.1%
Gross Profit	$45.2M+19.9%	$46.7M+12.2%	$44.8M-8.5%	$43.4M+10.7%	$37.7M+18.9%	$41.6M+75.8%	$49.0M+119.8%	$39.2M+219.0%
R&D Expenses	$6.0M+12.9%	$5.5M+11.6%	$5.3M+6.1%	$5.8M+9.4%	$5.4M+6.0%	$4.9M+12.0%	$5.0M+27.7%	$5.3M+24.0%
SG&A Expenses	$14.0M-70.3%	$13.5M-23.0%	$12.2M-37.8%	$12.6M+7.0%	$47.1M+241.1%	$17.6M+57.8%	$19.6M+59.6%	$11.8M-29.2%
Operating Income	$20.0M+199.6%	$22.4M+19187.9%	$22.3M+22.2%	$19.7M+26.4%	-$20.0M-408.7%	$116K-95.1%	$18.3M+3992.4%	$15.6M+205.8%
EBITDA	$20.5M+205.5%	$22.9M+1313.4%	$22.9M+15.0%	$20.3M+17.5%	-$19.5M-338.7%	$1.6M-59.9%	$19.9M+762.2%	$17.3M+233.3%
Interest Expense	$2.8M+6.7%	$2.2M-18.5%	$2.5M-12.4%	$2.6M-21.2%	$2.6M-21.2%	$2.7M-29.8%	$2.9M-27.1%	$3.3M-16.4%
Income Tax	$13.3M+4111.4%	$6.5M+13369.4%	-$138.1M-15197.6%	$54K-82.7%	$316K+143.1%	-$49K-281.5%	$915K+215.4%	$312K+205.9%
Net Income	$39.4M+310.4%	$11.5M+688.7%	$31.4M+576.9%	$14.9M+57.2%	-$18.7M-617.7%	-$1.9M-75.0%	$4.6M+296.1%	$9.5M+170.2%
EPS (Basic)	$0.73+321.2%	$0.21+625.0%	$0.56+600.0%	$0.26+52.9%	-$0.33-571.4%	-$0.04-100.0%	$0.08+260.0%	$0.17+158.6%
EPS (Diluted)	$0.65+297.0%	$0.21+625.0%	$0.50+455.6%	$0.26+52.9%	-$0.33-571.4%	-$0.04-100.0%	$0.09+280.0%	$0.17+158.6%
Diluted Shares (Avg)	62M+10.6%	56M+0.4%	N/A	57M+3.1%	56M+5.2%	56M+14.5%	N/A	55M+18.8%

MAX Balance Sheet

MAX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Total Assets	$383.8M+46.3%	$262.4M+70.5%	$153.9M-9.5%	$170.1M-41.3%	$289.8M+37.8%	$210.3M+99.6%	$105.4M	N/A
Current Assets	$174.4M-8.2%	$189.9M+154.7%	$74.6M-7.3%	$80.4M-41.3%	$137.1M+7.3%	$127.8M+89.4%	$67.5M	N/A
Cash & Equivalents	$46.9M+8.3%	$43.3M+150.5%	$17.3M+18.8%	$14.5M-71.2%	$50.6M+114.7%	$23.6M+134.9%	$10.0M+77.1%	$5.7M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$123.0M-13.9%	$142.9M+165.8%	$53.8M-10.4%	$60.0M-21.2%	$76.1M-21.0%	$96.3M+71.9%	$56.0M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M+159.4%	$18.4M0.0%	$18.4M0.0%	$18.4M	N/A
Total Liabilities	$413.0M+33.8%	$308.7M+88.0%	$164.2M-11.7%	$186.1M-47.0%	$351.4M+43.9%	$244.1M+11.5%	$219.0M	N/A
Current Liabilities	$147.6M+11.1%	$133.0M+66.8%	$79.7M+3.7%	$76.9M-8.7%	$84.2M-21.6%	$107.5M+124.3%	$47.9M	N/A
Non-Current Liabilities	$265.4M+51.0%	$175.7M+108.0%	$84.5M-22.6%	$109.2M-59.1%	$267.2M+95.5%	$136.7M-20.1%	$171.1M	N/A
Long-Term Debt	$131.6M-14.3%	$153.6M-5.4%	$162.4M-6.8%	$174.3M-2.1%	$178.1M-2.5%	$182.7M+89.0%	$96.7M	N/A
Total Equity	$4.2M+74.9%	$2.4M+123.1%	-$10.3M+35.6%	-$16.0M-268.8%	-$4.3M+87.2%	-$33.8M+70.3%	-$113.6M-380.6%	$40.5M
Retained Earnings	-$480.3M+5.1%	-$505.9M+3.2%	-$522.6M-8.4%	-$482.1M-13.6%	-$424.5M-1.3%	-$419.0M-116.9%	-$193.1M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$359.8M+44.3%	$367.7M+53.2%	$383.8M+46.3%	$266.2M+12.8%	$249.4M+25.8%	$240.0M+56.8%	$262.4M+70.5%	$236.1M+77.5%
Current Assets	$171.3M-11.0%	$165.2M-9.5%	$174.4M-8.2%	$205.7M+27.0%	$192.5M+56.9%	$182.5M+141.3%	$189.9M+154.7%	$162.1M+217.6%
Cash & Equivalents	$23.7M-72.2%	$26.1M-59.0%	$46.9M+8.3%	$38.8M+20.2%	$85.4M+197.9%	$63.6M+339.2%	$43.3M+150.5%	$32.3M+112.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$141.6M+37.7%	$133.8M+16.5%	$123.0M-13.9%	$129.2M+1.9%	$102.8M+13.3%	$114.8M+99.7%	$142.9M+165.8%	$126.8M+283.7%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%	$47.7M0.0%
Total Liabilities	$364.8M+19.1%	$396.8M+41.1%	$413.0M+33.8%	$332.0M+12.3%	$306.4M+37.6%	$281.2M+63.4%	$308.7M+88.0%	$295.7M+98.1%
Current Liabilities	$133.1M-10.5%	$113.2M+3.4%	$147.6M+11.1%	$189.7M+43.0%	$148.7M+33.7%	$109.4M+43.4%	$133.0M+66.8%	$132.6M+120.1%
Non-Current Liabilities	$231.7M+46.9%	$283.6M+65.1%	$265.4M+51.0%	$142.3M-12.7%	$157.7M+41.6%	$171.8M+79.3%	$175.7M+108.0%	$163.1M+83.2%
Long-Term Debt	$169.5M+13.7%	$156.3M+3.3%	$131.6M-14.3%	$133.7M-14.2%	$149.2M-5.6%	$151.4M-5.5%	$153.6M-5.4%	$155.8M
Total Equity	$28.4M+852.8%	$1.9M-75.8%	$4.2M+74.9%	-$29.8M-255.8%	-$3.8M+84.5%	$7.9M+141.5%	$2.4M+123.1%	-$8.4M+48.5%
Retained Earnings	-$429.4M+18.5%	-$468.8M+7.7%	-$480.3M+5.1%	-$511.7M-0.2%	-$526.6M-1.3%	-$507.9M+3.0%	-$505.9M+3.2%	-$510.6M+1.8%

Not reported in any period shown, so not listed: Inventory.

MAX Cash Flow Statement

MAX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Cash Flow	$57.2M	$65.6M+43.0%	$45.9M+126.7%	$20.2M-28.4%	$28.3M-1.2%	$28.6M-44.3%	$51.4M+132.2%	$22.1M-2.2%	$22.6M
Depreciation & Amortization	N/A	$3.3M-51.3%	$6.7M-8.1%	$7.3M+18.3%	$6.1M+83.3%	$3.4M+1017.7%	$300K0.0%	$300K+50.0%	$200K
Stock-Based Compensation	N/A	$30.3M-11.0%	$34.1M-36.1%	$53.3M-8.8%	$58.5M+27.9%	$45.7M+84.7%	$24.7M+972.1%	$2.3M+180.1%	$824K
Capital Expenditures	$924K	$340K+33.9%	$254K+247.9%	$73K-25.5%	$98K-84.9%	$650K+119.6%	$296K+102.7%	$146K-76.8%	$630K
Free Cash Flow	$56.3M	$65.3M+43.1%	$45.6M+126.3%	$20.2M-28.5%	$28.2M+0.7%	$28.0M-45.3%	$51.1M+132.4%	$22.0M-0.1%	$22.0M
Investing Cash Flow	-$924K	-$340K+48.0%	-$654K-795.9%	-$73K+99.9%	-$49.8M-7557.7%	-$650K+93.7%	-$10.3M-3402.0%	-$294K+54.1%	-$640K
Financing Cash Flow	-$117.9M	-$61.6M-220.7%	-$19.2M-10.3%	-$17.4M-20.0%	-$14.5M-1411.0%	-$961K+96.5%	-$27.6M-57.8%	-$17.5M+31.3%	-$25.4M
Share Buybacks	$88.1M	$47.3M	$0	$0-100.0%	$5.0M	$0	$0	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$42.6M+65.6%	-$1.6M-106.6%	-$7.4M-151.3%	$23.6M+193.2%	$25.7M+19.0%	$23.7M+1312.5%	$14.5M+174.4%	$8.1M+673.8%
Depreciation & Amortization	$576K+1.4%	$551K-63.4%	$584K-64.9%	$571K-65.7%	$568K-65.9%	$1.5M-9.8%	$1.7M-7.9%	$1.7M-6.8%
Stock-Based Compensation	$8.5M+4.4%	$7.3M+3.3%	N/A	$7.7M-10.9%	$8.1M-12.0%	$7.0M-18.6%	N/A	$8.6M-40.5%
Capital Expenditures	$774K+342.3%	$42K-26.3%	$40K-14.9%	$68K+58.1%	$175K+34.6%	$57K+67.6%	$47K+261.5%	$43K+230.8%
Free Cash Flow	$41.8M+63.7%	-$1.6M-106.8%	-$7.5M-151.7%	$23.6M+194.0%	$25.5M+18.9%	$23.6M+1338.2%	$14.5M+174.2%	$8.0M+665.5%
Investing Cash Flow	-$774K-342.3%	-$42K+26.3%	-$40K+14.9%	-$68K+84.7%	-$175K-34.6%	-$57K-67.6%	-$47K-261.5%	-$443K-3307.7%
Financing Cash Flow	-$44.1M-1083.8%	-$19.2M-474.1%	-$18.0M-410.7%	-$36.6M-822.3%	-$3.7M+48.9%	-$3.3M+24.6%	-$3.5M-9.8%	-$4.0M-16.2%
Share Buybacks	$20.6M	$20.3M	$14.4M	$32.9M	$0	$0	$0	N/A

Not reported in any period shown, so not listed: Dividends Paid.

MAX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MAX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Gross Margin	15.0%-1.6pp	16.6%-0.6pp	17.2%+1.9pp	15.3%-0.5pp	15.7%+1.1pp	14.6%-1.4pp	16.0%-0.6pp	16.6%
Operating Margin	2.0%-2.9pp	4.9%+15.2pp	-10.3%-2.6pp	-7.7%-8.0pp	0.3%-3.0pp	3.3%-2.8pp	6.1%-0.4pp	6.5%
Net Margin	2.3%+0.4pp	1.9%+12.3pp	-10.4%+2.1pp	-12.6%-11.7pp	-0.8%-0.1pp	-0.8%-5.1pp	4.4%-1.7pp	6.1%
Return on Equity	615.9%-83.3pp	699.3%	N/A	N/A	N/A	N/A	N/A	44.8%
Return on Assets	6.7%+0.3pp	6.3%+32.6pp	-26.3%+7.7pp	-33.9%-32.1pp	-1.8%+0.3pp	-2.1%-19.0pp	16.9%	N/A
Current Ratio	1.18-0.2x	1.43+0.5x	0.94-0.1x	1.05-0.6x	1.63+0.4x	1.19-0.2x	1.41	N/A
Debt-to-Equity	31.64-33.0x	64.59	N/A	N/A	N/A	N/A	N/A	N/A
Asset Turnover	2.90-0.4x	3.29+0.8x	2.52-0.2x	2.70+0.5x	2.23-0.6x	2.78-1.1x	3.87	N/A
FCF Margin	5.9%+0.6pp	5.3%+0.1pp	5.2%-1.0pp	6.1%+1.8pp	4.3%-4.4pp	8.7%+3.4pp	5.4%-2.0pp	7.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	14.3%-0.7pp	15.1%-0.7pp	15.4%-0.9pp	14.2%-1.0pp	15.0%-2.8pp	15.8%-2.9pp	16.3%-2.7pp	15.1%-1.3pp
Operating Margin	6.3%+14.3pp	7.2%+7.2pp	7.7%+1.6pp	6.4%+0.4pp	-8.0%-11.6pp	0.0%-1.8pp	6.1%+5.7pp	6.0%+25.8pp
Net Margin	12.4%+19.9pp	3.7%+4.4pp	10.8%+9.3pp	4.9%+1.2pp	-7.4%-9.5pp	-0.7%+0.1pp	1.5%+3.6pp	3.7%+21.8pp
Return on Equity	138.8%	598.2%+622.8pp	755.0%+559.8pp	N/A	N/A	-24.6%	195.1%	N/A
Return on Assets	11.0%+18.5pp	3.1%+3.9pp	8.2%+6.4pp	5.6%+1.6pp	-7.5%-9.3pp	-0.8%-0.1pp	1.8%+3.3pp	4.0%+14.2pp
Current Ratio	1.290.0x	1.46-0.2x	1.18-0.2x	1.08-0.1x	1.29+0.2x	1.67+0.7x	1.43+0.5x	1.22+0.4x
Debt-to-Equity	5.97	81.55+62.4x	31.64-33.0x	N/A	N/A	19.12	64.59	N/A
Asset Turnover	0.88-0.1x	0.84-0.3x	0.76-0.4x	1.15+0.1x	1.01+0.1x	1.10+0.3x	1.15+0.4x	1.10+0.5x
FCF Margin	13.2%+3.0pp	-0.5%-9.5pp	-2.6%-7.4pp	7.7%+4.6pp	10.2%-1.9pp	8.9%+7.6pp	4.8%+0.3pp	3.1%+5.0pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
MediaAlpha, Inc. MAX	FY2025	$1.1B	$25.6M	2.3%	$534.5M	42/100
EverQuote, Inc. EVER	FY2025	$692.5M	$99.3M	14.3%	$730.9M	63/100
Cars.com Inc. CARS	FY2025	$723.2M	$20.1M	2.8%	$521.4M	56/100
Fiverr International Ltd. FVRR	FY2025	$430.9M	$21.0M	4.9%	$310.6M	55/100
Groupon, Inc. GRPN	FY2025	$498.4M	-$83.3M	-16.7%	$777.5M	36/100
NerdWallet, Inc. NRDS	FY2025	$836.6M	$48.7M	5.8%	$625.8M	65/100

Where MediaAlpha, Inc. Ranks

Frequently Asked Questions

What is MediaAlpha, Inc.'s annual revenue?

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.

How fast is MediaAlpha, Inc.'s revenue growing?

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

Is MediaAlpha, Inc. profitable?

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

What is MediaAlpha, Inc.'s EBITDA?

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

How much debt does MediaAlpha, Inc. have?

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

What is MediaAlpha, Inc.'s gross margin?

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.

What is MediaAlpha, Inc.'s operating margin?

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.

What is MediaAlpha, Inc.'s net profit margin?

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.

What is MediaAlpha, Inc.'s return on equity (ROE)?

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.

What is MediaAlpha, Inc.'s free cash flow?

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.

What is MediaAlpha, Inc.'s operating cash flow?

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

What are MediaAlpha, Inc.'s total assets?

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

What are MediaAlpha, Inc.'s capital expenditures?

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

How much does MediaAlpha, Inc. spend on research and development?

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

Does MediaAlpha, Inc. buy back shares?

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

What is MediaAlpha, Inc.'s current ratio?

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

What is MediaAlpha, Inc.'s debt-to-equity ratio?

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.

What is MediaAlpha, Inc.'s return on assets (ROA)?

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.

What is MediaAlpha, Inc.'s P/E ratio?

MediaAlpha, Inc. (MAX) trades at 5.5x earnings, its market capitalization divided by net income of $97.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $534.5M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MediaAlpha, Inc.'s price-to-sales ratio?

MediaAlpha, Inc. (MAX) trades at 0.4x sales, its market capitalization divided by revenue of $1.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $534.5M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is MediaAlpha, Inc.'s Altman Z-Score?

MediaAlpha, Inc. (MAX) has an Altman Z-Score of 2.20, 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.

What is MediaAlpha, Inc.'s Piotroski F-Score?

MediaAlpha, Inc. (MAX) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are MediaAlpha, Inc.'s earnings high quality?

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.

Can MediaAlpha, Inc. cover its interest payments?

MediaAlpha, Inc. (MAX) has an interest coverage ratio of 2.13x, 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.

How financially healthy is MediaAlpha, Inc.?

MediaAlpha, Inc. (MAX) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.