Welcome to our dedicated page for Mediaalpha SEC filings (Ticker: MAX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to MediaAlpha, Inc.’s (NYSE: MAX) U.S. Securities and Exchange Commission (SEC) filings, along with AI‑supported tools that help explain the contents of each document. MediaAlpha files Form 10‑K annual reports, Form 10‑Q quarterly reports, and Form 8‑K current reports, which together offer a detailed view of the company’s financial condition, operating performance, governance, and material events.
In its periodic reports, MediaAlpha presents consolidated financial statements, including balance sheets, statements of operations, and cash flow statements, as well as discussions of non‑GAAP measures such as Adjusted EBITDA, Contribution, and Contribution Margin. The filings also describe key operating metrics like Transaction Value, which management and the board of directors use to evaluate operating performance and efficiency. Our AI tools can highlight how these measures relate to MAX’s reported revenue, costs, and profitability across insurance verticals.
MediaAlpha’s Form 8‑K filings document significant developments, including earnings releases and shareholder letters, amendments to its credit agreement, share repurchase agreements, Board and executive changes, and amendments to its by‑laws. For example, recent 8‑Ks describe a Third Amendment to the company’s senior secured credit facilities through its subsidiaries, a private stock repurchase from entities affiliated with Insignia Capital Group, the authorization of a $50 million share repurchase program, Board transitions as the company ceased to be a controlled company, and the adoption of Amended and Restated By‑Laws.
Other 8‑K filings summarize the FTC settlement relating to the under‑65 health sub‑vertical and outline additional compliance measures, as well as leadership changes such as the appointment of a new Chief Technology Officer and the transition of the former CTO to Chief Architect. Our platform surfaces these items and uses AI to extract key terms, governance changes, and risk‑related disclosures so that readers can quickly understand what each filing means for MAX stock and MediaAlpha’s business.
MediaAlpha, Inc. is asking stockholders to vote at its 2026 virtual-only annual meeting on May 5, 2026. The proxy seeks approval to elect two Class III directors, Venmal (Raji) Arasu and Kathy Vrabeck, to serve until the 2029 meeting, and to ratify PricewaterhouseCoopers LLP as auditor for 2026.
Holders of Class A and Class B common stock as of March 11, 2026 may vote, with 55,169,591 Class A shares and 8,288,267 Class B shares outstanding. A stockholders’ agreement covering 46% of shares supports the board’s nominees. The board highlights strong governance: 71% independent directors, 43% women, 43% racially or ethnically diverse, and independent chairs for the board and all committees.
The filing also reviews 2025 performance, noting record results including a 45% year-over-year increase in total Transaction Value to $2.2 billion and an 18% rise in Adjusted EBITDA to $113.7 million. Executive pay is heavily performance-based, with 91% of the CEO’s 2025 target compensation and an average of 84% for other named executives in at-risk incentives.
MediaAlpha, Inc. announced that director Lara Sweet will not stand for reelection at the 2026 annual meeting for personal reasons, so her term will end on May 5, 2026. The board’s Nominating and Corporate Governance Committee has begun searching for a replacement, and Kathy Vrabeck is expected to serve as interim Audit Committee Chair.
The Compensation Committee also changed 2026 long-term incentives for executive officers so that 25% of target value is in performance share units and 75% in time-based restricted share units. The performance units are tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028, with payouts ranging from 0% to 200% of target based on preset thresholds.
MediaAlpha, Inc. director and officer Steven Yi reported an open-market sale of Class A common stock. He sold 4,000 shares at a price of $9.59 per share and now holds 3,055,247 shares directly after the transaction. According to a footnote, the sale was made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from vesting restricted stock units (RSUs), indicating this was a planned, tax-related liquidity event rather than a discretionary trade.
MediaAlpha, Inc. director and officer Steven Yi reported a mix of stock sales and equity awards. He sold 9,227 shares of Class A common stock in open-market transactions on March 16, 2026 and March 17, 2026 at weighted-average prices around $9.94 per share, leaving him with 3,059,247 shares held directly. The company notes these sales were made under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from restricted stock unit vesting.
On March 15, 2026, Yi received 448,500 restricted stock units under MediaAlpha’s Omnibus Incentive Plan, each representing one future share upon vesting. One sixteenth of these RSUs will vest on May 15, 2026, with the rest vesting quarterly over the following four years, subject to continued employment.
He was also granted 149,550 performance-based restricted stock units tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028. One-third of the PRSU target for each year is linked to threshold, target, and maximum performance levels, corresponding to 50%, 100%, and 200% of target shares. Any earned PRSUs remain subject to service-based vesting through the three-year period and, if approved by the Compensation Committee upon achievement of the performance measures, will settle on March 15, 2029.
MediaAlpha, Inc. Chief Revenue Officer Keith Cramer reported a mix of stock awards and a small share sale. On March 15, 2026 he received 134,600 restricted stock units and 44,900 performance-based RSUs tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028. Any earned PRSUs can vest at 50%, 100% or 200% of target based on threshold, target, and maximum performance, and settle on March 15, 2029 after Compensation Committee approval and continued service. On March 16, 2026 he sold 10,000 shares of Class A Common Stock at a weighted-average price of $9.8946 per share under a pre-arranged Rule 10b5-1 trading plan primarily to cover taxes from RSU vesting, and held 306,754 shares afterward.
Yeh Kuanling Amy reported acquisition or exercise transactions in this Form 4 filing.
MediaAlpha, Inc. Chief Technology Officer Yeh Kuanling Amy received equity awards consisting of time-based restricted stock units (RSUs) and performance-based restricted stock units (2026 PRSUs) tied to future company performance.
The filing shows a grant of 186,900 RSUs of Class A Common Stock and 62,300 2026 PRSUs, each at a grant price of $0.00 per unit. Each RSU represents a contingent right to one share of Class A Common Stock upon vesting. One sixteenth of the RSUs will vest on May 15, 2026, with the remainder vesting quarterly over the following four years, subject to continued employment.
The 2026 PRSUs are earned based on Adjusted EBITDA goals for fiscal 2026, 2027, and 2028, with each year measured separately. For each year, threshold, target, and maximum performance levels correspond to vesting of 50%, 100%, or 200% of target shares. Any earned PRSUs for a performance period then remain subject to continued service-based vesting through the end of the three-year period and, if they become eligible to vest after Compensation Committee approval, will settle in shares on March 15, 2029. Following these transactions, Yeh Kuanling Amy holds 580,879 shares of Class A Common Stock directly.
Thompson Patrick Ryan reported acquisition or exercise transactions in this Form 4 filing.
MediaAlpha, Inc. reported that reporting person Patrick Ryan Thompson received equity awards consisting of restricted stock units and performance-based restricted stock units tied to Class A Common Stock. On March 15, 2026, he was granted 254,200 RSUs and 84,750 performance-based RSUs.
The RSUs vest over roughly four years, with one sixteenth vesting on May 15, 2026 and the rest vesting quarterly, subject to continued employment. The performance-based RSUs are earned based on Adjusted EBITDA goals for fiscal 2026, 2027, and 2028, with potential vesting at 50%, 100%, or 200% of target shares depending on performance, and any earned units settling on March 15, 2029. Following these grants, Thompson directly held 1,124,630 shares of Class A Common Stock.
COYNE JEFFREY B reported acquisition or exercise transactions in this Form 4 filing.
MediaAlpha, Inc. reported that its general counsel and secretary, Jeffrey B. Coyne, received equity awards on March 15, 2026. He was granted 171,950 restricted stock units, each representing one share of Class A common stock, and 57,350 performance-based restricted stock units.
The time-based RSUs begin vesting on May 15, 2026, with one sixteenth vesting then and the remainder vesting quarterly over the following four years, subject to continued employment. The PRSUs are tied to Adjusted EBITDA goals for fiscal 2026, 2027, and 2028, with threshold, target, and maximum goals corresponding to 50%, 100%, and 200% of target shares.
Any PRSUs earned for a given year remain subject to continued service-based vesting through the end of the three-year period, and eligible units will settle on March 15, 2029 after Compensation Committee approval. Following these awards, Coyne directly holds 605,995 shares of Class A common stock.
MediaAlpha director Eugene Nonko reported a mix of equity awards and small share sales in Class A Common Stock. On March 15, 2026, he received 174,450 restricted stock units (RSUs) under the company’s Omnibus Incentive Plan, each RSU representing one share upon vesting.
According to the vesting terms, one sixteenth of these RSUs will vest on May 15, 2026, with the remainder vesting quarterly over the following four years, subject to continued employment. On March 16–17, 2026, he sold a total of 5,205 shares (direct and through O.N.E. Holdings, LLC) at around $10 per share under a pre-arranged Rule 10b5‑1 trading plan primarily to cover taxes from RSU vesting, and continued to hold over 1,055,000 shares directly and about 1,378,000 shares indirectly afterward.
MediaAlpha, Inc. filed a Form 144 reporting an intended sale of 33,000 shares of Common Stock related to a restricted stock lapse dated 11/15/2025.
The filing also discloses recent open-market sales by Keith Cramer: 10,000 shares on 01/15/2026 for $113,736.00 and 10,000 shares on 02/17/2026 for $71,599.00.