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. appointed Ramon Jones to its Board of Directors, filling the existing Class I vacancy. He is also expected to be appointed to the Audit Committee. Jones most recently served as Executive Vice President and Chief Marketing Officer at Nationwide from November 2019 to March 2025, following a 25-year tenure in senior roles at the company, and earlier worked in Accenture’s Financial Services Strategy Practice.
His compensation will follow the Non-Employee Director Compensation Policy, and the company will enter into a standard-form indemnification agreement. The company reported no arrangements, family relationships, or related-party transactions under Item 404(a). A press release announcing the appointment was furnished as Exhibit 99.1.
MediaAlpha (MAX): Ownership update — Insignia Capital–affiliated entities filed Amendment No. 3 to Schedule 13G reporting they no longer beneficially own the company’s Class A common stock. As of September 30, 2025, their reported holdings were 0 shares, representing 0.0% of the class. The filing is characterized as an exit filing for the reporting persons.
The amendment lists multiple Insignia entities as joint filers and confirms no sole or shared voting or dispositive power remains. The statement is signed by Tony Broglio on November 12, 2025.
The Vanguard Group filed Amendment No. 3 to Schedule 13G reporting its beneficial ownership in MediaAlpha, Inc. (MAX). Vanguard reported aggregate beneficial ownership of 2,600,621 shares of common stock, representing 4.61% of the class as of the event date.
Vanguard reported 0 shares with sole voting power and 222,094 shares with shared voting power. It has 2,348,848 shares with sole dispositive power and 251,773 shares with shared dispositive power. The filing identifies Vanguard as an investment adviser (IA) and states ownership of five percent or less of the class.
Vanguard certified the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The date of the event requiring the filing was 09/30/2025.
MediaAlpha (MAX) reported stronger Q3 2025 results. Revenue was $306.5 million, up 18.3% year over year, as property & casualty demand rebounded. Net income rose to $17.6 million, with diluted EPS of $0.26. Transaction Value reached $589.3 million (up 30.4%), while Adjusted EBITDA was $29.1 million and Contribution was $45.6 million, yielding a 14.9% Contribution Margin.
P&C led growth; Health declined due to the decision to scale back the under‑65 sub-vertical. Operating cash flow for the first nine months was $73.0 million. Cash and cash equivalents were $38.8 million, and $33.5 million was classified as restricted cash at quarter‑end.
The company amended its 2021 Credit Facilities on August 4, 2025, extending most maturities to July 29, 2027, with $13.3 million of term loans and $0.4 million of revolver commitments maturing July 29, 2026. A Court‑entered FTC Consent Order requires $45.0 million; $33.5 million was paid on October 21, 2025, with $11.5 million due by January 14, 2026. MediaAlpha repurchased 3,234,894 shares for $32.9 million in September and authorized a new $50 million repurchase program on October 28, 2025. Two customers represented 53% of Q3 revenue.
MediaAlpha, Inc. (MAX) reported two updates: it furnished its third‑quarter 2025 results via a press release and shareholder letter, and its board authorized a new share repurchase program for up to $50 million of Class A common stock.
The repurchases may be executed through open market purchases, privately negotiated transactions, preset trading plans, block trades, or a combination of these methods. The program is expected to be completed by the end of 2026, may be suspended or discontinued at any time, and does not obligate the company to repurchase any shares. The Q3 2025 press release (Exhibit 99.1) and shareholder letter (Exhibit 99.2) include GAAP-to-non‑GAAP reconciliations.
MediaAlpha, Inc. entered into a material agreement to repurchase 3,234,894 shares of its Class A common stock from Insignia entities in a private transaction at $10.17 per share, for an aggregate purchase price of approximately $32.9 million. A special committee of independent, disinterested directors approved the repurchase, which closed on September 4, 2025.
In connection with the transaction, Insignia exchanged an equal number of Class B common shares and Class B-1 units of QL Holdings, LLC for the Class A shares, and after the repurchase Insignia no longer beneficially owns any common stock of MediaAlpha. As a result, Insignia’s board designee, Anthony Broglio, resigned from the Board in accordance with the existing Stockholders Agreement, and his resignation was not due to any disagreement with the company. MediaAlpha also issued a press release about these matters.
MediaAlpha, Inc. (MAX) insider Yi Steven reported the vesting of restricted stock units into Class A common stock on August 15, 2025. The filing shows 18,294 RSUs vested, resulting in issuance of 18,294 shares at no cash price and leaving the reporting person with 2,981,036 shares beneficially owned. The Form 4 also records that 36,588 RSU-equivalent derivative units are beneficially owned following the transaction. The reporting person is identified as a director and officer (Chief Executive Officer, President and Co‑Founder) of the issuer. The Form 4 was signed on August 18, 2025 by Jeffrey B. Coyne.
MediaAlpha (MAX) Form 4 — Reporting person: Yeh Kuanling Amy, Chief Technology Officer. On 08/15/2025 Ms. Yeh had multiple restricted stock units (RSUs) vest and received issued shares: 5,210, 5,303 and 4,803 Class A common shares upon vesting of RSUs granted in 2022, 2023 and 2024. Those issuances increased her reported beneficial ownership to 405,347 shares before a sale. On the same date she sold 6,000 shares at a weighted-average price of $10.1953 per share under a previously adopted Rule 10b5-1 trading plan, leaving 399,347 shares beneficially owned. The filing includes derivative detail showing the underlying RSU balances and states vesting schedules tied to continued employment.
MediaAlpha, Inc. insider Jeffrey B. Coyne reported multiple routine equity transactions tied to restricted stock unit (RSU) vesting on August 15, 2025. The filing shows 510 and 6,544 RSUs converted into Class A common stock (issued at $0 as vested compensation), increasing his beneficial ownership to 466,803 shares at one point. Several share dispositions reflect automatic withholding to satisfy tax obligations, with withholding sales executed at $10.14 per share. All holdings are reported as direct ownership.
MediaAlpha, Inc. (MAX) reported insider transactions by Patrick Ryan, the company's Chief Financial Officer and Treasurer. On 08/15/2025 9,772 restricted stock units (RSUs) vested and one share per RSU was issued at no cost. To satisfy tax withholding obligations, the issuer withheld 3,846, 5,257, 4,366 and 8,333 shares in separate dispositions, each sold at $10.14 per share. The filing lists a sequence of beneficial ownership figures after each transaction, with the final reported beneficial ownership of 894,591 shares of Class A common stock held directly.