MediaAlpha (MAX) Financials

$9.98 -0.18 (-1.80%)

Closing price 03:59 PM Eastern

Extended Trading

$9.96 -0.01 (-0.12%)

As of 07:08 PM Eastern

Annual Income Statements for MediaAlpha

This table shows MediaAlpha's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	17	-40	-58
Consolidated Net Income / (Loss)	22	-57	-72
Net Income / (Loss) Continuing Operations	22	-57	-72
Total Pre-Tax Income	24	-57	30
Total Operating Income	43	-40	-35
Total Gross Profit	144	67	70
Total Revenue	865	388	459
Operating Revenue	865	388	459
Total Cost of Revenue	721	321	389
Operating Cost of Revenue	721	321	389
Total Operating Expenses	101	107	105
Selling, General & Admin Expense	56	63	56
Marketing Expense	25	25	29
Research & Development Expense	20	18	21
Total Other Income / (Expense), net	-19	-17	66
Interest Expense	14	15	9.25
Other Income / (Expense), net	-4.87	-1.78	75
Income Tax Expense	1.38	-0.46	103
Net Income / (Loss) Attributable to Noncontrolling Interest	5.49	-16	-15
Basic Earnings per Share	$0.31	($0.89)	($1.37)
Weighted Average Basic Shares Outstanding	53.04M	45.57M	41.94M
Diluted Earnings per Share	$0.31	($0.89)	($1.37)
Weighted Average Diluted Shares Outstanding	53.04M	45.57M	41.94M
Weighted Average Basic & Diluted Shares Outstanding	67.03M	65.43M	62.92M

This table shows MediaAlpha's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	4.64	9.48	3.62	-1.11	-2.37	-14	-14	-10	-27	-14
Consolidated Net Income / (Loss)	7.30	12	4.42	-1.49	-3.29	-19	-20	-15	-28	-21
Net Income / (Loss) Continuing Operations	7.30	12	4.42	-1.49	-3.29	-19	-20	-15	-28	-21
Total Pre-Tax Income	8.22	12	4.55	-1.46	-4.09	-19	-20	-15	73	-22
Total Operating Income	18	16	6.49	2.37	0.45	-15	-16	-9.55	-6.54	-11
Total Gross Profit	49	39	32	24	22	12	14	18	20	13
Total Revenue	301	259	178	127	117	75	85	112	124	89
Operating Revenue	301	259	178	127	117	75	85	112	124	89
Total Cost of Revenue	252	220	147	103	95	62	71	93	104	76
Operating Cost of Revenue	252	220	147	103	95	62	71	93	104	76
Total Operating Expenses	31	24	25	21	22	27	30	28	27	23
Selling, General & Admin Expense	20	12	14	11	12	17	18	16	15	11
Marketing Expense	6.12	6.50	6.32	5.80	5.63	6.10	6.71	6.99	6.78	6.85
Research & Development Expense	5.02	5.33	5.05	4.36	3.93	4.30	5.06	5.17	4.91	5.29
Total Other Income / (Expense), net	-10	-3.41	-1.94	-3.84	-4.53	-3.85	-3.76	-4.96	80	-11
Interest Expense	3.19	3.56	3.75	3.85	3.92	3.95	3.87	3.58	3.34	2.59
Other Income / (Expense), net	-6.84	0.15	1.81	0.01	-0.61	0.10	0.12	-1.38	83	-8.60
Income Tax Expense	0.92	0.31	0.13	0.03	-0.79	0.10	0.15	0.08	102	-0.54
Net Income / (Loss) Attributable to Noncontrolling Interest	2.66	2.41	0.80	-0.38	-0.93	-5.20	-5.69	-4.32	-1.39	-6.74
Basic Earnings per Share	$0.09	$0.17	$0.07	($0.02)	($0.05)	($0.29)	($0.32)	($0.23)	($0.64)	($0.34)
Weighted Average Basic Shares Outstanding	53.04M	54.91M	53.37M	48.57M	45.57M	46.23M	45.16M	43.87M	41.94M	42.21M
Diluted Earnings per Share	$0.09	$0.17	$0.07	($0.02)	($0.05)	($0.29)	($0.32)	($0.23)	($0.64)	($0.34)
Weighted Average Diluted Shares Outstanding	53.04M	54.91M	53.37M	48.57M	45.57M	46.23M	45.16M	43.87M	41.94M	42.21M
Weighted Average Basic & Diluted Shares Outstanding	67.03M	66.66M	66.30M	65.84M	65.43M	65.09M	64.35M	63.53M	62.92M	62.28M

This table details how cash moves in and out of MediaAlpha's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	26	2.73	-36
Net Cash From Operating Activities	46	20	28
Net Cash From Continuing Operating Activities	46	20	28
Net Income / (Loss) Continuing Operations	22	-57	-72
Consolidated Net Income / (Loss)	22	-57	-72
Depreciation Expense	0.25	0.35	0.39
Amortization Expense	7.19	7.71	6.59
Non-Cash Adjustments To Reconcile Net Income	42	55	-16
Changes in Operating Assets and Liabilities, net	-26	13	110
Net Cash From Investing Activities	-0.65	-0.07	-50
Net Cash From Continuing Investing Activities	-0.65	-0.07	-50
Purchase of Property, Plant & Equipment	-0.25	-0.07	-0.10
Acquisitions	-0.40	0.00	-50
Net Cash From Financing Activities	-19	-17	-15
Net Cash From Continuing Financing Activities	-19	-17	-15
Repayment of Debt	-13	-9.50	-30
Repurchase of Common Equity	0.00	0.00	-5.01
Payment of Dividends	-1.22	-2.85	-2.13
Issuance of Debt	0.00	0.00	25
Other Financing Activities, net	-5.45	-5.08	-2.88
Cash Interest Paid	14	14	7.07
Cash Income Taxes Paid	0.23	-0.26	-2.38

This table details how cash moves in and out of MediaAlpha's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	11	3.65	14	-2.80	2.08	-4.83	0.50	4.99	-16	-4.99
Net Cash From Operating Activities	15	8.06	22	1.68	5.29	-1.40	3.79	13	-6.68	15
Net Cash From Continuing Operating Activities	15	8.06	22	1.68	5.29	-1.40	3.79	13	-6.68	15
Net Income / (Loss) Continuing Operations	7.30	12	4.42	-1.49	-3.29	-19	-20	-15	-28	-21
Consolidated Net Income / (Loss)	7.30	12	4.42	-1.49	-3.29	-19	-20	-15	-28	-21
Depreciation Expense	0.06	0.07	0.07	0.06	0.08	0.09	0.09	0.10	0.10	0.10
Amortization Expense	1.79	1.80	1.80	1.80	1.93	1.93	1.93	1.93	1.90	1.91
Non-Cash Adjustments To Reconcile Net Income	15	9.17	9.65	8.75	9.79	15	15	16	-69	23
Changes in Operating Assets and Liabilities, net	-9.44	-15	5.68	-7.44	-3.21	0.62	6.43	9.45	88	11
Net Cash From Investing Activities	-0.05	-0.44	-0.13	-0.03	-0.01	-0.01	-0.02	-0.03	-0.01	-0.01
Net Cash From Continuing Investing Activities	-0.05	-0.44	-0.13	-0.03	-0.01	-0.01	-0.02	-0.03	-0.01	-0.01
Purchase of Property, Plant & Equipment	-0.05	-0.04	-0.13	-0.03	-0.01	-0.01	-0.02	-0.03	-0.01	-0.01
Net Cash From Financing Activities	-3.52	-3.97	-7.29	-4.44	-3.21	-3.42	-3.27	-7.54	-8.98	-20
Net Cash From Continuing Financing Activities	-3.52	-3.97	-7.29	-4.44	-3.21	-3.42	-3.27	-7.54	-8.98	-20
Repayment of Debt	-2.38	-2.38	-5.42	-2.38	-2.38	-2.38	-2.38	-2.38	-7.38	-17
Payment of Dividends	-0.11	-0.09	-0.90	-0.11	-1.28	-0.28	-0.19	-1.10	-1.54	-
Other Financing Activities, net	-1.03	-1.50	-0.97	-1.96	0.45	-0.77	-0.70	-4.06	-0.06	-0.82
Cash Interest Paid	3.27	3.37	3.52	3.78	3.69	3.66	3.37	3.06	2.44	1.76
Cash Income Taxes Paid	0.12	0.11	-0.00	0.00	-0.02	-	-	-0.23	-0.24	0.01

This table presents MediaAlpha's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	262	154	170
Total Current Assets	190	75	80
Cash & Equivalents	43	17	15
Accounts Receivable	143	54	60
Prepaid Expenses	3.71	3.53	5.88
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	73	79	90
Goodwill	48	48	48
Intangible Assets	20	26	33
Other Noncurrent Operating Assets	4.81	5.60	8.99
Total Liabilities & Shareholders' Equity	262	154	170
Total Liabilities	309	248	256
Total Current Liabilities	133	80	77
Short-Term Debt	8.85	12	8.77
Accounts Payable	106	56	54
Accrued Expenses	19	12	14
Total Noncurrent Liabilities	176	169	179
Long-Term Debt	154	162	174
Noncurrent Deferred & Payable Income Tax Liabilities	7.01	0.00	-
Other Noncurrent Operating Liabilities	15	6.18	4.97
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-46	-94	-86
Total Preferred & Common Equity	2.38	-10	-16
Preferred Stock	0.00	0.00	0.00
Total Common Equity	2.38	-10	-16
Common Stock	508	512	466
Retained Earnings	-506	-523	-482
Noncontrolling Interest	-49	-84	-70

This table presents MediaAlpha's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	236	198	153	133	140	153	265
Total Current Assets	162	123	76	51	56	67	70
Cash & Equivalents	32	29	14	15	20	20	30
Accounts Receivable	127	91	57	33	33	43	35
Prepaid Expenses	2.94	3.34	3.66	2.77	3.48	4.60	4.95
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	74	76	77	82	84	86	195
Goodwill	48	48	48	48	48	48	48
Intangible Assets	22	23	24	28	29	31	35
Other Noncurrent Operating Assets	4.73	4.99	5.25	6.53	6.89	7.24	9.41
Total Liabilities & Shareholders' Equity	236	198	153	133	140	153	265
Total Liabilities	296	276	242	233	235	242	334
Total Current Liabilities	133	111	76	60	60	65	64
Short-Term Debt	8.84	8.83	12	8.80	8.79	8.78	8.76
Accounts Payable	110	91	54	39	38	46	42
Accrued Expenses	14	12	11	13	13	10	13
Total Noncurrent Liabilities	163	165	166	172	175	177	270
Long-Term Debt	156	158	160	168	170	172	181
Other Noncurrent Operating Liabilities	7.30	6.93	5.91	4.76	4.85	4.88	5.05
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-60	-78	-89	-100	-94	-89	-68
Total Preferred & Common Equity	-8.36	-24	-19	-16	-16	-13	1.20
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-8.36	-24	-19	-16	-16	-13	1.20
Common Stock	502	496	505	504	490	479	456
Retained Earnings	-511	-520	-524	-520	-507	-492	-455
Noncontrolling Interest	-51	-54	-70	-83	-78	-75	-70

This table displays calculated financial ratios and metrics derived from MediaAlpha's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	122.78%	-15.45%	-28.86%
EBITDA Growth	234.63%	-172.06%	1,542.03%
EBIT Growth	190.77%	-205.03%	2,446.57%
NOPAT Growth	243.88%	-133.20%	5,495.58%
Net Income Growth	139.11%	21.94%	-754.82%
EPS Growth	134.83%	35.04%	-621.05%
Operating Cash Flow Growth	126.74%	-28.45%	-1.21%
Free Cash Flow Firm Growth	468.44%	-110.61%	498.56%
Invested Capital Growth	16.52%	-24.07%	10.41%
Revenue Q/Q Growth	26.93%	-1.73%	-7.57%
EBITDA Q/Q Growth	33.73%	-177.87%	229.42%
EBIT Q/Q Growth	44.06%	-218.65%	194.28%
NOPAT Q/Q Growth	56.82%	-114.90%	494.41%
Net Income Q/Q Growth	91.93%	30.70%	-50.69%
EPS Q/Q Growth	82.35%	39.86%	-69.14%
Operating Cash Flow Q/Q Growth	25.21%	145.02%	-50.31%
Free Cash Flow Firm Q/Q Growth	105.49%	-103.73%	367.05%
Invested Capital Q/Q Growth	0.31%	1.60%	-10.04%
Profitability Metrics	-	-	-
Gross Margin	16.60%	17.19%	15.26%
EBITDA Margin	5.24%	-8.67%	10.17%
Operating Margin	4.94%	-10.29%	-7.71%
EBIT Margin	4.38%	-10.74%	8.65%
Profit (Net Income) Margin	2.56%	-14.57%	-15.78%
Tax Burden Percent	94.11%	99.19%	-237.85%
Interest Burden Percent	62.09%	136.72%	76.72%
Effective Tax Rate	5.89%	0.00%	337.85%
Return on Invested Capital (ROIC)	59.33%	-38.53%	107.15%
ROIC Less NNEP Spread (ROIC-NNEP)	46.23%	-56.11%	4.37%
Return on Net Nonoperating Assets (RNNOA)	-90.78%	101.20%	-9.02%
Return on Equity (ROE)	-31.45%	62.66%	98.13%
Cash Return on Invested Capital (CROIC)	44.06%	-11.18%	97.25%
Operating Return on Assets (OROA)	18.18%	-25.74%	17.27%
Return on Assets (ROA)	10.62%	-34.91%	-31.51%
Return on Common Equity (ROCE)	-1.77%	9.13%	13.51%
Return on Equity Simple (ROE_SIMPLE)	930.11%	549.40%	452.99%
Net Operating Profit after Tax (NOPAT)	40	-28	84
NOPAT Margin	4.65%	-7.20%	18.34%
Net Nonoperating Expense Percent (NNEP)	13.10%	17.58%	102.78%
Return On Investment Capital (ROIC_SIMPLE)	34.60%	-34.99%	86.79%
Cost of Revenue to Revenue	83.40%	82.81%	84.74%
SG&A Expenses to Revenue	6.52%	16.17%	12.10%
R&D to Revenue	2.29%	4.76%	4.59%
Operating Expenses to Revenue	11.66%	27.47%	22.97%
Earnings before Interest and Taxes (EBIT)	38	-42	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	45	-34	47
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	316.50	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.87	1.87	1.35
Price to Earnings (P/E)	45.26	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	2.21%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	11.29	12.76	8.71
Enterprise Value to Revenue (EV/Rev)	0.95	2.06	1.56
Enterprise Value to EBITDA (EV/EBITDA)	18.18	0.00	15.38
Enterprise Value to EBIT (EV/EBIT)	21.75	0.00	18.09
Enterprise Value to NOPAT (EV/NOPAT)	20.47	0.00	8.53
Enterprise Value to Operating Cash Flow (EV/OCF)	17.95	39.48	25.40
Enterprise Value to Free Cash Flow (EV/FCFF)	27.56	0.00	9.40
Leverage & Solvency	-	-	-
Debt to Equity	-3.51	-1.85	-2.13
Long-Term Debt to Equity	-3.32	-1.72	-2.02
Financial Leverage	-1.96	-1.80	-2.06
Leverage Ratio	-2.96	-1.80	-3.11
Compound Leverage Factor	-1.84	-2.45	-2.39
Debt to Total Capital	139.78%	218.22%	188.76%
Short-Term Debt to Total Capital	7.61%	14.84%	9.04%
Long-Term Debt to Total Capital	132.17%	203.38%	179.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-41.83%	-105.33%	-72.27%
Common Equity to Total Capital	2.05%	-12.89%	-16.49%
Debt to EBITDA	3.59	-5.18	3.92
Net Debt to EBITDA	2.63	-4.67	3.61
Long-Term Debt to EBITDA	3.39	-4.83	3.73
Debt to NOPAT	4.04	-6.24	2.17
Net Debt to NOPAT	2.96	-5.62	2.00
Long-Term Debt to NOPAT	3.82	-5.81	2.07
Altman Z-Score	2.80	-1.41	0.98
Noncontrolling Interest Sharing Ratio	94.37%	85.44%	86.23%
Liquidity Ratios	-	-	-
Current Ratio	1.43	0.94	1.05
Quick Ratio	1.40	0.89	0.97
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	30	-8.11	76
Operating Cash Flow to CapEx	18,059.84%	27,713.70%	28,851.02%
Free Cash Flow to Firm to Interest Expense	2.08	-0.53	8.26
Operating Cash Flow to Interest Expense	3.20	1.32	3.06
Operating Cash Flow Less CapEx to Interest Expense	3.18	1.32	3.05
Efficiency Ratios	-	-	-
Asset Turnover	4.15	2.40	2.00
Accounts Receivable Turnover	8.79	6.82	6.75
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	8.91	5.83	6.72
Days Sales Outstanding (DSO)	41.52	53.49	54.10
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.96	62.61	54.31
Cash Conversion Cycle (CCC)	0.56	-9.11	-0.21
Capital & Investment Metrics	-	-	-
Invested Capital	73	63	82
Invested Capital Turnover	12.76	5.35	5.84
Increase / (Decrease) in Invested Capital	10	-20	7.78
Enterprise Value (EV)	823	799	718
Market Capitalization	753	726	620
Book Value per Share	$0.04	($0.16)	($0.26)
Tangible Book Value per Share	($0.98)	($1.29)	($1.55)
Total Capital	116	80	97
Total Debt	162	174	183
Total Long-Term Debt	154	162	174
Net Debt	119	157	169
Capital Expenditures (CapEx)	0.25	0.07	0.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	-11	-2.24
Debt-free Net Working Capital (DFNWC)	66	6.71	12
Net Working Capital (NWC)	57	-5.15	3.53
Net Nonoperating Expense (NNE)	18	29	157
Net Nonoperating Obligations (NNO)	119	157	169
Total Depreciation and Amortization (D&A)	7.44	8.06	6.98
Debt-free, Cash-free Net Working Capital to Revenue	2.61%	-2.72%	-0.49%
Debt-free Net Working Capital to Revenue	7.61%	1.73%	2.68%
Net Working Capital to Revenue	6.59%	-1.33%	0.77%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.31	($0.89)	($1.37)
Adjusted Weighted Average Basic Shares Outstanding	53.04M	45.57M	41.94M
Adjusted Diluted Earnings per Share	$0.31	($0.89)	($1.37)
Adjusted Weighted Average Diluted Shares Outstanding	53.04M	45.57M	41.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.03M	65.43M	62.92M
Normalized Net Operating Profit after Tax (NOPAT)	40	-28	-25
Normalized NOPAT Margin	4.65%	-7.20%	-5.40%
Pre Tax Income Margin	2.72%	-14.69%	6.63%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.64	-2.72	4.29
NOPAT to Interest Expense	2.80	-1.82	9.10
EBIT Less CapEx to Interest Expense	2.62	-2.73	4.28
NOPAT Less CapEx to Interest Expense	2.78	-1.83	9.09
Payout Ratios	-	-	-
Dividend Payout Ratio	5.52%	-5.04%	-2.95%
Augmented Payout Ratio	5.52%	-5.04%	-9.86%

This table displays calculated financial ratios and metrics derived from MediaAlpha's official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	156.58%	247.49%	110.30%	13.45%	-5.51%	-16.23%	-18.05%	-21.72%	-23.26%	-41.72%
EBITDA Growth	622.56%	239.52%	172.93%	147.63%	-97.67%	26.41%	-64.53%	-40.12%	2,029.28%	-2,432.47%
EBIT Growth	6,891.07%	207.60%	152.02%	121.78%	-100.22%	23.61%	-52.62%	-48.79%	1,592.74%	-4,933.33%
NOPAT Growth	5,095.17%	247.31%	156.06%	124.84%	-87.64%	-39.47%	-54.38%	-21.35%	320.98%	-16,169.23%
Net Income Growth	321.71%	163.58%	122.12%	89.78%	88.38%	11.91%	-53.43%	-48.09%	-612.13%	-396.98%
EPS Growth	280.00%	158.62%	121.88%	91.30%	92.19%	14.71%	-45.45%	-35.29%	-700.00%	-240.00%
Operating Cash Flow Growth	174.44%	673.79%	470.91%	-86.64%	179.25%	-109.46%	-67.94%	51.19%	-130.44%	18.98%
Free Cash Flow Firm Growth	-70.85%	-79.17%	-72.22%	179.48%	483.94%	234.30%	220.42%	-316.17%	75.94%	41.28%
Invested Capital Growth	16.52%	18.02%	-6.29%	-6.08%	-24.07%	-32.76%	-43.01%	1.34%	10.41%	8.61%
Revenue Q/Q Growth	16.02%	45.36%	40.76%	8.09%	57.13%	-12.03%	-24.06%	-9.98%	39.31%	-13.95%
EBITDA Q/Q Growth	-24.77%	73.41%	139.60%	131.17%	114.53%	9.35%	-56.48%	-111.32%	558.30%	-102.68%
EBIT Q/Q Growth	-27.62%	89.88%	248.64%	1,517.26%	98.85%	8.19%	-45.98%	-114.25%	499.86%	-83.42%
NOPAT Q/Q Growth	6.64%	141.12%	279.88%	431.84%	103.02%	8.23%	-68.31%	-364.62%	134.12%	-1.58%
Net Income Q/Q Growth	-38.59%	168.96%	396.45%	54.72%	82.39%	6.42%	-37.00%	48.56%	-33.56%	-63.00%
EPS Q/Q Growth	-47.06%	142.86%	450.00%	60.00%	82.76%	9.38%	-39.13%	64.06%	-88.24%	-54.55%
Operating Cash Flow Q/Q Growth	80.35%	-62.72%	1,187.78%	-68.30%	477.07%	-137.09%	-69.86%	287.96%	-145.00%	25.74%
Free Cash Flow Firm Q/Q Growth	43.20%	-60.35%	70.29%	-69.85%	2.30%	-47.12%	587.29%	-45.65%	64.22%	52.58%
Invested Capital Q/Q Growth	0.31%	20.76%	-11.73%	8.98%	1.60%	-4.11%	-11.53%	-11.89%	-10.04%	-18.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.29%	15.14%	17.77%	18.70%	19.02%	16.49%	16.24%	16.45%	16.24%	14.24%
EBITDA Margin	4.41%	6.80%	5.70%	3.35%	1.57%	-16.94%	-16.44%	-7.98%	63.44%	-19.29%
Operating Margin	6.07%	6.02%	3.64%	1.87%	0.38%	-19.78%	-18.96%	-8.55%	-5.27%	-11.88%
EBIT Margin	3.79%	6.08%	4.66%	1.88%	-0.14%	-19.64%	-18.82%	-9.79%	61.84%	-21.54%
Profit (Net Income) Margin	2.43%	4.59%	2.48%	-1.18%	-2.81%	-25.07%	-23.57%	-13.06%	-22.86%	-23.84%
Tax Burden Percent	88.86%	97.44%	97.14%	101.84%	80.59%	100.55%	100.76%	100.54%	-38.65%	97.50%
Interest Burden Percent	72.01%	77.40%	54.81%	-61.49%	2,432.14%	126.94%	124.28%	132.72%	95.65%	113.52%
Effective Tax Rate	11.14%	2.56%	2.86%	0.00%	0.00%	0.00%	0.00%	0.00%	138.65%	0.00%
Return on Invested Capital (ROIC)	68.83%	59.52%	28.23%	7.50%	1.43%	-71.36%	-61.39%	-35.52%	11.90%	-46.93%
ROIC Less NNEP Spread (ROIC-NNEP)	62.37%	57.26%	26.96%	5.53%	-0.79%	-76.57%	-66.66%	-40.96%	-8.36%	-55.64%
Return on Net Nonoperating Assets (RNNOA)	-122.48%	-105.55%	-46.43%	-9.90%	1.42%	146.39%	143.36%	81.35%	17.25%	124.94%
Return on Equity (ROE)	-53.65%	-46.03%	-18.20%	-2.40%	2.85%	75.03%	81.97%	45.83%	29.16%	78.01%
Cash Return on Invested Capital (CROIC)	44.06%	21.64%	0.38%	-21.56%	-11.18%	283.90%	290.42%	159.46%	97.25%	-32.51%
Operating Return on Assets (OROA)	15.76%	22.45%	13.67%	4.95%	-0.34%	-38.97%	-36.17%	-19.56%	123.46%	-41.90%
Return on Assets (ROA)	10.09%	16.93%	7.28%	-3.10%	-6.73%	-49.74%	-45.30%	-26.10%	-45.64%	-46.38%
Return on Common Equity (ROCE)	-3.02%	-7.11%	-4.29%	-0.44%	0.41%	6.72%	6.81%	3.46%	4.01%	7.23%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-137.80%	78.13%	227.93%	0.00%	502.35%	518.65%	581.32%	0.00%	-4,023.18%
Net Operating Profit after Tax (NOPAT)	16	15	6.31	1.66	0.31	-10	-11	-6.68	2.53	-7.40
NOPAT Margin	5.39%	5.87%	3.54%	1.31%	0.27%	-13.84%	-13.27%	-5.99%	2.04%	-8.32%
Net Nonoperating Expense Percent (NNEP)	6.46%	2.26%	1.27%	1.98%	2.21%	5.21%	5.28%	5.44%	20.26%	8.71%
Return On Investment Capital (ROIC_SIMPLE)	13.96%	-	-	-	0.39%	-	-	-	2.60%	-
Cost of Revenue to Revenue	83.71%	84.86%	82.23%	81.30%	80.98%	83.51%	83.76%	83.55%	83.76%	85.76%
SG&A Expenses to Revenue	6.52%	4.55%	7.75%	8.80%	10.47%	22.32%	21.32%	14.11%	12.09%	12.48%
R&D to Revenue	1.67%	2.06%	2.83%	3.45%	3.36%	5.76%	5.97%	4.63%	3.96%	5.94%
Operating Expenses to Revenue	10.22%	9.11%	14.13%	16.82%	18.64%	36.27%	35.20%	25.01%	21.51%	26.12%
Earnings before Interest and Taxes (EBIT)	11	16	8.30	2.38	-0.17	-15	-16	-11	77	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	18	10	4.24	1.84	-13	-14	-8.91	79	-17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	316.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	448.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.87	1.76	1.75	3.29	1.87	1.35	1.60	2.20	1.35	1.08
Price to Earnings (P/E)	45.26	124.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.21%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	11.29	17.63	15.80	20.71	12.76	9.89	11.44	14.16	8.71	6.84
Enterprise Value to Revenue (EV/Rev)	0.95	1.88	1.92	3.51	2.06	1.54	1.80	2.40	1.56	1.26
Enterprise Value to EBITDA (EV/EBITDA)	18.18	37.85	263.80	0.00	0.00	14.11	19.02	23.30	15.38	0.00
Enterprise Value to EBIT (EV/EBIT)	21.75	48.78	0.00	0.00	0.00	17.34	24.02	28.47	18.09	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.47	49.99	0.00	0.00	0.00	3.25	3.53	8.86	8.53	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.95	34.99	35.02	151.09	39.48	73.80	30.01	31.62	25.40	11.02
Enterprise Value to Free Cash Flow (EV/FCFF)	27.56	88.20	4,077.86	0.00	0.00	2.80	2.86	8.94	9.40	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.51	-2.76	-2.14	-1.93	-1.85	-1.77	-1.89	-2.04	-2.13	-2.78
Long-Term Debt to Equity	-3.32	-2.61	-2.03	-1.79	-1.72	-1.68	-1.80	-1.94	-2.02	-2.65
Financial Leverage	-1.96	-1.84	-1.72	-1.79	-1.80	-1.91	-2.15	-1.99	-2.06	-2.25
Leverage Ratio	-2.96	-2.32	-1.96	-1.72	-1.80	-2.37	-2.77	-2.93	-3.11	-3.61
Compound Leverage Factor	-2.13	-1.79	-1.08	1.06	-43.66	-3.01	-3.44	-3.89	-2.98	-4.10
Debt to Total Capital	139.78%	156.77%	187.72%	208.11%	218.22%	229.77%	211.98%	196.24%	188.76%	156.14%
Short-Term Debt to Total Capital	7.61%	8.42%	9.93%	14.35%	14.84%	11.45%	10.42%	9.52%	9.04%	7.19%
Long-Term Debt to Total Capital	132.17%	148.35%	177.79%	193.76%	203.38%	218.31%	201.56%	186.72%	179.72%	148.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-41.83%	-48.80%	-60.27%	-85.05%	-105.33%	-108.62%	-92.74%	-81.84%	-72.27%	-57.12%
Common Equity to Total Capital	2.05%	-7.96%	-27.45%	-23.06%	-12.89%	-21.15%	-19.25%	-14.40%	-16.49%	0.98%
Debt to EBITDA	3.59	4.86	46.25	-8.40	-5.18	4.09	4.62	4.10	3.92	-5.27
Net Debt to EBITDA	2.63	3.91	38.30	-7.69	-4.67	3.73	4.10	3.66	3.61	-4.44
Long-Term Debt to EBITDA	3.39	4.60	43.80	-7.82	-4.83	3.88	4.39	3.90	3.73	-5.03
Debt to NOPAT	4.04	6.42	-43.83	-8.78	-6.24	0.94	0.86	1.56	2.17	-8.91
Net Debt to NOPAT	2.96	5.16	-36.30	-8.04	-5.62	0.86	0.76	1.39	2.00	-7.50
Long-Term Debt to NOPAT	3.82	6.08	-41.51	-8.17	-5.81	0.89	0.81	1.48	2.07	-8.50
Altman Z-Score	2.46	2.66	0.92	1.17	-0.52	-1.58	-0.87	0.41	1.69	0.22
Noncontrolling Interest Sharing Ratio	94.37%	84.55%	76.43%	81.84%	85.44%	91.05%	91.69%	92.44%	86.23%	90.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.22	1.10	0.99	0.94	0.85	0.94	1.03	1.05	1.09
Quick Ratio	1.40	1.20	1.07	0.94	0.89	0.80	0.88	0.96	0.97	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5.88	4.10	10	6.08	20	20	37	-7.65	-5.25	-15
Operating Cash Flow to CapEx	30,912.77%	18,734.88%	16,622.31%	4,935.29%	40,723.08%	-10,800.00%	22,264.71%	41,853.33%	-133,600.00%	106,028.57%
Free Cash Flow to Firm to Interest Expense	1.84	1.15	2.76	1.58	5.14	4.99	9.62	-2.14	-1.57	-5.66
Operating Cash Flow to Interest Expense	4.55	2.26	5.76	0.44	1.35	-0.36	0.98	3.51	-2.00	5.72
Operating Cash Flow Less CapEx to Interest Expense	4.54	2.25	5.73	0.43	1.35	-0.36	0.97	3.50	-2.00	5.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	4.15	3.69	2.94	2.63	2.40	1.98	1.92	2.00	2.00	1.94
Accounts Receivable Turnover	8.79	8.52	8.06	8.01	6.82	11.66	11.46	8.21	6.75	9.37
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	8.91	7.61	6.33	6.63	5.83	8.15	9.67	7.39	6.72	9.74
Days Sales Outstanding (DSO)	41.52	42.83	45.30	45.55	53.49	31.31	31.85	44.46	54.10	38.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.96	47.97	57.62	55.06	62.61	44.79	37.75	49.40	54.31	37.49
Cash Conversion Cycle (CCC)	0.56	-5.14	-12.32	-9.51	-9.11	-13.48	-5.90	-4.94	-0.21	1.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	73	73	60	68	63	62	64	73	82	92
Invested Capital Turnover	12.76	10.14	7.98	5.72	5.35	5.15	4.63	5.93	5.84	5.64
Increase / (Decrease) in Invested Capital	10	11	-4.04	-4.42	-20	-30	-49	0.96	7.78	7.27
Enterprise Value (EV)	823	1,282	952	1,413	799	609	735	1,028	718	627
Market Capitalization	753	1,201	867	1,326	726	532	655	943	620	536
Book Value per Share	$0.04	($0.13)	($0.37)	($0.39)	($0.16)	($0.25)	($0.26)	($0.21)	($0.26)	$0.02
Tangible Book Value per Share	($0.98)	($1.17)	($1.44)	($1.88)	($1.29)	($1.43)	($1.47)	($1.47)	($1.55)	($1.32)
Total Capital	116	105	89	83	80	77	84	92	97	122
Total Debt	162	165	167	172	174	176	179	181	183	190
Total Long-Term Debt	154	156	158	160	162	168	170	172	174	181
Net Debt	119	132	138	158	157	161	159	161	169	160
Capital Expenditures (CapEx)	0.05	0.04	0.13	0.03	0.01	0.01	0.02	0.03	0.01	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	5.97	-8.38	-3.26	-11	-16	-15	-8.66	-2.24	-15
Debt-free Net Working Capital (DFNWC)	66	38	20	11	6.71	-0.44	5.05	11	12	15
Net Working Capital (NWC)	57	29	11	-0.66	-5.15	-9.23	-3.74	2.09	3.53	6.05
Net Nonoperating Expense (NNE)	8.92	3.32	1.89	3.15	3.61	8.37	8.73	7.90	31	14
Net Nonoperating Obligations (NNO)	119	132	138	158	157	161	159	161	169	160
Total Depreciation and Amortization (D&A)	1.85	1.86	1.86	1.86	2.00	2.02	2.02	2.02	1.99	2.01
Debt-free, Cash-free Net Working Capital to Revenue	2.61%	0.88%	-1.69%	-0.81%	-2.72%	-3.96%	-3.66%	-2.02%	-0.49%	-3.10%
Debt-free Net Working Capital to Revenue	7.61%	5.62%	4.08%	2.78%	1.73%	-0.11%	1.23%	2.54%	2.68%	2.98%
Net Working Capital to Revenue	6.59%	4.32%	2.31%	-0.16%	-1.33%	-2.34%	-0.91%	0.49%	0.77%	1.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.17	$0.07	($0.02)	($0.05)	($0.29)	($0.32)	($0.23)	($0.64)	($0.34)
Adjusted Weighted Average Basic Shares Outstanding	53.04M	54.91M	53.37M	48.57M	45.57M	46.23M	45.16M	43.87M	41.94M	42.21M
Adjusted Diluted Earnings per Share	$0.09	$0.17	$0.07	($0.02)	($0.05)	($0.29)	($0.32)	($0.23)	($0.64)	($0.34)
Adjusted Weighted Average Diluted Shares Outstanding	53.04M	54.91M	53.37M	48.57M	45.57M	46.23M	45.16M	43.87M	41.94M	42.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	67.03M	66.66M	66.30M	65.84M	65.43M	65.09M	64.35M	63.53M	62.92M	62.28M
Normalized Net Operating Profit after Tax (NOPAT)	16	15	6.31	1.66	0.31	-10	-11	-6.68	-4.57	-7.40
Normalized NOPAT Margin	5.39%	5.87%	3.54%	1.31%	0.27%	-13.84%	-13.27%	-5.99%	-3.69%	-8.32%
Pre Tax Income Margin	2.73%	4.71%	2.55%	-1.16%	-3.49%	-24.94%	-23.39%	-12.99%	59.15%	-24.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.57	4.43	2.21	0.62	-0.04	-3.71	-4.12	-3.06	22.98	-7.40
NOPAT to Interest Expense	5.08	4.27	1.68	0.43	0.08	-2.62	-2.90	-1.87	0.76	-2.85
EBIT Less CapEx to Interest Expense	3.56	4.41	2.18	0.61	-0.05	-3.71	-4.12	-3.06	22.98	-7.40
NOPAT Less CapEx to Interest Expense	5.06	4.26	1.65	0.42	0.08	-2.62	-2.91	-1.88	0.76	-2.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.52%	20.73%	-13.49%	-4.28%	-5.04%	-3.82%	-3.38%	-4.03%	-2.95%	-1.23%
Augmented Payout Ratio	5.52%	20.73%	-13.49%	-4.28%	-5.04%	-3.82%	-3.38%	-4.03%	-9.86%	-11.64%

Frequently Asked Questions About MediaAlpha's Financials

When does MediaAlpha's financial year end?

According to the most recent income statement we have on file, MediaAlpha's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MediaAlpha's net income changed over the last 2 years?

MediaAlpha's net income appears to be on a downward trend, with a most recent value of $22.12 million in 2024, falling from -$72.45 million in 2022. The previous period was -$56.56 million in 2023. Find out what analysts predict for MediaAlpha in the coming months.

What is MediaAlpha's operating income?

MediaAlpha's total operating income in 2024 was $42.73 million, based on the following breakdown:

Total Gross Profit: $143.57 million
Total Operating Expenses: $100.85 million

How has MediaAlpha revenue changed over the last 2 years?

Over the last 2 years, MediaAlpha's total revenue changed from $459.07 million in 2022 to $864.70 million in 2024, a change of 88.4%.

How much debt does MediaAlpha have?

MediaAlpha's total liabilities were at $308.68 million at the end of 2024, a 24.3% increase from 2023, and a 20.5% increase since 2022.

How much cash does MediaAlpha have?

In the past 2 years, MediaAlpha's cash and equivalents has ranged from $14.54 million in 2022 to $43.27 million in 2024, and is currently $43.27 million as of their latest financial filing in 2024.

How has MediaAlpha's book value per share changed over the last 2 years?

Over the last 2 years, MediaAlpha's book value per share changed from -0.26 in 2022 to 0.04 in 2024, a change of -113.9%.

Related Companies

This page (NYSE:MAX) was last updated on 5/21/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

MediaAlpha (MAX) Financials

Frequently Asked Questions About MediaAlpha's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

MediaAlpha (MAX) Financials

Annual Income Statements for MediaAlpha

Quarterly Income Statements for MediaAlpha

Annual Cash Flow Statements for MediaAlpha

Quarterly Cash Flow Statements for MediaAlpha

Annual Balance Sheets for MediaAlpha

Quarterly Balance Sheets for MediaAlpha

Annual Metrics And Ratios for MediaAlpha

Quarterly Metrics And Ratios for MediaAlpha

Frequently Asked Questions About MediaAlpha's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools