MediaAlpha (MAX) Financials

$9.47 +0.58 (+6.51%)

Closing price 03:59 PM Eastern

Extended Trading

$9.46 -0.01 (-0.10%)

As of 06:23 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	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	-580	-5.28	-58	-40	17
Consolidated Net Income / (Loss)	18	36	30	-8.48	-72	-57	22
Net Income / (Loss) Continuing Operations	18	-372	-584	-8.48	-72	-57	22
Total Pre-Tax Income	18	18	9.30	-9.52	30	-57	24
Total Operating Income	19	25	20	2.15	-35	-40	43
Total Gross Profit	49	65	-499	102	70	67	144
Total Revenue	297	408	0.00	645	459	388	865
Operating Revenue	297	408	-	645	459	388	865
Total Cost of Revenue	248	343	499	544	389	321	721
Operating Cost of Revenue	248	343	499	544	389	321	721
Total Operating Expenses	30	423	66	99	105	107	101
Selling, General & Admin Expense	7.84	19	33	61	56	63	56
Marketing Expense	12	14	20	23	29	25	25
Research & Development Expense	10	7.04	12	15	21	18	20
Total Other Income / (Expense), net	-1.19	-14	-20	-12	66	-17	-19
Interest Expense	1.19	7.02	7.94	7.83	9.25	15	14
Other Income / (Expense), net	0.00	-7.02	-13	-3.84	75	-1.78	-4.87
Income Tax Expense	0.00	0.00	-1.27	-1.05	103	-0.46	1.38
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-4.24	-3.20	-15	-16	5.49
Basic Earnings per Share	$0.00	$0.00	($0.14)	($0.14)	($1.37)	($0.89)	$0.31
Weighted Average Basic Shares Outstanding	0.00	0.00	32.13M	37.28M	41.94M	45.57M	53.04M
Diluted Earnings per Share	$0.00	$0.00	($0.14)	($0.19)	($1.37)	($0.89)	$0.31
Weighted Average Diluted Shares Outstanding	0.00	0.00	32.13M	61.26M	41.94M	45.57M	53.04M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	32.13M	60.95M	62.92M	65.43M	67.03M

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-10	-14	-14	-2.37	-1.11	3.62	9.48	4.64	-1.95	-19	15
Consolidated Net Income / (Loss)	-15	-20	-19	-3.29	-1.49	4.42	12	7.30	-2.33	-23	18
Net Income / (Loss) Continuing Operations	-15	-20	-19	-3.29	-1.49	4.42	12	7.30	-2.33	-23	18
Total Pre-Tax Income	-15	-20	-19	-4.09	-1.46	4.55	12	8.22	-2.38	-22	18
Total Operating Income	-9.55	-16	-15	0.45	2.37	6.49	16	18	0.12	-20	20
Total Gross Profit	18	14	12	22	24	32	39	49	42	38	43
Total Revenue	112	85	75	117	127	178	259	301	264	252	307
Operating Revenue	112	85	75	117	127	178	259	301	264	252	307
Total Cost of Revenue	93	71	62	95	103	147	220	252	223	214	263
Operating Cost of Revenue	93	71	62	95	103	147	220	252	223	214	263
Total Operating Expenses	28	30	27	22	21	25	24	31	42	58	24
Selling, General & Admin Expense	16	18	17	12	11	14	12	20	18	47	13
Marketing Expense	6.99	6.71	6.10	5.63	5.80	6.32	6.50	6.12	5.63	5.23	5.22
Research & Development Expense	5.17	5.06	4.30	3.93	4.36	5.05	5.33	5.02	4.89	5.35	5.83
Impairment Charge	-	-	-	-	0.00	0.00	0.00	-	13	0.00	0.00
Total Other Income / (Expense), net	-4.96	-3.76	-3.85	-4.53	-3.84	-1.94	-3.41	-10	-2.50	-2.18	-2.04
Interest Expense	3.58	3.87	3.95	3.92	3.85	3.75	3.56	3.19	2.96	2.87	2.81
Other Income / (Expense), net	-1.38	0.12	0.10	-0.61	0.01	1.81	0.15	-6.84	0.46	0.70	0.77
Income Tax Expense	0.08	0.15	0.10	-0.79	0.03	0.13	0.31	0.92	-0.05	0.32	0.05
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.32	-5.69	-5.20	-0.93	-0.38	0.80	2.41	2.66	-0.39	-3.79	2.74
Basic Earnings per Share	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09	($0.04)	($0.33)	$0.26
Weighted Average Basic Shares Outstanding	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M	55.63M	56.14M	56.62M
Diluted Earnings per Share	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09	($0.04)	($0.33)	$0.26
Weighted Average Diluted Shares Outstanding	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M	55.63M	56.14M	56.62M
Weighted Average Basic & Diluted Shares Outstanding	63.53M	64.35M	65.09M	65.43M	65.84M	66.30M	66.66M	67.03M	67.47M	67.94M	65.17M

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	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-3.44	4.37	14	27	-36	2.73	26
Net Cash From Operating Activities	23	22	51	29	28	20	46
Net Cash From Continuing Operating Activities	23	22	51	29	28	20	46
Net Income / (Loss) Continuing Operations	18	18	11	-8.48	-72	-57	22
Consolidated Net Income / (Loss)	18	18	11	-8.48	-72	-57	22
Depreciation Expense	0.19	0.27	0.29	0.37	0.39	0.35	0.25
Amortization Expense	12	6.05	4.43	4.17	6.59	7.71	7.19
Non-Cash Adjustments To Reconcile Net Income	1.36	2.66	28	47	-16	55	42
Changes in Operating Assets and Liabilities, net	-8.80	-4.66	8.45	-15	110	13	-26
Net Cash From Investing Activities	-0.64	-0.29	-10	-0.65	-50	-0.07	-0.65
Net Cash From Continuing Investing Activities	-0.64	-0.29	-10	-0.65	-50	-0.07	-0.65
Purchase of Property, Plant & Equipment	-0.63	-0.15	-0.30	-0.65	-0.10	-0.07	-0.25
Acquisitions	-0.01	-0.15	0.00	0.00	-50	0.00	-0.40
Net Cash From Financing Activities	-25	-17	-28	-0.96	-15	-17	-19
Net Cash From Continuing Financing Activities	-25	-17	-28	-0.96	-15	-17	-19
Repayment of Debt	-13	-17	-136	-187	-30	-9.50	-13
Repurchase of Common Equity	0.00	0.00	-97	0.00	-5.01	0.00	0.00
Payment of Dividends	-16	-96	-131	-0.34	-2.13	-2.85	-1.22
Issuance of Debt	3.00	100	218	190	25	0.00	0.00
Other Financing Activities, net	0.00	-63	-4.24	-3.38	-2.88	-5.08	-5.45
Cash Interest Paid	1.20	6.40	6.04	5.60	7.07	14	14
Cash Income Taxes Paid	-	0.00	0.00	0.31	-2.38	-0.26	0.23

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	4.99	0.50	-4.83	2.08	-2.80	14	3.65	11	20	22	-13
Net Cash From Operating Activities	13	3.79	-1.40	5.29	1.68	22	8.06	15	24	26	24
Net Cash From Continuing Operating Activities	13	3.79	-1.40	5.29	1.68	22	8.06	15	24	26	24
Net Income / (Loss) Continuing Operations	-15	-20	-19	-3.29	-1.49	4.42	12	7.30	-2.33	-23	18
Consolidated Net Income / (Loss)	-15	-20	-19	-3.29	-1.49	4.42	12	7.30	-2.33	-23	18
Depreciation Expense	0.10	0.09	0.09	0.08	0.06	0.07	0.07	0.06	0.06	0.07	0.07
Amortization Expense	1.93	1.93	1.93	1.93	1.80	1.80	1.80	1.79	1.62	0.69	0.67
Non-Cash Adjustments To Reconcile Net Income	16	15	15	9.79	8.75	9.65	9.17	15	21	8.32	7.91
Changes in Operating Assets and Liabilities, net	9.45	6.43	0.62	-3.21	-7.44	5.68	-15	-9.44	3.78	39	-2.68
Net Cash From Investing Activities	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.44	-0.05	-0.06	-0.18	-0.07
Net Cash From Continuing Investing Activities	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.44	-0.05	-0.06	-0.18	-0.07
Purchase of Property, Plant & Equipment	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.04	-0.05	-0.06	-0.18	-0.07
Net Cash From Financing Activities	-7.54	-3.27	-3.42	-3.21	-4.44	-7.29	-3.97	-3.52	-3.35	-3.73	-37
Net Cash From Continuing Financing Activities	-7.54	-3.27	-3.42	-3.21	-4.44	-7.29	-3.97	-3.52	-3.35	-3.73	-37
Repayment of Debt	-2.38	-2.38	-2.38	-2.38	-2.38	-5.42	-2.38	-2.38	-2.38	-2.38	-2.66
Payment of Dividends	-1.10	-0.19	-0.28	-1.28	-0.11	-0.90	-0.09	-0.11	-0.11	-0.68	-0.05
Other Financing Activities, net	-4.06	-0.70	-0.77	0.45	-1.96	-0.97	-1.50	-1.03	-0.87	-0.67	-0.99
Cash Interest Paid	3.06	3.37	3.66	3.69	3.78	3.52	3.37	3.27	2.96	2.66	3.52
Cash Income Taxes Paid	-0.23	-	-	-0.02	-	-0.00	0.11	0.12	-	-	0.19

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	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	105	210	290	170	154	262
Total Current Assets	67	128	137	80	75	190
Cash & Equivalents	10	24	51	15	17	43
Restricted Cash	-	-	-	-	-	0.00
Accounts Receivable	56	96	76	60	54	143
Prepaid Expenses	1.45	7.95	10	5.88	3.53	3.71
Plant, Property, & Equipment, net	0.76	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	37	83	153	90	79	73
Goodwill	18	18	18	48	48	48
Intangible Assets	19	16	13	33	26	20
Other Noncurrent Operating Assets	0.00	17	19	8.99	5.60	4.81
Total Liabilities & Shareholders' Equity	105	210	290	170	154	262
Total Liabilities	145	315	351	256	248	309
Total Current Liabilities	48	107	84	77	80	133
Short-Term Debt	0.87	0.00	8.73	8.77	12	8.85
Accounts Payable	40	98	62	54	56	106
Accrued Expenses	6.58	9.21	14	14	12	19
Total Noncurrent Liabilities	97	208	267	179	169	176
Long-Term Debt	97	183	178	174	162	154
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	22	85	-	0.00	7.01
Other Noncurrent Operating Liabilities	0.32	2.83	4.06	4.97	6.18	15
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-114	-105	-62	-86	-94	-46
Total Preferred & Common Equity	-114	-34	-4.34	-16	-10	2.38
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-114	-34	-4.34	-16	-10	2.38
Common Stock	80	385	420	466	512	508
Retained Earnings	-193	-419	-424	-482	-523	-506
Noncontrolling Interest	0.00	-71	-57	-70	-84	-49

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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	286	265	153	140	133	153	198	236	240	249	266
Total Current Assets	80	70	67	56	51	76	123	162	182	192	206
Cash & Equivalents	35	30	20	20	15	14	29	32	64	85	39
Restricted Cash	-	-	-	-	-	-	-	-	-	-	34
Accounts Receivable	39	35	43	33	33	57	91	127	115	103	129
Prepaid Expenses	6.36	4.95	4.60	3.48	2.77	3.66	3.34	2.94	4.06	4.32	4.23
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	205	195	86	84	82	77	76	74	58	57	60
Goodwill	48	48	48	48	48	48	48	48	48	48	48
Intangible Assets	36	35	31	29	28	24	23	22	5.13	4.61	4.10
Other Noncurrent Operating Assets	18	9.41	7.24	6.89	6.53	5.25	4.99	4.73	4.65	4.59	8.65
Total Liabilities & Shareholders' Equity	286	265	153	140	133	153	198	236	240	249	266
Total Liabilities	345	334	242	235	233	242	276	296	281	306	332
Total Current Liabilities	55	64	65	60	60	76	111	133	109	149	190
Short-Term Debt	8.75	8.76	8.78	8.79	8.80	12	8.83	8.84	8.86	8.87	22
Accounts Payable	33	42	46	38	39	54	91	110	82	76	103
Accrued Expenses	13	13	10	13	13	11	12	14	18	64	65
Total Noncurrent Liabilities	290	270	177	175	172	166	165	163	172	158	142
Long-Term Debt	199	181	172	170	168	160	158	156	151	149	134
Noncurrent Deferred & Payable Income Tax Liabilities	83	83	-	-	-	-	-	-	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	8.00	5.05	4.88	4.85	4.76	5.91	6.93	7.30	20	8.53	8.64
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-59	-68	-89	-94	-100	-89	-78	-60	-41	-57	-66
Total Preferred & Common Equity	3.44	1.20	-13	-16	-16	-19	-24	-8.36	7.92	-3.77	-30
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3.44	1.20	-13	-16	-16	-19	-24	-8.36	7.92	-3.77	-30
Common Stock	444	456	479	490	504	505	496	502	516	523	482
Retained Earnings	-441	-455	-492	-507	-520	-524	-520	-511	-508	-527	-512
Noncontrolling Interest	-63	-70	-75	-78	-83	-70	-54	-51	-49	-53	-36

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

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	37.42%	-100.00%	0.00%	-28.86%	-15.45%	122.78%
EBITDA Growth	0.00%	-22.86%	-51.48%	-75.72%	1,542.03%	-172.06%	234.63%
EBIT Growth	0.00%	-7.76%	-60.76%	-124.20%	2,446.57%	-205.03%	190.77%
NOPAT Growth	0.00%	28.58%	-10.64%	-93.22%	5,495.58%	-133.20%	243.88%
Net Income Growth	0.00%	96.63%	-16.59%	-128.51%	-754.82%	21.94%	139.11%
EPS Growth	0.00%	0.00%	0.00%	-35.71%	-621.05%	35.04%	134.83%
Operating Cash Flow Growth	0.00%	-2.23%	132.17%	-44.33%	-1.21%	-28.45%	126.74%
Free Cash Flow Firm Growth	0.00%	0.00%	169.97%	-218.23%	498.56%	-110.61%	468.44%
Invested Capital Growth	0.00%	0.00%	12.47%	38.29%	10.41%	-24.07%	16.52%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	624.37%	-7.57%	-1.73%	26.93%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	121.91%	229.42%	-177.87%	33.73%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	90.72%	194.28%	-218.65%	44.06%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	129.26%	494.41%	-114.90%	56.82%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-150.37%	-50.69%	30.70%	91.93%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-69.14%	39.86%	82.35%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	2.51%	52.35%	-50.31%	145.02%	25.21%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	367.05%	-103.73%	105.49%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-11.51%	-10.04%	1.60%	0.31%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	16.58%	15.95%	0.00%	15.73%	15.26%	17.19%	16.60%
EBITDA Margin	10.54%	5.92%	0.00%	0.44%	10.17%	-8.67%	5.24%
Operating Margin	6.51%	6.09%	0.00%	0.33%	-7.71%	-10.29%	4.94%
EBIT Margin	6.51%	4.37%	0.00%	-0.26%	8.65%	-10.74%	4.38%
Profit (Net Income) Margin	6.10%	8.74%	0.00%	-1.31%	-15.78%	-14.57%	2.56%
Tax Burden Percent	100.00%	200.00%	319.83%	89.00%	-237.85%	99.19%	94.11%
Interest Burden Percent	93.82%	100.00%	132.92%	562.77%	76.72%	136.72%	62.09%
Effective Tax Rate	0.00%	0.00%	-13.63%	0.00%	337.85%	0.00%	5.89%
Return on Invested Capital (ROIC)	0.00%	103.48%	0.00%	2.34%	107.15%	-38.53%	59.33%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	128.16%	0.00%	-4.42%	4.37%	-56.11%	46.23%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-283.94%	0.00%	7.83%	-9.02%	101.20%	-90.78%
Return on Equity (ROE)	0.00%	-180.46%	-41.11%	10.17%	98.13%	62.66%	-31.45%
Cash Return on Invested Capital (CROIC)	0.00%	-96.52%	31.79%	-29.80%	97.25%	-11.18%	44.06%
Operating Return on Assets (OROA)	0.00%	16.91%	0.00%	-0.68%	17.27%	-25.74%	18.18%
Return on Assets (ROA)	0.00%	33.82%	0.00%	-3.39%	-31.51%	-34.91%	10.62%
Return on Common Equity (ROCE)	0.00%	-518.99%	-41.90%	2.33%	13.51%	9.13%	-1.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-31.37%	-88.02%	195.41%	452.99%	549.40%	930.11%
Net Operating Profit after Tax (NOPAT)	19	25	22	1.50	84	-28	40
NOPAT Margin	6.51%	6.09%	0.00%	0.23%	18.34%	-7.20%	4.65%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.68%	-6.11%	6.76%	102.78%	17.58%	13.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	86.79%	-34.99%	34.60%
Cost of Revenue to Revenue	83.42%	84.05%	0.00%	84.27%	84.74%	82.81%	83.40%
SG&A Expenses to Revenue	2.64%	4.75%	0.00%	9.51%	12.10%	16.17%	6.52%
R&D to Revenue	3.48%	1.73%	0.00%	2.35%	4.59%	4.76%	2.29%
Operating Expenses to Revenue	10.08%	103.78%	0.00%	15.40%	22.97%	27.47%	11.66%
Earnings before Interest and Taxes (EBIT)	19	18	6.99	-1.69	40	-42	38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	24	12	2.84	47	-34	45
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	316.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.59	0.43	0.00	1.44	1.35	1.87	0.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	45.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.21%
Enterprise Value to Invested Capital (EV/IC)	0.00	7.03	44.10	13.50	8.71	12.76	11.29
Enterprise Value to Revenue (EV/Rev)	0.00	0.83	0.00	1.56	1.56	2.06	0.95
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.98	203.35	354.47	15.38	0.00	18.18
Enterprise Value to EBIT (EV/EBIT)	0.00	18.93	340.54	0.00	18.09	0.00	21.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.58	107.28	669.92	8.53	0.00	20.47
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	15.24	46.32	35.21	25.40	39.48	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	146.88	0.00	9.40	0.00	27.56
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	-2.47	-1.74	-3.03	-2.13	-1.85	-3.51
Long-Term Debt to Equity	0.00	-2.45	-1.74	-2.89	-2.02	-1.72	-3.32
Financial Leverage	0.00	-2.22	-1.71	-1.77	-2.06	-1.80	-1.96
Leverage Ratio	0.00	-2.67	-2.18	-3.00	-3.11	-1.80	-2.96
Compound Leverage Factor	0.00	-2.67	-2.90	-16.89	-2.39	-2.45	-1.84
Debt to Total Capital	0.00%	168.06%	235.55%	149.16%	188.76%	218.22%	139.78%
Short-Term Debt to Total Capital	0.00%	1.50%	0.00%	6.97%	9.04%	14.84%	7.61%
Long-Term Debt to Total Capital	0.00%	166.55%	235.55%	142.19%	179.72%	203.38%	132.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	127.67%	-92.00%	-45.70%	-72.27%	-105.33%	-41.83%
Common Equity to Total Capital	0.00%	-195.72%	-43.55%	-3.46%	-16.49%	-12.89%	2.05%
Debt to EBITDA	0.00	4.04	15.60	65.70	3.92	-5.18	3.59
Net Debt to EBITDA	0.00	3.63	13.59	47.92	3.61	-4.67	2.63
Long-Term Debt to EBITDA	0.00	4.00	15.60	62.63	3.73	-4.83	3.39
Debt to NOPAT	0.00	3.93	8.23	124.18	2.17	-6.24	4.04
Net Debt to NOPAT	0.00	3.52	7.17	90.56	2.00	-5.62	2.96
Long-Term Debt to NOPAT	0.00	3.89	8.23	118.37	2.07	-5.81	3.82
Altman Z-Score	0.00	2.81	1.80	1.96	0.98	-1.41	2.80
Noncontrolling Interest Sharing Ratio	0.00%	-187.59%	-1.90%	77.14%	86.23%	85.44%	94.37%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.41	1.19	1.63	1.05	0.94	1.43
Quick Ratio	0.00	1.38	1.12	1.50	0.97	0.89	1.40
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-23	16	-19	76	-8.11	30
Operating Cash Flow to CapEx	3,595.08%	15,166.44%	17,368.24%	4,403.23%	28,851.02%	27,713.70%	18,059.84%
Free Cash Flow to Firm to Interest Expense	0.00	-3.30	2.04	-2.45	8.26	-0.53	2.08
Operating Cash Flow to Interest Expense	18.97	3.15	6.48	3.66	3.06	1.32	3.20
Operating Cash Flow Less CapEx to Interest Expense	18.44	3.13	6.44	3.57	3.05	1.32	3.18
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	3.87	0.00	2.58	2.00	2.40	4.15
Accounts Receivable Turnover	0.00	7.28	0.00	7.49	6.75	6.82	8.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	540.40	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	8.48	7.20	6.80	6.72	5.83	8.91
Days Sales Outstanding (DSO)	0.00	50.11	0.00	48.76	54.10	53.49	41.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	43.06	50.68	53.71	54.31	62.61	40.96
Cash Conversion Cycle (CCC)	0.00	7.05	0.00	-4.95	-0.21	-9.11	0.56
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	48	54	75	82	63	73
Invested Capital Turnover	0.00	17.00	0.00	10.03	5.84	5.35	12.76
Increase / (Decrease) in Invested Capital	0.00	48	5.99	21	7.78	-20	10
Enterprise Value (EV)	0.00	337	2,381	1,008	718	799	823
Market Capitalization	176	176	2,294	929	620	726	753
Book Value per Share	$0.00	($12.28)	($0.58)	($0.07)	($0.26)	($0.16)	$0.04
Tangible Book Value per Share	$0.00	($16.30)	($1.15)	($0.59)	($1.55)	($1.29)	($0.98)
Total Capital	0.00	58	78	125	97	80	116
Total Debt	0.00	98	183	187	183	174	162
Total Long-Term Debt	0.00	97	183	178	174	162	154
Net Debt	0.00	88	159	136	169	157	119
Capital Expenditures (CapEx)	0.63	0.15	0.30	0.65	0.10	0.07	0.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	10	-3.21	11	-2.24	-11	23
Debt-free Net Working Capital (DFNWC)	0.00	20	20	62	12	6.71	66
Net Working Capital (NWC)	0.00	20	20	53	3.53	-5.15	57
Net Nonoperating Expense (NNE)	1.19	-11	-7.53	9.98	157	29	18
Net Nonoperating Obligations (NNO)	0.00	88	159	136	169	157	119
Total Depreciation and Amortization (D&A)	12	6.32	4.72	4.54	6.98	8.06	7.44
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	2.55%	0.00%	1.71%	-0.49%	-2.72%	2.61%
Debt-free Net Working Capital to Revenue	0.00%	5.01%	0.00%	9.55%	2.68%	1.73%	7.61%
Net Working Capital to Revenue	0.00%	4.80%	0.00%	8.20%	0.77%	-1.33%	6.59%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.14)	($0.14)	($1.37)	($0.89)	$0.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	59.35M	37.28M	41.94M	45.57M	53.04M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.14)	($0.19)	($1.37)	($0.89)	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	59.35M	61.26M	41.94M	45.57M	53.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.14)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	32.13M	60.95M	62.92M	65.43M	67.03M
Normalized Net Operating Profit after Tax (NOPAT)	14	17	14	1.50	-25	-28	40
Normalized NOPAT Margin	4.55%	4.26%	0.00%	0.23%	-5.40%	-7.20%	4.65%
Pre Tax Income Margin	6.10%	4.37%	0.00%	-1.48%	6.63%	-14.69%	2.72%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	16.18	2.54	0.88	-0.22	4.29	-2.72	2.64
NOPAT to Interest Expense	16.18	3.54	2.80	0.19	9.10	-1.82	2.80
EBIT Less CapEx to Interest Expense	15.65	2.52	0.84	-0.30	4.28	-2.73	2.62
NOPAT Less CapEx to Interest Expense	15.65	3.52	2.76	0.11	9.09	-1.83	2.78
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	87.60%	268.35%	442.06%	-3.99%	-2.95%	-5.04%	5.52%
Augmented Payout Ratio	87.60%	268.35%	766.83%	-3.99%	-9.86%	-5.04%	5.52%

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.72%	-18.05%	-16.23%	-5.51%	13.45%	110.30%	247.49%	156.58%	108.69%	41.14%	18.28%
EBITDA Growth	-40.12%	-64.53%	26.41%	-97.67%	147.63%	172.93%	239.52%	622.56%	-46.77%	-282.88%	20.54%
EBIT Growth	-48.79%	-52.62%	23.61%	-100.22%	121.78%	152.02%	207.60%	6,891.07%	-75.98%	-333.07%	30.09%
NOPAT Growth	-21.35%	-54.38%	-39.47%	-87.64%	124.84%	156.06%	247.31%	5,095.17%	-95.11%	-322.42%	29.35%
Net Income Growth	-48.09%	-53.43%	11.91%	88.38%	89.78%	122.12%	163.58%	321.71%	-56.54%	-609.80%	48.41%
EPS Growth	-35.29%	-45.45%	14.71%	92.19%	91.30%	121.88%	158.62%	280.00%	-100.00%	-571.43%	52.94%
Operating Cash Flow Growth	51.19%	-67.94%	-109.46%	179.25%	-86.64%	470.91%	673.79%	174.44%	1,312.46%	19.03%	193.23%
Free Cash Flow Firm Growth	-316.17%	220.42%	234.30%	483.94%	179.48%	-72.22%	-79.17%	-70.85%	110.95%	194.84%	1,723.83%
Invested Capital Growth	1.34%	-43.01%	-32.76%	-24.07%	-6.08%	-6.29%	18.02%	16.52%	-18.67%	-73.96%	-75.84%
Revenue Q/Q Growth	-9.98%	-24.06%	-12.03%	57.13%	8.09%	40.76%	45.36%	16.02%	-12.09%	-4.80%	21.82%
EBITDA Q/Q Growth	-111.32%	-56.48%	9.35%	114.53%	131.17%	139.60%	73.41%	-24.77%	-82.97%	-923.21%	214.30%
EBIT Q/Q Growth	-114.25%	-45.98%	8.19%	98.85%	1,517.26%	248.64%	89.88%	-27.62%	-94.99%	-3,482.34%	205.99%
NOPAT Q/Q Growth	-364.62%	-68.31%	8.23%	103.02%	431.84%	279.88%	141.12%	6.64%	-99.50%	-17,377.59%	240.23%
Net Income Q/Q Growth	48.56%	-37.00%	6.42%	82.39%	54.72%	396.45%	168.96%	-38.59%	-131.97%	-865.42%	178.30%
EPS Q/Q Growth	64.06%	-39.13%	9.38%	82.76%	60.00%	450.00%	142.86%	-47.06%	-144.44%	-725.00%	178.79%
Operating Cash Flow Q/Q Growth	287.96%	-69.86%	-137.09%	477.07%	-68.30%	1,187.78%	-62.72%	80.35%	63.13%	8.53%	-8.16%
Free Cash Flow Firm Q/Q Growth	-45.65%	587.29%	-47.12%	2.30%	-69.85%	70.29%	-60.35%	43.20%	118.17%	138.01%	145.27%
Invested Capital Q/Q Growth	-11.89%	-11.53%	-4.11%	1.60%	8.98%	-11.73%	20.76%	0.31%	-23.93%	-71.73%	12.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	16.45%	16.24%	16.49%	19.02%	18.70%	17.77%	15.14%	16.29%	15.75%	14.98%	14.16%
EBITDA Margin	-7.98%	-16.44%	-16.94%	1.57%	3.35%	5.70%	6.80%	4.41%	0.85%	-7.39%	6.93%
Operating Margin	-8.55%	-18.96%	-19.78%	0.38%	1.87%	3.64%	6.02%	6.07%	0.04%	-7.97%	6.44%
EBIT Margin	-9.79%	-18.82%	-19.64%	-0.14%	1.88%	4.66%	6.08%	3.79%	0.22%	-7.69%	6.69%
Profit (Net Income) Margin	-13.06%	-23.57%	-25.07%	-2.81%	-1.18%	2.48%	4.59%	2.43%	-0.88%	-8.96%	5.76%
Tax Burden Percent	100.54%	100.76%	100.55%	80.59%	101.84%	97.14%	97.44%	88.86%	97.94%	101.42%	99.69%
Interest Burden Percent	132.72%	124.28%	126.94%	2,432.14%	-61.49%	54.81%	77.40%	72.01%	-416.61%	114.83%	86.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	2.86%	2.56%	11.14%	0.00%	0.00%	0.31%
Return on Invested Capital (ROIC)	-35.52%	-61.39%	-71.36%	1.43%	7.50%	28.23%	59.52%	68.83%	0.50%	-158.03%	159.66%
ROIC Less NNEP Spread (ROIC-NNEP)	-40.96%	-66.66%	-76.57%	-0.79%	5.53%	26.96%	57.26%	62.37%	-1.40%	-166.09%	157.78%
Return on Net Nonoperating Assets (RNNOA)	81.35%	143.36%	146.39%	1.42%	-9.90%	-46.43%	-105.55%	-122.48%	2.73%	259.53%	-271.39%
Return on Equity (ROE)	45.83%	81.97%	75.03%	2.85%	-2.40%	-18.20%	-46.03%	-53.65%	3.23%	101.51%	-111.73%
Cash Return on Invested Capital (CROIC)	159.46%	290.42%	283.90%	-11.18%	-21.56%	0.38%	21.64%	44.06%	82.22%	143.05%	124.52%
Operating Return on Assets (OROA)	-19.56%	-36.17%	-38.97%	-0.34%	4.95%	13.67%	22.45%	15.76%	1.10%	-36.95%	29.91%
Return on Assets (ROA)	-26.10%	-45.30%	-49.74%	-6.73%	-3.10%	7.28%	16.93%	10.09%	-4.50%	-43.04%	25.74%
Return on Common Equity (ROCE)	3.46%	6.81%	6.72%	0.41%	-0.44%	-4.29%	-7.11%	-3.02%	0.28%	21.19%	-33.96%
Return on Equity Simple (ROE_SIMPLE)	581.32%	518.65%	502.35%	0.00%	227.93%	78.13%	-137.80%	0.00%	268.66%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.68	-11	-10	0.31	1.66	6.31	15	16	0.08	-14	20
NOPAT Margin	-5.99%	-13.27%	-13.84%	0.27%	1.31%	3.54%	5.87%	5.39%	0.03%	-5.58%	6.42%
Net Nonoperating Expense Percent (NNEP)	5.44%	5.28%	5.21%	2.21%	1.98%	1.27%	2.26%	6.46%	1.90%	8.07%	1.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.39%	-	-	-	13.96%	0.07%	-13.88%	21.88%
Cost of Revenue to Revenue	83.55%	83.76%	83.51%	80.98%	81.30%	82.23%	84.86%	83.71%	84.25%	85.02%	85.84%
SG&A Expenses to Revenue	14.11%	21.32%	22.32%	10.47%	8.80%	7.75%	4.55%	6.52%	6.66%	18.74%	4.12%
R&D to Revenue	4.63%	5.97%	5.76%	3.36%	3.45%	2.83%	2.06%	1.67%	1.85%	2.13%	1.90%
Operating Expenses to Revenue	25.01%	35.20%	36.27%	18.64%	16.82%	14.13%	9.11%	10.22%	15.71%	22.94%	7.72%
Earnings before Interest and Taxes (EBIT)	-11	-16	-15	-0.17	2.38	8.30	16	11	0.57	-19	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.91	-14	-13	1.84	4.24	10	18	13	2.26	-19	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	316.50	78.21	0.00	0.00
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	0.00
Price to Revenue (P/Rev)	2.20	1.60	1.35	1.87	3.29	1.75	1.76	0.87	0.62	0.69	0.69
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	124.78	45.26	39.21	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%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.80%	2.21%	2.55%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	14.16	11.44	9.89	12.76	20.71	15.80	17.63	11.29	12.02	48.34	46.70
Enterprise Value to Revenue (EV/Rev)	2.40	1.80	1.54	2.06	3.51	1.92	1.88	0.95	0.67	0.70	0.73
Enterprise Value to EBITDA (EV/EBITDA)	23.30	19.02	14.11	0.00	0.00	263.80	37.85	18.18	15.40	52.10	45.15
Enterprise Value to EBIT (EV/EBIT)	28.47	24.02	17.34	0.00	0.00	0.00	48.78	21.75	18.50	90.31	62.45
Enterprise Value to NOPAT (EV/NOPAT)	8.86	3.53	3.25	0.00	0.00	0.00	49.99	20.47	17.49	77.74	774.77
Enterprise Value to Operating Cash Flow (EV/OCF)	31.62	30.01	73.80	39.48	151.09	35.02	34.99	17.95	9.82	10.53	9.37
Enterprise Value to Free Cash Flow (EV/FCFF)	8.94	2.86	2.80	0.00	0.00	4,077.86	88.20	27.56	13.11	13.97	14.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.04	-1.89	-1.77	-1.85	-1.93	-2.14	-2.76	-3.51	-3.89	-2.77	-2.37
Long-Term Debt to Equity	-1.94	-1.80	-1.68	-1.72	-1.79	-2.03	-2.61	-3.32	-3.68	-2.62	-2.03
Financial Leverage	-1.99	-2.15	-1.91	-1.80	-1.79	-1.72	-1.84	-1.96	-1.95	-1.56	-1.72
Leverage Ratio	-2.93	-2.77	-2.37	-1.80	-1.72	-1.96	-2.32	-2.96	-3.01	-3.32	-4.01
Compound Leverage Factor	-3.89	-3.44	-3.01	-43.66	1.06	-1.08	-1.79	-2.13	12.54	-3.81	-3.46
Debt to Total Capital	196.24%	211.98%	229.77%	218.22%	208.11%	187.72%	156.77%	139.78%	134.59%	156.36%	173.16%
Short-Term Debt to Total Capital	9.52%	10.42%	11.45%	14.84%	14.35%	9.93%	8.42%	7.61%	7.44%	8.78%	24.47%
Long-Term Debt to Total Capital	186.72%	201.56%	218.31%	203.38%	193.76%	177.79%	148.35%	132.17%	127.15%	147.58%	148.69%
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%	0.00%
Noncontrolling Interests to Total Capital	-81.84%	-92.74%	-108.62%	-105.33%	-85.05%	-60.27%	-48.80%	-41.83%	-41.25%	-52.62%	-40.06%
Common Equity to Total Capital	-14.40%	-19.25%	-21.15%	-12.89%	-23.06%	-27.45%	-7.96%	2.05%	6.65%	-3.73%	-33.09%
Debt to EBITDA	4.10	4.62	4.09	-5.18	-8.40	46.25	4.86	3.59	3.70	10.86	8.57
Net Debt to EBITDA	3.66	4.10	3.73	-4.67	-7.69	38.30	3.91	2.63	2.23	4.99	4.59
Long-Term Debt to EBITDA	3.90	4.39	3.88	-4.83	-7.82	43.80	4.60	3.39	3.50	10.25	7.36
Debt to NOPAT	1.56	0.86	0.94	-6.24	-8.78	-43.83	6.42	4.04	4.20	16.20	147.01
Net Debt to NOPAT	1.39	0.76	0.86	-5.62	-8.04	-36.30	5.16	2.96	2.54	7.45	78.70
Long-Term Debt to NOPAT	1.48	0.81	0.89	-5.81	-8.17	-41.51	6.08	3.82	3.97	15.29	126.23
Altman Z-Score	0.41	-0.87	-1.58	-0.52	1.17	0.92	2.66	2.46	2.91	2.76	3.25
Noncontrolling Interest Sharing Ratio	92.44%	91.69%	91.05%	85.44%	81.84%	76.43%	84.55%	94.37%	91.46%	79.12%	69.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.03	0.94	0.85	0.94	0.99	1.10	1.22	1.43	1.67	1.29	1.08
Quick Ratio	0.96	0.88	0.80	0.89	0.94	1.07	1.20	1.40	1.63	1.27	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.65	37	20	20	6.08	10	4.10	5.88	13	31	75
Operating Cash Flow to CapEx	41,853.33%	22,264.71%	-10,800.00%	40,723.08%	4,935.29%	16,622.31%	18,734.88%	30,912.77%	41,580.70%	14,698.29%	34,739.71%
Free Cash Flow to Firm to Interest Expense	-2.14	9.62	4.99	5.14	1.58	2.76	1.15	1.84	4.34	10.63	26.65
Operating Cash Flow to Interest Expense	3.51	0.98	-0.36	1.35	0.44	5.76	2.26	4.55	8.02	8.96	8.41
Operating Cash Flow Less CapEx to Interest Expense	3.50	0.97	-0.36	1.35	0.43	5.73	2.25	4.54	8.00	8.90	8.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.00	1.92	1.98	2.40	2.63	2.94	3.69	4.15	5.10	4.81	4.47
Accounts Receivable Turnover	8.21	11.46	11.66	6.82	8.01	8.06	8.52	8.79	11.63	11.12	8.77
Inventory Turnover	0.00	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	0.00
Accounts Payable Turnover	7.39	9.67	8.15	5.83	6.63	6.33	7.61	8.91	12.37	10.91	8.96
Days Sales Outstanding (DSO)	44.46	31.85	31.31	53.49	45.55	45.30	42.83	41.52	31.38	32.82	41.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	49.40	37.75	44.79	62.61	55.06	57.62	47.97	40.96	29.51	33.45	40.72
Cash Conversion Cycle (CCC)	-4.94	-5.90	-13.48	-9.11	-9.51	-12.32	-5.14	0.56	1.87	-0.62	0.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	73	64	62	63	68	60	73	73	55	16	18
Invested Capital Turnover	5.93	4.63	5.15	5.35	5.72	7.98	10.14	12.76	16.20	28.34	24.88
Increase / (Decrease) in Invested Capital	0.96	-49	-30	-20	-4.42	-4.04	11	10	-13	-45	-55
Enterprise Value (EV)	1,028	735	609	799	1,413	952	1,282	823	667	758	821
Market Capitalization	943	655	532	726	1,326	867	1,201	753	619	739	773
Book Value per Share	($0.21)	($0.26)	($0.25)	($0.16)	($0.39)	($0.37)	($0.13)	$0.04	$0.12	($0.06)	($0.44)
Tangible Book Value per Share	($1.47)	($1.47)	($1.43)	($1.29)	($1.88)	($1.44)	($1.17)	($0.98)	($0.67)	($0.83)	($1.20)
Total Capital	92	84	77	80	83	89	105	116	119	101	90
Total Debt	181	179	176	174	172	167	165	162	160	158	156
Total Long-Term Debt	172	170	168	162	160	158	156	154	151	149	134
Net Debt	161	159	161	157	158	138	132	119	97	73	83
Capital Expenditures (CapEx)	0.03	0.02	0.01	0.01	0.03	0.13	0.04	0.05	0.06	0.18	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.66	-15	-16	-11	-3.26	-8.38	5.97	23	18	-33	-34
Debt-free Net Working Capital (DFNWC)	11	5.05	-0.44	6.71	11	20	38	66	82	53	38
Net Working Capital (NWC)	2.09	-3.74	-9.23	-5.15	-0.66	11	29	57	73	44	16
Net Nonoperating Expense (NNE)	7.90	8.73	8.37	3.61	3.15	1.89	3.32	8.92	2.42	8.50	2.03
Net Nonoperating Obligations (NNO)	161	159	161	157	158	138	132	119	97	73	83
Total Depreciation and Amortization (D&A)	2.02	2.02	2.02	2.00	1.86	1.86	1.86	1.85	1.69	0.76	0.74
Debt-free, Cash-free Net Working Capital to Revenue	-2.02%	-3.66%	-3.96%	-2.72%	-0.81%	-1.69%	0.88%	2.61%	1.83%	-3.04%	-3.05%
Debt-free Net Working Capital to Revenue	2.54%	1.23%	-0.11%	1.73%	2.78%	4.08%	5.62%	7.61%	8.17%	4.90%	3.39%
Net Working Capital to Revenue	0.49%	-0.91%	-2.34%	-1.33%	-0.16%	2.31%	4.32%	6.59%	7.29%	4.07%	1.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09	($0.04)	($0.33)	$0.26
Adjusted Weighted Average Basic Shares Outstanding	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M	55.63M	56.14M	56.62M
Adjusted Diluted Earnings per Share	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09	($0.04)	($0.33)	$0.26
Adjusted Weighted Average Diluted Shares Outstanding	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M	55.63M	56.14M	56.62M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.53M	64.35M	65.09M	65.43M	65.84M	66.30M	66.66M	67.03M	67.47M	67.94M	65.17M
Normalized Net Operating Profit after Tax (NOPAT)	-6.68	-11	-10	0.31	1.66	6.31	15	16	9.47	-14	20
Normalized NOPAT Margin	-5.99%	-13.27%	-13.84%	0.27%	1.31%	3.54%	5.87%	5.39%	3.58%	-5.58%	6.42%
Pre Tax Income Margin	-12.99%	-23.39%	-24.94%	-3.49%	-1.16%	2.55%	4.71%	2.73%	-0.90%	-8.83%	5.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.06	-4.12	-3.71	-0.04	0.62	2.21	4.43	3.57	0.19	-6.74	7.30
NOPAT to Interest Expense	-1.87	-2.90	-2.62	0.08	0.43	1.68	4.27	5.08	0.03	-4.89	7.01
EBIT Less CapEx to Interest Expense	-3.06	-4.12	-3.71	-0.05	0.61	2.18	4.41	3.56	0.17	-6.80	7.28
NOPAT Less CapEx to Interest Expense	-1.88	-2.91	-2.62	0.08	0.42	1.65	4.26	5.06	0.01	-4.95	6.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-4.03%	-3.38%	-3.82%	-5.04%	-4.28%	-13.49%	20.73%	5.52%	5.72%	-17.47%	1,236.36%
Augmented Payout Ratio	-4.03%	-3.38%	-3.82%	-5.04%	-4.28%	-13.49%	20.73%	5.52%	5.72%	-17.47%	43,954.55%

Financials Breakdown Chart

Key Financial Trends

MediaAlpha, Inc. (NYSE: MAX) has shown a clear trend of growing revenue and improving cash flow through 2025, while maintaining tight capex and a lean investment profile. However, the company also carries elevated leverage and negative equity in recent periods, and its financing activity has been a recurring cash outflow. Below are the 10 most notable points based on the last four years of quarterly data.

Revenue has grown meaningfully, rising from about $89.0 million in Q3 2022 to about $306.5 million in Q3 2025 (Q3 2022: 89,017,000 vs Q3 2025: 306,514,000).
Cash flow from operating activities has been consistently positive and strengthened in 2025, with Q3 2025 net cash from continuing operating activities around $23.6 million (vs. about $8.1 million in Q3 2024 and $23.7 million in Q1–Q3 2025 quarters).
Gross margins have remained in the mid-teens, with Q3 2025 gross profit about $43.4 million on $306.5 million revenue (roughly 14–15% margin).
Positive and improving working capital: in Q3 2025, current assets were about $205.7 million vs. current liabilities about $189.7 million, yielding roughly $16 million of working capital.
Capital spending is minimal, with quarterly purchases of PPE well under $0.1 million in 2025, helping preserve cash (e.g., PPE purchases around -$68k in Q3 2025; -$175k in Q2 2025).
Dividends are modest, indicating limited near-term cash outflow to shareholders (Q3 2025 dividends around $54k; Q2 2025 around $680k; Q1 2025 around $107k).
Debt and equity structure show stress signals: Long-Term Debt around $133.7 million in Q3 2025, Total Liabilities near $332.0 million, and Total Equity around negative $29.8 million, suggesting negative equity despite growing assets.
Earnings cadence has been volatile; Q4 2024 showed a sizable net loss, while Q3 2025 returned to profitability, underscoring earnings quality risk over the period.
Net cash from financing activities has been negative in multiple 2025 quarters (Q3 2025: about -$36.6 million; Q2 2025: about -$3.7 million), indicating ongoing cash outflows tied to financing rather than internal generation.
Earnings per share have shown volatility, with Q2 2025 Diluted EPS around -$0.33 and Q3 2025 around $0.26, reflecting inconsistent profitability and investor earnings visibility.

05/05/26 08:54 PM ETAI Generated. May Contain Errors.

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 6 years?

MediaAlpha's net income appears to be on an upward trend, with a most recent value of $22.12 million in 2024, rising from $18.13 million in 2018. The previous period was -$56.56 million in 2023. Check out MediaAlpha's forecast to explore projected trends and price targets.

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's revenue changed over the last 6 years?

Over the last 6 years, MediaAlpha's total revenue changed from $296.91 million in 2018 to $864.70 million in 2024, a change of 191.2%.

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 113.0% increase since 2019.

How much cash does MediaAlpha have?

In the past 5 years, MediaAlpha's cash and equivalents has ranged from $10.03 million in 2019 to $50.56 million in 2021, 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 6 years?

Over the last 6 years, MediaAlpha's book value per share changed from 0.00 in 2018 to 0.04 in 2024, a change of 3.6%.

Related Companies

Financial statements for NYSE:MAX last updated on 11/14/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MediaAlpha (MAX) Financials

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MediaAlpha (MAX) Financials

Annual Income Statements for MediaAlpha

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