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MediaAlpha (MAX) Financials

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$13.36 -0.10 (-0.74%)
Closing price 07/10/2026 03:59 PM Eastern
Extended Trading
$13.36 0.00 (-0.01%)
As of 07/10/2026 05:23 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for MediaAlpha

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 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.00 0.00 -580 -5.28 -58 -40 17 26
Consolidated Net Income / (Loss)		 18 36 30 -8.48 -72 -57 22 27
Net Income / (Loss) Continuing Operations		 18 -372 -584 -8.48 -72 -57 22 27
Total Pre-Tax Income 		18 18 9.30 -9.52 30 -57 24 -111
Total Operating Income		 19 25 20 2.15 -35 -40 43 22
Total Gross Profit		 49 65 -499 102 70 67 144 168
Total Revenue		 297 408 0.00 645 459 388 865 1,114
Operating Revenue		 297 408 - 645 459 388 865 1,114
Total Cost of Revenue		 248 343 499 544 389 321 721 946
Operating Cost of Revenue		 248 343 499 544 389 321 721 946
Total Operating Expenses		 30 423 66 99 105 107 101 145
Selling, General & Admin Expense		 7.84 19 33 61 56 63 56 90
Marketing Expense		 12 14 20 23 29 25 25 21
Research & Development Expense		 10 7.04 12 15 21 18 20 21
Impairment Charge		 - - - - - 0.00 0.00 13
Total Other Income / (Expense), net		 -1.19 -14 -20 -12 66 -17 -19 -133
Interest Expense		 1.19 7.02 7.94 7.83 9.25 15 14 11
Other Income / (Expense), net		 0.00 -7.02 -13 -3.84 75 -1.78 -4.87 -122
Income Tax Expense		 0.00 0.00 -1.27 -1.05 103 -0.46 1.38 -138
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 -4.24 -3.20 -15 -16 5.49 1.14
Basic Earnings per Share		 $0.00 $0.00 ($0.14) ($0.14) ($1.37) ($0.89) $0.31 $0.46
Weighted Average Basic Shares Outstanding		 0.00 0.00 32.13M 37.28M 41.94M 45.57M 53.04M 56.24M
Diluted Earnings per Share		 $0.00 $0.00 ($0.14) ($0.19) ($1.37) ($0.89) $0.31 $0.39
Weighted Average Diluted Shares Outstanding		 0.00 0.00 32.13M 61.26M 41.94M 45.57M 53.04M 66.79M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 32.13M 60.95M 62.92M 65.43M 67.03M 64.50M

Quarterly Income Statements for MediaAlpha

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -14 -2.37 -1.11 3.62 9.48 4.64 -1.95 -19 15 31 11
Consolidated Net Income / (Loss)		 -19 -3.29 -1.49 4.42 12 7.30 -2.33 -23 18 34 14
Net Income / (Loss) Continuing Operations		 -19 -3.29 -1.49 4.42 12 7.30 -2.33 -23 18 34 14
Total Pre-Tax Income 		-19 -4.09 -1.46 4.55 12 8.22 -2.38 -22 18 -104 21
Total Operating Income		 -15 0.45 2.37 6.49 16 18 0.12 -20 20 22 22
Total Gross Profit		 12 22 24 32 39 49 42 38 43 45 47
Total Revenue		 75 117 127 178 259 301 264 252 307 291 310
Operating Revenue		 75 117 127 178 259 301 264 252 307 291 310
Total Cost of Revenue		 62 95 103 147 220 252 223 214 263 246 263
Operating Cost of Revenue		 62 95 103 147 220 252 223 214 263 246 263
Total Operating Expenses		 27 22 21 25 24 31 42 58 24 22 24
Selling, General & Admin Expense		 17 12 11 14 12 20 18 47 13 12 14
Marketing Expense		 6.10 5.63 5.80 6.32 6.50 6.12 5.63 5.23 5.22 4.98 5.33
Research & Development Expense		 4.30 3.93 4.36 5.05 5.33 5.02 4.89 5.35 5.83 5.33 5.46
Impairment Charge		 - - 0.00 0.00 0.00 - 13 0.00 0.00 - 0.00
Total Other Income / (Expense), net		 -3.85 -4.53 -3.84 -1.94 -3.41 -10 -2.50 -2.18 -2.04 -126 -1.83
Interest Expense		 3.95 3.92 3.85 3.75 3.56 3.19 2.96 2.87 2.81 2.61 2.44
Other Income / (Expense), net		 0.10 -0.61 0.01 1.81 0.15 -6.84 0.46 0.70 0.77 -124 0.62
Income Tax Expense		 0.10 -0.79 0.03 0.13 0.31 0.92 -0.05 0.32 0.05 -138 6.50
Net Income / (Loss) Attributable to Noncontrolling Interest		 -5.20 -0.93 -0.38 0.80 2.41 2.66 -0.39 -3.79 2.74 2.58 2.58
Basic Earnings per Share		 ($0.29) ($0.05) ($0.02) $0.07 $0.17 $0.09 ($0.04) ($0.33) $0.26 $0.57 $0.21
Weighted Average Basic Shares Outstanding		 46.23M 45.57M 48.57M 53.37M 54.91M 53.04M 55.63M 56.14M 56.62M 56.24M 55.85M
Diluted Earnings per Share		 ($0.29) ($0.05) ($0.02) $0.07 $0.17 $0.09 ($0.04) ($0.33) $0.26 $0.50 $0.21
Weighted Average Diluted Shares Outstanding		 46.23M 45.57M 48.57M 53.37M 54.91M 53.04M 55.63M 56.14M 56.62M 66.79M 55.85M
Weighted Average Basic & Diluted Shares Outstanding		 65.09M 65.43M 65.84M 66.30M 66.66M 67.03M 67.47M 67.94M 65.17M 64.50M 62.35M

Annual Cash Flow Statements for MediaAlpha

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 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.44 4.37 14 27 -36 2.73 26 3.61
Net Cash From Operating Activities		 23 22 51 29 28 20 46 66
Net Cash From Continuing Operating Activities		 23 22 51 29 28 20 46 66
Net Income / (Loss) Continuing Operations		 18 18 11 -8.48 -72 -57 22 27
Consolidated Net Income / (Loss)		 18 18 11 -8.48 -72 -57 22 27
Depreciation Expense		 0.19 0.27 0.29 0.37 0.39 0.35 0.25 0.27
Amortization Expense		 12 6.05 4.43 4.17 6.59 7.71 7.19 3.63
Non-Cash Adjustments To Reconcile Net Income		 1.36 2.66 28 47 -16 55 42 169
Changes in Operating Assets and Liabilities, net		 -8.80 -4.66 8.45 -15 110 13 -26 -134
Net Cash From Investing Activities		 -0.64 -0.29 -10 -0.65 -50 -0.07 -0.65 -0.34
Net Cash From Continuing Investing Activities		 -0.64 -0.29 -10 -0.65 -50 -0.07 -0.65 -0.34
Purchase of Property, Plant & Equipment		 -0.63 -0.15 -0.30 -0.65 -0.10 -0.07 -0.25 -0.34
Acquisitions		 -0.01 -0.15 0.00 0.00 -50 0.00 -0.40 0.00
Net Cash From Financing Activities		 -25 -17 -28 -0.96 -15 -17 -19 -62
Net Cash From Continuing Financing Activities		 -25 -17 -28 -0.96 -15 -17 -19 -62
Repayment of Debt		 -13 -17 -136 -187 -30 -9.50 -13 -9.78
Repurchase of Common Equity		 0.00 0.00 -97 0.00 -5.01 0.00 0.00 -47
Payment of Dividends		 -16 -96 -131 -0.34 -2.13 -2.85 -1.22 -1.25
Other Financing Activities, net		 0.00 -63 -4.24 -3.38 -2.88 -5.08 -5.45 -3.35
Cash Interest Paid		 1.20 6.40 6.04 5.60 7.07 14 14 11
Cash Income Taxes Paid		 - 0.00 0.00 0.31 -2.38 -0.26 0.23 1.01

Quarterly Cash Flow Statements for MediaAlpha

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -4.83 2.08 -2.80 14 3.65 11 20 22 -13 -25 -21
Net Cash From Operating Activities		 -1.40 5.29 1.68 22 8.06 15 24 26 24 -7.45 -1.56
Net Cash From Continuing Operating Activities		 -1.40 5.29 1.68 22 8.06 15 24 26 24 -7.45 -1.56
Net Income / (Loss) Continuing Operations		 -19 -3.29 -1.49 4.42 12 7.30 -2.33 -23 18 34 14
Consolidated Net Income / (Loss)		 -19 -3.29 -1.49 4.42 12 7.30 -2.33 -23 18 34 14
Depreciation Expense		 0.09 0.08 0.06 0.07 0.07 0.06 0.06 0.07 0.07 0.07 0.07
Amortization Expense		 1.93 1.93 1.80 1.80 1.80 1.79 1.62 0.69 0.67 0.65 0.62
Non-Cash Adjustments To Reconcile Net Income		 15 9.79 8.75 9.65 9.17 15 21 8.32 7.91 132 7.00
Changes in Operating Assets and Liabilities, net		 0.62 -3.21 -7.44 5.68 -15 -9.44 3.78 39 -2.68 -174 -23
Net Cash From Investing Activities		 -0.01 -0.01 -0.03 -0.13 -0.44 -0.05 -0.06 -0.18 -0.07 -0.04 -0.04
Net Cash From Continuing Investing Activities		 -0.01 -0.01 -0.03 -0.13 -0.44 -0.05 -0.06 -0.18 -0.07 -0.04 -0.04
Purchase of Property, Plant & Equipment		 -0.01 -0.01 -0.03 -0.13 -0.04 -0.05 -0.06 -0.18 -0.07 -0.04 -0.04
Net Cash From Financing Activities		 -3.42 -3.21 -4.44 -7.29 -3.97 -3.52 -3.35 -3.73 -37 -18 -19
Net Cash From Continuing Financing Activities		 -3.42 -3.21 -4.44 -7.29 -3.97 -3.52 -3.35 -3.73 -37 -18 -19
Repayment of Debt		 -2.38 -2.38 -2.38 -5.42 -2.38 -2.38 -2.38 -2.38 -2.66 -2.38 -156
Repurchase of Common Equity		 - - - - - - 0.00 - - -14 -20
Payment of Dividends		 -0.28 -1.28 -0.11 -0.90 -0.09 -0.11 -0.11 -0.68 -0.05 -0.41 -0.51
Issuance of Debt		 - - - - - - 0.00 - - - 165
Other Financing Activities, net		 -0.77 0.45 -1.96 -0.97 -1.50 -1.03 -0.87 -0.67 -0.99 -0.82 -7.40
Cash Interest Paid		 3.66 3.69 3.78 3.52 3.37 3.27 2.96 2.66 3.52 1.66 4.43

Annual Balance Sheets for MediaAlpha

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 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 105 210 290 170 154 262 384
Total Current Assets		 67 128 137 80 75 190 174
Cash & Equivalents		 10 24 51 15 17 43 47
Accounts Receivable		 56 96 76 60 54 143 123
Prepaid Expenses		 1.45 7.95 10 5.88 3.53 3.71 4.48
Plant, Property, & Equipment, net		 0.76 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 37 83 153 90 79 73 209
Goodwill		 18 18 18 48 48 48 48
Intangible Assets		 19 16 13 33 26 20 3.59
Noncurrent Deferred & Refundable Income Taxes		 0.00 32 103 - - 0.00 150
Other Noncurrent Operating Assets		 0.00 17 19 8.99 5.60 4.81 8.40
Total Liabilities & Shareholders' Equity		 105 210 290 170 154 262 384
Total Liabilities		 145 315 351 256 248 309 413
Total Current Liabilities		 48 107 84 77 80 133 148
Short-Term Debt		 0.87 0.00 8.73 8.77 12 8.85 22
Accounts Payable		 40 98 62 54 56 106 91
Accrued Expenses		 6.58 9.21 14 14 12 19 35
Total Noncurrent Liabilities		 97 208 267 179 169 176 265
Long-Term Debt		 97 183 178 174 162 154 132
Noncurrent Deferred & Payable Income Tax Liabilities		 0.00 22 85 - 0.00 7.01 124
Other Noncurrent Operating Liabilities		 0.32 2.83 4.06 4.97 6.18 15 9.56
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -114 -105 -62 -86 -94 -46 -29
Total Preferred & Common Equity		 -114 -34 -4.34 -16 -10 2.38 4.16
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -114 -34 -4.34 -16 -10 2.38 4.16
Common Stock		 80 385 420 466 512 508 484
Retained Earnings		 -193 -419 -424 -482 -523 -506 -480
Noncontrolling Interest		 0.00 -71 -57 -70 -84 -49 -33

Quarterly Balance Sheets for MediaAlpha

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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 3/31/2026
Total Assets		 265 153 140 133 153 198 236 240 249 266 368
Total Current Assets		 70 67 56 51 76 123 162 182 192 206 165
Cash & Equivalents		 30 20 20 15 14 29 32 64 85 39 26
Accounts Receivable		 35 43 33 33 57 91 127 115 103 129 134
Prepaid Expenses		 4.95 4.60 3.48 2.77 3.66 3.34 2.94 4.06 4.32 4.23 5.36
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		 195 86 84 82 77 76 74 58 57 60 203
Goodwill		 48 48 48 48 48 48 48 48 48 48 48
Intangible Assets		 35 31 29 28 24 23 22 5.13 4.61 4.10 3.11
Noncurrent Deferred & Refundable Income Taxes		 104 - - - - - - - - - 144
Other Noncurrent Operating Assets		 9.41 7.24 6.89 6.53 5.25 4.99 4.73 4.65 4.59 8.65 7.96
Total Liabilities & Shareholders' Equity		 265 153 140 133 153 198 236 240 249 266 368
Total Liabilities		 334 242 235 233 242 276 296 281 306 332 397
Total Current Liabilities		 64 65 60 60 76 111 133 109 149 190 113
Short-Term Debt		 8.76 8.78 8.79 8.80 12 8.83 8.84 8.86 8.87 22 7.17
Accounts Payable		 42 46 38 39 54 91 110 82 76 103 91
Accrued Expenses		 13 10 13 13 11 12 14 18 64 65 15
Total Noncurrent Liabilities		 270 177 175 172 166 165 163 172 158 142 284
Long-Term Debt		 181 172 170 168 160 158 156 151 149 134 156
Noncurrent Deferred & Payable Income Tax Liabilities		 83 - - - - - - 0.00 0.00 0.00 117
Other Noncurrent Operating Liabilities		 5.05 4.88 4.85 4.76 5.91 6.93 7.30 20 8.53 8.64 11
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		 -68 -89 -94 -100 -89 -78 -60 -41 -57 -66 -29
Total Preferred & Common Equity		 1.20 -13 -16 -16 -19 -24 -8.36 7.92 -3.77 -30 1.92
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		 1.20 -13 -16 -16 -19 -24 -8.36 7.92 -3.77 -30 1.92
Common Stock		 456 479 490 504 505 496 502 516 523 482 471
Retained Earnings		 -455 -492 -507 -520 -524 -520 -511 -508 -527 -512 -469
Noncontrolling Interest		 -70 -75 -78 -83 -70 -54 -51 -49 -53 -36 -31

Annual Metrics And Ratios for MediaAlpha

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

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - 65,171,840.00
DEI Adjusted Shares Outstanding		 - - - - - - - 65,171,840.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 0.39
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 37.42% -100.00% 0.00% -28.86% -15.45% 122.78% 28.78%
EBITDA Growth		 0.00% -22.86% -51.48% -75.72% 1,542.03% -172.06% 234.63% -311.77%
EBIT Growth		 0.00% -7.76% -60.76% -124.20% 2,446.57% -205.03% 190.77% -363.70%
NOPAT Growth		 0.00% 28.58% -10.64% -93.22% 5,495.58% -133.20% 243.88% -61.49%
Net Income Growth		 0.00% 96.63% -16.59% -128.51% -754.82% 21.94% 139.11% 20.99%
EPS Growth		 0.00% 0.00% 0.00% -35.71% -621.05% 35.04% 134.83% 25.81%
Operating Cash Flow Growth		 0.00% -2.23% 132.17% -44.33% -1.21% -28.45% 126.74% 43.00%
Free Cash Flow Firm Growth		 0.00% 0.00% 169.97% -218.23% 498.56% -110.61% 468.44% -62.86%
Invested Capital Growth		 0.00% 0.00% 12.47% 38.29% 10.41% -24.07% 16.52% 6.02%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 624.37% -7.57% -1.73% 26.93% -0.85%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 121.91% 229.42% -177.87% 33.73% -627.71%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 90.72% 194.28% -218.65% 44.06% -859.71%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 129.26% 494.41% -114.90% 56.82% 1,362.05%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -150.37% -50.69% 30.70% 91.93% 34,654.55%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -69.14% 39.86% 82.35% 2,050.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 2.51% 52.35% -50.31% 145.02% 25.21% -25.10%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 367.05% -103.73% 105.49% -80.27%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -11.51% -10.04% 1.60% 0.31% 340.20%
Profitability Metrics		 - - - - - - - -
Gross Margin		 16.58% 15.95% 0.00% 15.73% 15.26% 17.19% 16.60% 15.05%
EBITDA Margin		 10.54% 5.92% 0.00% 0.44% 10.17% -8.67% 5.24% -8.61%
Operating Margin		 6.51% 6.09% 0.00% 0.33% -7.71% -10.29% 4.94% 1.99%
EBIT Margin		 6.51% 4.37% 0.00% -0.26% 8.65% -10.74% 4.38% -8.96%
Profit (Net Income) Margin		 6.10% 8.74% 0.00% -1.31% -15.78% -14.57% 2.56% 2.40%
Tax Burden Percent		 100.00% 200.00% 319.83% 89.00% -237.85% 99.19% 94.11% -24.10%
Interest Burden Percent		 93.82% 100.00% 132.92% 562.77% 76.72% 136.72% 62.09% 111.26%
Effective Tax Rate		 0.00% 0.00% -13.63% 0.00% 337.85% 0.00% 5.89% 0.00%
Return on Invested Capital (ROIC)		 0.00% 103.48% 0.00% 2.34% 107.15% -38.53% 59.33% 20.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 128.16% 0.00% -4.42% 4.37% -56.11% 46.23% 30.60%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -283.94% 0.00% 7.83% -9.02% 101.20% -90.78% -91.57%
Return on Equity (ROE)		 0.00% -180.46% -41.11% 10.17% 98.13% 62.66% -31.45% -70.96%
Cash Return on Invested Capital (CROIC)		 0.00% -96.52% 31.79% -29.80% 97.25% -11.18% 44.06% 14.76%
Operating Return on Assets (OROA)		 0.00% 16.91% 0.00% -0.68% 17.27% -25.74% 18.18% -30.89%
Return on Assets (ROA)		 0.00% 33.82% 0.00% -3.39% -31.51% -34.91% 10.62% 8.28%
Return on Common Equity (ROCE)		 0.00% -518.99% -41.90% 2.33% 13.51% 9.13% -1.77% 6.15%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -31.37% -88.02% 195.41% 452.99% 549.40% 930.11% 0.00%
Net Operating Profit after Tax (NOPAT)		 19 25 22 1.50 84 -28 40 15
NOPAT Margin		 6.51% 6.09% 0.00% 0.23% 18.34% -7.20% 4.65% 1.39%
Net Nonoperating Expense Percent (NNEP)		 0.00% -24.68% -6.11% 6.76% 102.78% 17.58% 13.10% -9.99%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 86.79% -34.99% 34.60% 12.47%
Cost of Revenue to Revenue		 83.42% 84.05% 0.00% 84.27% 84.74% 82.81% 83.40% 84.95%
SG&A Expenses to Revenue		 2.64% 4.75% 0.00% 9.51% 12.10% 16.17% 6.52% 8.04%
R&D to Revenue		 3.48% 1.73% 0.00% 2.35% 4.59% 4.76% 2.29% 1.92%
Operating Expenses to Revenue		 10.08% 103.78% 0.00% 15.40% 22.97% 27.47% 11.66% 13.06%
Earnings before Interest and Taxes (EBIT)		 19 18 6.99 -1.69 40 -42 38 -100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 24 12 2.84 47 -34 45 -96
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 316.50 202.88
Price to Tangible Book Value (P/TBV)		 0.00 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 0.76
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 45.26 32.94
Dividend Yield		 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% 2.21% 3.04%
Enterprise Value to Invested Capital (EV/IC)		 0.00 7.03 44.10 13.50 8.71 12.76 11.29 11.86
Enterprise Value to Revenue (EV/Rev)		 0.00 0.83 0.00 1.56 1.56 2.06 0.95 0.82
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 13.98 203.35 354.47 15.38 0.00 18.18 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 18.93 340.54 0.00 18.09 0.00 21.75 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 13.58 107.28 669.92 8.53 0.00 20.47 59.23
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 15.24 46.32 35.21 25.40 39.48 17.95 13.98
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 146.88 0.00 9.40 0.00 27.56 82.69
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 -2.47 -1.74 -3.03 -2.13 -1.85 -3.51 -5.25
Long-Term Debt to Equity		 0.00 -2.45 -1.74 -2.89 -2.02 -1.72 -3.32 -4.51
Financial Leverage		 0.00 -2.22 -1.71 -1.77 -2.06 -1.80 -1.96 -2.99
Leverage Ratio		 0.00 -2.67 -2.18 -3.00 -3.11 -1.80 -2.96 -8.57
Compound Leverage Factor		 0.00 -2.67 -2.90 -16.89 -2.39 -2.45 -1.84 -9.53
Debt to Total Capital		 0.00% 168.06% 235.55% 149.16% 188.76% 218.22% 139.78% 123.50%
Short-Term Debt to Total Capital		 0.00% 1.50% 0.00% 6.97% 9.04% 14.84% 7.61% 17.56%
Long-Term Debt to Total Capital		 0.00% 166.55% 235.55% 142.19% 179.72% 203.38% 132.17% 105.95%
Preferred Equity to Total Capital		 0.00% 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% -26.85%
Common Equity to Total Capital		 0.00% -195.72% -43.55% -3.46% -16.49% -12.89% 2.05% 3.35%
Debt to EBITDA		 0.00 4.04 15.60 65.70 3.92 -5.18 3.59 -1.60
Net Debt to EBITDA		 0.00 3.63 13.59 47.92 3.61 -4.67 2.63 -1.11
Long-Term Debt to EBITDA		 0.00 4.00 15.60 62.63 3.73 -4.83 3.39 -1.37
Debt to NOPAT		 0.00 3.93 8.23 124.18 2.17 -6.24 4.04 9.91
Net Debt to NOPAT		 0.00 3.52 7.17 90.56 2.00 -5.62 2.96 6.88
Long-Term Debt to NOPAT		 0.00 3.89 8.23 118.37 2.07 -5.81 3.82 8.50
Altman Z-Score		 0.00 2.81 1.80 1.96 0.98 -1.41 2.80 1.60
Noncontrolling Interest Sharing Ratio		 0.00% -187.59% -1.90% 77.14% 86.23% 85.44% 94.37% 108.67%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 0.00 1.41 1.19 1.63 1.05 0.94 1.43 1.18
Quick Ratio		 0.00 1.38 1.12 1.50 0.97 0.89 1.40 1.15
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -23 16 -19 76 -8.11 30 11
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% 19,293.53%
Free Cash Flow to Firm to Interest Expense		 0.00 -3.30 2.04 -2.45 8.26 -0.53 2.08 0.99
Operating Cash Flow to Interest Expense		 18.97 3.15 6.48 3.66 3.06 1.32 3.20 5.83
Operating Cash Flow Less CapEx to Interest Expense		 18.44 3.13 6.44 3.57 3.05 1.32 3.18 5.80
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 3.87 0.00 2.58 2.00 2.40 4.15 3.45
Accounts Receivable Turnover		 0.00 7.28 0.00 7.49 6.75 6.82 8.79 8.37
Inventory Turnover		 0.00 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 0.00
Accounts Payable Turnover		 0.00 8.48 7.20 6.80 6.72 5.83 8.91 9.62
Days Sales Outstanding (DSO)		 0.00 50.11 0.00 48.76 54.10 53.49 41.52 43.58
Days Inventory Outstanding (DIO)		 0.00 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 37.94
Cash Conversion Cycle (CCC)		 0.00 7.05 0.00 -4.95 -0.21 -9.11 0.56 5.65
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 0.00 48 54 75 82 63 73 77
Invested Capital Turnover		 0.00 17.00 0.00 10.03 5.84 5.35 12.76 14.82
Increase / (Decrease) in Invested Capital		 0.00 48 5.99 21 7.78 -20 10 4.39
Enterprise Value (EV)		 0.00 337 2,381 1,008 718 799 823 917
Market Capitalization		 176 176 2,294 929 620 726 753 844
Book Value per Share		 $0.00 ($12.28) ($0.58) ($0.07) ($0.26) ($0.16) $0.04 $0.06
Tangible Book Value per Share		 $0.00 ($16.30) ($1.15) ($0.59) ($1.55) ($1.29) ($0.98) ($0.72)
Total Capital		 0.00 58 78 125 97 80 116 124
Total Debt		 0.00 98 183 187 183 174 162 153
Total Long-Term Debt		 0.00 97 183 178 174 162 154 132
Net Debt		 0.00 88 159 136 169 157 119 107
Capital Expenditures (CapEx)		 0.63 0.15 0.30 0.65 0.10 0.07 0.25 0.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 10 -3.21 11 -2.24 -11 23 1.66
Debt-free Net Working Capital (DFNWC)		 0.00 20 20 62 12 6.71 66 49
Net Working Capital (NWC)		 0.00 20 20 53 3.53 -5.15 57 27
Net Nonoperating Expense (NNE)		 1.19 -11 -7.53 9.98 157 29 18 -11
Net Nonoperating Obligations (NNO)		 0.00 88 159 136 169 157 119 107
Total Depreciation and Amortization (D&A)		 12 6.32 4.72 4.54 6.98 8.06 7.44 3.91
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 2.55% 0.00% 1.71% -0.49% -2.72% 2.61% 0.15%
Debt-free Net Working Capital to Revenue		 0.00% 5.01% 0.00% 9.55% 2.68% 1.73% 7.61% 4.36%
Net Working Capital to Revenue		 0.00% 4.80% 0.00% 8.20% 0.77% -1.33% 6.59% 2.40%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.14) ($0.14) ($1.37) ($0.89) $0.31 $0.46
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 59.35M 37.28M 41.94M 45.57M 53.04M 56.24M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.14) ($0.19) ($1.37) ($0.89) $0.31 $0.39
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 59.35M 61.26M 41.94M 45.57M 53.04M 66.79M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($0.14) $0.00 $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 64.50M
Normalized Net Operating Profit after Tax (NOPAT)		 14 17 14 1.50 -25 -28 40 25
Normalized NOPAT Margin		 4.55% 4.26% 0.00% 0.23% -5.40% -7.20% 4.65% 2.23%
Pre Tax Income Margin		 6.10% 4.37% 0.00% -1.48% 6.63% -14.69% 2.72% -9.97%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 16.18 2.54 0.88 -0.22 4.29 -2.72 2.64 -8.88
NOPAT to Interest Expense		 16.18 3.54 2.80 0.19 9.10 -1.82 2.80 1.38
EBIT Less CapEx to Interest Expense		 15.65 2.52 0.84 -0.30 4.28 -2.73 2.62 -8.91
NOPAT Less CapEx to Interest Expense		 15.65 3.52 2.76 0.11 9.09 -1.83 2.78 1.35
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 87.60% 268.35% 442.06% -3.99% -2.95% -5.04% 5.52% 4.67%
Augmented Payout Ratio		 87.60% 268.35% 766.83% -3.99% -9.86% -5.04% 5.52% 181.30%

Quarterly Metrics And Ratios for MediaAlpha

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 65,171,840.00 64,495,675.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 65,171,840.00 64,495,675.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.48 0.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -16.23% -5.51% 13.45% 110.30% 247.49% 156.58% 108.69% 41.14% 18.28% -3.16% 17.29%
EBITDA Growth		 26.41% -97.67% 147.63% 172.93% 239.52% 622.56% -46.77% -282.88% 20.54% -860.45% 948.72%
EBIT Growth		 23.61% -100.22% 121.78% 152.02% 207.60% 6,891.07% -75.98% -333.07% 30.09% -990.07% 3,919.06%
NOPAT Growth		 -39.47% -87.64% 124.84% 156.06% 247.31% 5,095.17% -95.11% -322.42% 29.35% -3.70% 18,735.22%
Net Income Growth		 11.91% 88.38% 89.78% 122.12% 163.58% 321.71% -56.54% -609.80% 48.41% 365.48% 701.80%
EPS Growth		 14.71% 92.19% 91.30% 121.88% 158.62% 280.00% -100.00% -571.43% 52.94% 455.56% 625.00%
Operating Cash Flow Growth		 -109.46% 179.25% -86.64% 470.91% 673.79% 174.44% 1,312.46% 19.03% 193.23% -151.26% -106.57%
Free Cash Flow Firm Growth		 234.30% 483.94% 179.48% -72.22% -79.17% -70.85% 110.95% 194.84% 1,723.83% 91.09% -393.15%
Invested Capital Growth		 -32.76% -24.07% -6.08% -6.29% 18.02% 16.52% -18.67% -73.96% -75.84% 6.02% 95.28%
Revenue Q/Q Growth		 -12.03% 57.13% 8.09% 40.76% 45.36% 16.02% -12.09% -4.80% 21.82% -5.01% 6.47%
EBITDA Q/Q Growth		 9.35% 114.53% 131.17% 139.60% 73.41% -24.77% -82.97% -923.21% 214.30% -574.57% 123.49%
EBIT Q/Q Growth		 8.19% 98.85% 1,517.26% 248.64% 89.88% -27.62% -94.99% -3,482.34% 205.99% -595.24% 122.64%
NOPAT Q/Q Growth		 8.23% 103.02% 431.84% 279.88% 141.12% 6.64% -99.50% -17,377.59% 240.23% -20.61% -2.08%
Net Income Q/Q Growth		 6.42% 82.39% 54.72% 396.45% 168.96% -38.59% -131.97% -865.42% 178.30% 92.63% -58.67%
EPS Q/Q Growth		 9.38% 82.76% 60.00% 450.00% 142.86% -47.06% -144.44% -725.00% 178.79% 92.31% -58.00%
Operating Cash Flow Q/Q Growth		 -137.09% 477.07% -68.30% 1,187.78% -62.72% 80.35% 63.13% 8.53% -8.16% -131.53% 79.11%
Free Cash Flow Firm Q/Q Growth		 -47.12% 2.30% -69.85% 70.29% -60.35% 43.20% 118.17% 138.01% 145.27% -85.00% -434.70%
Invested Capital Q/Q Growth		 -4.11% 1.60% 8.98% -11.73% 20.76% 0.31% -23.93% -71.73% 12.01% 340.20% 40.11%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 16.49% 19.02% 18.70% 17.77% 15.14% 16.29% 15.75% 14.98% 14.16% 15.39% 15.06%
EBITDA Margin		 -16.94% 1.57% 3.35% 5.70% 6.80% 4.41% 0.85% -7.39% 6.93% -34.63% 7.64%
Operating Margin		 -19.78% 0.38% 1.87% 3.64% 6.02% 6.07% 0.04% -7.97% 6.44% 7.66% 7.22%
EBIT Margin		 -19.64% -0.14% 1.88% 4.66% 6.08% 3.79% 0.22% -7.69% 6.69% -34.88% 7.42%
Profit (Net Income) Margin		 -25.07% -2.81% -1.18% 2.48% 4.59% 2.43% -0.88% -8.96% 5.76% 11.67% 4.53%
Tax Burden Percent		 100.55% 80.59% 101.84% 97.14% 97.44% 88.86% 97.94% 101.42% 99.69% -32.63% 68.36%
Interest Burden Percent		 126.94% 2,432.14% -61.49% 54.81% 77.40% 72.01% -416.61% 114.83% 86.31% 102.57% 89.38%
Effective Tax Rate		 0.00% 0.00% 0.00% 2.86% 2.56% 11.14% 0.00% 0.00% 0.31% 0.00% 31.64%
Return on Invested Capital (ROIC)		 -71.36% 1.43% 7.50% 28.23% 59.52% 68.83% 0.50% -158.03% 159.66% 79.50% 69.81%
ROIC Less NNEP Spread (ROIC-NNEP)		 -76.57% -0.79% 5.53% 26.96% 57.26% 62.37% -1.40% -166.09% 157.78% 95.77% 68.75%
Return on Net Nonoperating Assets (RNNOA)		 146.39% 1.42% -9.90% -46.43% -105.55% -122.48% 2.73% 259.53% -271.39% -286.61% -229.03%
Return on Equity (ROE)		 75.03% 2.85% -2.40% -18.20% -46.03% -53.65% 3.23% 101.51% -111.73% -207.10% -159.22%
Cash Return on Invested Capital (CROIC)		 283.90% -11.18% -21.56% 0.38% 21.64% 44.06% 82.22% 143.05% 124.52% 14.76% -26.62%
Operating Return on Assets (OROA)		 -38.97% -0.34% 4.95% 13.67% 22.45% 15.76% 1.10% -36.95% 29.91% -120.20% 28.29%
Return on Assets (ROA)		 -49.74% -6.73% -3.10% 7.28% 16.93% 10.09% -4.50% -43.04% 25.74% 40.23% 17.29%
Return on Common Equity (ROCE)		 6.72% 0.41% -0.44% -4.29% -7.11% -3.02% 0.28% 21.19% -33.96% 17.95% 22.28%
Return on Equity Simple (ROE_SIMPLE)		 502.35% 0.00% 227.93% 78.13% -137.80% 0.00% 268.66% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 0.31 1.66 6.31 15 16 0.08 -14 20 16 15
NOPAT Margin		 -13.84% 0.27% 1.31% 3.54% 5.87% 5.39% 0.03% -5.58% 6.42% 5.36% 4.93%
Net Nonoperating Expense Percent (NNEP)		 5.21% 2.21% 1.98% 1.27% 2.26% 6.46% 1.90% 8.07% 1.88% -16.27% 1.07%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.39% - - - 13.96% 0.07% -13.88% 21.88% 12.57% 11.38%
Cost of Revenue to Revenue		 83.51% 80.98% 81.30% 82.23% 84.86% 83.71% 84.25% 85.02% 85.84% 84.61% 84.94%
SG&A Expenses to Revenue		 22.32% 10.47% 8.80% 7.75% 4.55% 6.52% 6.66% 18.74% 4.12% 4.19% 4.37%
R&D to Revenue		 5.76% 3.36% 3.45% 2.83% 2.06% 1.67% 1.85% 2.13% 1.90% 1.83% 1.76%
Operating Expenses to Revenue		 36.27% 18.64% 16.82% 14.13% 9.11% 10.22% 15.71% 22.94% 7.72% 7.73% 7.85%
Earnings before Interest and Taxes (EBIT)		 -15 -0.17 2.38 8.30 16 11 0.57 -19 21 -102 23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 1.84 4.24 10 18 13 2.26 -19 21 -101 24
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 316.50 78.21 0.00 0.00 202.88 312.89
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)		 1.35 1.87 3.29 1.75 1.76 0.87 0.62 0.69 0.69 0.76 0.52
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 124.78 45.26 39.21 0.00 0.00 32.94 15.36
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% 0.80% 2.21% 2.55% 0.00% 0.00% 3.04% 6.51%
Enterprise Value to Invested Capital (EV/IC)		 9.89 12.76 20.71 15.80 17.63 11.29 12.02 48.34 46.70 11.86 6.52
Enterprise Value to Revenue (EV/Rev)		 1.54 2.06 3.51 1.92 1.88 0.95 0.67 0.70 0.73 0.82 0.61
Enterprise Value to EBITDA (EV/EBITDA)		 14.11 0.00 0.00 263.80 37.85 18.18 15.40 52.10 45.15 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 17.34 0.00 0.00 0.00 48.78 21.75 18.50 90.31 62.45 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 3.25 0.00 0.00 0.00 49.99 20.47 17.49 77.74 774.77 59.23 22.74
Enterprise Value to Operating Cash Flow (EV/OCF)		 73.80 39.48 151.09 35.02 34.99 17.95 9.82 10.53 9.37 13.98 17.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.80 0.00 0.00 4,077.86 88.20 27.56 13.11 13.97 14.60 82.69 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -1.77 -1.85 -1.93 -2.14 -2.76 -3.51 -3.89 -2.77 -2.37 -5.25 -5.62
Long-Term Debt to Equity		 -1.68 -1.72 -1.79 -2.03 -2.61 -3.32 -3.68 -2.62 -2.03 -4.51 -5.37
Financial Leverage		 -1.91 -1.80 -1.79 -1.72 -1.84 -1.96 -1.95 -1.56 -1.72 -2.99 -3.33
Leverage Ratio		 -2.37 -1.80 -1.72 -1.96 -2.32 -2.96 -3.01 -3.32 -4.01 -8.57 -8.65
Compound Leverage Factor		 -3.01 -43.66 1.06 -1.08 -1.79 -2.13 12.54 -3.81 -3.46 -8.79 -7.73
Debt to Total Capital		 229.77% 218.22% 208.11% 187.72% 156.77% 139.78% 134.59% 156.36% 173.16% 123.50% 121.64%
Short-Term Debt to Total Capital		 11.45% 14.84% 14.35% 9.93% 8.42% 7.61% 7.44% 8.78% 24.47% 17.56% 5.33%
Long-Term Debt to Total Capital		 218.31% 203.38% 193.76% 177.79% 148.35% 132.17% 127.15% 147.58% 148.69% 105.95% 116.31%
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		 -108.62% -105.33% -85.05% -60.27% -48.80% -41.83% -41.25% -52.62% -40.06% -26.85% -23.07%
Common Equity to Total Capital		 -21.15% -12.89% -23.06% -27.45% -7.96% 2.05% 6.65% -3.73% -33.09% 3.35% 1.43%
Debt to EBITDA		 4.09 -5.18 -8.40 46.25 4.86 3.59 3.70 10.86 8.57 -1.60 -2.20
Net Debt to EBITDA		 3.73 -4.67 -7.69 38.30 3.91 2.63 2.23 4.99 4.59 -1.11 -1.85
Long-Term Debt to EBITDA		 3.88 -4.83 -7.82 43.80 4.60 3.39 3.50 10.25 7.36 -1.37 -2.10
Debt to NOPAT		 0.94 -6.24 -8.78 -43.83 6.42 4.04 4.20 16.20 147.01 9.91 5.26
Net Debt to NOPAT		 0.86 -5.62 -8.04 -36.30 5.16 2.96 2.54 7.45 78.70 6.88 4.42
Long-Term Debt to NOPAT		 0.89 -5.81 -8.17 -41.51 6.08 3.82 3.97 15.29 126.23 8.50 5.03
Altman Z-Score		 -1.58 -0.52 1.17 0.92 2.66 2.46 2.91 2.76 3.25 1.59 2.65
Noncontrolling Interest Sharing Ratio		 91.05% 85.44% 81.84% 76.43% 84.55% 94.37% 91.46% 79.12% 69.60% 108.67% 114.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.85 0.94 0.99 1.10 1.22 1.43 1.67 1.29 1.08 1.18 1.46
Quick Ratio		 0.80 0.89 0.94 1.07 1.20 1.40 1.63 1.27 0.89 1.15 1.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 20 20 6.08 10 4.10 5.88 13 31 75 11 -38
Operating Cash Flow to CapEx		 -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% -18,620.00% -3,704.76%
Free Cash Flow to Firm to Interest Expense		 4.99 5.14 1.58 2.76 1.15 1.84 4.34 10.63 26.65 4.30 -15.39
Operating Cash Flow to Interest Expense		 -0.36 1.35 0.44 5.76 2.26 4.55 8.02 8.96 8.41 -2.85 -0.64
Operating Cash Flow Less CapEx to Interest Expense		 -0.36 1.35 0.43 5.73 2.25 4.54 8.00 8.90 8.39 -2.87 -0.65
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.98 2.40 2.63 2.94 3.69 4.15 5.10 4.81 4.47 3.45 3.82
Accounts Receivable Turnover		 11.66 6.82 8.01 8.06 8.52 8.79 11.63 11.12 8.77 8.37 9.33
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		 8.15 5.83 6.63 6.33 7.61 8.91 12.37 10.91 8.96 9.62 11.36
Days Sales Outstanding (DSO)		 31.31 53.49 45.55 45.30 42.83 41.52 31.38 32.82 41.60 43.58 39.14
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)		 44.79 62.61 55.06 57.62 47.97 40.96 29.51 33.45 40.72 37.94 32.14
Cash Conversion Cycle (CCC)		 -13.48 -9.11 -9.51 -12.32 -5.14 0.56 1.87 -0.62 0.88 5.65 7.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 62 63 68 60 73 73 55 16 18 77 108
Invested Capital Turnover		 5.15 5.35 5.72 7.98 10.14 12.76 16.20 28.34 24.88 14.82 14.15
Increase / (Decrease) in Invested Capital		 -30 -20 -4.42 -4.04 11 10 -13 -45 -55 4.39 53
Enterprise Value (EV)		 609 799 1,413 952 1,282 823 667 758 821 917 706
Market Capitalization		 532 726 1,326 867 1,201 753 619 739 773 844 600
Book Value per Share		 ($0.25) ($0.16) ($0.39) ($0.37) ($0.13) $0.04 $0.12 ($0.06) ($0.44) $0.06 $0.03
Tangible Book Value per Share		 ($1.43) ($1.29) ($1.88) ($1.44) ($1.17) ($0.98) ($0.67) ($0.83) ($1.20) ($0.72) ($0.76)
Total Capital		 77 80 83 89 105 116 119 101 90 124 134
Total Debt		 176 174 172 167 165 162 160 158 156 153 164
Total Long-Term Debt		 168 162 160 158 156 154 151 149 134 132 156
Net Debt		 161 157 158 138 132 119 97 73 83 107 137
Capital Expenditures (CapEx)		 0.01 0.01 0.03 0.13 0.04 0.05 0.06 0.18 0.07 0.04 0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16 -11 -3.26 -8.38 5.97 23 18 -33 -34 1.66 33
Debt-free Net Working Capital (DFNWC)		 -0.44 6.71 11 20 38 66 82 53 38 49 59
Net Working Capital (NWC)		 -9.23 -5.15 -0.66 11 29 57 73 44 16 27 52
Net Nonoperating Expense (NNE)		 8.37 3.61 3.15 1.89 3.32 8.92 2.42 8.50 2.03 -18 1.25
Net Nonoperating Obligations (NNO)		 161 157 158 138 132 119 97 73 83 107 137
Total Depreciation and Amortization (D&A)		 2.02 2.00 1.86 1.86 1.86 1.85 1.69 0.76 0.74 0.72 0.69
Debt-free, Cash-free Net Working Capital to Revenue		 -3.96% -2.72% -0.81% -1.69% 0.88% 2.61% 1.83% -3.04% -3.05% 0.15% 2.86%
Debt-free Net Working Capital to Revenue		 -0.11% 1.73% 2.78% 4.08% 5.62% 7.61% 8.17% 4.90% 3.39% 4.36% 5.11%
Net Working Capital to Revenue		 -2.34% -1.33% -0.16% 2.31% 4.32% 6.59% 7.29% 4.07% 1.43% 2.40% 4.49%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.29) ($0.05) ($0.02) $0.07 $0.17 $0.09 ($0.04) ($0.33) $0.26 $0.57 $0.21
Adjusted Weighted Average Basic Shares Outstanding		 46.23M 45.57M 48.57M 53.37M 54.91M 53.04M 55.63M 56.14M 56.62M 56.24M 55.85M
Adjusted Diluted Earnings per Share		 ($0.29) ($0.05) ($0.02) $0.07 $0.17 $0.09 ($0.04) ($0.33) $0.26 $0.50 $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 46.23M 45.57M 48.57M 53.37M 54.91M 53.04M 55.63M 56.14M 56.62M 66.79M 55.85M
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		 65.09M 65.43M 65.84M 66.30M 66.66M 67.03M 67.47M 67.94M 65.17M 64.50M 62.35M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 0.31 1.66 6.31 15 16 9.47 -14 20 16 15
Normalized NOPAT Margin		 -13.84% 0.27% 1.31% 3.54% 5.87% 5.39% 3.58% -5.58% 6.42% 5.36% 4.93%
Pre Tax Income Margin		 -24.94% -3.49% -1.16% 2.55% 4.71% 2.73% -0.90% -8.83% 5.77% -35.77% 6.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.71 -0.04 0.62 2.21 4.43 3.57 0.19 -6.74 7.30 -38.91 9.42
NOPAT to Interest Expense		 -2.62 0.08 0.43 1.68 4.27 5.08 0.03 -4.89 7.01 5.98 6.27
EBIT Less CapEx to Interest Expense		 -3.71 -0.05 0.61 2.18 4.41 3.56 0.17 -6.80 7.28 -38.92 9.40
NOPAT Less CapEx to Interest Expense		 -2.62 0.08 0.42 1.65 4.26 5.06 0.01 -4.95 6.98 5.97 6.25
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -3.82% -5.04% -4.28% -13.49% 20.73% 5.52% 5.72% -17.47% 1,236.36% 4.67% 3.83%
Augmented Payout Ratio		 -3.82% -5.04% -4.28% -13.49% 20.73% 5.52% 5.72% -17.47% 43,954.55% 181.30% 160.38%

Financials Breakdown Chart

Key Financial Trends

MediaAlpha (NYSE: MAX) has staged a meaningful turnaround in 2025–2026, but the latest quarter also shows that growth is still coming with weak cash conversion and a highly leveraged balance sheet.

In Q1 2026, revenue rose to $310.0 million, up from $291.2 million in Q4 2025 and $264.3 million in Q1 2025. The company also posted $22.4 million of operating income and $14.0 million of net income, a big improvement from the loss it reported in the prior-year quarter.

That said, the quarter’s cash flow was less impressive. MediaAlpha reported negative operating cash flow of $1.6 million in Q1 2026, even though it earned accounting profit. That gap was driven by a large negative swing in operating assets and liabilities, which suggests working capital remains a major source of volatility.

  • Revenue continues to grow: Q1 2026 revenue of $310.0 million increased year over year and quarter over quarter, showing the core business is still expanding.
  • Profitability improved sharply: Net income of $14.0 million in Q1 2026 compares with a loss of $2.3 million in Q1 2025 and $33.9 million of net income in Q4 2025.
  • Operating margin remains healthy: Q1 2026 operating income of $22.4 million shows the business is still generating solid earnings before interest and taxes.
  • Free capex needs are minimal: Capital spending was only $42,000 in Q1 2026, so the business does not appear to be capital intensive.
  • Debt was reduced after new borrowing: The company issued $165.0 million of debt but repaid $156.1 million in Q1 2026, indicating active balance-sheet management.
  • Non-cash items still play a big role: Q1 2026 net income was supported by $7.0 million of non-cash adjustments, so earnings quality should be watched closely.
  • Shares have been relatively stable recently: Basic diluted shares in Q1 2026 were 55.8 million, modestly below prior periods, which helps limit dilution pressure in the near term.
  • Balance-sheet equity remains thin: Total common equity was only $1.9 million at March 31, 2026, meaning the company is still operating with very little equity cushion.
  • Operating cash flow turned negative: Q1 2026 operating cash flow was -$1.6 million, down from positive $23.6 million in Q3 2025 and $14.5 million in Q4 2024.
  • Leverage remains elevated: The March 2026 balance sheet shows $163.5 million of debt versus just $26.1 million of cash and equivalents.

Looking at the broader 2025–2026 trend, MediaAlpha’s business has recovered from the weak stretch in early 2025, when Q1 and Q2 were both lossmaking. Revenue rebounded throughout 2025, and margins improved materially by the end of the year. However, the company’s earnings remain sensitive to marketing costs, interest expense, and working-capital swings.

Bottom line: MediaAlpha’s latest results are encouraging on growth and profit recovery, but the company still carries meaningful balance-sheet risk and inconsistent cash generation. For retail investors, MAX looks like a turnaround story with real operating momentum, but not yet a low-risk one.

07/11/26 04:24 PM ETAI Generated. May Contain Errors.

MediaAlpha Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MediaAlpha's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MediaAlpha's net income appears to be on an upward trend, with a most recent value of $26.76 million in 2025, rising from $18.13 million in 2018. The previous period was $22.12 million in 2024. Check out MediaAlpha's forecast to explore projected trends and price targets.

MediaAlpha's total operating income in 2025 was $22.12 million, based on the following breakdown:
  • Total Gross Profit: $167.54 million
  • Total Operating Expenses: $145.42 million

Over the last 7 years, MediaAlpha's total revenue changed from $296.91 million in 2018 to $1.11 billion in 2025, a change of 275.1%.

MediaAlpha's total liabilities were at $413.03 million at the end of 2025, a 33.8% increase from 2024, and a 185.0% increase since 2019.

In the past 6 years, MediaAlpha's cash and equivalents has ranged from $10.03 million in 2019 to $50.56 million in 2021, and is currently $46.88 million as of their latest financial filing in 2025.

Over the last 7 years, MediaAlpha's book value per share changed from 0.00 in 2018 to 0.06 in 2025, a change of 6.4%.


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Financial statements for NYSE:MAX last updated on 6/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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