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MAXMediaAlpha, Inc.
$13.67$754M
Overview & Verdict
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MAX logoMediaAlpha, Inc.(MAX)Earnings, Financials & Key Ratios

MAX•NYSE
$13.67
35.1× P/E·Price updated Jul 7, 2026
SectorCommunication ServicesIndustryInternet ServicesSub-IndustryDigital Advertising and Marketing Technology
AboutMediaAlpha, Inc., through its subsidiaries, operates an insurance customer acquisition platform in the United States. It optimizes customer acquisition in various verticals of property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California. MediaAlpha, Inc. is a subsidiary of White Mountains Insurance Group, Ltd.Show more
  • Revenue$1.11B+28.8%
  • EBITDA$81M+64.9%
  • Net Income$26M+54.1%
  • EPS (Diluted)0.39+25.8%
  • Gross Margin14.78%-11.0%
  • EBITDA Margin7.32%+28.0%
  • Operating Margin7.02%+42.2%
  • Net Margin2.3%+19.6%

MAX Price & Volume

MediaAlpha, Inc. (MAX) stock price & volume — 10-year historical chart

Loading chart...

Cyclical Revenue Recovery Faces Structural Margin Constraints

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Expanding
Profitability:Strained
Financial:Vulnerable
Cash Flow:Mixed
Primary Risk:Cyclical insurance market exposure

Key Thesis Takeaways

  • MediaAlpha demonstrates a cyclical recovery in top-line performance, evidenced by 17.3% year-over-year revenue growth in 2026Q1, yet the firm remains tethered to volatile P&C insurance marketing budgets.
  • While the company attempts to scale, persistent stock-based compensation expenses of $7.3 million per quarter and thin gross margins of 15.1% continue to obscure underlying profitability.
  • Investors should monitor the sustainability of aggressive capital allocation, specifically the $20.3 million in share repurchases executed during a period of negative operating cash flow.

Verdict Logic

while the company shows signs of revenue recovery, the combination of negative free cash flow margins of -0.5% in 2026Q1 and aggressive share repurchases suggests significant execution risk for long-term shareholders.

MAX Growth Metrics

MediaAlpha, Inc. (MAX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years13.75%
3 Years34.36%
TTM15.66%

Profit CAGR

10 Years-
5 Years11.6%
3 Years-
TTM147.17%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM123.23%

Return on Capital

10 Years14.94%
5 Years2.95%
3 Years12.34%
Last Year42.78%

MAX Recent Earnings

MediaAlpha, Inc. (MAX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.21-16.0%
$0.25
Rev
$310M+3.7%
$299M
Q1 2026
Feb 23, 2026
Metric
Actual
Est
EPS
$0.50+100.0%
$0.25
Rev
$291M-1.3%
$295M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.26+23.8%
$0.21
Rev
$307M+3.4%
$296M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.17+6.3%
$0.16
Rev
$252M+1.1%
$249M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.21vs $0.25-16.0%
$310Mvs $299M+3.7%
Q1 2026Feb 23, 2026
$0.50vs $0.25+100.0%
$291Mvs $295M-1.3%
Q4 2025Oct 29, 2025
$0.26vs $0.21+23.8%
$307Mvs $296M+3.4%
Q3 2025Aug 6, 2025
$0.17vs $0.16+6.3%
$252Mvs $249M+1.1%
Based on last 12 quarters of dataView full earnings history →

Latest MAX News

Recent stock market news and headlines for MediaAlpha, Inc. (MAX)

GlobeNewsWire·Jun 24, 2026
First Atlantic Nickel & Cobalt Produces High Grade Alloy Concentrate Up to 71.9% Nickel and 1.76% Cobalt from Its Pipestone XL Nickel-Cobalt Alloy Project, Using Its First-Ever ONSHORE MAX (Magnetic Alloy eXtraction) Recovery & Concentration Process, Unveiled at the Fastmarkets Lithium Supply & Battery Raw Materials Conference, Las Vegas, USA

First Atlantic announces ONSHORE MAX test work upgraded RPM Zone rock samples into a 67.4% nickel concentrate, grading up to 71.9% nickel and 1.76% cobalt.

GlobeNewsWire·Jun 24, 2026
$MAX Stock News: MediaAlpha Board Investigated after Alleged Deceptive Advertising and FTC Settlement – Investors Notified to Contact BFA Law

NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into MediaAlpha, Inc.'s (NYSE: MAX) board of directors and senior management for potential breaches of their fiduciary duties to shareholders in connection with alleged misleading claims and deceptive advertising that resulted in a $45 million settlement with the FTC. If you are a current shareholder of MediaAlpha, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mediaalpha-investigation Why is MediaAlpha being Investigated?

Zacks Investment Research·Jun 22, 2026
Do Options Traders Know Something About MediaAlpha Stock We Don't?

Investors need to pay close attention to MAX stock based on the movements in the options market lately.

Peers Comparison

Key metrics vs top competitors for MediaAlpha, Inc. (MAX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MAX logoMAXMediaAlpha, Inc.Current
$13.67$754.17M35.0528.78%2.3%——
QNST logoQNSTQuinStreet, Inc.
$16.27$934.64M201.6178.27%5.53%23.85%—
RAMP logoRAMPLiveRamp Holdings, Inc.
$37.57$2.26B16.709.03%17.95%15.26%—
ACMR logoACMRACM Research, Inc.
$94.66$6.27B69.0915.24%9.48%5.13%—
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.
$4.75$192.85M3.8936.55%-19.55%-3.39%—
GOOG logoGOOGAlphabet Inc.
$363.62$4.4T33.6415.13%37.91%38.98%—

Compare MAX vs Peers

MediaAlpha, Inc. (MAX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs QNST

Most directly comparable listed peer for MAX.

Scale Benchmark

vs GOOG

Larger-name benchmark to compare MAX against a more recognizable public peer.

Peer Set

Compare Top 5

vs QNST, RAMP, ACMR, TPVG

MAX SEC Filings & Documents

MediaAlpha, Inc. (MAX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Mar 30, 2026·SEC

Material company update

Mar 19, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 24, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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MAX Frequently Asked Questions

MediaAlpha, Inc. (MAX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is MediaAlpha, Inc.'s revenue?

MediaAlpha, Inc. (MAX) reported $1.16B in revenue for fiscal year 2025. This represents a 290% increase from $296.9M in 2018.

How fast is MediaAlpha, Inc. growing?

MediaAlpha, Inc. (MAX) grew revenue by 28.8% over the past year. This is strong growth.

Is MAX profitable?

Yes, MediaAlpha, Inc. (MAX) is profitable, generating $39.0M in net income for fiscal year 2025 (2.3% net margin).

Dividend & Returns
What is MediaAlpha, Inc.'s free cash flow?

MediaAlpha, Inc. (MAX) generated $40.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in MAX back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →