The company maintains a vulnerable capital structure with a thin equity base of $1.9 million and a consistent debt load near $155 million, which warrants caution regarding long-term solvency.
| Total Current Assets | 165.21M | 174.37M | 189.91M | 74.57M | 80.42M | 137.11M | 127.8M | 67.49M | 44.1M |
| Cash & Short-Term Investments | 26.05M | 46.88M | 43.27M | 17.27M | 14.54M | 50.56M | 23.55M | 10.03M | 5.66M |
| Cash Only | 26.05M | 46.88M | 43.27M | 17.27M | 14.54M | 50.56M | 23.55M | 10.03M | 5.66M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 250.36M | 123.02M | 142.93M | 53.77M | 60M | 76.09M | 96.3M | 56.01M | 37.15M |
| Days Sales Outstanding | 47.65 | 40.32 | 60.33 | 50.57 | 47.7 | 43.04 | 60.1 | 50.11 | 45.67 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | -111.21M | 4.48M | 3.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 202.51M | 209.46M | 72.54M | 79.35M | 89.66M | 152.7M | 82.54M | 37.91M | 43.27M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 2.76M | 3.51M | 762K | 755K | 881K |
| Fixed Asset Turnover | - | - | - | - | 166.27x | 183.63x | 767.47x | 540.40x | 337.01x |
| Goodwill | 47.74M | 47.74M | 47.74M | 47.74M | 47.74M | 18.4M | 18.4M | 18.4M | 18.4M |
| Intangible Assets | 3.11M | 3.59M | 19.98M | 26.02M | 32.93M | 12.57M | 15.55M | 18.75M | 23.98M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 1.4M | 10M | 0 | 0 | 0 |
| Other Non-Current Assets | 7.96M | 8.4M | 4.81M | 5.6M | 4.83M | 108.22M | 16.21M | 0 | 0 |
| Total Assets | 367.71M | 383.83M | 262.45M | 153.93M | 170.08M | 289.8M | 210.34M | 105.4M | 87.37M |
| Asset Turnover | 3.66x | 2.90x | 3.29x | 2.52x | 2.70x | 2.23x | 2.78x | 3.87x | 3.40x |
| Asset Growth % | 138.06% | 46.25% | 70.5% | -9.5% | -41.31% | 37.78% | 99.57% | 20.64% | - |
| Total Current Liabilities | 113.17M | 147.65M | 132.95M | 79.72M | 76.89M | 84.22M | 107.45M | 47.91M | 33.46M |
| Accounts Payable | 91.4M | 91.09M | 105.56M | 56.28M | 53.99M | 61.77M | 98.25M | 40.45M | 27.01M |
| Days Payables Outstanding | 33.39 | 35.15 | 53.43 | 63.91 | 50.66 | 41.46 | 71.8 | 43.06 | 39.81 |
| Short-Term Debt | 7.17M | 22.77M | 8.85M | 11.85M | 8.77M | 8.73M | 0 | 873K | 1.19M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 14.6M | 33.78M | 994K | 0 | 0 | 0 | 0 | 0 | 1.41M |
| Current Ratio | 1.46x | 1.18x | 1.43x | 0.94x | 1.05x | 1.63x | 1.19x | 1.41x | 1.32x |
| Quick Ratio | 1.46x | 1.18x | 1.43x | 0.94x | 1.05x | 1.63x | 1.19x | 1.41x | 1.32x |
| Cash Conversion Cycle | 14.26 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 283.64M | 265.38M | 175.72M | 168.63M | 179.27M | 267.15M | 208M | 171.08M | 13.43M |
| Long-Term Debt | 0 | 132.02M | 153.6M | 162.44M | 174.3M | 178.07M | 182.67M | 96.67M | 13.06M |
| Capital Lease Obligations | 415K | 415K | 0 | 0 | 2.43M | 3.22M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 22.5M | 0 | 0 |
| Other Non-Current Liabilities | 283.64M | 132.95M | 22.13M | 6.18M | 2.54M | 85.87M | 2.83M | 74.42M | 369K |
| Total Liabilities | 396.81M | 413.02M | 308.68M | 248.35M | 256.17M | 351.37M | 315.45M | 218.99M | 46.89M |
| Total Debt | 7.17M | 155.2M | 162.44M | 174.3M | 186.29M | 190.78M | 182.67M | 97.54M | 14.25M |
| Net Debt | -18.88M | 108.33M | 119.18M | 157.03M | 171.75M | 140.22M | 159.11M | 87.51M | 8.59M |
| Debt / Equity | -0.25x | - | - | - | - | - | - | - | 0.35x |
| Debt / EBITDA | 0.07x | 1.91x | 3.29x | - | - | 34.67x | 7.93x | 3.20x | 0.46x |
| Net Debt / EBITDA | -0.18x | 1.33x | 2.41x | - | - | 25.48x | 6.91x | 2.87x | 0.27x |
| Interest Coverage | -3.99x | -8.88x | 3.75x | -2.33x | -3.83x | 0.27x | 2.46x | 3.54x | 16.18x |
| Total Equity | -29.09M | -29.19M | -46.23M | -94.42M | -86.08M | -61.57M | -105.12M | -113.6M | 40.48M |
| Equity Growth % | 82.84% | 36.85% | 51.04% | -9.69% | -39.82% | 41.43% | 7.46% | -380.62% | - |
| Book Value per Share | -0.52 | -0.44 | -0.87 | -2.07 | -2.05 | -1.01 | -3.27 | -111.76 | 1.22 |
| Total Shareholders' Equity | 1.92M | 4.16M | 2.38M | -10.29M | -15.99M | -4.34M | -33.77M | -113.6M | 40.48M |
| Common Stock | 629K | 645K | 671K | 655K | 626K | 606K | 589K | 79.55M | 75.95M |
| Retained Earnings | -468.84M | -480.31M | -505.93M | -522.56M | -482.14M | -424.48M | -418.97M | -193.14M | -35.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -513K |
| Minority Interest | -31.01M | -33.35M | -48.61M | -84.13M | -70.09M | -57.23M | -71.34M | 0 | 0 |
Cyclical Insurance Market Exposure
As reported in recent financial statements, MediaAlpha's total assets fluctuated from $153.9 million in 2023Q4 to a peak of $383.8 million in 2025Q4, illustrating a balance sheet trajectory that remains highly sensitive to the underlying cyclicality of the domestic insurance carrier marketing spend environment.
The expansion in total assets appears largely driven by working capital fluctuations rather than long-term capital investment. This suggests that the balance sheet is primarily a reflection of short-term operational cycles rather than a foundation of durable, long-term asset growth.
Based on quarterly filings, MediaAlpha has maintained a consistent debt load near $155 million for several quarters, which, when contrasted with the company's thin equity base, suggests that the firm relies heavily on external financing to bridge operational gaps during periods of industry-wide insurance market volatility.
The persistence of this debt level indicates that leverage is a structural necessity for the business model rather than a strategic choice. Investors should monitor the company's ability to service these obligations if the current recovery in carrier marketing spend proves to be transitory.
According to the most recent balance sheet data, MediaAlpha's cash position dropped to $26.1 million in 2026Q1, a significant decline from the $85.4 million reported in 2025Q2, which indicates a narrowing buffer against potential shocks in the highly cyclical insurance lead generation marketplace.
The current ratio of 1.46 suggests a moderate ability to cover short-term liabilities, yet the rapid depletion of cash reserves warrants caution. This trend may indicate that the company is prioritizing capital returns or operational spending over maintaining a robust liquidity cushion.
As indicated by the company's reported figures, equity has remained consistently low or negative, with a 2026Q1 balance of only $1.9 million, largely due to the accumulation of significant retained earnings deficits that have persisted throughout the observed ten-quarter period.
The persistent negative retained earnings suggest that historical profitability has been insufficient to build a meaningful equity base. This structure may leave minority shareholders particularly exposed to volatility, as there is little cushion to absorb potential future losses or asset impairments.
Based on the provided balance sheet, the presence of $47.7 million in goodwill, which has remained static for ten quarters, represents a potential risk factor that may not be fully reflected in the company's headline valuation metrics during periods of industry-wide downturns.
The lack of movement in goodwill suggests that the company has not yet needed to recognize impairments, but this could change if the programmatic exchange model fails to deliver expected long-term growth. Investors should consider whether this intangible asset value is supported by current cash-generating capacity.
Quick answers to the most common questions about buying MAX stock.
As of 2025, MediaAlpha, Inc. (MAX) had total assets of $383.8M including $174.4M in current assets.
MediaAlpha, Inc. (MAX) carries total debt of $155.2M, offset by $46.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MediaAlpha, Inc. (MAX) has total shareholders' equity (book value) of $4.2M ($-0.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MediaAlpha, Inc. (MAX) reported a current ratio of 1.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.