Latest Ratios: P/E Ratio 35.1x · EV/EBITDA 10.6x · ROE N/A. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $754M | $865M | $599M | $508M | $417M | $946M | $1.3B | — | — |
| Enterprise Value | $862M | $973M | $718M | $665M | $589M | $1.1B | $1.4B | — | — |
| P/E Ratio → | 35.05 | 33.21 | 36.42 | — | — | — | — | — | — |
| P/S Ratio | 0.68 | 0.78 | 0.69 | 1.31 | 0.91 | 1.47 | 2.15 | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | 11.56 | 13.25 | 13.13 | 25.21 | 14.81 | 33.81 | 24.56 | — | — |
| P/OCF | 11.50 | 13.18 | 13.06 | 25.12 | 14.76 | 33.05 | 24.42 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.87 | 0.83 | 1.71 | 1.28 | 1.68 | 2.42 | — | — |
| EV / EBITDA | 10.59 | 11.95 | 14.53 | — | — | 197.38 | 61.44 | — | — |
| EV / EBIT | 11.03 | — | 13.34 | — | — | 505.35 | 72.41 | — | — |
| EV / FCF | — | 14.91 | 15.74 | 33.00 | 20.91 | 38.83 | 27.68 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.8% | 14.8% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% | 16.0% | 16.6% |
| Operating Margin | 7.0% | 7.0% | 4.9% | -10.3% | -7.7% | 0.3% | 3.3% | 6.1% | 6.5% |
| Net Profit Margin | 2.3% | 2.3% | 1.9% | -10.4% | -12.6% | -0.8% | 2.5% | 4.4% | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | 44.8% |
| ROA | 7.9% | 7.9% | 8.0% | -25.0% | -25.1% | -2.1% | 9.4% | 18.5% | 20.7% |
| ROIC | 77.1% | 77.1% | 47.3% | -40.4% | -32.3% | 2.4% | 105.0% | 162.1% | — |
| ROCE | 42.8% | 42.8% | 41.9% | -47.7% | -23.7% | 1.4% | 24.4% | 44.6% | 35.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 0.35 |
| Debt / EBITDA | 1.91 | 1.91 | 3.29 | — | — | 34.67 | 7.93 | 3.20 | 0.46 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | 0.21 |
| Net Debt / EBITDA | 1.33 | 1.33 | 2.41 | — | — | 25.48 | 6.91 | 2.87 | 0.27 |
| Debt / FCF | — | 1.66 | 2.61 | 7.79 | 6.10 | 5.01 | 3.11 | 4.01 | 0.39 |
| Interest Coverage | -8.88 | -8.88 | 3.75 | -2.33 | -3.83 | 0.27 | 2.46 | 3.54 | 16.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Quick Ratio | 1.18 | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Cash Ratio | 0.32 | 0.32 | 0.33 | 0.22 | 0.19 | 0.60 | 0.22 | 0.21 | 0.17 |
| Asset Turnover | — | 2.90 | 3.29 | 2.52 | 2.70 | 2.23 | 2.78 | 3.87 | 3.40 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 40.32 | 60.33 | 50.57 | 47.70 | 43.04 | 60.10 | 50.11 | 45.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.2% | 0.6% | 0.5% | 0.0% | 10.5% | — | — |
| Payout Ratio | — | — | 7.3% | — | — | — | 888.0% | 536.7% | 87.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 3.0% | 2.7% | — | — | — | — | — | — |
| FCF Yield | 8.7% | 7.5% | 7.6% | 4.0% | 6.8% | 3.0% | 4.1% | — | — |
| Buyback Yield | 6.3% | 5.5% | 1.1% | 0.0% | 1.2% | 0.0% | 6.8% | — | — |
| Total Shareholder Yield | 6.3% | 5.5% | 1.3% | 0.6% | 1.7% | 0.0% | 17.3% | — | — |
| Shares Outstanding | — | $67M | $53M | $46M | $42M | $61M | $32M | $1M | $33M |
Cyclical insurance market exposure
According to current market data, MediaAlpha trades at a P/S ratio of 0.59, which appears to discount the company's long-term programmatic utility in favor of its historical sensitivity to the volatile P&C insurance underwriting cycle, as evidenced by the forward P/E multiple of 11.66.
The valuation gap between current P/E and forward estimates suggests that investors are pricing in a significant earnings recovery as insurance carriers normalize marketing spend. However, the reliance on P&C volume means that any deviation from the current growth trajectory could lead to multiple compression, as the market remains wary of the company's thin net margins.
Based on reported figures, MediaAlpha's ROIC has exhibited extreme swings, ranging from a negative 42.2% in 2025Q2 to a peak of 121.6% in 2025Q4, which suggests that the company's ability to compound capital is structurally tethered to the timing of insurance carrier demand cycles.
The dramatic variance in returns on invested capital indicates that the business model lacks the operational stability required for consistent compounding. Investors should monitor whether management can maintain higher ROIC levels during periods of industry contraction, as the current figures appear heavily influenced by temporary working capital shifts.
As indicated by quarterly financial statements, the company's DSO has fluctuated between 34 and 54 days, reflecting the inherent difficulty in managing cash conversion cycles when dealing with large-scale insurance carriers whose payment terms may shift in response to their own internal underwriting performance.
The lack of a stable CCC suggests that MediaAlpha's liquidity is highly dependent on the timing of receivables from major carriers. This operational reality forces the company to maintain a flexible balance sheet, as it cannot rely on predictable cash inflows to fund its ongoing programmatic platform investments.
Based on the provided data, the company's interest coverage ratio has been highly erratic, swinging from a negative 38.91 in 2025Q4 to a positive 9.42 in 2026Q1, which highlights the significant risk associated with servicing debt during periods of reduced insurance carrier marketing activity.
The reliance on external financing to bridge operational gaps, combined with a thin equity base, suggests that the company's leverage profile is vulnerable to industry downturns. The lack of consistent interest coverage warrants further investigation into the company's ability to refinance its obligations should the P&C market experience another hard cycle.
The most commonly misapplied metric for MediaAlpha is the GAAP P/E ratio, which obscures the company's true economic performance by failing to account for significant stock-based compensation and the non-cash amortization of intangible assets inherent in its programmatic insurance marketplace business model.
Investors should instead focus on 'Revenue less cost of revenue' and adjusted EBITDA to better understand the underlying cash-generating capacity of the platform. Relying on GAAP earnings in this context may lead to an inaccurate assessment of the company's valuation, as it ignores the structural costs of maintaining carrier integrations.
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Quick answers to the most common questions about buying MAX stock.
MediaAlpha, Inc.'s current P/E ratio is 35.1x. The historical average is 34.8x. This places it at the 50th percentile of its historical range.
MediaAlpha, Inc.'s current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.3x.
Based on historical data, MediaAlpha, Inc. is trading at a P/E of 35.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MediaAlpha, Inc. has 14.8% gross margin and 7.0% operating margin.
MediaAlpha, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.