stockrow
Monday 2 November 2026
Export MAX’s income statement to Excel — free account
MediaAlpha, Inc.
MAX Communication Services Internet Content & Information
MediaAlpha, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 28.8% from fiscal 2024.
- Revenue
- +22.7%
- EPS
- +112.7%
- Free cash flow
- +63.7%
- Total debt
- +12.4%
Quarter to September 2026, against a year earlier
14.95
0.20
+1.36%
Follow MAX
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 297 | 408 | 585 | 645 | 459 | 388 | 865 | 1,114 | 1,294 | +20.8% | 1,363 | 1,508 | 1,613 | +13.1% | |
| Gross margin, % | — | — | 16.58 | 15.95 | 14.60 | 15.73 | 15.26 | 17.19 | 16.60 | 15.05 | 14.84 | (1.5) pt | ||||||
| EBT | — | — | 18 | 18 | 9 | (10) | 30 | (57) | 24 | (111) | 9 | n/m | ||||||
| EBT margin, % | — | — | 6.10 | 4.37 | 1.59 | (1.48) | 6.63 | (14.69) | 2.72 | (9.97) | 0.67 | (16.1) pt | ||||||
| Net income | — | 0 | 18 | 18 | 11 | (8) | (72) | (57) | 22 | 27 | 119 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 8.95 | 12.30 | 18.20 | 17.31 | 10.94 | 8.52 | 16.30 | 19.80 | 24.38 | +12.0% | |||||
| Earnings | — | — | 0.55 | 0.54 | (0.14) | (0.14) | (1.37) | (0.89) | 0.31 | 0.46 | 2.05 | (2.5%) | ||||||
| Cash flow | — | — | 0.68 | 0.67 | 1.60 | 0.77 | 0.67 | 0.44 | 0.86 | 1.17 | 1.04 | +7.9% | ||||||
| Capex | — | — | (0.02) | (0.01) | (0.01) | (0.02) | 0.00 | 0.00 | (0.01) | (0.01) | (0.02) | (15.4%) | ||||||
| Free cash flow | — | — | 0.66 | 0.66 | 1.59 | 0.75 | 0.67 | 0.44 | 0.85 | 1.16 | 1.02 | +8.3% | ||||||
| Book value | — | — | 0.00 | (3.42) | (3.27) | (1.65) | (2.05) | (2.07) | (0.87) | (0.52) | 0.37 | n/m | ||||||
| Shares, m | — | — | 33 | 33 | 32 | 37 | 42 | 46 | 53 | 56 | 55 | +7.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 37.63 | 28.78 | 7.28 | 8.3 | |||||
| P/S | — | — | 0.00 | 0.00 | 2.22 | 0.89 | 0.94 | 1.29 | 0.69 | 0.65 | 0.61 | 0.8 | ||||||
| P/B | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.17 | 0.0 | ||||||
| EV/Sales | — | — | 0.00 | 0.00 | 2.49 | 1.10 | 1.31 | 1.70 | 0.83 | 0.75 | 0.73 | 1.0 | ||||||
| EV/FCF | — | — | 18.70 | 18.70 | 28.47 | 25.45 | 21.28 | 32.70 | 15.74 | 12.79 | 17.52 | 21.7 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 23 | 22 | 51 | 29 | 28 | 20 | 46 | 66 | 55 | +16.4% | |||||
| Capex | — | — | (1) | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | (8.6%) | ||||||
| Free cash flow | — | — | 22 | 22 | 51 | 28 | 28 | 20 | 45 | 65 | 54 | +16.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 11 | 20 | 20 | 53 | 4 | (5) | 57 | 27 | 47 | +14.1% | |||||
| Net debt | — | — | 9 | 88 | 159 | 136 | 169 | 157 | 119 | 107 | 156 | +43.3% | ||||||
| Shareholders’ equity | — | — | — | (114) | (105) | (62) | (86) | (94) | (46) | (29) | 20 | (20.3%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | 33.82 | (2.77) | (2.11) | (25.08) | (24.95) | 7.99 | 7.93 | 33.85 | +7.9 pt | |||||
| ROIC | — | — | 140.61 | 0.00 | 22.61 | 1.80 | (26.83) | (39.86) | 36.61 | 17.88 | 33.20 | (122.7) pt | ||||||
| ROE | — | — | 3,695.21 | (48.74) | 3.99 | 6.33 | 78.11 | 44.78 | (23.64) | (67.94) | (469.64) | (3,763.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 117 | 149 | 156 | 137 | 144 | 147 | — | +4.7% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 5.00 | 4.33 | 2.94 | 2.83 | 6.00 | 7.58 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
MediaAlpha, Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| YELP Yelp Inc. | $1.0B | 9.0× | 10.8× | +1.38% (above 0%: growing) | −17.39% (below 0%: shrinking) | +35.69% (above 0%: growing) | 88.88% | 11.65% | Compare |
| WB Weibo Corporation | $980.3M | 4.6× | 7.3× | +2.03% (above 0%: growing) | −47.17% (below 0%: shrinking) | +231.81% (above 0%: growing) | 71.40% | 26.19% | Compare |
| TBLA Taboola.com Ltd. | $936.1M | 8.4× | 7.8× | +2.44% (above 0%: growing) | n/m | −49.31% (below 0%: shrinking) | 29.25% | 1.52% | Compare |
| MAX MediaAlpha, Inc. | $873.1M | 8.4× | 9.3× | +25.93% (above 0%: growing) | +321.21% (above 0%: growing) | +63.67% (above 0%: growing) | 14.26% | 6.30% | |
| NXDR Nextdoor Holdings, Inc. | $866.5M | — (loss-making) | — (loss-making) | +14.53% (above 0%: growing) | n/m | +210.20% (above 0%: growing) | 84.61% | (7.60%) | Compare |
| EVER EverQuote, Inc. | $828.5M | 7.4× | 11.7× | +24.55% (above 0%: growing) | +37.50% (above 0%: growing) | −4.53% (below 0%: shrinking) | 97.77% | 12.04% | Compare |
| BMBL Bumble Inc. | $800.4M | — (loss-making) | — (loss-making) | −15.19% (below 0%: shrinking) | n/m | −24.56% (below 0%: shrinking) | 74.35% | (53.20%) | Compare |
| NRDS NerdWallet, Inc. | $714.7M | 12.3× | 12.7× | +5.56% (above 0%: growing) | −36.36% (below 0%: shrinking) | +186.26% (above 0%: growing) | 93.21% | 3.55% | Compare |
| GRPN Groupon, Inc. | $640.5M | — (loss-making) | — (loss-making) | −0.82% (below 0%: shrinking) | n/m | −40.36% (below 0%: shrinking) | 90.95% | (0.58%) | Compare |
| Median of peers | $847.5M | 8.4× | 10.8× | +2.24% | −26.87% | +15.58% | 86.75% | 2.53% |
Pay and ownership Proxy statement filed 23 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 7.04m | 9.42m | 33.15 |
| 2024 | 6.95m | 5.74m | 28.90 |
| 2023 | 5.75m | 4.86m | 28.54 |
| 2022 | 4.95m | (1.29m) | 25.47 |
| 2021 | 1.06m | (28.83m) | 39.52 |
Ownership
Directors and executive officers, together
15.00% of the votes
White Mountains
28.00% of the votes
Eugene Nonko
9.00% of the votes
OBF Investments, LLC
6.00% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement