stockrowMediaAlpha, 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
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MediaAlpha, Inc. (MAX) Altman Z-score
MediaAlpha, Inc.'s Altman Z-score for fiscal 2025 is 2.48, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.48 | (0.08) |
| FY2024 | 2.56 | 4.46 |
| FY2023 | −1.90 | (0.95) |
| FY2022 | −0.95 | (2.36) |
| FY2021 | 1.40 | (1.40) |
| FY2020 | 2.80 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | (1.25) | — | −1.75 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 1.76 | — | 1.06 | |
| Sales / total assets | 2.90 | — | 2.90 | |
| Altman Z-score | Grey zone | 2.48 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.31 | ||
Z and Z″ put MediaAlpha, Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| EVER EverQuote, Inc. compare | 9.6× |
| NRDS NerdWallet, Inc. compare | 9.1× |
| NXDR Nextdoor Holdings, Inc. compare | 7.2× |
| YELP Yelp Inc. compare | 5.4× |
| UPWK Upwork Inc. compare | 3.6× |
| MAX MediaAlpha, Inc. | 2.5× |
| TBLA Taboola.com Ltd. compare | 2.4× |
| WB Weibo Corporation compare | 1.9× |
| BMBL Bumble Inc. compare | −2.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets