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) Piotroski F-score
MediaAlpha, Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (3.00) |
| FY2024 | 7 | 2.00 |
| FY2023 | 5 | 3.00 |
| FY2022 | 2 | (4.00) |
| FY2021 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.93% | 7.99% | Pass | 1 |
| Positive operating cash flow | 65.60m | 45.87m | Pass | 1 |
| Rising return on assets | 7.93% | 7.99% | Fail | 0 |
| Cash flow above net income | 39.98m | 29.24m | Pass | 1 |
| Falling long-term leverage | 0.41 | 0.74 | Pass | 1 |
| Rising current ratio | 1.18 | 1.43 | Fail | 0 |
| No new shares issued | 56,244,000 | 53,044,000 | Fail | 0 |
| Rising gross margin | 15.05% | 16.60% | Fail | 0 |
| Rising asset turnover | 3.45 | 4.15 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NRDS NerdWallet, Inc. compare | 9 |
| TBLA Taboola.com Ltd. compare | 7 |
| YELP Yelp Inc. compare | 7 |
| NXDR Nextdoor Holdings, Inc. compare | 6 |
| UPWK Upwork Inc. compare | 6 |
| EVER EverQuote, Inc. compare | 6 |
| BMBL Bumble Inc. compare | 6 |
| WB Weibo Corporation compare | 5 |
| MAX MediaAlpha, Inc. | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover