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MediaAlpha, Inc.

MAX

MediaAlpha, Inc. • NYSE
$12.76 ▲ 0.08% (+0.01)
Market Cap $837.25 M
52w High $13.85
52w Low $7.33
Dividend Yield 0%
P/E -638
Volume 209.16K
Outstanding Shares 65.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $306.514M ▲ $23.673M ▼ $14.907M ▲ 4.863% ▲ $0.26 ▲ $21.087M ▲
Q2-2025 $251.622M ▼ $57.729M ▲ $-18.742M ▼ -7.448% ▼ $-0.33 ▼ $15.801M ▼
Q1-2025 $264.309M ▼ $41.523M ▲ $-1.948M ▼ -0.737% ▼ $-0.04 ▼ $21.917M ▼
Q4-2024 $300.648M ▲ $30.73M ▲ $4.64M ▼ 1.543% ▼ $0.08 ▼ $31.008M ▲
Q3-2024 $259.133M $23.618M $9.482M 3.659% $0.17 $17.282M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $38.841M ▼ $266.23M ▲ $332.007M ▲ $-29.755M ▼
Q2-2025 $85.381M ▲ $249.418M ▲ $306.375M ▲ $-3.774M ▼
Q1-2025 $63.561M ▲ $239.983M ▼ $281.167M ▼ $7.919M ▲
Q4-2024 $43.266M ▲ $262.447M ▲ $308.679M ▲ $2.378M ▲
Q3-2024 $32.304M $236.11M $295.731M $-8.363M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.643M ▲ $23.623M ▼ $-68K ▲ $-36.595M ▼ $-13.04M ▼ $23.555M ▼
Q2-2025 $-22.533M ▼ $25.722M ▲ $-175K ▼ $-3.727M ▼ $21.82M ▲ $25.547M ▲
Q1-2025 $-1.948M ▼ $23.701M ▲ $-57K ▼ $-3.349M ▲ $20.295M ▲ $23.644M ▲
Q4-2024 $7.301M ▼ $14.529M ▲ $-47K ▲ $-3.52M ▲ $10.962M ▲ $14.482M ▲
Q3-2024 $11.888M $8.056M $-443K $-3.968M $3.645M $7.613M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Health Insurance
Health Insurance
 $60.00M ▲$30.00M ▼$20.00M ▼$10.00M ▼
Life Insurance
Life Insurance
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Property And Casualty Insurance
Property And Casualty Insurance
 $240.00M ▲$220.00M ▼$230.00M ▲$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MediaAlpha’s revenue has been quite volatile, with a sharp pullback during the recent downturn and a strong rebound in the most recent year. Profitability has improved meaningfully: after several years of losses, the company has swung back to positive operating income and net income, suggesting better cost control and healthier demand in its core markets. Margins are still relatively thin, though, which means earnings could be sensitive to shifts in insurance marketing budgets and pricing on the platform. Overall, the trend has moved from growth-with-losses to more balanced growth with modest profitability.

Balance Sheet

Balance Sheet The balance sheet is lean and highly geared toward an asset-light, technology-driven model, with relatively small total assets and a modest cash cushion. Debt levels have stayed fairly steady over time, while book equity has hovered around breakeven or slightly negative, reflecting accumulated past losses and limited tangible assets. This structure can amplify both upside and downside: it keeps the business light and flexible, but leaves less of a capital buffer if conditions weaken. The company’s financial health therefore depends heavily on maintaining consistent cash generation rather than relying on a thick equity base.

Cash Flow

Cash Flow Despite past accounting losses, MediaAlpha has generated positive operating cash flow every year in the period shown, a sign that the business model converts revenue into cash reasonably well. Capital spending needs are very low, so almost all operating cash flow drops through to free cash flow, which is a key strength for a digital marketplace. This cash profile provides some resilience and flexibility to invest in product development, repay debt, or withstand softer periods in the insurance cycle. However, the absolute cash balance is modest, so sustained cash generation remains important.

Competitive Edge

Competitive Edge MediaAlpha operates as a specialized marketplace connecting insurance carriers with high-intent consumers, and its focus on the insurance vertical gives it deep domain expertise. Its two-sided platform benefits from network effects: more carriers attract more publishers, and vice versa, making it harder for smaller or new rivals to match its scale and data richness. Compared with other online lead-generation firms, it differentiates itself through a more transparent, auction-based model and strong analytics that help carriers manage acquisition costs more precisely. The main competitive risks are aggressive pricing or innovation from rival platforms, as well as shifts in how insurers choose to source digital leads (for example, in-house solutions or alternative channels).

Innovation and R&D

Innovation and R&D The company’s core innovation is its real-time bidding platform powered by machine learning, which scores and prices individual insurance leads using a large set of consumer and context data. This technology gives advertisers fine-grained control over who they target and how much they pay, and it underpins higher efficiency compared with flat-fee or less data-driven approaches. Management is clearly leaning into further AI and analytics improvements, as well as platform enhancements that broaden use cases across insurance types and potentially other verticals. Leadership changes that elevate a Chief Architect and a new CTO suggest ongoing emphasis on long-term technical architecture and product evolution, rather than treating the platform as a static asset.

Summary

MediaAlpha has transitioned from a period of pressured revenues and losses to one of recovering growth and a return to modest profitability, while consistently producing positive free cash flow. Its balance sheet is light and somewhat stretched, with stable debt and very thin equity, which increases reliance on steady cash generation and disciplined execution. Competitively, the company appears well positioned within digital insurance distribution, supported by network effects, a data-heavy bidding platform, and strong relationships with carriers and publishers. The main uncertainties center on the cyclicality of insurance marketing budgets, competitive responses from other digital lead providers, and the company’s ability to keep its technology edge through ongoing investment in AI, analytics, and platform capabilities.

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