MediaAlpha, Inc. (MAX)
MediaAlpha, Inc. (MAX) runs a dedicated platform in the United States designed to enhance customer acquisition within the insurance sector. It specializes in streamlining the process of attracting new clients across various insurance segments, including property and casualty, health, and life coverage. The company was established in 2014, is based in Los Angeles, California, and functions as a subsidiary of White Mountains Insurance Group, Ltd.
Sector: Services-Business Services, NEC
Industry: Internet Content & Information
MediaAlpha, Inc.
NYSE:MAXCommunication Services · Internet Content & Information
-0.17%$11.88
AH Close$11.88+0.00%vs close
AH Close$11.88+0.00%vs close
Mkt Cap$629.35M
Float30.32M
O/S52.98M
Inst Own92.1%
SI10.6%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.11B
Net Income$25.62M
Total Assets$383.83M
Free Cash Flow$65.26M
Debt & Equity
Debt 97%
Equity 3%
Total Debt$155.2M
Total Equity$4.16M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:2Reverse splitJun 18, 20032 shares → 1
Balance Sheet Details
Assets$383.83M
Liabilities$413.02M
Accounts Receivable$123.02M
Accounts Payable$91.09M
Inventory$0
PP&E (Net)$0
Goodwill$47.74M
Intangible Assets$3.59M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $1.11B | $864.7M | $388.15M | $459.07M | $645.27M | $584.81M | $408M | $296.91M |
| YoY Growth | 28.8% | 122.8% | -15.4% | -28.9% | 10.3% | 43.3% | 37.4% | - |
| Cost of Revenue | $946.06M | $721.13M | $321.44M | $389.01M | $543.75M | $499.43M | $342.91M | $247.67M |
| Gross Profit | $164.56M | $143.57M | $66.71M | $70.06M | $101.52M | $85.38M | $65.1M | $49.24M |
| Gross Margin | 14.8% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% | 16.0% | 16.6% |
| Research and Development | $21.4M | $19.76M | $18.46M | $21.08M | $15.2M | $12.45M | $7.04M | $10.34M |
| Selling, General, and Administrative | $110.61M | $69.99M | $83.88M | $84.37M | $84.18M | $53.4M | $33.21M | $19.58M |
| Other | -$45.66M | $11.09M | $4.3M | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $86.35M | $100.85M | $106.64M | $105.45M | $99.38M | $65.84M | $40.26M | $29.92M |
| Operating Income (EBIT) | $78.22M | $42.73M | -$39.92M | -$35.39M | $2.15M | $19.54M | $24.84M | $19.32M |
| Operating Margin | 7.0% | 4.9% | -10.3% | -7.7% | 0.3% | 3.3% | 6.1% | 6.5% |
| Interest Expense | $11.24M | $14.35M | $15.31M | $9.24M | $7.83M | $7.94M | $7.02M | $1.19M |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$189.28M | -$19.22M | -$17.09M | $65.85M | -$11.67M | -$10.24M | -$7.02M | -$1.19M |
| Income Before Tax (EBT) | -$111.06M | $23.5M | -$57.02M | $30.46M | -$9.52M | $9.29M | $17.82M | $18.13M |
| Income Tax Expense | -$137.82M | $1.38M | -$463K | $102.91M | -$1.05M | -$1.27M | $0 | $0 |
| Net Income | $25.62M | $16.63M | -$40.42M | -$57.67M | -$5.28M | $14.8M | $17.82M | $18.13M |
| Net Income Margin | 2.3% | 1.9% | -10.4% | -12.6% | -0.8% | 2.5% | 4.4% | 6.1% |
| Supplementary Data | ||||||||
| EPS | 0.46 | 0.31 | -0.89 | -1.37 | -0.14 | -0.14 | 0.54 | 0.55 |
| Diluted EPS | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 | -0.14 | 0.54 | 0.55 |
| Weighted Average OS | 56.24M | 53.04M | 45.42M | 41.94M | 28.41M | 32.13M | 1.02M | 33.17M |
| EBITDA | -$96.57M | $60.5M | -$28.35M | $45.85M | $1.66M | $23.02M | $30.49M | $31.27M |
| EBITDA Margin | -8.7% | 7.0% | -7.3% | 10.0% | 0.3% | 3.9% | 7.5% | 10.5% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $46.88M | $43.27M | $17.27M | $14.54M | $50.56M | $23.55M | $10.03M | $5.66M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $46.88M | $43.27M | $17.27M | $14.54M | $50.56M | $23.55M | $10.03M | $5.66M |
| Accounts Receivable | $123.02M | $142.93M | $53.77M | $60M | $76.09M | $96.3M | $56.01M | $37.15M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $4.48M | $3.71M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $174.37M | $189.91M | $74.57M | $80.42M | $137.11M | $127.8M | $67.49M | $44.1M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $2.76M | $3.51M | $762K | $755K | $881K |
| Goodwill | $47.74M | $47.74M | $47.74M | $47.74M | $18.4M | $18.4M | $18.4M | $18.4M |
| Intangible Assets | $3.59M | $19.98M | $26.02M | $32.93M | $12.57M | $15.55M | $18.75M | $23.98M |
| Long-Term Investments | $0 | $0 | $0 | $1.4M | $10M | $0 | $0 | $0 |
| Deferred Tax Assets | $149.73M | $0 | $0 | $0 | $0 | $31.61M | $0 | $0 |
| Other Long-Term Assets | $8.4M | $4.81M | $5.6M | $4.83M | $108.22M | $16.21M | $0 | $0 |
| Total Long-Term Assets | $209.46M | $72.54M | $79.35M | $89.66M | $152.7M | $82.54M | $37.91M | $43.27M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $383.83M | $262.45M | $153.93M | $170.08M | $289.8M | $210.34M | $105.4M | $87.37M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $91.09M | $105.56M | $56.28M | $53.99M | $61.77M | $98.25M | $40.45M | $27.01M |
| Short-Term Debt | $22.77M | $8.85M | $11.85M | $8.77M | $8.73M | $0 | $873K | $1.19M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $33.78M | $994K | $0 | $0 | $0 | $0 | $0 | $1.41M |
| Total Current Liabilities | $147.65M | $132.95M | $79.72M | $76.89M | $84.22M | $107.45M | $47.91M | $33.46M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $132.02M | $153.6M | $162.44M | $174.3M | $178.07M | $182.67M | $96.67M | $13.06M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $22.5M | $0 | $0 |
| Other Long-Term Liabilities | $132.95M | $22.13M | $6.18M | $2.54M | $85.87M | $2.83M | $74.42M | $369K |
| Total Long-Term Liabilities | $265.38M | $175.72M | $168.63M | $179.27M | $267.15M | $208M | $171.08M | $13.43M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $413.02M | $308.68M | $248.35M | $256.17M | $351.37M | $315.45M | $218.99M | $46.89M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $645K | $671K | $655K | $626K | $606K | $589K | $79.55M | $75.95M |
| Retained Earnings | -$480.31M | -$505.93M | -$522.56M | -$482.14M | -$424.48M | -$418.97M | -$193.14M | -$35.47M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$513K |
| Other Stockholders' Equity | $483.82M | $507.64M | $511.61M | $465.52M | $419.53M | $384.61M | $0 | $0 |
| Total Equity | $4.16M | $2.38M | -$10.29M | -$15.99M | -$4.34M | -$33.77M | -$113.6M | $40.48M |
| Minority Interest | -$33.35M | -$48.61M | -$84.13M | -$70.09M | -$57.23M | -$71.34M | $0 | $0 |
| Total Liabilities and Equity | $417.19M | $311.06M | $238.06M | $240.17M | $347.03M | $281.68M | $105.4M | $87.37M |
| Supplementary Data | ||||||||
| Total Debt | $155.2M | $162.44M | $174.3M | $186.29M | $190.78M | $182.67M | $97.54M | $14.25M |
| Net Debt | $108.33M | $119.18M | $157.03M | $171.75M | $140.22M | $159.11M | $87.51M | $8.59M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | $26.76M | $22.12M | -$56.55M | -$72.45M | -$8.47M | $10.56M | $17.82M | $18.13M |
| Depreciation & Amortization | $3.25M | $6.68M | $7.27M | $6.15M | $3.35M | $3.49M | $5.65M | $11.96M |
| Deferred Income Tax | -$138.89M | $0 | $0 | $102.66M | $919K | -$545K | $0 | $533K |
| Stock-Based Compensation | $30.33M | $34.08M | $53.32M | $58.47M | $45.71M | $24.75M | $2.31M | $824K |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $20.09M | -$89.66M | $6.22M | $17.34M | $20.06M | -$40.81M | -$19.22M | -$5.16M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.53M |
| Accounts Payable | -$14.47M | $49.28M | $2.29M | -$7.8M | -$36.48M | $57.79M | $13.44M | -$5.37M |
| Other Working Capital | -$393K | $14.3M | $4.78M | $4.43M | $699K | -$7.99M | $1.12M | $197K |
| Total Working Capital Change | $5.22M | -$26.07M | $13.29M | $13.97M | -$15.72M | $8.99M | -$4.66M | -$8.8M |
| Other Non-Cash Items | $138.92M | $9.06M | $2.9M | -$80.52M | $2.83M | $4.17M | $1.02M | $15K |
| Net Cash from Operating | $65.6M | $45.87M | $20.23M | $28.27M | $28.62M | $51.41M | $22.14M | $22.65M |
| Investing Activities | ||||||||
| Capital Expenditures | -$340K | -$254K | -$73K | -$98K | -$650K | -$296K | -$146K | -$640K |
| Acquisitions | $0 | $0 | $0 | -$49.68M | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | -$10M | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | -$400K | $0 | $0 | $0 | $0 | -$148K | -$10K |
| Net Cash from Investing | -$340K | -$654K | -$73K | -$49.77M | -$650K | -$10.3M | -$294K | -$640K |
| Financing Activities | ||||||||
| Debt Repaid | $9.5M | $12.55M | $9.5M | $9.5M | -$3.63M | -$86.35M | -$84.93M | $9.57M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $124.18M | $0 | $0 |
| Common Stock Repurchases | -$47.27M | -$6.31M | $0 | -$5.01M | $0 | -$85.77M | -$67.27M | $0 |
| Dividends Paid | $0 | -$1.22M | -$2.85M | -$2.13M | -$338K | -$131.42M | -$95.64M | -$15.88M |
| Other Financing Activities | -$4.88M | $854K | -$5.08M | -$2.88M | -$4.25M | -$20.93M | $60.5M | $0 |
| Net Cash from Financing | -$61.65M | -$19.22M | -$17.43M | -$14.52M | -$961K | -$27.59M | -$17.48M | -$25.45M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $3.61M | $26M | $2.73M | -$36.02M | $27.01M | $13.53M | $4.37M | -$3.44M |
| Supplementary Data | ||||||||
| Operating Cash Flow | $65.6M | $45.87M | $20.23M | $28.27M | $28.62M | $51.41M | $22.14M | $22.65M |
| Capital Expenditure | -$340K | -$254K | -$73K | -$98K | -$650K | -$296K | -$294K | -$640K |
| Free Cash Flow | $65.26M | $45.62M | $20.16M | $28.18M | $27.97M | $51.11M | $21.85M | $22.01M |
| Cash at Beginning | $43.27M | $17.27M | $14.54M | $50.56M | $23.55M | $10.03M | $5.66M | $9.1M |
| Cash at End | $46.88M | $43.27M | $17.27M | $14.54M | $50.56M | $23.55M | $10.03M | $5.66M |