MediaAlpha (MAX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MediaAlpha

NYSE•Communication Services•Internet Content & Information

$11.65-0.09(-0.01%)Pre-market

Market Cap

$568.12M

P/E

5.8x

P/S

0.5x

P/B

20.0x

MediaAlpha, Inc., through its subsidiaries, operates an insurance customer acquisition platform in the United States. Its technology platform offers end customer acquisition for insurance carriers, agents, distributors, and other clients in a range of verticals, including property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California.

How this company scores

GoodMetricSide Score: 64/100

Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability18/25

Growth23/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality12/25

Strengths

High ROERising earningsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 5.8x5y range 5.8x – 324.1x

Currently below its 7-quarter median.

P/S · 0.5x5y range 0.5x – 2.1x

Currently below its 20-quarter median.

P/B · 20.0x5y range 20.0x – 617.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $568.12M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.22B
Q. Revenue: $316.88M
TTM EBITDA: $86.65M
TTM Op. Income: $84.38M
Q. Op. Income: $19.96M
TTM Net Income: $97.22M
Q. Net Income: $39.44M
EPS: $0.73
Shares Out.: $53.75M

$1.22B in TTM revenue grew 13.8% YoY, reaching $316.88M last quarter. TTM EBITDA of $86.65M and TTM operating income of $84.38M show growth is flowing through to the bottom line. TTM net income of $97.22M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 14.3%
EBITDA Margin: 6.5%
Op. Margin: 6.3%
Net Margin: 12.4%

Op. margin of 6.3% is up 14.3% YoY — cost efficiency is improving. Net margin at 12.4% and gross margin of 14.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 5.8x
P/S Ratio: 0.5x
P/B Ratio: 20.0x

At 5.8x P/E, the stock trades below typical market levels. P/S of 0.5x and P/B of 20.0x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 6 quarters, P/E has fallen for 5 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $359.82M
Cash: $23.75M
Long-Term Debt: $169.54M
Book Value: $28.41M
D/E Ratio: 6.0
Debt/EBITDA: 8.3

With $359.82M in assets and $169.54M in long-term debt, D/E is 6.0and book value is $28.41M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 91% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $42.59M
TTM Free Cash Flow: $56.28M
FCF Margin: 4.6%
FCF / Net Income: 0.6

TTM FCF of $56.28M on $42.59M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 21% — an improving trend.