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

$14.50+0.37(0.03%)Market open

Market Cap

$784.60M

P/E

7.3x

P/S

0.6x

P/B

15.3x

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: 70/100

Strongest: Growth (25/25); weakest: Cash & Earnings Quality (12/25).

Profitability21/25

Growth25/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality12/25

Strengths

Growing revenueHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

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

P/E · 7.3x5y range 6.8x – 91.8x

Currently below its 7-quarter median.

P/S · 0.6x5y range 0.5x – 1.9x

Currently below its 20-quarter median.

P/B · 15.3x5y range 15.3x – 568.0x

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 $784.60M

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $1.29B
Q. Revenue: $375.95M
TTM EBITDA: $95.72M
TTM Op. Income: $93.48M
Q. Op. Income: $28.83M
TTM Net Income: $108.06M
Q. Net Income: $25.75M
EPS: $0.49
Shares Out.: $53.09M

$1.29B in TTM revenue grew 15.2% YoY, reaching $375.95M last quarter. TTM EBITDA of $95.72M and TTM operating income of $93.48M show growth is flowing through to the bottom line. TTM net income of $108.06M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 14.7%
EBITDA Margin: 7.8%
Op. Margin: 7.7%
Net Margin: 6.9%

Op. margin of 7.7% is up 1.2% YoY — cost efficiency is improving. Net margin at 6.9% and gross margin of 14.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 19% — an improving trend.

Price Ratios

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

P/E Ratio: 7.3x
P/S Ratio: 0.6x
P/B Ratio: 15.3x

At 7.3x P/E, the stock trades below typical market levels. P/S of 0.6x and P/B of 15.3x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 78% — a weakening trend.

Assets & Liabilities

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

Total Assets: $372.23M
Cash: $18.68M
Long-Term Debt: $167.75M
Book Value: $51.33M
D/E Ratio: 3.3
Debt/EBITDA: 5.7

With $372.23M in assets and $167.75M in long-term debt, D/E is 3.3and book value is $51.33M — elevated leverage, meaning significant financial risk in a downturn. Across the last 6 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $21.60M
TTM Free Cash Flow: $54.20M
FCF Margin: 4.2%
FCF / Net Income: 0.5

TTM FCF of $54.20M on $21.60M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 38% — a weakening trend.