MAX · Mediaalpha, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.11B | $864.70M | $388.15M | $459.07M | $645.27M | $584.81M |
| Cost of Revenue | $946.06M | $721.13M | $321.44M | $389.01M | $543.75M | $499.43M |
| Gross Profit | $167.54M | $143.57M | $66.71M | $70.06M | $101.52M | $85.38M |
| R&D | $21.40M | $19.76M | $18.46M | $21.08M | $15.20M | $12.45M |
| SG&A | $89.56M | $56.36M | $62.75M | $55.56M | $61.36M | $32.91M |
| Total Operating Expenses | $1.09B | $821.98M | $428.07M | $494.46M | $643.13M | $565.28M |
| D&A | $273.0K | $252.0K | $353.0K | $392.0K | $369.0K | $300.0K |
| Operating Income | $22.12M | $42.73M | ($39.92M) | ($35.39M) | $2.15M | $19.54M |
| Interest Expense | $10.40M | $13.30M | $15.31M | $9.24M | $7.83M | $7.94M |
| Income Tax | ($137.82M) | $1.38M | ($463.0K) | $102.91M | $0 | ($1.27M) |
| Net Income | $25.62M | $16.63M | ($40.42M) | ($57.67M) | ($5.28M) | ($4.37M) |
| EPS - Basic | $0.46 | $0.31 | ($0.89) | ($1.37) | ($0.14) | - |
| EPS - Diluted | $0.39 | $0.31 | ($0.89) | ($1.37) | ($0.14) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $46.88M | $43.27M | $17.27M | $14.54M | $50.56M | $10.03M |
| Accounts Receivable | $123.02M | $142.93M | $53.77M | $60.00M | $76.09M | $56.01M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $91.09M | $105.56M | $56.28M | $53.99M | $61.77M | $40.45M |
| Current Assets | $174.37M | $189.91M | $74.57M | $80.42M | $137.11M | $67.49M |
| Total Assets | $383.83M | $262.45M | $153.93M | $170.08M | $289.80M | $210.34M |
| Current Liabilities | $147.65M | $132.95M | $79.72M | $76.89M | $84.22M | $47.91M |
| Long-term Debt | $131.60M | $153.60M | $162.44M | $174.30M | $178.07M | $96.67M |
| Total Liabilities | $413.02M | $308.68M | $248.35M | $256.17M | $351.37M | $144.90M |
| Stockholders' Equity | $4.16M | $2.38M | ($10.29M) | ($15.99M) | ($4.34M) | ($113.60M) |
| Retained Earnings | ($480.31M) | ($505.93M) | ($522.56M) | ($482.14M) | ($424.48M) | ($193.14M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $65.60M | $45.87M | $20.23M | $28.27M | $28.62M | $51.41M |
| Investing Cash Flow | ($340.0K) | ($654.0K) | ($73.0K) | ($49.77M) | ($650.0K) | ($10.30M) |
| Financing Cash Flow | ($61.65M) | ($19.22M) | ($17.43M) | ($14.52M) | ($961.0K) | ($27.59M) |
| CapEx | $340.0K | $254.0K | $98.0K | $98.0K | $650.0K | $296.0K |
| Free Cash Flow | $65.26M | $45.62M | $20.13M | $28.18M | $27.97M | $51.11M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 15.0% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% |
| Operating margin | 2.0% | 4.9% | -10.3% | -7.7% | 0.3% | 3.3% |
| EBITDA margin | 2.0% | 5.0% | -10.2% | -7.6% | 0.4% | 3.4% |
| Net margin | 2.3% | 1.9% | -10.4% | -12.6% | -0.8% | -0.7% |
| Free cash flow margin | 5.9% | 5.3% | 5.2% | 6.1% | 4.3% | 8.7% |
| FCF / Net income | 2.55 | 2.74 | -0.50 | -0.49 | -5.30 | -11.71 |
| R&D / Revenue | 1.9% | 2.3% | 4.8% | 4.6% | 2.4% | 2.1% |
| SG&A / Revenue | 8.0% | 6.5% | 16.2% | 12.1% | 9.5% | 5.6% |
| Effective tax rate | - | 7.7% | - | 227.5% | - | - |
| Return on assets | 6.7% | 6.3% | -26.3% | -33.9% | -1.8% | -2.1% |
| Return on equity | 615.9% | 699.3% | 392.7% | 360.6% | 121.6% | 3.8% |
| Return on invested capital | 12.9% | 25.3% | -20.7% | -11.2% | 1.0% | - |
| Liquidity | ||||||
| Current ratio | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.41 |
| Quick ratio | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.41 |
| Cash ratio | 0.32 | 0.33 | 0.22 | 0.19 | 0.60 | 0.21 |
| Leverage | ||||||
| Debt / Equity | 31.64 | 64.59 | -15.78 | -10.90 | -41.06 | -0.85 |
| Debt / Assets | 0.34 | 0.59 | 1.06 | 1.02 | 0.61 | 0.46 |
| Debt / EBITDA | 5.88 | 3.57 | - | - | 70.72 | 4.87 |
| Interest coverage | 2.1x | 3.2x | -2.6x | -3.8x | 0.3x | 2.5x |
| Equity multiplier | 92.27 | 110.36 | -14.95 | -10.63 | -66.82 | -1.85 |
| Liabilities / Assets | 1.08 | 1.18 | 1.61 | 1.51 | 1.21 | 0.69 |
| Efficiency | ||||||
| Asset turnover | 2.90 | 3.29 | 2.52 | 2.70 | 2.23 | 2.78 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 40d | 60d | 51d | 48d | 43d | 35d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 35d | 53d | 64d | 51d | 41d | 30d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 33.2x | 36.4x | - | - | - | - |
| P / B | 207.9x | 251.8x | - | - | - | - |
| P / S | 0.8x | 0.7x | 1.3x | 0.9x | 0.8x | - |
| EV / EBITDA | 42.4x | 16.5x | - | - | 247.7x | - |
| Growth | ||||||
| Revenue growth (YoY) | 28.8% | 122.8% | -15.4% | -28.9% | 10.3% | - |
| Revenue CAGR (3y) | 34.4% | 10.2% | -12.8% | - | - | - |
| Revenue CAGR (5y) | 13.7% | - | - | - | - | - |
| Gross profit growth (YoY) | 16.7% | 115.2% | -4.8% | -31.0% | 18.9% | - |
| Operating income growth (YoY) | -48.2% | - | -12.8% | - | -89.0% | - |
| Net income growth (YoY) | 54.1% | - | 29.9% | -993.2% | -20.8% | - |
| EPS growth (YoY) | 25.8% | - | 35.0% | -878.6% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 43.1% | 126.6% | -28.5% | 0.7% | -45.3% | - |
| FCF CAGR (5y) | 5.0% | - | - | - | - | - |
| Book value growth (YoY) | 74.9% | - | 35.6% | -268.8% | 96.2% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$1.11B totalProperty And Casualty Insurance$1.00B · 90.1%
Health Insurance$85.70M · 7.7%
Life Insurance$21.70M · 1.9%
Other$3.17M · 0.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.07
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing MediaAlpha against the 5 most active filers in the same SIC group.