Mediaalpha Inc Financials
This page shows Mediaalpha Inc (MAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash generation is outrunning reported profit because this low-capex, working-capital-sensitive model turns collections into usable cash.
Between FY2024 and FY2025, operating cash flow climbed from$45.9M to$65.6M . At the same time, operating margin compressed from4.9% to2.0% , so the extra cash came more from faster collections than from better unit economics, with receivables falling even as sales rose.
Capital intensity is minimal: FY2025 free cash flow of
Scale is not automatically lifting profitability; revenue reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Mediaalpha Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mediaalpha Inc has an operating margin of 2.0%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is down from 4.9% the prior year.
Mediaalpha Inc's revenue surged 28.8% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Mediaalpha Inc has elevated debt relative to equity (D/E of 31.64), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Mediaalpha Inc's current ratio of 1.18 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Mediaalpha Inc has a free cash flow margin of 5.9%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Mediaalpha Inc earns a strong 615.9% return on equity (ROE), meaning it generates $616 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 699.3% the prior year.
Mediaalpha Inc scores 2.06, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Mediaalpha Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Mediaalpha Inc generates $2.56 in operating cash flow ($65.6M OCF vs $25.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mediaalpha Inc earns $2.1 in operating income for every $1 of interest expense ($22.1M vs $10.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mediaalpha Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 28.8% from the prior year.
Mediaalpha Inc's EBITDA was $25.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 48.6% from the prior year.
Mediaalpha Inc reported $25.6M in net income in fiscal year 2025. This represents an increase of 54.1% from the prior year.
Mediaalpha Inc earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.8% from the prior year.
Cash & Balance Sheet
Mediaalpha Inc generated $65.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 43.1% from the prior year.
Mediaalpha Inc held $46.9M in cash against $131.6M in long-term debt as of fiscal year 2025.
Margins & Returns
Mediaalpha Inc's gross margin was 15.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Mediaalpha Inc's operating margin was 2.0% in fiscal year 2025, reflecting core business profitability. This is down 2.9 percentage points from the prior year.
Mediaalpha Inc's net profit margin was 2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.
Mediaalpha Inc's ROE was 615.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 83.3 percentage points from the prior year.
Capital Allocation
Mediaalpha Inc invested $21.4M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Mediaalpha Inc spent $47.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Mediaalpha Inc invested $340K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 33.9% from the prior year.
MAX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $310.0M+6.5% | $291.2M-5.0% | $306.5M+21.8% | $251.6M-4.8% | $264.3M-12.1% | $300.6M+16.0% | $259.1M+45.4% | $178.3M |
| Cost of Revenue | $263.3M+6.9% | $246.3M-6.4% | $263.1M+23.0% | $213.9M-3.9% | $222.7M-11.5% | $251.7M+14.4% | $219.9M+50.0% | $146.6M |
| Gross Profit | $46.7M+4.2% | $44.8M+3.2% | $43.4M+15.2% | $37.7M-9.5% | $41.6M-15.0% | $49.0M+24.9% | $39.2M+23.8% | $31.7M |
| R&D Expenses | $5.5M+2.4% | $5.3M-8.6% | $5.8M+8.9% | $5.4M+9.6% | $4.9M-2.7% | $5.0M-5.8% | $5.3M+5.5% | $5.1M |
| SG&A Expenses | $13.5M+11.1% | $12.2M-3.4% | $12.6M-73.2% | $47.1M+168.0% | $17.6M-10.2% | $19.6M+66.1% | $11.8M-14.7% | $13.8M |
| Operating Income | $22.4M+0.3% | $22.3M+13.1% | $19.7M+198.5% | -$20.0M-17377.6% | $116K-99.4% | $18.3M+16.9% | $15.6M+140.4% | $6.5M |
| Interest Expense | $2.2M-12.0% | $2.5M-3.8% | $2.6M0.0% | $2.6M-3.7% | $2.7M-5.4% | $2.9M-13.5% | $3.3M0.0% | $3.3M |
| Income Tax | $6.5M+104.7% | -$138.1M-255920.4% | $54K-82.9% | $316K+744.9% | -$49K-105.4% | $915K+193.3% | $312K+140.0% | $130K |
| Net Income | $11.5M-63.5% | $31.4M+110.7% | $14.9M+179.5% | -$18.7M-862.1% | -$1.9M-142.0% | $4.6M-51.1% | $9.5M+161.9% | $3.6M |
| EPS (Diluted) | $0.21 | N/A | $0.26+178.8% | $-0.33-725.0% | $-0.04 | N/A | $0.17+142.9% | $0.07 |
MAX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $367.7M-4.2% | $383.8M+44.2% | $266.2M+6.7% | $249.4M+3.9% | $240.0M-8.6% | $262.4M+11.2% | $236.1M+19.1% | $198.2M |
| Current Assets | $165.2M-5.3% | $174.4M-15.2% | $205.7M+6.9% | $192.5M+5.5% | $182.5M-3.9% | $189.9M+17.2% | $162.1M+32.1% | $122.7M |
| Cash & Equivalents | $26.1M-44.4% | $46.9M+20.7% | $38.8M-54.5% | $85.4M+34.3% | $63.6M+46.9% | $43.3M+33.9% | $32.3M+12.7% | $28.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $133.8M+8.8% | $123.0M-4.8% | $129.2M+25.7% | $102.8M-10.5% | $114.8M-19.6% | $142.9M+12.7% | $126.8M+39.8% | $90.7M |
| Goodwill | $47.7M0.0% | $47.7M0.0% | $47.7M0.0% | $47.7M0.0% | $47.7M0.0% | $47.7M0.0% | $47.7M0.0% | $47.7M |
| Total Liabilities | $396.8M-3.9% | $413.0M+24.4% | $332.0M+8.4% | $306.4M+9.0% | $281.2M-8.9% | $308.7M+4.4% | $295.7M+32.8% | $222.6M |
| Current Liabilities | $113.2M-23.4% | $147.6M-22.2% | $189.7M+27.6% | $148.7M+35.9% | $109.4M-17.7% | $133.0M+0.3% | $132.6M+19.2% | $111.2M |
| Long-Term Debt | $156.3M+18.8% | $131.6M-1.6% | $133.7M-10.4% | $149.2M-1.5% | $151.4M-1.4% | $153.6M-1.4% | $155.8M-1.4% | $158.0M |
| Total Equity | $1.9M-53.9% | $4.2M+114.0% | -$29.8M-688.4% | -$3.8M-147.7% | $7.9M+233.0% | $2.4M+128.4% | -$8.4M+65.7% | -$24.4M |
| Retained Earnings | -$468.8M+2.4% | -$480.3M+6.1% | -$511.7M+2.8% | -$526.6M-3.7% | -$507.9M-0.4% | -$505.9M+0.9% | -$510.6M+1.8% | -$520.1M |
MAX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6M+79.1% | -$7.4M-131.5% | $23.6M-8.2% | $25.7M+8.5% | $23.7M+63.1% | $14.5M+80.4% | $8.1M-62.7% | $21.6M |
| Capital Expenditures | $42K+5.0% | $40K-41.2% | $68K-61.1% | $175K+207.0% | $57K+21.3% | $47K+9.3% | $43K-66.9% | $130K |
| Free Cash Flow | -$1.6M+78.7% | -$7.5M-131.8% | $23.6M-7.8% | $25.5M+8.0% | $23.6M+63.3% | $14.5M+80.7% | $8.0M-62.7% | $21.5M |
| Investing Cash Flow | -$42K-5.0% | -$40K+41.2% | -$68K+61.1% | -$175K-207.0% | -$57K-21.3% | -$47K+89.4% | -$443K-240.8% | -$130K |
| Financing Cash Flow | -$19.2M-7.0% | -$18.0M+50.9% | -$36.6M-881.9% | -$3.7M-11.3% | -$3.3M+4.9% | -$3.5M+11.3% | -$4.0M+45.6% | -$7.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $20.3M+41.0% | $14.4M | N/A | N/A | $0 | $0 | N/A | N/A |
MAX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.1%-0.3pp | 15.4%+1.2pp | 14.2%-0.8pp | 15.0%-0.8pp | 15.8%-0.5pp | 16.3%+1.1pp | 15.1%-2.6pp | 17.8% |
| Operating Margin | 7.2%-0.4pp | 7.7%+1.2pp | 6.4%+14.4pp | -8.0%-8.0pp | 0.0%-6.0pp | 6.1%+0.1pp | 6.0%+2.4pp | 3.6% |
| Net Margin | 3.7%-7.1pp | 10.8%+5.9pp | 4.9%+12.3pp | -7.4%-6.7pp | -0.7%-2.3pp | 1.5%-2.1pp | 3.7%+1.6pp | 2.0% |
| Return on Equity | 598.2%-156.8pp | 755.0% | N/A | N/A | -24.6%-219.7pp | 195.1% | N/A | N/A |
| Return on Assets | 3.1%-5.1pp | 8.2%+2.6pp | 5.6%+13.1pp | -7.5%-6.7pp | -0.8%-2.6pp | 1.8%-2.3pp | 4.0%+2.2pp | 1.8% |
| Current Ratio | 1.46+0.3 | 1.18+0.1 | 1.08-0.2 | 1.29-0.4 | 1.67+0.2 | 1.43+0.2 | 1.22+0.1 | 1.10 |
| Debt-to-Equity | 81.55+49.9 | 31.64+36.1 | -4.49+35.0 | -39.52-58.6 | 19.12-45.5 | 64.59+83.2 | -18.63-12.2 | -6.48 |
| FCF Margin | -0.5%+2.1pp | -2.6%-10.3pp | 7.7%-2.5pp | 10.2%+1.2pp | 8.9%+4.1pp | 4.8%+1.7pp | 3.1%-9.0pp | 12.0% |
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Frequently Asked Questions
What is Mediaalpha Inc's annual revenue?
Mediaalpha Inc (MAX) reported $1.1B in total revenue for fiscal year 2025. This represents a 28.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mediaalpha Inc's revenue growing?
Mediaalpha Inc (MAX) revenue grew by 28.8% year-over-year, from $864.7M to $1.1B in fiscal year 2025.
Is Mediaalpha Inc profitable?
Yes, Mediaalpha Inc (MAX) reported a net income of $25.6M in fiscal year 2025, with a net profit margin of 2.3%.
What is Mediaalpha Inc's EBITDA?
Mediaalpha Inc (MAX) had EBITDA of $25.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mediaalpha Inc have?
As of fiscal year 2025, Mediaalpha Inc (MAX) had $46.9M in cash and equivalents against $131.6M in long-term debt.
What is Mediaalpha Inc's gross margin?
Mediaalpha Inc (MAX) had a gross margin of 15.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Mediaalpha Inc's operating margin?
Mediaalpha Inc (MAX) had an operating margin of 2.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mediaalpha Inc's net profit margin?
Mediaalpha Inc (MAX) had a net profit margin of 2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mediaalpha Inc's return on equity (ROE)?
Mediaalpha Inc (MAX) has a return on equity of 615.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mediaalpha Inc's free cash flow?
Mediaalpha Inc (MAX) generated $65.3M in free cash flow during fiscal year 2025. This represents a 43.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mediaalpha Inc's operating cash flow?
Mediaalpha Inc (MAX) generated $65.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mediaalpha Inc's total assets?
Mediaalpha Inc (MAX) had $383.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mediaalpha Inc's capital expenditures?
Mediaalpha Inc (MAX) invested $340K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Mediaalpha Inc spend on research and development?
Mediaalpha Inc (MAX) invested $21.4M in research and development during fiscal year 2025.
What is Mediaalpha Inc's current ratio?
Mediaalpha Inc (MAX) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.
What is Mediaalpha Inc's debt-to-equity ratio?
Mediaalpha Inc (MAX) had a debt-to-equity ratio of 31.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mediaalpha Inc's return on assets (ROA)?
Mediaalpha Inc (MAX) had a return on assets of 6.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mediaalpha Inc's Altman Z-Score?
Mediaalpha Inc (MAX) has an Altman Z-Score of 2.06, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Mediaalpha Inc's Piotroski F-Score?
Mediaalpha Inc (MAX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mediaalpha Inc's earnings high quality?
Mediaalpha Inc (MAX) has an earnings quality ratio of 2.56x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mediaalpha Inc cover its interest payments?
Mediaalpha Inc (MAX) has an interest coverage ratio of 2.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mediaalpha Inc?
Mediaalpha Inc (MAX) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.