MediaAlpha, Inc.
MAX · Price history
Price at last available close
$14.16
+$4.78 (+50.96%) 1M
2026-10-29
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Company & revenue
About MediaAlpha, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
MediaAlpha operates a programmatic customer acquisition platform that connects consumers with insurance carriers. The company generates revenue primarily through transaction-based fees when consumers engage with or select insurance products from carriers on its marketplace, effectively acting as an intermediary that optimizes advertising spend for insurance providers.
Products & services
A programmatic advertising technology platform that facilitates customer acquisition for property & casualty, health, and life insurance carriers through brand, comparison, and metasearch websites.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
The company discloses that it relies on a limited number of insurance carriers for a significant portion of its revenue, which creates concentration risk as of the fiscal year ended December 31, 2025.
Suppliers, materials & equipment
- Supply-side partners — Various publishers and websites that provide the traffic and consumer leads which MediaAlpha monetizes; specific supplier companies are unnamed.Source
Strengths
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
74
Strong
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
68
Fair
Financial Strength
71
Business Quality / Moat
53
Management
100
Growth Quality
63
Risk / Durability
40
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
80
Attractive
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
78/100
Building Historical Record
Model Score 78/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is strong across its combined quality, valuation and risk inputs. Review Company Quality separately to assess the business without its share price.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently positive.
- •Strong overall Wall Street Score
- •Asset quality scores strongly
- •Valuation scores attractively
- •Recent buyback activity is present
- •Material dilution — approximately 25.9% share-count growth
- •M&A headline · Aug 24, 2026
Company-specific research
Questions worth answering for MAX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can MAX maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is MAX's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is MAX's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is MAX's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
74
Opportunity Score
80
Market Cap
$744.0M
P/E Ratio
5.5
EPS
$1.75
52-Week High
$14.70
52-Week Low
$7.09
Beta
1.16
Intrinsic Value
$67.38
Analyst Target
$15.00
Shares Outstanding
66.8M
Total Revenue
$1.22B
Total Debt
$176.7M
Dividend
No current dividend
Liquidation Value / Share
$-0.07
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong upward momentum
High movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for MAX
Detected from reported data — verify before acting.Material dilution — approximately 25.9% share-count growth
Diluted shares outstanding grew ~25.9% year-over-year. Substantial dilution reduces per-share value and can signal financing stress. Wall Street Score is capped.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
M&A headline · Aug 24, 2026
Real and RE/MAX Holdings Announce Completion of Business Combination — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireCommunity Sentiment
0 active · 0 total callsNo personal call yet on MAX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Leading programmatic customer acquisition infrastructure for insurance carriers.
- +Strong momentum in P&C insurance vertical.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Internet Content & Information industry.
- −Concentration of revenue from a limited number of insurance carrier customers.
- −Dependence on supply-side partners for traffic and lead generation.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
74
Oct 1, 2026
Change
Unchanged
Current Score
74
Oct 5, 2026
Category Changes
MAX score was unchanged.
Projected Score
Projected Score
75
Projected Change
+0.8 points
Preliminary comparable-period financial changes suggest improvement of approximately 0.8 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
This is a formula-based estimate, not a verified fair value or price target. Check the earnings and growth assumptions.
Stored EPS: $1.75 · Growth assumption: 15.0% · Earnings multiplier: 38.5×.
Current Price
$14.04
Model Intrinsic Value
$67.38
Difference
−$53.33
-79.2% vs IV
Margin of Safety
79.2%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.11B | $864.7M | $388.1M | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $1.04B | $946.1M | $721.1M | $321.4M | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $180.1M | $164.6M | $143.6M | $66.7M | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $22.7M | $21.4M | $19.8M | $18.5M | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $73.1M | $110.6M | $70.0M | $83.9M | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $39.6M | $86.3M | $100.8M | $106.6M | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $977K | -$96.6M | $60.5M | -$28.4M | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $140.5M | $78.2M | $42.7M | -$39.9M | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $10.6M | $11.2M | $14.4M | $15.3M | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$10.8M | -$111.1M | $23.5M | -$57.0M | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | -$118.3M | -$137.8M | $1.4M | -$463K | ···· | ···· | ···· | ···· | ···· |
| Net Income | $97.2M | $25.6M | $16.6M | -$40.4M | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $1.75 | $0.46 | $0.31 | $-0.89 | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 54.79M | 56.24M | 53.04M | 45.42M | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 63.12M | 66.79M | 53.04M | 45.57M | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$316.9M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.65
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+11.8%
Cash Change
-72.2%
Margin Change
+19.9 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth, net income margin. Pressure indicators included EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 25.9%. EPS declined 297.0%. Cash declined 72.2%. Total debt increased 11.8%. Net income margin improved by 19.9 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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MediaAlpha To Report Third Quarter 2026 Financial Results on October 28, 2026
MediaAlpha: A Cheap Bet On The Insurance Advertising Recovery
Rumor Mill · MAX
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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