MediaAlpha, Inc.(MAX)Fundamental Analysis & FinancialsNYSE
Valuation, growth, margins and balance sheet
Valuation Snapshot
What the multiples imply about expectations
Market value is $840.69M, which makes it a small-cap company (market value under $2B). The trailing P/E is 7.80, below 15. Price-to-book is 14.56, above 5. EV/EBITDA is 10.35, at or below 20. 1 of 3 of these measures is above the level often used to mark a high valuation (P/E 30, price-to-book 5, EV/EBITDA 20).
Valuation Metrics
Ratios and multiples
Financial Health
Liquidity and leverage
The company's financial health appears unknown. Moderate ROE and strong ROA reflect reasonably efficient capital use. Debt is elevated but represents structural leverage for shareholder return strategy (buybacks) rather than operational stress.
Valuation Multiples
Current valuation metrics
Quarterly Earnings History
Recent quarterly financial performance and trends
| Quarter | Revenue | Net Income | Gross Profit | EPS (Basic) | EPS (Diluted) | Gross Margin | Net Margin |
|---|---|---|---|---|---|---|---|
| Sep 2026(Latest) | $375.95M | $25.75M | $55.33M | $0.49 | $0.46 | 14.7% | 6.9% |
| Jun 2026 | $316.88M | $39.44M | $45.17M | $0.73 | $0.65 | 14.3% | 12.4% |
| Mar 2026 | $310.00M | $11.47M | $46.70M | $0.21 | $0.21 | 15.1% | 3.7% |
| Dec 2025 | $291.16M | $31.41M | $44.81M | $0.56 | $0.50 | 15.4% | 10.8% |
| Sep 2025 | $306.51M | $14.91M | $43.41M | $0.26 | $0.26 | 14.2% | 4.9% |
Key Insights:
- Revenue increased by 18.6% from previous quarter
- Net margin of 6.9% indicates moderate profitability
- EPS declined by 29.2% quarter-over-quarter
Financial Efficiency
Utilization and collections performance
Asset Turnover 3.37 indicates high efficiency. Receivables Turnover 10.52 and DSO 34.70 reflect good collections. Working Capital Turnover 48.42 means yearly revenue is 48.42 times working capital. ROIC 68.6% highlights strong capital returns.
Efficiency Metrics
Profitability & Growth
Margins and earnings power
Efficiency Performance Matrix
4-quadrant analysis of operational efficiency vs profitability
Efficiency vs Profitability Quadrants
High Margin
Low Margin
High Margin
Low Margin
Efficiency Analysis
Asset Turnover
Receivables Turnover
Working Capital
Overall Efficiency Score
Mixed efficiency profile requiring targeted improvements
⚠️ Thresholds are benchmark-based heuristics derived from long-term industry averages, not strict valuation rules.
• Bubble size represents ROIC magnitude
• Green (Optimal): Excellent efficiency-profitability balance
• Blue (Efficiency-Driven): High turnover, room to improve margins
• Yellow (Margin-Driven): Strong margins, opportunity to improve efficiency
• Red (Weak Operations): Areas needing improvement on both dimensions
Market Data & Share Structure
Comprehensive valuation metrics and ownership breakdown
Market Data & Capitalization
Share Statistics & Ownership
Profitability Margin Pyramid
Hierarchical view of margin compression from revenue to net income
Margin Hierarchy by Profitability Level
Margin Analysis
Total Revenue
Gross Profit
EBITDA
Net Income
Margin Quality Assessment
Moderate margins requiring efficiency improvements
• Larger circles represent higher dollar amounts
• Margin percentages show profitability at each level
• Blue: Revenue base
• Green: Gross profitability
• Yellow: Operating performance
• Red: Net profitability
Operating Cash & Liquidity
Core cash generation and short-term solvency
Cash Flow Analysis
Operating Cash Flow (TTM)
$55.19M
Cash from core operations
Free Cash Flow (TTM)
$54.20M
Available after capex
Financial Position & Liquidity
Current Ratio
1.32
Adequate
Quick Ratio
1.27
Strong
Net Cash
-$156.24M
Net debtor
Total Cash
$18.68M
Balance sheet cash
Total Debt
$174.92M
Outstanding borrowings
Cash Conversion Cycle
Working capital efficiency measurement
Days Sales Outstanding
34.7
days to collect payment
Insufficient cash cycle data.
Ownership & Shareholder Sentiment
Insider, institutional, and short interest positions
Insider Ownership
42.49%
Strong confidence
Institutional Ownership
66.10%
Majority backing
Short % of Float
10.76%
Heavy bearish
Short Ratio (Days)
3.2d
days to cover
Ownership structure shows strong insider confidence and institutional majority backing.
Dividends & Shareholder Returns
Policy stance and implications
The company does not currently pay a regular dividend.
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Earnings Calendar
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