MediaAlpha, Inc. most recently reported annual revenue of $1.1B, net profit of $26.0M. Revenue grew at an average annual rate of 13.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
MediaAlpha, Inc.: Revenue rose from $297.0M in 2018 to $1.1B in 2025, a change of +275.1% over 7 years; net profit was positive in 5 of 8 reported years; operating margin moved from 6.5% to 7.0%, a shift of +0.5 percentage points; the most recent year shows net profit of $26.0M.
Income Statement — 8 Years (USD millions)
Metric
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$297.0M
$408.0M
$585.0M
$645.0M
$459.0M
$388.0M
$865.0M
$1.1B
Operating Expenses
$278.0M
$383.0M
$565.0M
$643.0M
$494.0M
$428.0M
$822.0M
$1.0B
Operating Profit
$19.0M
$25.0M
$20.0M
$2.0M
$-35.0M
$-40.0M
$43.0M
$78.0M
Operating Margin
6.5%
6.1%
3.3%
0.3%
-7.7%
-10.3%
4.9%
7.0%
Other Income
$-1.0M
$-7.0M
$-10.0M
$-12.0M
$66.0M
$-17.0M
$-19.0M
$-189.0M
Interest
$1.0M
$7.0M
$8.0M
$8.0M
$9.0M
$15.0M
$14.0M
$11.0M
Depreciation
$12.0M
$6.0M
$3.0M
$3.0M
$6.0M
$7.0M
$7.0M
$3.0M
Profit Before Tax
$18.0M
$18.0M
$9.0M
$-10.0M
$30.0M
$-57.0M
$24.0M
$-111.0M
Tax
$0
$0
$-13.6M
$11.0M
$337.9M
$810,000
$5.9M
$124.1M
Net Profit
$18.0M
$18.0M
$15.0M
$-5.0M
$-58.0M
$-40.0M
$17.0M
$26.0M
EPS
$0.55
$0.54
$-0.14
$-0.19
$-1.37
$-0.89
$0.31
$0.39
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$75.0M
$117.0M
$127.0M
$178.0M
$259.0M
$301.0M
$264.0M
$252.0M
$307.0M
$291.0M
$310.0M
$317.0M
Operating Expenses
$89.0M
$117.0M
$124.0M
$172.0M
$244.0M
$282.0M
$264.0M
$272.0M
$287.0M
$213.0M
$288.0M
$297.0M
Operating Profit
$-15.0M
$0
$2.0M
$6.0M
$16.0M
$18.0M
$0
$-20.0M
$20.0M
$78.0M
$22.0M
$20.0M
Operating Margin
-19.8%
0.4%
1.9%
3.6%
6.0%
6.1%
0.0%
-8.0%
6.4%
26.9%
7.2%
6.3%
Interest
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
$2.0M
$3.0M
Profit Before Tax
$-19.0M
$-4.0M
$-1.0M
$5.0M
$12.0M
$8.0M
$-2.0M
$-22.0M
$18.0M
$-104.0M
$21.0M
$55.0M
Tax
$-550,000
$19.4M
$-1.8M
$2.9M
$2.6M
$11.1M
$2.1M
$-1.4M
$310,000
$132.6M
$31.6M
$24.2M
Net Profit
$-14.0M
$-2.0M
$-1.0M
$4.0M
$9.0M
$5.0M
$-2.0M
$-19.0M
$15.0M
$31.0M
$11.0M
$39.0M
EPS
$-0.29
$-0.05
$-0.02
$0.07
$0.17
$0.08
$-0.04
$-0.33
$0.26
$0.50
$0.21
$0.65
Over the 8 years reported for MediaAlpha, Inc., borrowings increased from $14.0M in 2018 to $155.0M in 2025, cash stood at $47.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 1.18 times.
Balance Sheet — 8 Years (USD millions)
Metric
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$87.0M
$105.0M
$210.0M
$290.0M
$170.0M
$154.0M
$262.0M
$384.0M
Current Assets
$44.0M
$67.0M
$128.0M
$137.0M
$80.0M
$75.0M
$190.0M
$174.0M
Cash
$6.0M
$10.0M
$24.0M
$51.0M
$15.0M
$17.0M
$43.0M
$47.0M
Inventory
$0
$0
$0
$0
$0
$0
$0
$0
Receivables
$37.0M
$56.0M
$96.0M
$76.0M
$60.0M
$54.0M
$143.0M
$123.0M
Fixed Assets
$1.0M
$1.0M
$1.0M
$4.0M
$3.0M
$0
$0
$0
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$0
$0
$0
$10.0M
$1.0M
$0
$0
$0
Other Assets
$18.0M
$18.0M
$18.0M
$18.0M
$48.0M
$48.0M
$48.0M
$48.0M
Total Liabilities
$47.0M
$219.0M
$315.0M
$351.0M
$256.0M
$248.0M
$309.0M
$413.0M
Current Liabilities
$33.0M
$48.0M
$107.0M
$84.0M
$77.0M
$80.0M
$133.0M
$148.0M
Borrowings
$14.0M
$98.0M
$183.0M
$191.0M
$186.0M
$174.0M
$162.0M
$155.0M
Other Liabilities
$33.0M
$121.0M
$133.0M
$161.0M
$70.0M
$74.0M
$146.0M
$258.0M
Equity
$76.0M
$80.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
$1.0M
Reserves
$40.0M
$-114.0M
$-34.0M
$-4.0M
$-16.0M
$-10.0M
$2.0M
$4.0M
For MediaAlpha, Inc., operating cash flow was positive in 8 of 8 reported years; free cash flow in the latest year was $65.0M; free cash flow was positive in 8 of 8 years; financing activities used $52.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 8 Years (USD millions)
Metric
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$23.0M
$22.0M
$51.0M
$29.0M
$28.0M
$20.0M
$46.0M
$66.0M
Investing Cash Flow
$-1.0M
$-1.0M
$-11.0M
$-1.0M
$-50.0M
$0
$-1.0M
$-1.0M
Financing Cash Flow
$0
$-7.0M
$-107.0M
$-4.0M
$-8.0M
$-5.0M
$-5.0M
$-52.0M
Net Cash Flow
$-3.0M
$4.0M
$14.0M
$27.0M
$-36.0M
$3.0M
$26.0M
$4.0M
Free Cash Flow
$22.0M
$22.0M
$51.0M
$28.0M
$28.0M
$20.0M
$46.0M
$65.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.00
EV / EBITDA
678.19
FCF Yield
11.04%
Quick Ratio
1.29
Interest Coverage
13.21
Return 1Y
24.29%
Return 3Y
31.92%
Return 5Y
-56.94%
MediaAlpha, Inc. (MAX) financials — frequently asked questions
What is MediaAlpha, Inc.'s annual revenue?
MediaAlpha, Inc. (MAX) reported annual revenue of $1.1B in its most recent fiscal year.
What is MediaAlpha, Inc.'s net profit?
MediaAlpha, Inc. (MAX) reported net profit of $26.0M in its most recent fiscal year.
What is MAX EV/EBITDA?
MediaAlpha, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 678.19.