MediaAlpha, Inc. MAX
Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value(1) across our platform from our core verticals of property & casualty ("P&C") insurance, health insurance and life insurance during the year ended December 31, 2025.
We believe in the disruptive power of transparency. Traditionally, insurance customer acquisition platforms operated in a black box. We recognized that consumers may be valued differently by one insurer versus another; therefore, insurers should be able to determine pricing granularly based on the value that a particular customer segment is expected to bring to their business. As a result, we developed a technology platform that powers an ecosystem where buyers and sellers can transact with full transparency, control, and confidence.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $864.7M | $388.1M | $459.1M | $645.3M | $584.8M | $408.0M | $296.9M | — |
| Cost of revenue | $946.1M | $721.1M | $321.4M | $389.0M | $543.8M | $499.4M | $342.9M | $247.7M | — |
| Gross profit | $167.5M | $143.6M | $66.7M | $70.1M | $101.5M | $85.4M | $65.1M | $49.2M | — |
| R&D | $21.4M | $19.8M | $18.5M | $21.1M | $15.2M | $12.4M | $7.0M | $10.3M | — |
| SG&A | $89.6M | $56.4M | $62.7M | $55.6M | $61.4M | $32.9M | $19.4M | $7.8M | — |
| Total operating expenses | $1.09B | $822.0M | $428.1M | $494.5M | $643.1M | $565.3M | $383.2M | $277.6M | — |
| Operating income | $22.1M | $42.7M | -$39.9M | -$35.4M | $2.1M | $19.5M | $24.8M | $19.3M | — |
| Interest expense | $11.2M | $14.4M | $15.3M | $9.2M | $7.8M | $7.9M | $7.0M | $1.2M | — |
| Pre-tax income | -$111.1M | $23.5M | -$57.0M | $30.5M | -$9.5M | $9.3M | $17.8M | $18.1M | — |
| Income tax | $137.8M | $1.4M | $463.0K | $102.9M | $1.0M | $1.3M | $0 | — | — |
| Net income | $25.6M | $16.6M | -$40.4M | -$57.7M | -$5.3M | -$4.4M | $17.8M | $18.1M | — |
| EPS, basic | 0.46 | 0.31 | -0.89 | -1.37 | -0.14 | -0.14 | — | — | — |
| EPS, diluted | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 | -0.14 | — | — | — |
| Shares, diluted (wtd. avg.) | 66.8M | 53.0M | 45.6M | 41.9M | 61.3M | 32.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $46.9M | $43.3M | $17.3M | $14.5M | $50.6M | $23.6M | $10.0M | $5.7M | — |
| Receivables | $123.0M | $142.9M | $53.8M | $60.0M | $76.1M | $96.3M | $56.0M | — | — |
| Total current assets | $174.4M | $189.9M | $74.6M | $80.4M | $137.1M | $127.8M | $67.5M | — | — |
| Property, plant and equipment | — | — | — | — | — | $762.0K | $755.0K | — | — |
| Goodwill | $47.7M | $47.7M | $47.7M | $47.7M | $18.4M | $18.4M | $18.4M | — | — |
| Other intangibles | $3.6M | $20.0M | $26.0M | $32.9M | $12.6M | $15.6M | $18.8M | $24.0M | — |
| Total assets | $383.8M | $262.4M | $153.9M | $170.1M | $289.8M | $210.3M | $105.4M | — | — |
| Accounts payable | $91.1M | $105.6M | $56.3M | $54.0M | $61.8M | $98.2M | $40.5M | — | — |
| Short-term debt | $21.8M | $8.8M | $11.9M | $8.8M | $8.7M | $0 | $873.0K | — | — |
| Total current liabilities | $147.6M | $133.0M | $79.7M | $76.9M | $84.2M | $107.5M | $47.9M | — | — |
| Long-term debt | $131.6M | $153.6M | $162.4M | $174.3M | $178.1M | $182.7M | $96.7M | — | — |
| Total liabilities | $413.0M | $308.7M | $248.3M | $256.2M | $351.4M | $315.5M | $144.9M | — | — |
| Retained earnings | -$480.3M | -$505.9M | -$522.6M | -$482.1M | -$424.5M | -$419.0M | -$193.1M | — | — |
| Total equity | $4.2M | $2.4M | -$94.4M | -$86.1M | -$61.6M | -$105.1M | -$113.6M | $40.5M | $37.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $65.6M | $45.9M | $20.2M | $28.3M | $28.6M | $51.4M | $22.1M | $22.6M | — |
| Depreciation and amortisation | $273.0K | $252.0K | $353.0K | $392.0K | $369.0K | $289.0K | $272.0K | $187.0K | — |
| Stock-based compensation | $30.3M | $34.1M | $53.3M | $58.5M | $45.7M | $24.7M | $2.3M | $824.0K | — |
| Capital expenditure | $340.0K | $254.0K | $73.0K | $98.0K | $650.0K | $296.0K | $146.0K | $630.0K | — |
| Investing cash flow | -$340.0K | -$654.0K | -$73.0K | -$49.8M | -$650.0K | -$10.3M | -$294.0K | -$640.0K | — |
| Financing cash flow | -$61.6M | -$19.2M | -$17.4M | -$14.5M | -$961.0K | -$27.6M | -$17.5M | -$25.4M | — |
| Buybacks | — | — | — | — | — | — | $62.8M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001818383-26-000049.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $296.9M | $408.0M | $584.8M | $645.3M | $459.1M | $388.1M | $864.7M | $1.11B |
| Gross profit | — | $49.2M | $65.1M | $85.4M | $101.5M | $70.1M | $66.7M | $143.6M | $167.5M |
| Net income | — | $18.1M | $17.8M | -$4.4M | -$5.3M | -$57.7M | -$40.4M | $16.6M | $25.6M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed Item 1.01
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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