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.
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