MediaAlpha Inc. (MAX) AI Stock Analysis

MediaAlpha, Inc. operates an insurance customer acquisition platform within the United States. Through its subsidiaries, the company specializes in optimizing customer acquisition across property and casualty insurance, health insurance, and life insurance verticals. Founded in 2014 and based in Los Angeles, California, the company utilizes technology and data analytics to connect insurance providers with prospective customers. Its platform focuses on transparency, performance, and return on investment for insurance clients, supporting digital customer acquisition and marketing strategies.

MediaAlpha experienced sharp revenue fluctuations before regaining momentum, with revenue dropping 28.9% in FY2022 to $459.1M and falling 15.4% in FY2023 to $388.1M. Growth rebounded strongly in FY2024, expanding 122.8% to $864.7M, followed by 28.8% growth in FY2025 to reach $1.11B. Operating margin improved from -10.3% in FY2023 to 4.9% in FY2024 and 7.0% in FY2025. Net income reached $25.6M in FY2025, generating diluted EPS of $3.77. Over the five years from FY2020 to FY2025, revenue grew at a compound annual rate of 13.7%. In the latest quarter ended June 30, 2026, revenue increased 25.9% year-over-year, while quarterly earnings grew 1412.2%.

As of June 30, 2026, MediaAlpha held $23.7M in cash and short-term investments against total debt of $176.7M, resulting in net debt of $153.0M. The company had a current ratio of 1.29 and shareholders' equity of $28.4M, with a debt-to-equity ratio of 6.22. During FY2025, the business generated $65.6M in operating cash flow and $65.3M in free cash flow, while spending $340,000 on capital expenditures. Cash deployment in FY2025 included $47.3M for share buybacks and $1.2M in dividends paid.

MediaAlpha carries a market cap of $609.2M and an enterprise value of $728.3M. The stock trades at a trailing P/E of 7.1x and a forward P/E of 5.6x, below the median of its US-listed Communication Services peers at 16.2x and 14.1x, respectively. Its price-to-sales multiple of 0.5x is lower than the peer median of 0.8x, though its EV-to-EBITDA stands at 349.8x versus the peer median of 10.0x. Over the past year, MAX shares gained 8.4%, trailing the 16.8% return of the S&P 500 (SPY). Over five years, the stock is down 40.5% compared to an 83.0% gain for the index.

Wall Street coverage on MediaAlpha consists of 3 Strong Buy, 2 Buy, and 3 Hold recommendations. The mean price target is $14.50, representing an upside of 26.1% relative to the October 16, 2026 closing price of $11.50. For the fiscal year ending December 31, 2026, consensus estimates anticipate revenue of $1.32B and EPS of $1.51, representing an estimated earnings decline of 57.3%. For the next fiscal year, analysts forecast revenue to rise 8.1% to $1.43B and EPS to grow 11.3% to $1.68. The company exceeded EPS estimates in 3 of the last 4 quarters, and its next earnings date is October 28, 2026.

This page is an AI-written research summary of MediaAlpha Inc. (MAX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: MAX income statement, MAX balance sheet, MAX key metrics, MAX analyst forecast, MAX chart. See the MAX stock overview for the latest quote and news.