MediaAlpha Inc. (MAX) Balance Sheet
MAX balance sheet, 2025
December 31, 2025 · U.S. dollars$383.8M assets = $413.0M liabilities + −$29.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$29.2M).
Both columns are drawn to the same scale: what MAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MAX financial health
Descriptive bands, not a rating. Fiscal 2025.
MAX balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $87.4M2018 | $383.8M2025 | +23.5%/yr | |
| Total liabilities | $46.9M2018 | $413.0M2025 | +36.5%/yr | |
| Shareholders’ equity | $40.5M2018 | $4.2M2025 | −27.8%/yr | |
| Cash & short-term investments | $5.7M2018 | $46.9M2025 | +35.3%/yr | |
| Total debt | $14.2M2018 | $155.2M2025 | +40.7%/yr | |
| Net cash (debt) | −$8.6M2018 | −$108.3M2025 | −$99.7M | |
| Working capital | $10.6M2018 | $26.7M2025 | +$16.1M | |
| Book value per share | $1.222018 | $0.062025 | −34.6%/yr | |
| Current ratio | 1.322018 | 1.182025 | −0.14 | |
| Debt / equity | 0.352018 | 37.312025 | +36.96 | |
| Shares outstanding | 33.2M2018 | 66.8M2025 | +10.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MAX assets
MAX liabilities and equity
MAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MAX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $46.9M | $43.3M | $17.3M | $14.5M | $50.6M | $23.6M | $10.0M | $5.7M |
| Cash & 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 | $37.1M |
| Inventory | $0 | $0 | −$3.5M | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.5M | $3.7M | $7.1M | $5.9M | $10.4M | $8.0M | $1.4M | $1.3M |
| Total current assets | $174.4M | $189.9M | $74.6M | $80.4M | $137.1M | $127.8M | $67.5M | $44.1M |
| Property, plant & equipment (net) | $0 | $0 | $2.2M | $2.8M | $3.5M | $762,000 | $755,000 | $881,000 |
| Goodwill & intangible assets | $51.3M | $67.7M | $73.8M | $80.7M | $31.0M | $34.0M | $37.2M | $42.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $158.1M | $4.8M | $3.4M | $6.2M | $118.2M | $51.4M | $0 | $0 |
| Total assets | $383.8M | $262.4M | $153.9M | $170.1M | $289.8M | $213.9M | $105.4M | $87.4M |
| Liabilities | ||||||||
| Accounts payable | $91.1M | $105.6M | $56.3M | $54.0M | $61.8M | $98.2M | $40.5M | $27.0M |
| Short-term debt | $22.8M | $8.8M | $11.9M | $9.6M | $9.5M | $873,000 | $873,000 | $1.2M |
| Total current liabilities | $147.6M | $133.0M | $79.7M | $76.9M | $84.2M | $107.5M | $47.9M | $33.5M |
| Long-term debt | $131.6M | $153.6M | $162.4M | $174.3M | $178.1M | $182.7M | $96.7M | $13.1M |
| Other long-term liabilities | $133.8M | $22.1M | $6.2M | $5.0M | $89.1M | $25.3M | $74.4M | $369,000 |
| Total liabilities | $413.0M | $308.7M | $248.3M | $256.2M | $351.4M | $315.5M | $219.0M | $46.9M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $645,000 | $671,000 | $655,000 | $626,000 | $606,000 | $589,000 | $79.5M | $76.0M |
| Retained earnings (deficit) | −$480.3M | −$505.9M | −$522.6M | −$482.1M | −$424.5M | −$419.0M | −$193.1M | −$35.5M |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | −$545,000 | −$513,000 |
| Minority interest | −$33.4M | −$48.6M | −$84.1M | −$70.1M | −$57.2M | −$71.3M | — | — |
| Total shareholders' equity | $4.2M | $2.4M | −$10.3M | −$16.0M | −$4.3M | −$101.5M | −$113.6M | $40.5M |
| Key figures | ||||||||
| Total debt | $155.2M | $162.4M | $174.3M | $186.3M | $190.8M | $183.5M | $97.5M | $14.2M |
| Net cash (debt) | −$108.3M | −$119.2M | −$157.0M | −$171.7M | −$140.2M | −$160.0M | −$87.5M | −$8.6M |
| Working capital | $26.7M | $57.0M | −$5.1M | $3.5M | $52.9M | $20.3M | $19.6M | $10.6M |
| Tangible book value | −$47.2M | −$65.3M | −$84.0M | −$96.7M | −$35.3M | −$135.5M | −$150.8M | −$1.9M |
| Book value per share | $0.06 | $0.04 | −$0.23 | −$0.38 | −$0.07 | −$3.04 | — | $1.22 |
| Shares outstanding | 66.8M | 53.0M | 45.6M | 41.9M | 61.3M | 33.4M | — | 33.2M |
| Current ratio | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Quick ratio | 1.15 | 1.40 | 0.89 | 0.97 | 1.50 | 1.12 | 1.38 | 1.28 |
| Debt / equity | 37.31 | 68.31 | — | — | — | — | — | 0.35 |
| Equity / assets | 1.1% | 0.9% | −6.7% | −9.4% | −1.5% | −47.5% | −107.8% | 46.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $23.7M | $26.1M | $46.9M | $72.3M | $85.4M | $63.6M | $43.3M | $32.3M | $28.7M | $14.5M | $17.3M | $15.2M |
| Cash & equivalents | $23.7M | $26.1M | $46.9M | $72.3M | $85.4M | $63.6M | $43.3M | $32.3M | $28.7M | $14.5M | $17.3M | $15.2M |
| Receivables | $141.6M | $250.4M | $123.0M | $129.2M | $102.8M | $114.8M | $142.9M | $126.8M | $90.7M | $57.5M | $53.8M | $33.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 |
| Other current assets | $6.0M | $0 | $4.5M | $4.2M | $4.3M | $4.1M | $3.7M | $2.9M | $3.3M | $3.7M | $3.5M | $2.8M |
| Total current assets | $171.3M | $165.2M | $174.4M | $205.7M | $192.5M | $182.5M | $189.9M | $162.1M | $122.7M | $75.6M | $74.6M | $51.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.2M | $0 |
| Goodwill & intangible assets | $50.4M | $50.9M | $51.3M | $51.8M | $52.4M | $52.9M | $67.7M | $69.3M | $70.5M | $72.1M | $73.8M | $75.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $138.1M | $151.7M | $158.1M | $8.7M | $4.6M | $4.7M | $4.8M | $4.7M | $5.0M | $5.3M | $3.4M | $6.5M |
| Total assets | $359.8M | $367.7M | $383.8M | $266.2M | $249.4M | $240.0M | $262.4M | $236.1M | $198.2M | $153.0M | $153.9M | $133.0M |
| Liabilities | ||||||||||||
| Accounts payable | $113.4M | $91.4M | $91.1M | $102.7M | $75.8M | $82.4M | $105.6M | $109.6M | $90.6M | $53.6M | $56.3M | $38.7M |
| Short-term debt | $7.2M | $7.2M | $22.8M | $22.0M | $8.9M | $8.9M | $8.8M | $8.8M | $8.8M | $11.9M | $11.9M | $8.8M |
| Total current liabilities | $133.1M | $113.2M | $147.6M | $189.7M | $148.7M | $109.4M | $133.0M | $132.6M | $111.2M | $76.3M | $79.7M | $60.3M |
| Long-term debt | $169.5M | $156.3M | $131.6M | $133.7M | $149.2M | $151.4M | $153.6M | $155.8M | $158.0M | $160.2M | $162.4M | $167.7M |
| Other long-term liabilities | $62.1M | $127.3M | $133.8M | $8.6M | $8.5M | $20.4M | $22.1M | $7.3M | $6.9M | $5.9M | $6.2M | $4.8M |
| Total liabilities | $364.8M | $396.8M | $413.0M | $332.0M | $306.4M | $281.2M | $308.7M | $295.7M | $276.2M | $242.4M | $248.3M | $232.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $613,000 | $629,000 | $645,000 | $652,000 | $680,000 | $675,000 | $671,000 | $667,000 | $663,000 | $658,000 | $655,000 | $647,000 |
| Retained earnings (deficit) | −$429.4M | −$468.8M | −$480.3M | −$511.7M | −$526.6M | −$507.9M | −$505.9M | −$510.6M | −$520.1M | −$523.7M | −$522.6M | −$520.2M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | — |
| Minority interest | −$33.4M | −$31.0M | −$33.4M | −$36.0M | −$53.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $28.4M | $1.9M | $4.2M | −$29.8M | −$3.8M | $7.9M | $2.4M | −$8.4M | −$24.4M | −$19.1M | −$10.3M | −$16.2M |
| Key figures | ||||||||||||
| Total debt | $176.7M | $163.5M | $155.2M | $155.7M | $158.0M | $160.2M | $162.4M | $164.7M | $166.9M | $172.1M | $174.3M | $176.5M |
| Net cash (debt) | −$153.0M | −$137.5M | −$108.3M | −$83.3M | −$72.6M | −$96.7M | −$119.2M | −$132.3M | −$138.2M | −$157.6M | −$157.0M | −$161.3M |
| Working capital | $38.3M | $52.0M | $26.7M | $16.1M | $43.8M | $73.0M | $57.0M | $29.4M | $11.5M | −$658,000 | −$5.1M | −$9.2M |
| Tangible book value | −$22.0M | −$48.9M | −$47.2M | −$81.6M | −$56.1M | −$44.9M | −$65.3M | −$77.7M | −$94.9M | −$91.2M | −$84.0M | −$91.7M |
| Book value per share | $0.45 | $0.03 | $0.06 | −$0.53 | −$0.07 | $0.14 | $0.04 | −$0.15 | −$0.46 | −$0.39 | −$0.22 | −$0.35 |
| Shares outstanding | 63.1M | 55.8M | 66.8M | 56.6M | 56.1M | 55.6M | 55.3M | 54.9M | 53.4M | 48.6M | 47.0M | 46.2M |
| Current ratio | 1.29 | 1.46 | 1.18 | 1.08 | 1.29 | 1.67 | 1.43 | 1.22 | 1.10 | 0.99 | 0.94 | 0.85 |
| Quick ratio | 1.24 | 2.44 | 1.15 | 1.06 | 1.27 | 1.63 | 1.40 | 1.20 | 1.07 | 0.94 | 0.89 | 0.80 |
| Debt / equity | 6.22 | 85.29 | 37.31 | — | — | 20.23 | 68.31 | — | — | — | — | — |
| Equity / assets | 7.9% | 0.5% | 1.1% | −11.2% | −1.5% | 3.3% | 0.9% | −3.5% | −12.3% | −12.5% | −6.7% | −12.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
MAX financial position
At the end of fiscal 2025 (December 31, 2025), MediaAlpha had total assets of $383.8 million (up 46.3% from a year earlier), total liabilities of $413.0 million and shareholders' equity of $4.2 million. It held $46.9 million in cash and short-term investments against $155.2 million of debt, net debt of $108.3 million. Its current ratio was 1.18. In the latest quarter (ended June 30, 2026) total assets were $359.8 million and equity $28.4 million.
Related: MAX income statement, MAX cash flow statement, MAX key metrics. See the MAX stock overview for the latest quote and news.
MAX balance sheet FAQ
What are MediaAlpha's total assets?
MediaAlpha reported total assets of $383.8 million at the end of fiscal 2025 (December 31, 2025), compared with $262.4 million a year earlier.
How much debt does MediaAlpha have?
MediaAlpha had $155.2 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 37.31.
How much cash does MediaAlpha have?
MediaAlpha held $46.9 million in cash and short-term investments at the end of fiscal 2025; with $155.2 million of debt that is net debt of $108.3 million.
What is MediaAlpha's book value?
MediaAlpha's shareholders' equity (book value) was $4.2 million at the end of fiscal 2025, or $0.06 per share.
What is MediaAlpha's current ratio?
MediaAlpha had current assets of $174.4 million and current liabilities of $147.6 million, a current ratio of 1.18 (it can cover its short-term obligations).
How much goodwill does MediaAlpha have?
MediaAlpha carried $51.3 million of goodwill and intangible assets, 13.4% of total assets, at the end of fiscal 2025.