MediaAlpha Inc. (MAX) Key Metrics
MAX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $609.2M
- Enterprise value
- $728.3M
- P/E (TTM)
- 7.1 10-yr median 36.0
- Forward P/E
- 5.6
- PEG ratio
- —
- Price / sales
- 0.5 10-yr median 1.1
- Price / book
- 17.5
- EV / EBITDA
- 349.8 10-yr median 38.2
- Dividend yield
- —
- Beta
- 1.15
MAX key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMAX valuation Price multiples at each fiscal year-end price.
MAX returns How much profit the business earns on the capital it uses.
MAX per-share figures Results divided by the shares outstanding at year-end.
MAX financial health Debt, liquidity and how easily interest is covered.
MAX efficiency & capital use Working capital cycle and where the cash goes.
MAX valuation history
MAX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MAX cash returned to shareholders
MAX price vs earnings per share
MAX key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $864.9M | $598.9M | $508.1M | $417.4M | $945.8M | $1.30B | — | — |
| Enterprise value | $973.2M | $718.0M | $665.2M | $589.1M | $1.09B | $1.46B | — | — |
| P/E ratio | 33.8 | 36.0 | — | — | — | 88.2 | — | — |
| Price / sales | 0.8 | 0.7 | 1.3 | 0.9 | 1.5 | 2.2 | — | — |
| Price / book | 207.9 | 251.8 | — | — | — | — | — | — |
| Price / free cash flow | 13.3 | 13.1 | 25.2 | 14.8 | 33.8 | 25.5 | — | — |
| Price / operating cash flow | 13.2 | 13.1 | 25.1 | 14.8 | 33.0 | 25.4 | — | — |
| EV / sales | 0.9 | 0.8 | 1.7 | 1.3 | 1.7 | 2.5 | — | — |
| EV / EBITDA | — | 11.9 | — | 12.8 | 653.8 | 63.6 | — | — |
| EV / free cash flow | 14.9 | 15.7 | 33.0 | 20.9 | 38.8 | 28.7 | — | — |
| Earnings yield | 3.0% | 2.8% | −8.0% | −13.8% | −0.6% | 1.1% | — | — |
| Free cash flow yield | 7.5% | 7.6% | 4.0% | 6.8% | 3.0% | 3.9% | — | — |
| Dividend yield | 0.1% | 0.2% | 0.6% | 0.5% | 0.0% | 10.1% | — | — |
| Shareholder yield (dividends + buybacks) | 5.6% | 1.3% | 1.3% | 1.7% | 9.0% | 16.6% | — | — |
| Share price at fiscal year-end | $12.95 | $11.29 | $11.15 | $9.95 | $15.44 | $39.07 | — | — |
| Per share | ||||||||
| Revenue per share | $16.67 | $16.30 | $8.52 | $10.94 | $10.53 | $17.51 | — | $8.95 |
| Earnings per share | $0.38 | $0.31 | −$0.89 | −$1.37 | −$0.09 | $0.44 | — | $0.55 |
| Operating cash flow per share | $0.98 | $0.86 | $0.44 | $0.67 | $0.47 | $1.54 | — | $0.68 |
| Free cash flow per share | $0.98 | $0.86 | $0.44 | $0.67 | $0.46 | $1.53 | — | $0.66 |
| Cash per share | $0.70 | $0.82 | $0.38 | $0.35 | $0.83 | $0.71 | — | $0.17 |
| Book value per share | $0.06 | $0.04 | −$0.23 | −$0.38 | −$0.07 | −$3.04 | — | $1.22 |
| Tangible book value per share | −$0.71 | −$1.23 | −$1.84 | −$2.30 | −$0.58 | −$4.06 | — | −$0.06 |
| Dividends per share | $0.02 | $0.02 | $0.06 | $0.05 | $0.01 | $3.93 | — | $0.48 |
| Capex per share | $0.01 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | — | $0.02 |
| Debt per share | $2.32 | $3.06 | $3.82 | $4.44 | $3.11 | $5.50 | — | $0.43 |
| Shares outstanding | 66.8M | 53.0M | 45.6M | 41.9M | 61.3M | 33.4M | — | 33.2M |
| Change in shares outstanding | +25.9% | +16.4% | +8.7% | −31.5% | +83.4% | — | — | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | 783.8% | — | — | — | — | — | — | 44.8% |
| Return on invested capital (ROIC) | 52.8% | 30.0% | −20.9% | −12.1% | 1.7% | 120.7% | — | 19.7% |
| Return on assets (ROA) | 7.9% | 8.0% | −25.0% | −25.1% | −2.1% | 9.3% | 18.5% | 20.7% |
| Return on tangible assets | 7.7% | 8.5% | −50.4% | −64.5% | −2.0% | 8.2% | 26.1% | 40.3% |
| Free cash flow margin | 5.9% | 5.3% | 5.2% | 6.1% | 4.3% | 8.7% | 5.4% | 7.4% |
| Income quality (OCF / net income) | 2.56 | 2.76 | — | — | — | 3.47 | 1.24 | 1.25 |
| Financial health | ||||||||
| Total debt | $155.2M | $162.4M | $174.3M | $186.3M | $190.8M | $183.5M | $97.5M | $14.2M |
| Cash & short-term investments | $46.9M | $43.3M | $17.3M | $14.5M | $50.6M | $23.6M | $10.0M | $5.7M |
| Net debt | $108.3M | $119.2M | $157.0M | $171.7M | $140.2M | $160.0M | $87.5M | $8.6M |
| Debt / equity | 37.31 | 68.31 | — | — | — | — | — | 0.35 |
| Debt / assets | 0.40 | 0.62 | 1.13 | 1.10 | 0.66 | 0.86 | 0.93 | 0.16 |
| Net debt / EBITDA | — | 1.97 | — | 3.75 | 84.42 | 6.95 | 2.87 | 0.27 |
| Current ratio | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Quick ratio | 1.18 | 1.43 | 0.98 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Interest coverage | 7.0 | 3.0 | -2.6 | -3.8 | 0.3 | 2.5 | 3.5 | 16.2 |
| Working capital | $26.7M | $57.0M | −$5.1M | $3.5M | $52.9M | $20.3M | $19.6M | $10.6M |
| Invested capital | $112.5M | $121.6M | $146.7M | $155.8M | $135.9M | $58.5M | −$26.1M | $49.1M |
| Tangible asset value | −$80.5M | −$114.0M | −$168.2M | −$166.8M | −$92.5M | −$135.5M | −$150.8M | −$1.9M |
| Net current asset value | −$238.7M | −$118.8M | −$173.8M | −$175.7M | −$214.3M | −$187.7M | −$151.5M | −$2.8M |
| Graham number | $0.73 | $0.56 | — | — | — | — | — | $3.87 |
| Graham net-net per share | −$4.10 | −$2.98 | −$4.22 | −$4.69 | −$3.98 | −$6.58 | — | −$0.40 |
| Capital allocation | ||||||||
| Dividends paid | $1.2M | $1.2M | $2.9M | $2.1M | $338,000 | $131.4M | $95.6M | $15.9M |
| Share buybacks (net) | $47.3M | $6.3M | $3.7M | $5.0M | $84.3M | $85.8M | $67.3M | $0 |
| Dividend payout ratio | 4.9% | 7.3% | — | — | — | 888.0% | 536.7% | 87.6% |
| Dividends + buybacks / free cash flow | 74.3% | 16.5% | 32.6% | 25.3% | 302.7% | 424.9% | 745.6% | 72.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% |
| Capex / operating cash flow | 0.5% | 0.6% | 0.4% | 0.3% | 2.3% | 0.6% | 1.3% | 2.8% |
| Capex / depreciation | 0.10 | 0.04 | 0.01 | 0.02 | 0.19 | 0.08 | 0.05 | 0.05 |
| Stock-based compensation / revenue | 2.7% | 3.9% | 13.7% | 12.7% | 7.1% | 4.2% | 0.6% | 0.3% |
| R&D / revenue | 1.9% | 2.3% | 4.8% | 4.6% | 2.4% | 2.1% | 1.7% | 3.5% |
| SG&A / revenue | 8.0% | 8.1% | 21.6% | 18.4% | 13.0% | 9.1% | 8.1% | 6.6% |
| Efficiency | ||||||||
| Days sales outstanding | 43.6 | 41.5 | 53.5 | 54.1 | 48.8 | 47.5 | 41.7 | 45.7 |
| Days of inventory on hand | — | — | -4.0 | — | — | — | — | — |
| Days payables outstanding | 37.9 | 41.0 | 62.6 | 54.3 | 53.7 | 50.7 | 35.9 | 39.8 |
| Cash conversion cycle (days) | 5.6 | 0.6 | -13.1 | -0.2 | -5.0 | -3.2 | 5.8 | 5.9 |
| Receivables turnover | 8.37 | 8.79 | 6.82 | 6.75 | 7.49 | 7.68 | 8.76 | 7.99 |
| Payables turnover | 9.62 | 8.91 | 5.83 | 6.72 | 6.80 | 7.20 | 10.16 | 9.17 |
| Asset turnover | 3.45 | 4.15 | 2.40 | 2.00 | 2.56 | 3.66 | 4.23 | 3.40 |
| Average receivables | $133.0M | $98.4M | $56.9M | $68.0M | $86.2M | $76.2M | $46.6M | $37.1M |
| Average payables | $98.3M | $80.9M | $55.1M | $57.9M | $80.0M | $69.4M | $33.7M | $27.0M |
| Average inventory | — | — | −$3.5M | — | — | — | — | — |
| Intangibles / total assets | 13.4% | 25.8% | 47.9% | 47.4% | 10.7% | 15.9% | 35.3% | 48.5% |
Computed from MAX's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MAX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MediaAlpha traded at 33.8 times earnings, against a 8-year median of 36.0. Based on the latest twelve months, the trailing P/E is 7.1 and the forward P/E is 5.6. MediaAlpha earned a return on equity of 783.8% and a return on invested capital of 52.8% in fiscal 2025. It ended the year with $155.2 million of debt and $46.9 million in cash and short-term investments, net debt of $108.3 million. It returned $48.5 million to shareholders: $1.2 million in dividends and $47.3 million in share buybacks, 74% of free cash flow. The share count rose 101.4% from 33.2M to 66.8M over 7 years.
See the MAX income statement, the MAX chart for price history, or the MAX stock overview for the latest quote and news.
MAX key metrics FAQ
What is MediaAlpha's P/E ratio?
MediaAlpha's trailing P/E ratio is 7.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.6. At the end of fiscal 2025 it was 33.8, compared with a 8-year median of 36.0.
What is MediaAlpha's return on equity?
MediaAlpha's return on equity (ROE) was 783.8% in fiscal 2025: net income of $25.6 million on average shareholders' equity of $3.3 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is MediaAlpha's ROIC?
MediaAlpha's return on invested capital was 52.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MediaAlpha have?
MediaAlpha had total debt of $155.2 million at the end of fiscal 2025, a debt-to-equity ratio of 37.31.
What is MediaAlpha's dividend yield?
MediaAlpha paid $1.2 million in dividends in fiscal 2025 ($0.02 per share), a payout ratio of 4.9%.
Does MediaAlpha buy back its shares?
Yes. MediaAlpha spent $47.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +25.9% over the year, to 66.8M..
What is MediaAlpha's free cash flow yield?
MediaAlpha generated $65.3 million of free cash flow in fiscal 2025, a free cash flow yield of 7.5% on its market value at year-end ($864.9 million).
What is MediaAlpha's current ratio?
MediaAlpha's current ratio was 1.18 at the end of fiscal 2025: current assets were 1.18 times current liabilities.