MediaAlpha, Inc. MAX

What this company does

It generates revenue by earning a fee for each Consumer Referral sold on its platform, generally payable upon a qualifying consumer action such as a click, call or lead, and generally not contingent on the sale of a product to the consumer. It serves over 700 Demand Partners, in addition to its agent partners, in its insurance verticals. As of December 31, 2025, there were over 350 insurance Supply Partners on its platform. During 2025, high-intent consumers shopping for insurance products on the websites of sellers on its platform and its proprietary websites resulted in approximately 141 million Consumer Referrals being acquired by buyers on the platform. As of December 31, 2025, it had 147 full-time employees. It transacts with its Demand Partners and Supply Partners through two operating models, Open Marketplace and Private Marketplace: in Open Marketplace transactions it has separate agreements with Demand Partners and Supply Partners and controls which Consumer Referrals are sold to Demand Partners, while in Private Marketplace transactions Demand Partners and Supply Partners contract with one another directly and it earns fees from Supply Partners based on the value of the Consumer Referrals transacted on the platform.

Written from the business description in MediaAlpha, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 23 February 2026. Every sentence was checked against that document before publication.