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MARKETS / NYSE / MAX
NYSE · SERVICES-BUSINESS SERVICES, NEC · MID CAP

MediaAlpha, Inc. MAX

8 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.1B
▲ 28.8% YoY
$25.6M
▲ 54.1% YoY
$65.3M
▲ 43.1% YoY
In brief

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.

Growth
USD 1.1B
Revenue, FY2025 · full 8-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.1 · Net income 0.0
0.4B0.8B20182019202020212022202320242025
Compound annual growth
+34.4%
+13.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +13.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.0% · Net 2.4%
2%4%6%-5%-10%-15%20182019202020212022202320242025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Each USD of equity produced 784 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 65.3
25.0M50.0M20182019202020212022202320242025

Total assetsUSD 383.8M
EquityUSD 4.2M
CashUSD 46.9M
Gross debtUSD 153.4M
Net debtUSD 106.5M
Current ratio1.18×

Net debt stands at 2561% of equity.

The 8-year record
8 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018
Revenue $B1.10.90.40.50.60.60.40.3
Operating income $B0.00.0−0.0−0.00.00.00.00.0
EBITDA $B0.00.0−0.0−0.00.00.00.00.0
Income tax $B−0.10.0−0.00.1−0.0−0.00.0·
Net income $B0.00.0−0.0−0.1−0.0−0.00.00.0
Free cash flow $B0.10.00.00.00.00.10.00.0
EPS, diluted $0.390.31−0.89−1.37−0.19−0.14··
Dividend / sh $········
Payout %········
ROE %783.8·······

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 28 reconciliationsAUDITED

Reconciled in 8 of 19 fiscal years. 59 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Business Services, NEC
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2018

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