📊 MAX Key Takeaways
Is MediaAlpha, Inc. (MAX) a Good Investment?
MediaAlpha demonstrates strong revenue growth (28.8% YoY) and solid free cash flow generation ($65.3M), but is severely overleveraged with liabilities exceeding assets and a debt-to-equity ratio of 36.88x, indicating significant financial distress. Profitability margins are extremely thin (2.3% net margin), making the company vulnerable to operational disruptions despite top-line expansion.
MediaAlpha shows strong top-line momentum, with revenue up 28.8% year over year and solid free cash flow generation supported by very low capital intensity. However, profitability remains thin, net income was flat despite strong revenue growth, and the balance sheet is highly levered with minimal equity and only modest interest coverage, which limits the quality of that growth.
Why Buy MediaAlpha, Inc. Stock? MAX Key Strengths
- Robust revenue growth of 28.8% year-over-year showing market traction and scalability
- Strong free cash flow of $65.3M with 5.9% FCF margin demonstrating cash generation capability
- Positive net income of $25.6M and improving EPS growth (+25.8% YoY) showing operational profitability improvement
- Revenue growth is strong at 28.8% year over year, indicating continued demand and market traction
- Operating cash flow of $65.60M and free cash flow of $65.26M show the business converts earnings into cash effectively
- Low capital expenditure needs support cash generation and reduce reinvestment burden
MAX Stock Risks: MediaAlpha, Inc. Investment Risks
- Critical balance sheet distress: liabilities ($413.0M) exceed total assets ($383.8M) with stockholders' equity only $4.2M, indicating minimal equity cushion
- Extremely high leverage with debt-to-equity ratio of 36.88x and long-term debt of $153.4M creating sustainability concerns
- Razor-thin profitability margins (2.0% operating margin, 2.3% net margin) leave minimal room for error and make the business vulnerable to cost pressures
- Low interest coverage ratio of 2.1x suggests limited ability to service debt obligations if cash flow deteriorates
- Operating margin of 2.0% and net margin of 2.3% leave little room for execution missteps or cyclical pressure
- Debt/equity of 36.88x and stockholders' equity of only $4.16M indicate a very fragile capital structure
- Interest coverage of 2.1x suggests limited cushion if borrowing costs rise or earnings weaken
Key Metrics to Watch
- Debt reduction trajectory and refinancing activity to address leverage concerns
- Operating margin expansion to demonstrate margin improvement beyond pure revenue growth
- Liabilities-to-assets ratio trend to assess whether balance sheet is stabilizing or deteriorating further
- Operating margin and net income growth versus revenue growth
- Interest coverage, debt reduction, and stockholders' equity trend
MediaAlpha, Inc. (MAX) Financial Metrics & Key Ratios
💡 AI Analyst Insight
MediaAlpha, Inc. presents a mixed fundamental picture. Review the detailed metrics above to form your own investment thesis.
MAX Profit Margin, ROE & Profitability Analysis
MAX vs Services Sector: How MediaAlpha, Inc. Compares
How MediaAlpha, Inc. compares to Services sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is MediaAlpha, Inc. Stock Overvalued? MAX Valuation Analysis 2026
Based on fundamental analysis, MediaAlpha, Inc. has mixed fundamental signals relative to the Services sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
MediaAlpha, Inc. Balance Sheet: MAX Debt, Cash & Liquidity
MAX Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: MediaAlpha, Inc.'s revenue has grown significantly by 73% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.89 indicates the company is currently unprofitable.
MAX Revenue Growth, EPS Growth & YoY Performance
MAX Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $259.1M | -$5.8M | $-0.11 |
| Q2 2025 | $178.3M | $2.5M | $0.04 |
| Q1 2025 | $126.6M | -$1.1M | $-0.02 |
| Q3 2024 | $74.6M | $9.5M | $0.17 |
| Q2 2024 | $84.8M | $2.5M | $0.04 |
| Q1 2024 | $111.6M | -$1.1M | $-0.02 |
| Q3 2023 | $74.6M | -$13.5M | $-0.29 |
| Q2 2023 | $84.8M | -$9.1M | $-0.22 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
MediaAlpha, Inc. Dividends, Buybacks & Capital Allocation
MAX SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for MediaAlpha, Inc. (CIK: 0001818383)
📋 Recent SEC Filings
| Date | Form | Document | Action |
|---|---|---|---|
| Apr 15, 2026 | 4 | xslF345X06/wk-form4_1776290570.xml | View → |
| Apr 15, 2026 | 4 | xslF345X06/wk-form4_1776290565.xml | View → |
| Apr 10, 2026 | 4 | xslF345X06/wk-form4_1775854598.xml | View → |
| Apr 8, 2026 | 4 | xslF345X06/wk-form4_1775683109.xml | View → |
| Apr 1, 2026 | 4 | xslF345X06/wk-form4_1775085406.xml | View → |
❓ Frequently Asked Questions about MAX
What is the AI rating for MAX?
MediaAlpha, Inc. (MAX) has a Combined AI Rating of HOLD from Claude (HOLD) and ChatGPT (HOLD) with 59% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are MAX's key strengths?
Claude: Robust revenue growth of 28.8% year-over-year showing market traction and scalability. Strong free cash flow of $65.3M with 5.9% FCF margin demonstrating cash generation capability. ChatGPT: Revenue growth is strong at 28.8% year over year, indicating continued demand and market traction. Operating cash flow of $65.60M and free cash flow of $65.26M show the business converts earnings into cash effectively.
What are the risks of investing in MAX?
Claude: Critical balance sheet distress: liabilities ($413.0M) exceed total assets ($383.8M) with stockholders' equity only $4.2M, indicating minimal equity cushion. Extremely high leverage with debt-to-equity ratio of 36.88x and long-term debt of $153.4M creating sustainability concerns. ChatGPT: Operating margin of 2.0% and net margin of 2.3% leave little room for execution missteps or cyclical pressure. Debt/equity of 36.88x and stockholders' equity of only $4.16M indicate a very fragile capital structure.
What is MAX's revenue and growth?
MediaAlpha, Inc. reported revenue of $1.1B.
Does MAX pay dividends?
MediaAlpha, Inc. does not currently pay dividends.
Where can I find MAX SEC filings?
Official SEC filings for MediaAlpha, Inc. (CIK: 0001818383) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is MAX's EPS?
MediaAlpha, Inc. has a diluted EPS of $0.39.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is MAX a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, MediaAlpha, Inc. has a HOLD rating with 59% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is MAX stock overvalued or undervalued?
Valuation metrics for MAX: ROE of 615.9% (sector avg: 16%), net margin of 2.3% (sector avg: 10%). Higher ROE suggests strong returns relative to peers.
Should I buy MAX stock in 2026?
Our dual AI analysis gives MediaAlpha, Inc. a combined HOLD rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is MAX's free cash flow?
MediaAlpha, Inc.'s operating cash flow is $65.6M, with capital expenditures of $340.0K. FCF margin is 5.9%.
How does MAX compare to other Services stocks?
Vs Services sector averages: Net margin 2.3% (avg: 10%), ROE 615.9% (avg: 16%), current ratio 1.18 (avg: 1.5).
Is MediaAlpha, Inc. carrying too much debt?
MAX has a debt-to-equity ratio of 36.88x, which is above the Services sector average of 0.7x. However, the current ratio of 1.18 suggests adequate short-term liquidity.
Why is MAX's return on equity (ROE) so high?
MediaAlpha, Inc. has a return on equity of 615.9%, significantly above the Services sector average of 16%. A high ROE indicates the company is efficient at generating profits from shareholder equity. This is supported by a 2.3% net margin.