# MediaAlpha, Inc. (MAX)

**Exchange:** NYSE  
**Sector:** Communication Services  
**Market cap:** $624M  
**Price:** $9.35 (-2.50%)

> MediaAlpha, Inc. operates as a technology platform in the digital advertising industry. The company specializes in creating an efficient and transparent marketplace where advertisers and publishers can engage in programmatic buying and selling of targeted media. MediaAlpha focuses on vertical search marketplaces, primarily impacting sectors such as insurance, travel, and other consumer services, where precise targeting and audience reach are crucial for maximizing returns on advertising spends. The company's platform is designed to leverage data analytics and real-time bidding processes, optimizing the way advertisers connect with prospective customers. By facilitating these transactions with enhanced transparency and control, MediaAlpha plays a vital role in the digital advertising ecosystem, helping drive more tailored and effective ad campaigns.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.11B | $168M | $22M | $26M | $0.39 |
| 2024 | $865M | $144M | $43M | $17M | $0.31 |
| 2023 | $388M | $67M | -$40M | -$40M | $-0.89 |
| 2022 | $459M | $70M | -$35M | -$58M | $-1.37 |
| 2021 | $645M | $102M | $2M | -$5M | $-0.19 |
| 2020 | $585M | $85M | $20M | -$4M | $-0.14 |
| 2019 | $408M | $65M | $25M | — | — |
| 2018 | $297M | $49M | $19M | — | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $384M | $413M | $4M | $47M | $153M |
| 2024 | $262M | $309M | $2M | $43M | $162M |
| 2023 | $154M | $248M | -$10M | $17M | $174M |
| 2022 | $170M | $256M | -$16M | $15M | $183M |
| 2021 | $290M | $351M | -$4M | $51M | $187M |
| 2020 | $210M | $315M | -$34M | $24M | $183M |
| 2019 | $105M | $145M | -$114M | $10M | $97M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $66M | $340,000 | $65M |
| 2024 | $46M | $254,000 | $46M |
| 2023 | $20M | $73,000 | $20M |
| 2022 | $28M | $98,000 | $28M |
| 2021 | $29M | $650,000 | $28M |
| 2020 | $51M | $296,000 | $51M |
| 2019 | $22M | $146,000 | $22M |
| 2018 | $23M | $630,000 | $22M |

Source: [CompaniesByCap](https://companiesbycap.com/company/MAX)