MediaAlpha (MAX) Financials

$7.78 +0.20 (+2.57%)

Closing price 04/17/2025 03:59 PM Eastern

Extended Trading

$7.77 -0.01 (-0.06%)

As of 04/17/2025 04:25 PM Eastern

Annual Income Statements for MediaAlpha

This table shows MediaAlpha's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-58	-40	17
Consolidated Net Income / (Loss)	-72	-57	22
Net Income / (Loss) Continuing Operations	-72	-57	22
Total Pre-Tax Income	30	-57	24
Total Operating Income	-35	-40	43
Total Gross Profit	70	67	144
Total Revenue	459	388	865
Operating Revenue	459	388	865
Total Cost of Revenue	389	321	721
Operating Cost of Revenue	389	321	721
Total Operating Expenses	105	107	101
Selling, General & Admin Expense	56	63	56
Marketing Expense	29	25	25
Research & Development Expense	21	18	20
Total Other Income / (Expense), net	66	-17	-19
Interest Expense	9.25	15	14
Other Income / (Expense), net	75	-1.78	-4.87
Income Tax Expense	103	-0.46	1.38
Net Income / (Loss) Attributable to Noncontrolling Interest	-15	-16	5.49
Basic Earnings per Share	($1.37)	($0.89)	$0.31
Weighted Average Basic Shares Outstanding	41.94M	45.57M	53.04M
Diluted Earnings per Share	($1.37)	($0.89)	$0.31
Weighted Average Diluted Shares Outstanding	41.94M	45.57M	53.04M
Weighted Average Basic & Diluted Shares Outstanding	62.92M	65.43M	67.03M

This table shows MediaAlpha's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-14	-27	-10	-14	-14	-2.37	-1.11	3.62	9.48	4.64
Consolidated Net Income / (Loss)	-21	-28	-15	-20	-19	-3.29	-1.49	4.42	12	7.30
Net Income / (Loss) Continuing Operations	-21	-28	-15	-20	-19	-3.29	-1.49	4.42	12	7.30
Total Pre-Tax Income	-22	73	-15	-20	-19	-4.09	-1.46	4.55	12	8.22
Total Operating Income	-11	-6.54	-9.55	-16	-15	0.45	2.37	6.49	16	18
Total Gross Profit	13	20	18	14	12	22	24	32	39	49
Total Revenue	89	124	112	85	75	117	127	178	259	301
Operating Revenue	89	124	112	85	75	117	127	178	259	301
Total Cost of Revenue	76	104	93	71	62	95	103	147	220	252
Operating Cost of Revenue	76	104	93	71	62	95	103	147	220	252
Total Operating Expenses	23	27	28	30	27	22	21	25	24	31
Selling, General & Admin Expense	11	15	16	18	17	12	11	14	12	20
Marketing Expense	6.85	6.78	6.99	6.71	6.10	5.63	5.80	6.32	6.50	6.12
Research & Development Expense	5.29	4.91	5.17	5.06	4.30	3.93	4.36	5.05	5.33	5.02
Total Other Income / (Expense), net	-11	80	-4.96	-3.76	-3.85	-4.53	-3.84	-1.94	-3.41	-10
Interest Expense	2.59	3.34	3.58	3.87	3.95	3.92	3.85	3.75	3.56	3.19
Other Income / (Expense), net	-8.60	83	-1.38	0.12	0.10	-0.61	0.01	1.81	0.15	-6.84
Income Tax Expense	-0.54	102	0.08	0.15	0.10	-0.79	0.03	0.13	0.31	0.92
Net Income / (Loss) Attributable to Noncontrolling Interest	-6.74	-1.39	-4.32	-5.69	-5.20	-0.93	-0.38	0.80	2.41	2.66
Basic Earnings per Share	($0.34)	($0.64)	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09
Weighted Average Basic Shares Outstanding	42.21M	41.94M	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M
Diluted Earnings per Share	($0.34)	($0.64)	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09
Weighted Average Diluted Shares Outstanding	42.21M	41.94M	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M
Weighted Average Basic & Diluted Shares Outstanding	62.28M	62.92M	63.53M	64.35M	65.09M	65.43M	65.84M	66.30M	66.66M	67.03M

This table details how cash moves in and out of MediaAlpha's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-36	2.73	26
Net Cash From Operating Activities	28	20	46
Net Cash From Continuing Operating Activities	28	20	46
Net Income / (Loss) Continuing Operations	-72	-57	22
Consolidated Net Income / (Loss)	-72	-57	22
Depreciation Expense	0.39	0.35	0.25
Amortization Expense	6.59	7.71	7.19
Non-Cash Adjustments To Reconcile Net Income	-16	55	42
Changes in Operating Assets and Liabilities, net	110	13	-26
Net Cash From Investing Activities	-50	-0.07	-0.65
Net Cash From Continuing Investing Activities	-50	-0.07	-0.65
Purchase of Property, Plant & Equipment	-0.10	-0.07	-0.25
Acquisitions	-50	0.00	-0.40
Net Cash From Financing Activities	-15	-17	-19
Net Cash From Continuing Financing Activities	-15	-17	-19
Repayment of Debt	-30	-9.50	-13
Repurchase of Common Equity	-5.01	0.00	0.00
Payment of Dividends	-2.13	-2.85	-1.22
Issuance of Debt	25	0.00	0.00
Other Financing Activities, net	-2.88	-5.08	-5.45
Cash Interest Paid	7.07	14	14
Cash Income Taxes Paid	-2.38	-0.26	0.23

This table details how cash moves in and out of MediaAlpha's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-4.99	-16	4.99	0.50	-4.83	2.08	-2.80	14	3.65	11
Net Cash From Operating Activities	15	-6.68	13	3.79	-1.40	5.29	1.68	22	8.06	15
Net Cash From Continuing Operating Activities	15	-6.68	13	3.79	-1.40	5.29	1.68	22	8.06	15
Net Income / (Loss) Continuing Operations	-21	-28	-15	-20	-19	-3.29	-1.49	4.42	12	7.30
Consolidated Net Income / (Loss)	-21	-28	-15	-20	-19	-3.29	-1.49	4.42	12	7.30
Depreciation Expense	0.10	0.10	0.10	0.09	0.09	0.08	0.06	0.07	0.07	0.06
Amortization Expense	1.91	1.90	1.93	1.93	1.93	1.93	1.80	1.80	1.80	1.79
Non-Cash Adjustments To Reconcile Net Income	23	-69	16	15	15	9.79	8.75	9.65	9.17	15
Changes in Operating Assets and Liabilities, net	11	88	9.45	6.43	0.62	-3.21	-7.44	5.68	-15	-9.44
Net Cash From Investing Activities	-0.01	-0.01	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.44	-0.05
Net Cash From Continuing Investing Activities	-0.01	-0.01	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.44	-0.05
Purchase of Property, Plant & Equipment	-0.01	-0.01	-0.03	-0.02	-0.01	-0.01	-0.03	-0.13	-0.04	-0.05
Net Cash From Financing Activities	-20	-8.98	-7.54	-3.27	-3.42	-3.21	-4.44	-7.29	-3.97	-3.52
Net Cash From Continuing Financing Activities	-20	-8.98	-7.54	-3.27	-3.42	-3.21	-4.44	-7.29	-3.97	-3.52
Repayment of Debt	-17	-7.38	-2.38	-2.38	-2.38	-2.38	-2.38	-5.42	-2.38	-2.38
Payment of Dividends	-	-1.54	-1.10	-0.19	-0.28	-1.28	-0.11	-0.90	-0.09	-0.11
Other Financing Activities, net	-0.82	-0.06	-4.06	-0.70	-0.77	0.45	-1.96	-0.97	-1.50	-1.03
Cash Interest Paid	1.76	2.44	3.06	3.37	3.66	3.69	3.78	3.52	3.37	3.27
Cash Income Taxes Paid	0.01	-0.24	-0.23	-	-	-0.02	0.00	-0.00	0.11	0.12

This table presents MediaAlpha's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	170	154	262
Total Current Assets	80	75	190
Cash & Equivalents	15	17	43
Accounts Receivable	60	54	143
Prepaid Expenses	5.88	3.53	3.71
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	90	79	73
Goodwill	48	48	48
Intangible Assets	33	26	20
Other Noncurrent Operating Assets	8.99	5.60	4.81
Total Liabilities & Shareholders' Equity	170	154	262
Total Liabilities	256	248	309
Total Current Liabilities	77	80	133
Short-Term Debt	8.77	12	8.85
Accounts Payable	54	56	106
Accrued Expenses	14	12	19
Total Noncurrent Liabilities	179	169	176
Long-Term Debt	174	162	154
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	7.01
Other Noncurrent Operating Liabilities	4.97	6.18	15
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-86	-94	-46
Total Preferred & Common Equity	-16	-10	2.38
Preferred Stock	0.00	0.00	0.00
Total Common Equity	-16	-10	2.38
Common Stock	466	512	508
Retained Earnings	-482	-523	-506
Noncontrolling Interest	-70	-84	-49

This table presents MediaAlpha's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	265	153	140	133	153	198	236
Total Current Assets	70	67	56	51	76	123	162
Cash & Equivalents	30	20	20	15	14	29	32
Accounts Receivable	35	43	33	33	57	91	127
Prepaid Expenses	4.95	4.60	3.48	2.77	3.66	3.34	2.94
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	195	86	84	82	77	76	74
Goodwill	48	48	48	48	48	48	48
Intangible Assets	35	31	29	28	24	23	22
Other Noncurrent Operating Assets	9.41	7.24	6.89	6.53	5.25	4.99	4.73
Total Liabilities & Shareholders' Equity	265	153	140	133	153	198	236
Total Liabilities	334	242	235	233	242	276	296
Total Current Liabilities	64	65	60	60	76	111	133
Short-Term Debt	8.76	8.78	8.79	8.80	12	8.83	8.84
Accounts Payable	42	46	38	39	54	91	110
Accrued Expenses	13	10	13	13	11	12	14
Total Noncurrent Liabilities	270	177	175	172	166	165	163
Long-Term Debt	181	172	170	168	160	158	156
Other Noncurrent Operating Liabilities	5.05	4.88	4.85	4.76	5.91	6.93	7.30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-68	-89	-94	-100	-89	-78	-60
Total Preferred & Common Equity	1.20	-13	-16	-16	-19	-24	-8.36
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1.20	-13	-16	-16	-19	-24	-8.36
Common Stock	456	479	490	504	505	496	502
Retained Earnings	-455	-492	-507	-520	-524	-520	-511
Noncontrolling Interest	-70	-75	-78	-83	-70	-54	-51

This table displays calculated financial ratios and metrics derived from MediaAlpha's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	-28.86%	-15.45%	122.78%
EBITDA Growth	1,542.03%	-172.06%	234.63%
EBIT Growth	2,446.57%	-205.03%	190.77%
NOPAT Growth	5,495.58%	-133.20%	243.88%
Net Income Growth	-754.82%	21.94%	139.11%
EPS Growth	-621.05%	35.04%	134.83%
Operating Cash Flow Growth	-1.21%	-28.45%	126.74%
Free Cash Flow Firm Growth	498.56%	-110.61%	468.44%
Invested Capital Growth	10.41%	-24.07%	16.52%
Revenue Q/Q Growth	-7.57%	-1.73%	26.93%
EBITDA Q/Q Growth	229.42%	-177.87%	33.73%
EBIT Q/Q Growth	194.28%	-218.65%	44.06%
NOPAT Q/Q Growth	494.41%	-114.90%	56.82%
Net Income Q/Q Growth	-50.69%	30.70%	91.93%
EPS Q/Q Growth	-69.14%	39.86%	82.35%
Operating Cash Flow Q/Q Growth	-50.31%	145.02%	25.21%
Free Cash Flow Firm Q/Q Growth	367.05%	-103.73%	105.49%
Invested Capital Q/Q Growth	-10.04%	1.60%	0.31%
Profitability Metrics	-	-	-
Gross Margin	15.26%	17.19%	16.60%
EBITDA Margin	10.17%	-8.67%	5.24%
Operating Margin	-7.71%	-10.29%	4.94%
EBIT Margin	8.65%	-10.74%	4.38%
Profit (Net Income) Margin	-15.78%	-14.57%	2.56%
Tax Burden Percent	-237.85%	99.19%	94.11%
Interest Burden Percent	76.72%	136.72%	62.09%
Effective Tax Rate	337.85%	0.00%	5.89%
Return on Invested Capital (ROIC)	107.15%	-38.53%	59.33%
ROIC Less NNEP Spread (ROIC-NNEP)	4.37%	-56.11%	46.23%
Return on Net Nonoperating Assets (RNNOA)	-9.02%	101.20%	-90.78%
Return on Equity (ROE)	98.13%	62.66%	-31.45%
Cash Return on Invested Capital (CROIC)	97.25%	-11.18%	44.06%
Operating Return on Assets (OROA)	17.27%	-25.74%	18.18%
Return on Assets (ROA)	-31.51%	-34.91%	10.62%
Return on Common Equity (ROCE)	13.51%	9.13%	-1.77%
Return on Equity Simple (ROE_SIMPLE)	452.99%	549.40%	930.11%
Net Operating Profit after Tax (NOPAT)	84	-28	40
NOPAT Margin	18.34%	-7.20%	4.65%
Net Nonoperating Expense Percent (NNEP)	102.78%	17.58%	13.10%
Return On Investment Capital (ROIC_SIMPLE)	86.79%	-34.99%	34.60%
Cost of Revenue to Revenue	84.74%	82.81%	83.40%
SG&A Expenses to Revenue	12.10%	16.17%	6.52%
R&D to Revenue	4.59%	4.76%	2.29%
Operating Expenses to Revenue	22.97%	27.47%	11.66%
Earnings before Interest and Taxes (EBIT)	40	-42	38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	47	-34	45
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.00	0.00	316.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.35	1.87	0.87
Price to Earnings (P/E)	0.00	0.00	45.26
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	2.21%
Enterprise Value to Invested Capital (EV/IC)	8.71	12.76	11.29
Enterprise Value to Revenue (EV/Rev)	1.56	2.06	0.95
Enterprise Value to EBITDA (EV/EBITDA)	15.38	0.00	18.18
Enterprise Value to EBIT (EV/EBIT)	18.09	0.00	21.75
Enterprise Value to NOPAT (EV/NOPAT)	8.53	0.00	20.47
Enterprise Value to Operating Cash Flow (EV/OCF)	25.40	39.48	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	9.40	0.00	27.56
Leverage & Solvency	-	-	-
Debt to Equity	-2.13	-1.85	-3.51
Long-Term Debt to Equity	-2.02	-1.72	-3.32
Financial Leverage	-2.06	-1.80	-1.96
Leverage Ratio	-3.11	-1.80	-2.96
Compound Leverage Factor	-2.39	-2.45	-1.84
Debt to Total Capital	188.76%	218.22%	139.78%
Short-Term Debt to Total Capital	9.04%	14.84%	7.61%
Long-Term Debt to Total Capital	179.72%	203.38%	132.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-72.27%	-105.33%	-41.83%
Common Equity to Total Capital	-16.49%	-12.89%	2.05%
Debt to EBITDA	3.92	-5.18	3.59
Net Debt to EBITDA	3.61	-4.67	2.63
Long-Term Debt to EBITDA	3.73	-4.83	3.39
Debt to NOPAT	2.17	-6.24	4.04
Net Debt to NOPAT	2.00	-5.62	2.96
Long-Term Debt to NOPAT	2.07	-5.81	3.82
Altman Z-Score	0.98	-1.41	2.80
Noncontrolling Interest Sharing Ratio	86.23%	85.44%	94.37%
Liquidity Ratios	-	-	-
Current Ratio	1.05	0.94	1.43
Quick Ratio	0.97	0.89	1.40
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	76	-8.11	30
Operating Cash Flow to CapEx	28,851.02%	27,713.70%	18,059.84%
Free Cash Flow to Firm to Interest Expense	8.26	-0.53	2.08
Operating Cash Flow to Interest Expense	3.06	1.32	3.20
Operating Cash Flow Less CapEx to Interest Expense	3.05	1.32	3.18
Efficiency Ratios	-	-	-
Asset Turnover	2.00	2.40	4.15
Accounts Receivable Turnover	6.75	6.82	8.79
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	6.72	5.83	8.91
Days Sales Outstanding (DSO)	54.10	53.49	41.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	54.31	62.61	40.96
Cash Conversion Cycle (CCC)	-0.21	-9.11	0.56
Capital & Investment Metrics	-	-	-
Invested Capital	82	63	73
Invested Capital Turnover	5.84	5.35	12.76
Increase / (Decrease) in Invested Capital	7.78	-20	10
Enterprise Value (EV)	718	799	823
Market Capitalization	620	726	753
Book Value per Share	($0.26)	($0.16)	$0.04
Tangible Book Value per Share	($1.55)	($1.29)	($0.98)
Total Capital	97	80	116
Total Debt	183	174	162
Total Long-Term Debt	174	162	154
Net Debt	169	157	119
Capital Expenditures (CapEx)	0.10	0.07	0.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.24	-11	23
Debt-free Net Working Capital (DFNWC)	12	6.71	66
Net Working Capital (NWC)	3.53	-5.15	57
Net Nonoperating Expense (NNE)	157	29	18
Net Nonoperating Obligations (NNO)	169	157	119
Total Depreciation and Amortization (D&A)	6.98	8.06	7.44
Debt-free, Cash-free Net Working Capital to Revenue	-0.49%	-2.72%	2.61%
Debt-free Net Working Capital to Revenue	2.68%	1.73%	7.61%
Net Working Capital to Revenue	0.77%	-1.33%	6.59%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($0.89)	$0.31
Adjusted Weighted Average Basic Shares Outstanding	41.94M	45.57M	53.04M
Adjusted Diluted Earnings per Share	($1.37)	($0.89)	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	41.94M	45.57M	53.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.92M	65.43M	67.03M
Normalized Net Operating Profit after Tax (NOPAT)	-25	-28	40
Normalized NOPAT Margin	-5.40%	-7.20%	4.65%
Pre Tax Income Margin	6.63%	-14.69%	2.72%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	4.29	-2.72	2.64
NOPAT to Interest Expense	9.10	-1.82	2.80
EBIT Less CapEx to Interest Expense	4.28	-2.73	2.62
NOPAT Less CapEx to Interest Expense	9.09	-1.83	2.78
Payout Ratios	-	-	-
Dividend Payout Ratio	-2.95%	-5.04%	5.52%
Augmented Payout Ratio	-9.86%	-5.04%	5.52%

This table displays calculated financial ratios and metrics derived from MediaAlpha's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-41.72%	-23.26%	-21.72%	-18.05%	-16.23%	-5.51%	13.45%	110.30%	247.49%	156.58%
EBITDA Growth	-2,432.47%	2,029.28%	-40.12%	-64.53%	26.41%	-97.67%	147.63%	172.93%	239.52%	622.56%
EBIT Growth	-4,933.33%	1,592.74%	-48.79%	-52.62%	23.61%	-100.22%	121.78%	152.02%	207.60%	6,891.07%
NOPAT Growth	-16,169.23%	320.98%	-21.35%	-54.38%	-39.47%	-87.64%	124.84%	156.06%	247.31%	5,095.17%
Net Income Growth	-396.98%	-612.13%	-48.09%	-53.43%	11.91%	88.38%	89.78%	122.12%	163.58%	321.71%
EPS Growth	-240.00%	-700.00%	-35.29%	-45.45%	14.71%	92.19%	91.30%	121.88%	158.62%	280.00%
Operating Cash Flow Growth	18.98%	-130.44%	51.19%	-67.94%	-109.46%	179.25%	-86.64%	470.91%	673.79%	174.44%
Free Cash Flow Firm Growth	41.28%	75.94%	-316.17%	220.42%	234.30%	483.94%	179.48%	-72.22%	-79.17%	-70.85%
Invested Capital Growth	8.61%	10.41%	1.34%	-43.01%	-32.76%	-24.07%	-6.08%	-6.29%	18.02%	16.52%
Revenue Q/Q Growth	-13.95%	39.31%	-9.98%	-24.06%	-12.03%	57.13%	8.09%	40.76%	45.36%	16.02%
EBITDA Q/Q Growth	-102.68%	558.30%	-111.32%	-56.48%	9.35%	114.53%	131.17%	139.60%	73.41%	-24.77%
EBIT Q/Q Growth	-83.42%	499.86%	-114.25%	-45.98%	8.19%	98.85%	1,517.26%	248.64%	89.88%	-27.62%
NOPAT Q/Q Growth	-1.58%	134.12%	-364.62%	-68.31%	8.23%	103.02%	431.84%	279.88%	141.12%	6.64%
Net Income Q/Q Growth	-63.00%	-33.56%	48.56%	-37.00%	6.42%	82.39%	54.72%	396.45%	168.96%	-38.59%
EPS Q/Q Growth	-54.55%	-88.24%	64.06%	-39.13%	9.38%	82.76%	60.00%	450.00%	142.86%	-47.06%
Operating Cash Flow Q/Q Growth	25.74%	-145.00%	287.96%	-69.86%	-137.09%	477.07%	-68.30%	1,187.78%	-62.72%	80.35%
Free Cash Flow Firm Q/Q Growth	52.58%	64.22%	-45.65%	587.29%	-47.12%	2.30%	-69.85%	70.29%	-60.35%	43.20%
Invested Capital Q/Q Growth	-18.73%	-10.04%	-11.89%	-11.53%	-4.11%	1.60%	8.98%	-11.73%	20.76%	0.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.24%	16.24%	16.45%	16.24%	16.49%	19.02%	18.70%	17.77%	15.14%	16.29%
EBITDA Margin	-19.29%	63.44%	-7.98%	-16.44%	-16.94%	1.57%	3.35%	5.70%	6.80%	4.41%
Operating Margin	-11.88%	-5.27%	-8.55%	-18.96%	-19.78%	0.38%	1.87%	3.64%	6.02%	6.07%
EBIT Margin	-21.54%	61.84%	-9.79%	-18.82%	-19.64%	-0.14%	1.88%	4.66%	6.08%	3.79%
Profit (Net Income) Margin	-23.84%	-22.86%	-13.06%	-23.57%	-25.07%	-2.81%	-1.18%	2.48%	4.59%	2.43%
Tax Burden Percent	97.50%	-38.65%	100.54%	100.76%	100.55%	80.59%	101.84%	97.14%	97.44%	88.86%
Interest Burden Percent	113.52%	95.65%	132.72%	124.28%	126.94%	2,432.14%	-61.49%	54.81%	77.40%	72.01%
Effective Tax Rate	0.00%	138.65%	0.00%	0.00%	0.00%	0.00%	0.00%	2.86%	2.56%	11.14%
Return on Invested Capital (ROIC)	-46.93%	11.90%	-35.52%	-61.39%	-71.36%	1.43%	7.50%	28.23%	59.52%	68.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-55.64%	-8.36%	-40.96%	-66.66%	-76.57%	-0.79%	5.53%	26.96%	57.26%	62.37%
Return on Net Nonoperating Assets (RNNOA)	124.94%	17.25%	81.35%	143.36%	146.39%	1.42%	-9.90%	-46.43%	-105.55%	-122.48%
Return on Equity (ROE)	78.01%	29.16%	45.83%	81.97%	75.03%	2.85%	-2.40%	-18.20%	-46.03%	-53.65%
Cash Return on Invested Capital (CROIC)	-32.51%	97.25%	159.46%	290.42%	283.90%	-11.18%	-21.56%	0.38%	21.64%	44.06%
Operating Return on Assets (OROA)	-41.90%	123.46%	-19.56%	-36.17%	-38.97%	-0.34%	4.95%	13.67%	22.45%	15.76%
Return on Assets (ROA)	-46.38%	-45.64%	-26.10%	-45.30%	-49.74%	-6.73%	-3.10%	7.28%	16.93%	10.09%
Return on Common Equity (ROCE)	7.23%	4.01%	3.46%	6.81%	6.72%	0.41%	-0.44%	-4.29%	-7.11%	-3.02%
Return on Equity Simple (ROE_SIMPLE)	-4,023.18%	0.00%	581.32%	518.65%	502.35%	0.00%	227.93%	78.13%	-137.80%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.40	2.53	-6.68	-11	-10	0.31	1.66	6.31	15	16
NOPAT Margin	-8.32%	2.04%	-5.99%	-13.27%	-13.84%	0.27%	1.31%	3.54%	5.87%	5.39%
Net Nonoperating Expense Percent (NNEP)	8.71%	20.26%	5.44%	5.28%	5.21%	2.21%	1.98%	1.27%	2.26%	6.46%
Return On Investment Capital (ROIC_SIMPLE)	-	2.60%	-	-	-	0.39%	-	-	-	13.96%
Cost of Revenue to Revenue	85.76%	83.76%	83.55%	83.76%	83.51%	80.98%	81.30%	82.23%	84.86%	83.71%
SG&A Expenses to Revenue	12.48%	12.09%	14.11%	21.32%	22.32%	10.47%	8.80%	7.75%	4.55%	6.52%
R&D to Revenue	5.94%	3.96%	4.63%	5.97%	5.76%	3.36%	3.45%	2.83%	2.06%	1.67%
Operating Expenses to Revenue	26.12%	21.51%	25.01%	35.20%	36.27%	18.64%	16.82%	14.13%	9.11%	10.22%
Earnings before Interest and Taxes (EBIT)	-19	77	-11	-16	-15	-0.17	2.38	8.30	16	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	79	-8.91	-14	-13	1.84	4.24	10	18	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	448.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	316.50
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.08	1.35	2.20	1.60	1.35	1.87	3.29	1.75	1.76	0.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	124.78	45.26
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.80%	2.21%
Enterprise Value to Invested Capital (EV/IC)	6.84	8.71	14.16	11.44	9.89	12.76	20.71	15.80	17.63	11.29
Enterprise Value to Revenue (EV/Rev)	1.26	1.56	2.40	1.80	1.54	2.06	3.51	1.92	1.88	0.95
Enterprise Value to EBITDA (EV/EBITDA)	0.00	15.38	23.30	19.02	14.11	0.00	0.00	263.80	37.85	18.18
Enterprise Value to EBIT (EV/EBIT)	0.00	18.09	28.47	24.02	17.34	0.00	0.00	0.00	48.78	21.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	8.53	8.86	3.53	3.25	0.00	0.00	0.00	49.99	20.47
Enterprise Value to Operating Cash Flow (EV/OCF)	11.02	25.40	31.62	30.01	73.80	39.48	151.09	35.02	34.99	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.40	8.94	2.86	2.80	0.00	0.00	4,077.86	88.20	27.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.78	-2.13	-2.04	-1.89	-1.77	-1.85	-1.93	-2.14	-2.76	-3.51
Long-Term Debt to Equity	-2.65	-2.02	-1.94	-1.80	-1.68	-1.72	-1.79	-2.03	-2.61	-3.32
Financial Leverage	-2.25	-2.06	-1.99	-2.15	-1.91	-1.80	-1.79	-1.72	-1.84	-1.96
Leverage Ratio	-3.61	-3.11	-2.93	-2.77	-2.37	-1.80	-1.72	-1.96	-2.32	-2.96
Compound Leverage Factor	-4.10	-2.98	-3.89	-3.44	-3.01	-43.66	1.06	-1.08	-1.79	-2.13
Debt to Total Capital	156.14%	188.76%	196.24%	211.98%	229.77%	218.22%	208.11%	187.72%	156.77%	139.78%
Short-Term Debt to Total Capital	7.19%	9.04%	9.52%	10.42%	11.45%	14.84%	14.35%	9.93%	8.42%	7.61%
Long-Term Debt to Total Capital	148.95%	179.72%	186.72%	201.56%	218.31%	203.38%	193.76%	177.79%	148.35%	132.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-57.12%	-72.27%	-81.84%	-92.74%	-108.62%	-105.33%	-85.05%	-60.27%	-48.80%	-41.83%
Common Equity to Total Capital	0.98%	-16.49%	-14.40%	-19.25%	-21.15%	-12.89%	-23.06%	-27.45%	-7.96%	2.05%
Debt to EBITDA	-5.27	3.92	4.10	4.62	4.09	-5.18	-8.40	46.25	4.86	3.59
Net Debt to EBITDA	-4.44	3.61	3.66	4.10	3.73	-4.67	-7.69	38.30	3.91	2.63
Long-Term Debt to EBITDA	-5.03	3.73	3.90	4.39	3.88	-4.83	-7.82	43.80	4.60	3.39
Debt to NOPAT	-8.91	2.17	1.56	0.86	0.94	-6.24	-8.78	-43.83	6.42	4.04
Net Debt to NOPAT	-7.50	2.00	1.39	0.76	0.86	-5.62	-8.04	-36.30	5.16	2.96
Long-Term Debt to NOPAT	-8.50	2.07	1.48	0.81	0.89	-5.81	-8.17	-41.51	6.08	3.82
Altman Z-Score	0.22	1.69	0.41	-0.87	-1.58	-0.52	1.17	0.92	2.66	2.46
Noncontrolling Interest Sharing Ratio	90.74%	86.23%	92.44%	91.69%	91.05%	85.44%	81.84%	76.43%	84.55%	94.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.05	1.03	0.94	0.85	0.94	0.99	1.10	1.22	1.43
Quick Ratio	1.02	0.97	0.96	0.88	0.80	0.89	0.94	1.07	1.20	1.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	-5.25	-7.65	37	20	20	6.08	10	4.10	5.88
Operating Cash Flow to CapEx	106,028.57%	-133,600.00%	41,853.33%	22,264.71%	-10,800.00%	40,723.08%	4,935.29%	16,622.31%	18,734.88%	30,912.77%
Free Cash Flow to Firm to Interest Expense	-5.66	-1.57	-2.14	9.62	4.99	5.14	1.58	2.76	1.15	1.84
Operating Cash Flow to Interest Expense	5.72	-2.00	3.51	0.98	-0.36	1.35	0.44	5.76	2.26	4.55
Operating Cash Flow Less CapEx to Interest Expense	5.72	-2.00	3.50	0.97	-0.36	1.35	0.43	5.73	2.25	4.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.94	2.00	2.00	1.92	1.98	2.40	2.63	2.94	3.69	4.15
Accounts Receivable Turnover	9.37	6.75	8.21	11.46	11.66	6.82	8.01	8.06	8.52	8.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.74	6.72	7.39	9.67	8.15	5.83	6.63	6.33	7.61	8.91
Days Sales Outstanding (DSO)	38.96	54.10	44.46	31.85	31.31	53.49	45.55	45.30	42.83	41.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.49	54.31	49.40	37.75	44.79	62.61	55.06	57.62	47.97	40.96
Cash Conversion Cycle (CCC)	1.47	-0.21	-4.94	-5.90	-13.48	-9.11	-9.51	-12.32	-5.14	0.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	92	82	73	64	62	63	68	60	73	73
Invested Capital Turnover	5.64	5.84	5.93	4.63	5.15	5.35	5.72	7.98	10.14	12.76
Increase / (Decrease) in Invested Capital	7.27	7.78	0.96	-49	-30	-20	-4.42	-4.04	11	10
Enterprise Value (EV)	627	718	1,028	735	609	799	1,413	952	1,282	823
Market Capitalization	536	620	943	655	532	726	1,326	867	1,201	753
Book Value per Share	$0.02	($0.26)	($0.21)	($0.26)	($0.25)	($0.16)	($0.39)	($0.37)	($0.13)	$0.04
Tangible Book Value per Share	($1.32)	($1.55)	($1.47)	($1.47)	($1.43)	($1.29)	($1.88)	($1.44)	($1.17)	($0.98)
Total Capital	122	97	92	84	77	80	83	89	105	116
Total Debt	190	183	181	179	176	174	172	167	165	162
Total Long-Term Debt	181	174	172	170	168	162	160	158	156	154
Net Debt	160	169	161	159	161	157	158	138	132	119
Capital Expenditures (CapEx)	0.01	0.01	0.03	0.02	0.01	0.01	0.03	0.13	0.04	0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-2.24	-8.66	-15	-16	-11	-3.26	-8.38	5.97	23
Debt-free Net Working Capital (DFNWC)	15	12	11	5.05	-0.44	6.71	11	20	38	66
Net Working Capital (NWC)	6.05	3.53	2.09	-3.74	-9.23	-5.15	-0.66	11	29	57
Net Nonoperating Expense (NNE)	14	31	7.90	8.73	8.37	3.61	3.15	1.89	3.32	8.92
Net Nonoperating Obligations (NNO)	160	169	161	159	161	157	158	138	132	119
Total Depreciation and Amortization (D&A)	2.01	1.99	2.02	2.02	2.02	2.00	1.86	1.86	1.86	1.85
Debt-free, Cash-free Net Working Capital to Revenue	-3.10%	-0.49%	-2.02%	-3.66%	-3.96%	-2.72%	-0.81%	-1.69%	0.88%	2.61%
Debt-free Net Working Capital to Revenue	2.98%	2.68%	2.54%	1.23%	-0.11%	1.73%	2.78%	4.08%	5.62%	7.61%
Net Working Capital to Revenue	1.22%	0.77%	0.49%	-0.91%	-2.34%	-1.33%	-0.16%	2.31%	4.32%	6.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	($0.64)	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09
Adjusted Weighted Average Basic Shares Outstanding	42.21M	41.94M	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M
Adjusted Diluted Earnings per Share	($0.34)	($0.64)	($0.23)	($0.32)	($0.29)	($0.05)	($0.02)	$0.07	$0.17	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	42.21M	41.94M	43.87M	45.16M	46.23M	45.57M	48.57M	53.37M	54.91M	53.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.28M	62.92M	63.53M	64.35M	65.09M	65.43M	65.84M	66.30M	66.66M	67.03M
Normalized Net Operating Profit after Tax (NOPAT)	-7.40	-4.57	-6.68	-11	-10	0.31	1.66	6.31	15	16
Normalized NOPAT Margin	-8.32%	-3.69%	-5.99%	-13.27%	-13.84%	0.27%	1.31%	3.54%	5.87%	5.39%
Pre Tax Income Margin	-24.46%	59.15%	-12.99%	-23.39%	-24.94%	-3.49%	-1.16%	2.55%	4.71%	2.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.40	22.98	-3.06	-4.12	-3.71	-0.04	0.62	2.21	4.43	3.57
NOPAT to Interest Expense	-2.85	0.76	-1.87	-2.90	-2.62	0.08	0.43	1.68	4.27	5.08
EBIT Less CapEx to Interest Expense	-7.40	22.98	-3.06	-4.12	-3.71	-0.05	0.61	2.18	4.41	3.56
NOPAT Less CapEx to Interest Expense	-2.86	0.76	-1.88	-2.91	-2.62	0.08	0.42	1.65	4.26	5.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.23%	-2.95%	-4.03%	-3.38%	-3.82%	-5.04%	-4.28%	-13.49%	20.73%	5.52%
Augmented Payout Ratio	-11.64%	-9.86%	-4.03%	-3.38%	-3.82%	-5.04%	-4.28%	-13.49%	20.73%	5.52%

Frequently Asked Questions About MediaAlpha's Financials

When does MediaAlpha's fiscal year end?

According to the most recent income statement we have on file, MediaAlpha's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MediaAlpha's net income changed over the last 2 years?

MediaAlpha's net income appears to be on a downward trend, with a most recent value of $22.12 million in 2024, falling from -$72.45 million in 2022. The previous period was -$56.56 million in 2023.

What is MediaAlpha's operating income?

MediaAlpha's total operating income in 2024 was $42.73 million, based on the following breakdown:

Total Gross Profit: $143.57 million
Total Operating Expenses: $100.85 million

How has MediaAlpha revenue changed over the last 2 years?

Over the last 2 years, MediaAlpha's total revenue changed from $459.07 million in 2022 to $864.70 million in 2024, a change of 88.4%.

How much debt does MediaAlpha have?

MediaAlpha's total liabilities were at $308.68 million at the end of 2024, a 24.3% increase from 2023, and a 20.5% increase since 2022.

How much cash does MediaAlpha have?

In the past 2 years, MediaAlpha's cash and equivalents has ranged from $14.54 million in 2022 to $43.27 million in 2024, and is currently $43.27 million as of their latest financial filing in 2024.

How has MediaAlpha's book value per share changed over the last 2 years?

Over the last 2 years, MediaAlpha's book value per share changed from -0.26 in 2022 to 0.04 in 2024, a change of -113.9%.

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This page (NYSE:MAX) was last updated on 4/18/2025 by MarketBeat.com Staff

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MediaAlpha (MAX) Financials

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MediaAlpha (MAX) Financials

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