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MediaAlpha, Inc. (MAX) 10-Year Financial Performance & Capital Metrics

MAX • • Industrial / General
Communication ServicesInternet ServicesSpecialized Digital ServicesInsurance & Financial Services
AboutMediaAlpha, Inc., through its subsidiaries, operates an insurance customer acquisition platform in the United States. It optimizes customer acquisition in various verticals of property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California. MediaAlpha, Inc. is a subsidiary of White Mountains Insurance Group, Ltd.Show more
  • Revenue $865M +122.8%
  • EBITDA $49M +251.3%
  • Net Income $17M +141.1%
  • EPS (Diluted) 0.31 +134.8%
  • Gross Margin 16.6% -3.4%
  • EBITDA Margin 5.71% +167.9%
  • Operating Margin 4.94% +148.0%
  • Net Margin 1.92% +118.5%
  • ROE -
  • ROIC 47.28% +217.1%
  • Debt/Equity -
  • Interest Coverage 2.98 +214.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 16.2%
  • ✓Efficient asset utilization: 3.3x turnover

✗Weaknesses

  • ✗Shares diluted 16.4% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y16.21%
3Y10.25%
TTM64.86%

Profit (Net Income) CAGR

10Y-
5Y-1.37%
3Y-
TTM-111.88%

EPS CAGR

10Y-
5Y-10.51%
3Y-
TTM-112.83%

ROCE

10Y Avg10.96%
5Y Avg-0.74%
3Y Avg-9.81%
Latest41.95%

Peer Comparison

Insurance & Financial Services
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Valuation
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MAXMediaAlpha, Inc.535.32M11.5837.35122.78%-0.1%8.52%
EVEREverQuote, Inc.813.32M25.1428.5773.72%8.36%30.79%7.68%0.03
ATHMAutohome Inc.2.75B23.241.75-2.01%23.62%6.31%44.8%0.00
JFINJiayin Group Inc.184.85M7.010.356.11%26.17%39.74%100%0.02
CCGCheche Group Inc.53.99M0.83-1.175.2%-1%-9.35%0.10
MNYMoneyHero Limited Class A Ordinary Shares37.5M1.25-1.39-1.44%-22.13%-35.56%0.02

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+296.91M408M584.81M645.27M459.07M388.15M864.7M
Revenue Growth %-0.37%0.43%0.1%-0.29%-0.15%1.23%
Cost of Goods Sold+247.67M342.91M499.43M543.75M389.01M321.44M721.13M
COGS % of Revenue0.83%0.84%0.85%0.84%0.85%0.83%0.83%
Gross Profit+49.24M65.1M85.38M101.52M70.06M66.71M143.57M
Gross Margin %0.17%0.16%0.15%0.16%0.15%0.17%0.17%
Gross Profit Growth %-0.32%0.31%0.19%-0.31%-0.05%1.15%
Operating Expenses+29.92M40.26M65.84M99.38M105.45M106.64M100.85M
OpEx % of Revenue0.1%0.1%0.11%0.15%0.23%0.27%0.12%
Selling, General & Admin19.58M33.21M53.4M84.18M84.37M83.88M69.99M
SG&A % of Revenue0.07%0.08%0.09%0.13%0.18%0.22%0.08%
Research & Development10.34M7.04M12.45M15.2M21.08M18.46M19.76M
R&D % of Revenue0.03%0.02%0.02%0.02%0.05%0.05%0.02%
Other Operating Expenses000004.3M11.09M
Operating Income+19.32M24.84M19.54M2.15M-35.39M-39.92M42.73M
Operating Margin %0.07%0.06%0.03%0%-0.08%-0.1%0.05%
Operating Income Growth %-0.29%-0.21%-0.89%-17.47%-0.13%2.07%
EBITDA+31.27M30.49M23.02M5.5M-29.24M-32.65M49.41M
EBITDA Margin %0.11%0.07%0.04%0.01%-0.06%-0.08%0.06%
EBITDA Growth %--0.02%-0.24%-0.76%-6.31%-0.12%2.51%
D&A (Non-Cash Add-back)11.96M5.65M3.49M3.35M6.15M7.27M6.68M
EBIT19.32M24.84M19.54M2.15M-35.39M-35.62M53.82M
Net Interest Income+-1.19M-7.02M-7.94M-7.83M-9.24M-15.31M-14.35M
Interest Income0000000
Interest Expense1.19M7.02M7.94M7.83M9.24M15.31M14.35M
Other Income/Expense-1.19M-7.02M-10.24M-11.67M65.85M-17.09M-19.22M
Pretax Income+18.13M17.82M9.29M-9.52M30.46M-57.02M23.5M
Pretax Margin %0.06%0.04%0.02%-0.01%0.07%-0.15%0.03%
Income Tax+00-1.27M-1.05M102.91M-463K1.38M
Effective Tax Rate %1%1%1.59%0.55%-1.89%0.71%0.71%
Net Income+18.13M17.82M14.8M-5.28M-57.67M-40.42M16.63M
Net Margin %0.06%0.04%0.03%-0.01%-0.13%-0.1%0.02%
Net Income Growth %--0.02%-0.17%-1.36%-9.93%0.3%1.41%
Net Income (Continuing)18.13M17.82M10.56M-8.47M-72.45M-56.55M22.12M
Discontinued Operations0000000
Minority Interest00-71.34M-57.23M-70.09M-84.13M-48.61M
EPS (Diluted)+0.550.54-0.14-0.19-1.37-0.890.31
EPS Growth %--0.02%-1.26%-0.36%-6.21%0.35%1.35%
EPS (Basic)0.550.54-0.13-0.14-1.37-0.890.31
Diluted Shares Outstanding33.17M1.02M32.13M61.26M41.94M45.57M53.04M
Basic Shares Outstanding33.17M1.02M105.71M28.41M41.94M45.42M53.64M
Dividend Payout Ratio0.88%5.37%8.88%---0.07%

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+44.1M67.49M127.8M137.11M80.42M74.57M189.91M
Cash & Short-Term Investments5.66M10.03M23.55M50.56M14.54M17.27M43.27M
Cash Only5.66M10.03M23.55M50.56M14.54M17.27M43.27M
Short-Term Investments0000000
Accounts Receivable37.15M56.01M96.3M76.09M60M53.77M142.93M
Days Sales Outstanding45.6750.1160.143.0447.750.5760.33
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets0000003.71M
Total Non-Current Assets+43.27M37.91M82.54M152.7M89.66M79.35M72.54M
Property, Plant & Equipment881K755K762K3.51M2.76M00
Fixed Asset Turnover337.01x540.40x767.47x183.63x166.27x--
Goodwill18.4M18.4M18.4M18.4M47.74M47.74M47.74M
Intangible Assets23.98M18.75M15.55M12.57M32.93M26.02M19.98M
Long-Term Investments00010M1.4M00
Other Non-Current Assets0016.21M108.22M4.83M5.6M4.81M
Total Assets+87.37M105.4M210.34M289.8M170.08M153.93M262.45M
Asset Turnover3.40x3.87x2.78x2.23x2.70x2.52x3.29x
Asset Growth %-0.21%1%0.38%-0.41%-0.09%0.71%
Total Current Liabilities+33.46M47.91M107.45M84.22M76.89M79.72M132.95M
Accounts Payable27.01M40.45M98.25M61.77M53.99M56.28M105.56M
Days Payables Outstanding39.8143.0671.841.4650.6663.9153.43
Short-Term Debt1.19M873K08.73M8.77M11.85M8.85M
Deferred Revenue (Current)0000000
Other Current Liabilities1.41M00000994K
Current Ratio1.32x1.41x1.19x1.63x1.05x0.94x1.43x
Quick Ratio1.32x1.41x1.19x1.63x1.05x0.94x1.43x
Cash Conversion Cycle-------
Total Non-Current Liabilities+13.43M171.08M208M267.15M179.27M168.63M175.72M
Long-Term Debt13.06M96.67M182.67M178.07M174.3M162.44M153.6M
Capital Lease Obligations0003.22M2.43M00
Deferred Tax Liabilities0022.5M0000
Other Non-Current Liabilities369K74.42M2.83M85.87M2.54M6.18M22.13M
Total Liabilities46.89M218.99M315.45M351.37M256.17M248.35M308.68M
Total Debt+14.25M97.54M182.67M190.78M186.29M174.3M162.44M
Net Debt8.59M87.51M159.11M140.22M171.75M157.03M119.18M
Debt / Equity0.35x------
Debt / EBITDA0.46x3.20x7.93x34.67x--3.29x
Net Debt / EBITDA0.27x2.87x6.91x25.48x--2.41x
Interest Coverage16.18x3.54x2.46x0.27x-3.83x-2.61x2.98x
Total Equity+40.48M-113.6M-105.12M-61.57M-86.08M-94.42M-46.23M
Equity Growth %--3.81%0.07%0.41%-0.4%-0.1%0.51%
Book Value per Share1.22-111.76-3.27-1.01-2.05-2.07-0.87
Total Shareholders' Equity40.48M-113.6M-33.77M-4.34M-15.99M-10.29M2.38M
Common Stock75.95M79.55M589K606K626K655K671K
Retained Earnings-35.47M-193.14M-418.97M-424.48M-482.14M-522.56M-505.93M
Treasury Stock0000000
Accumulated OCI-513K000000
Minority Interest00-71.34M-57.23M-70.09M-84.13M-48.61M

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+22.65M22.14M51.41M28.62M28.27M20.23M45.87M
Operating CF Margin %0.08%0.05%0.09%0.04%0.06%0.05%0.05%
Operating CF Growth %--0.02%1.32%-0.44%-0.01%-0.28%1.27%
Net Income18.13M17.82M10.56M-8.47M-72.45M-56.55M22.12M
Depreciation & Amortization11.96M5.65M3.49M3.35M6.15M7.27M6.68M
Stock-Based Compensation824K2.31M24.75M45.71M58.47M53.32M34.08M
Deferred Taxes533K0-545K919K102.66M00
Other Non-Cash Items15K1.02M4.17M2.83M-80.52M2.9M9.06M
Working Capital Changes-8.8M-4.66M8.99M-15.72M13.97M13.29M-26.07M
Change in Receivables-5.16M-19.22M-40.81M20.06M17.34M6.22M-89.66M
Change in Inventory1.53M000000
Change in Payables-5.37M13.44M57.79M-36.48M-7.8M2.29M49.28M
Cash from Investing+-640K-294K-10.3M-650K-49.77M-73K-654K
Capital Expenditures-640K-146K-296K-650K-98K-73K-254K
CapEx % of Revenue0%0%0%0%0%0%0%
Acquisitions-------
Investments-------
Other Investing-10K-148K0000-400K
Cash from Financing+-25.45M-17.48M-27.59M-961K-14.52M-17.43M-19.22M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid-15.88M-95.64M-131.42M-338K-2.13M-2.85M-1.22M
Share Repurchases-------
Other Financing060.5M-20.93M-4.25M-2.88M-5.08M854K
Net Change in Cash-------
Free Cash Flow+22.01M21.85M51.11M27.97M28.18M20.16M45.62M
FCF Margin %0.07%0.05%0.09%0.04%0.06%0.05%0.05%
FCF Growth %--0.01%1.34%-0.45%0.01%-0.28%1.26%
FCF per Share0.6621.501.590.460.670.440.86
FCF Conversion (FCF/Net Income)1.25x1.24x3.47x-5.43x-0.49x-0.50x2.76x
Interest Paid06.4M6.04M5.6M7.07M13.77M13.94M
Taxes Paid000307K00228K

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)44.78%------
Return on Invested Capital (ROIC)-162.14%104.99%2.43%-32.31%-40.39%47.28%
Gross Margin16.58%15.95%14.6%15.73%15.26%17.19%16.6%
Net Margin6.1%4.37%2.53%-0.82%-12.56%-10.41%1.92%
Debt / Equity0.35x------
Interest Coverage16.18x3.54x2.46x0.27x-3.83x-2.61x2.98x
FCF Conversion1.25x1.24x3.47x-5.43x-0.49x-0.50x2.76x
Revenue Growth-37.42%43.34%10.34%-28.86%-15.45%122.78%

Revenue by Segment

20202021202220232024
Property And Casualty Insurance397.71M417.71M224.37M164.23M658.2M
Property And Casualty Insurance Growth-5.03%-46.29%-26.80%300.77%
Health Insurance139.8M176.46M187.39M186.28M173.53M
Health Insurance Growth-26.23%6.20%-0.60%-6.84%
Life Insurance30.31M28.59M26.71M24.29M24.37M
Life Insurance Growth--5.70%-6.56%-9.07%0.36%
Other17M22.51M20.6M13.35M8.6M
Other Growth-32.47%-8.49%-35.19%-35.58%

Frequently Asked Questions

Valuation & Price

MediaAlpha, Inc. (MAX) has a price-to-earnings (P/E) ratio of 37.4x. This suggests investors expect higher future growth.

Growth & Financials

MediaAlpha, Inc. (MAX) reported $1.12B in revenue for fiscal year 2024. This represents a 278% increase from $296.9M in 2018.

MediaAlpha, Inc. (MAX) grew revenue by 122.8% over the past year. This is strong growth.

MediaAlpha, Inc. (MAX) reported a net loss of $1.1M for fiscal year 2024.

Dividend & Returns

Yes, MediaAlpha, Inc. (MAX) pays a dividend with a yield of 0.20%. This makes it attractive for income-focused investors.

MediaAlpha, Inc. (MAX) generated $87.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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