MediaAlpha, Inc. (MAX) Financial Ratios
8 years of historical data (2018–2025) · Communication Services · Internet Content & Information
EV/EBITDA
↓
8.19
↓-89% vs avg
5yr avg: 74.62
30Y Low11.9·High61.4
P/FCF
↓
8.56
↓-57% vs avg
5yr avg: 20.04
30Y Low13.1·High33.8
P/B Ratio
N/A
—
5yr avg: N/A
ROE
N/A
—
5yr avg: N/A
30Y Low45%·High45%
Debt/EBITDA
↓
1.91
↓-86% vs avg
5yr avg: 13.29
30Y Low0.5·High34.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MAX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MediaAlpha, Inc. trades at 26.0x earnings, 25% below its 5-year average of 34.8x, sitting at the 0th percentile of its historical range. Compared to the Communication Services sector median P/E of 15.3x, the stock trades at a premium of 70%. On a free-cash-flow basis, the stock trades at 8.6x P/FCF, 57% below the 5-year average of 20.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $559M | $865M | $599M | $508M | $417M | $946M | $1.3B | — | — |
| Enterprise Value | $667M | $973M | $718M | $665M | $589M | $1.1B | $1.4B | — | — |
| P/E Ratio → | 25.97 | 33.21 | 36.42 | — | — | — | — | — | — |
| P/S Ratio | 0.50 | 0.78 | 0.69 | 1.31 | 0.91 | 1.47 | 2.15 | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | 8.56 | 13.25 | 13.13 | 25.21 | 14.81 | 33.81 | 24.56 | — | — |
| P/OCF | 8.52 | 13.18 | 13.06 | 25.12 | 14.76 | 33.05 | 24.42 | — | — |
P/E links to full P/E history page with 30-year chart
MAX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MediaAlpha, Inc.'s enterprise value stands at 8.2x EBITDA, 89% below its 5-year average of 74.6x. The Communication Services sector median is 9.6x, placing the stock at a 15% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.87 | 0.83 | 1.71 | 1.28 | 1.68 | 2.42 | — | — |
| EV / EBITDA | 8.19 | 11.95 | 14.53 | — | — | 197.38 | 61.44 | — | — |
| EV / EBIT | 8.53 | — | 13.34 | — | — | 505.35 | 72.41 | — | — |
| EV / FCF | — | 14.91 | 15.74 | 33.00 | 20.91 | 38.83 | 27.68 | — | — |
MAX Profitability
Margins and return-on-capital ratios measuring operating efficiency
MediaAlpha, Inc. earns an operating margin of 7.0%, above the Communication Services sector average of 1.6%. Operating margins have expanded from -10.3% to 7.0% over the past 3 years, signaling improving operational efficiency. ROIC of 77.1% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.8% | 14.8% | 16.6% | 17.2% | 15.3% | 15.7% | 14.6% | 16.0% | 16.6% |
| Operating Margin | 7.0% | 7.0% | 4.9% | -10.3% | -7.7% | 0.3% | 3.3% | 6.1% | 6.5% |
| Net Profit Margin | 2.3% | 2.3% | 1.9% | -10.4% | -12.6% | -0.8% | 2.5% | 4.4% | 6.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | 44.8% |
| ROA | 7.9% | 7.9% | 8.0% | -25.0% | -25.1% | -2.1% | 9.4% | 18.5% | 20.7% |
| ROIC | 77.1% | 77.1% | 47.3% | -40.4% | -32.3% | 2.4% | 105.0% | 162.1% | — |
| ROCE | 42.8% | 42.8% | 41.9% | -47.7% | -23.7% | 1.4% | 24.4% | 44.6% | 35.8% |
MAX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MediaAlpha, Inc. carries a Debt/EBITDA ratio of 1.9x, which is manageable (47% below the sector average of 3.6x). Net debt stands at $108M ($155M total debt minus $47M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 0.35 |
| Debt / EBITDA | 1.91 | 1.91 | 3.29 | — | — | 34.67 | 7.93 | 3.20 | 0.46 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | 0.21 |
| Net Debt / EBITDA | 1.33 | 1.33 | 2.41 | — | — | 25.48 | 6.91 | 2.87 | 0.27 |
| Debt / FCF | — | 1.66 | 2.61 | 7.79 | 6.10 | 5.01 | 3.11 | 4.01 | 0.39 |
| Interest Coverage | -8.88 | -8.88 | 3.75 | -2.33 | -3.83 | 0.27 | 2.46 | 3.54 | 16.18 |
MAX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.18x means MediaAlpha, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.94x to 1.18x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Quick Ratio | 1.18 | 1.18 | 1.43 | 0.94 | 1.05 | 1.63 | 1.19 | 1.41 | 1.32 |
| Cash Ratio | 0.32 | 0.32 | 0.33 | 0.22 | 0.19 | 0.60 | 0.22 | 0.21 | 0.17 |
| Asset Turnover | — | 2.90 | 3.29 | 2.52 | 2.70 | 2.23 | 2.78 | 3.87 | 3.40 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 40.32 | 60.33 | 50.57 | 47.70 | 43.04 | 60.10 | 50.11 | 45.67 |
MAX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MediaAlpha, Inc. returns 8.5% to shareholders annually primarily through share buybacks. The earnings yield of 3.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.2% | 0.6% | 0.5% | 0.0% | 10.5% | — | — |
| Payout Ratio | — | — | 7.3% | — | — | — | 888.0% | 536.7% | 87.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 3.0% | 2.7% | — | — | — | — | — | — |
| FCF Yield | 11.7% | 7.5% | 7.6% | 4.0% | 6.8% | 3.0% | 4.1% | — | — |
| Buyback Yield | 8.5% | 5.5% | 1.1% | 0.0% | 1.2% | 0.0% | 6.8% | — | — |
| Total Shareholder Yield | 8.5% | 5.5% | 1.3% | 0.6% | 1.7% | 0.0% | 17.3% | — | — |
| Shares Outstanding | — | $67M | $53M | $46M | $42M | $61M | $32M | $1M | $33M |
Peer Comparison
Compare MAX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MAXYou | $559M | 26.0 | 8.2 | 8.6 | 14.8% | 7.0% | — | 77.1% | 1.9 |
 QNST | $750M | 161.8 | 21.5 | 9.0 | 10.1% | 0.6% | 2.0% | 2.8% | 0.3 |
 RAMP | $2B | 16.8 | 18.8 | 13.5 | 70.7% | 10.9% | 15.2% | 11.1% | 0.3 |
 ACMR | $7B | 80.2 | 54.2 | — | 44.4% | 12.1% | 6.2% | 7.0% | 2.4 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 GOOG | $4.4T | 34.0 | 29.8 | 60.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 META | $1.5T | 24.6 | 14.8 | 31.7 | 82.0% | 41.4% | 30.2% | 27.6% | 0.8 |
 TTD | $9B | 20.3 | 12.0 | 10.9 | 78.6% | 20.3% | 16.3% | 21.3% | 0.6 |
 MGNI | $3B | 18.8 | 15.1 | 15.5 | 62.7% | 13.7% | 17.1% | 9.5% | 1.8 |
 PERI | $351M | -44.8 | 73.9 | 9.2 | 30.5% | -3.1% | -1.1% | -1.7% | 10.3 |
 DV | $2B | 34.4 | 10.5 | 9.2 | 82.2% | 10.6% | 4.6% | 6.4% | 0.7 |
| Communication Services Median | — | 15.3 | 9.6 | 11.4 | 48.5% | 1.6% | 2.0% | 2.6% | 3.6 |
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Download Financial Ratios Data
Includes 30+ ratios · 8 years · Updated daily
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MAX — Frequently Asked Questions
Quick answers to the most common questions about buying MAX stock.
What is MediaAlpha, Inc.'s P/E ratio?
MediaAlpha, Inc.'s current P/E ratio is 26.0x. The historical average is 34.8x.
What is MediaAlpha, Inc.'s EV/EBITDA?
MediaAlpha, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.3x.
Is MAX stock overvalued?
Based on historical data, MediaAlpha, Inc. is trading at a P/E of 26.0x. Compare with industry peers and growth rates for a complete picture.
What are MediaAlpha, Inc.'s profit margins?
MediaAlpha, Inc. has 14.8% gross margin and 7.0% operating margin.
How much debt does MediaAlpha, Inc. have?
MediaAlpha, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.