MAX

MKT CAP:$527M

MediaAlpha, Inc.

Market Cap

$527M

Communication Services·Internet Content & Information·🇺🇸 United States·NYSE

Communication·Internet·🇺🇸·NYSE

Stock Price

$10.06-$1.89 (-15.82%)

Apr 17, 2026

Company Details

MediaAlpha, 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 insu...

CEO

Steven Yi

IPO Date

Oct 28, 2020

Website

www.mediaalpha.com

Key Metrics TTM

Revenue

$686M

+31.8% YoY

Net Income

-$2M

EPS (Diluted)

-$0.04

Free Cash Flow

$52M

Revenue / Share

$12.34

Gross Margin

17.4%

Operating Margin

1.4%

Net Margin

-0.3%

FCF Margin

7.6%

P/S

0.8x

P/E

—

Earnings Reports

Q2 2025

Apr 29, 2026

PENDING

Q1 2025

Apr 30, 2025

$264M+108.7%EPS -$0.04

Q2 2024

Aug 1, 2024

$178MEPS $0.07

Q1 2024

May 2, 2024

$127MEPS -$0.02

Q4 2023

Feb 22, 2024

$117MEPS -$0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$74M	$12M	$5M
Q2 18	$74M	$12M	$5M
Q1 19	$86M	$14M	$2M
Q2 19	$89M	$14M	$7M
Q3 19	$110M	$18M	$10M
Q4 19	$126M	$20M	$12M
Q1 20	$119M	$19M	$11M
Q2 20	$124M	$19M	$12M
Q3 20	$152M	$21M	$8M
Q4 23	$117M	$22M	$446.0K
Q1 24	$127M	$24M	$2M
Q2 24	$178M	$32M	$6M
Q1 25	$264M	$42M	$116.0K

Valuation

Quarter	P/S	P/E
Q1 18	—	—
Q2 18	—	—
Q1 19	—	—
Q2 19	3.5x	81.1x
Q3 19	3.1x	65.8x
Q4 19	2.7x	49.0x
Q1 20	2.5x	35.2x
Q2 20	2.3x	30.3x
Q3 20	2.2x	32.9x
Q4 23	1.1x	25.2x
Q1 24	1.9x	85.0x
Q2 24	1.1x	122.8x
Q1 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$6M	$6M
Q2 18	$6M	$6M
Q1 19	$7M	$7M
Q2 19	$7M	$7M
Q3 19	-$3M	-$3M
Q4 19	$11M	$11M
Q1 20	$7M	$7M
Q2 20	$32M	$32M
Q3 20	$15.0K	-$49.0K
Q4 23	$5M	$5M
Q1 24	$2M	$2M
Q2 24	$22M	$21M
Q1 25	$24M	$24M

Capital Expenditures

Quarter	CapEx
Q1 18	$160.0K
Q2 18	$160.0K
Q1 19	$44.0K
Q2 19	$44.0K
Q3 19	$21.0K
Q4 19	$185.0K
Q1 20	$17.0K
Q2 20	$75.0K
Q3 20	$64.0K
Q4 23	$13.0K
Q1 24	$34.0K
Q2 24	$130.0K
Q1 25	$57.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	+48.7%	+45.1%
Q4 19	+69.9%	+64.3%
Q1 20	+39.3%	+29.3%
Q2 20	+38.7%	+36.9%
Q3 20	+37.3%	+42.1%
Q4 23	-7.1%	+2.4%
Q1 24	+6.0%	+14.1%
Q2 24	+44.2%	+53.5%
Q1 25	+74.4%	+84.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$206.0K	0.3%
Q2 18	$206.0K	0.3%
Q1 19	$1M	1.5%
Q2 19	$1M	1.4%
Q3 19	$520.0K	0.5%
Q4 19	$513.0K	0.4%
Q1 20	$568.0K	0.5%
Q2 20	$588.0K	0.5%
Q3 20	$606.0K	0.4%
Q4 23	$9M	8.0%
Q1 24	$9M	6.8%
Q2 24	$9M	5.2%
Q1 25	$7M	2.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 18	$3M	$2M	$3M
Q2 18	$3M	$2M	$3M
Q1 19	$2M	$7M	$4M
Q2 19	$2M	$3M	$3M
Q3 19	$2M	$3M	$3M
Q4 19	$2M	$3M	$3M
Q1 20	$2M	$3M	$3M
Q2 20	$2M	$3M	$3M
Q3 20	$2M	$8M	$3M
Q4 23	$4M	$8M	$6M
Q1 24	$4M	$10M	$6M
Q2 24	$5M	$13M	$6M
Q1 25	$5M	$11M	$6M

Revenue Segments

Quarter	Health Insurance	Life Insurance	Other	Property And Casualty Insurance
Q3 20	$27M	$7M	$3M	$114M
Q4 23	$71M	$6M	$2M	$38M
Q1 24	$47M	$8M	$3M	$69M
Q2 24	$35M	$7M	$3M	$134M
Q1 25	$34M	$6M	$2M	$223M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$55M	$0	$55M
Q2 22	$35M	$0	$35M
Q3 22	$30M	$0	$30M
Q4 22	$15M	$0	$15M
Q1 23	$20M	$0	$20M
Q2 23	$20M	$0	$20M
Q3 23	$15M	$0	$15M
Q4 23	$17M	$0	$17M
Q1 24	$14M	$0	$14M
Q2 24	$29M	$0	$29M
Q3 24	$32M	$0	$32M
Q4 24	$43M	$0	$43M
Q1 25	$64M	$0	$64M
Q2 25	$85M	$0	$85M
Q3 25	$72M	$0	$72M
Q4 25	$47M	$0	$47M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	59M	—	—
Q2 18	59M	0.0%	—
Q1 19	0	-100.0%	—
Q2 19	0	—	—
Q3 19	32M	—	-44.8%
Q4 19	1M	-96.9%	-98.3%
Q1 20	33M	+3163.3%	—
Q2 20	1M	-96.9%	—
Q3 20	1M	+1.6%	-96.8%
Q4 23	47M	+4462.6%	+4523.2%
Q1 24	49M	+3.4%	+46.4%
Q2 24	53M	+9.9%	+5163.5%
Q1 25	56M	+4.2%	+5301.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	—	—
Q2 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 23	$714.5K	164
Q1 24	$772.3K	164
Q2 24	$1M	164
Q1 25	$2M	144

Revenue / Employee