MAX (MediaAlpha, Inc.) Stock Financials & Earnings | Market Cap Arena

MAX (MediaAlpha, Inc.) Stock Financials & Earnings | Market Cap Arena

MAXMediaAlpha, Inc.

Mkt Cap$636M

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

Revenue (TTM)$1.1B

Net Income (TTM)$26M

EPS (TTM)$0.40

Free Cash Flow (TTM)$65M

Gross Margin15.0%

Op. Margin7.0%

Net Margin2.3%

FCF Margin5.9%

P/S Ratio (TTM)0.6x

P/E Ratio (TTM)24.8x

YoY Rev Growth+28.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$112M	$18M	-$10M
Q2 23	$85M	$14M	-$16M
Q3 23	$75M	$12M	-$15M
Q4 23	$117M	$22M	$446K
Q1 24	$127M	$24M	$2M
Q2 24	$178M	$32M	$6M
Q3 24	$259M	$39M	$16M
Q4 24	$301M	$49M	$18M
Q1 25	$264M	$42M	$116K
Q2 25	$252M	$38M	-$20M
Q3 25	$307M	$43M	$20M
Q4 25	$291M	$45M	$78M

Valuation

Quarter	P/S	P/E
Q1 23	1.5x	—
Q2 23	1.6x	—
Q3 23	1.6x	—
Q4 23	1.6x	—
Q1 24	1.6x	—
Q2 24	1.3x	—
Q3 24	0.9x	66.1x
Q4 24	0.7x	38.2x
Q1 25	0.6x	40.3x
Q2 25	0.6x	—
Q3 25	0.6x	—
Q4 25	0.6x	24.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$13M	$13M
Q2 23	$4M	$4M
Q3 23	-$1M	-$1M
Q4 23	$5M	$5M
Q1 24	$2M	$2M
Q2 24	$22M	$21M
Q3 24	$8M	$8M
Q4 24	$15M	$14M
Q1 25	$24M	$24M
Q2 25	$26M	$26M
Q3 25	$24M	$24M
Q4 25	-$7M	-$7M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$30K
Q2 23	$17K
Q3 23	$13K
Q4 23	$13K
Q1 24	$34K
Q2 24	$130K
Q3 24	$443K
Q4 24	$47K
Q1 25	$57K
Q2 25	$175K
Q3 25	$68K
Q4 25	$40K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-21.7%	-19.5%
Q2 23	-18.1%	-11.4%
Q3 23	-16.2%	-10.3%
Q4 23	-5.5%	-10.6%
Q1 24	+13.5%	+2.6%
Q2 24	+110.3%	+70.3%
Q3 24	+247.5%	+172.6%
Q4 24	+156.6%	+141.9%
Q1 25	+108.7%	+112.6%
Q2 25	+41.1%	+58.1%
Q3 25	+18.3%	+17.8%
Q4 25	-3.2%	-24.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$14M	12.8%
Q2 23	$15M	17.9%
Q3 23	$14M	19.4%
Q4 23	$9M	8.0%
Q1 24	$9M	6.8%
Q2 24	$9M	5.2%
Q3 24	$9M	3.3%
Q4 24	$8M	2.5%
Q1 25	$7M	2.7%
Q2 25	$8M	3.2%
Q3 25	$8M	2.5%
Q4 25	$8M	2.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$5M	$15M	$7M
Q2 23	$5M	$17M	$7M
Q3 23	$4M	$17M	$6M
Q4 23	$4M	$8M	$6M
Q1 24	$4M	$10M	$6M
Q2 24	$5M	$13M	$6M
Q3 24	$5M	$12M	$6M
Q4 24	$5M	$9M	$6M
Q1 25	$5M	$11M	$6M
Q2 25	$5M	$12M	$5M
Q3 25	$6M	$13M	$5M
Q4 25	$5M	$12M	$5M

Revenue Segments

Quarter	Health Insurance	Life Insurance	Other	Property And Casualty Insurance
Q1 23	$46M	$7M	$4M	$55M
Q2 23	$36M	$6M	$4M	$39M
Q3 23	$34M	$5M	$3M	$32M
Q4 23	$71M	$6M	$2M	$38M
Q1 24	$47M	$8M	$3M	$69M
Q2 24	$35M	$7M	$3M	$134M
Q3 24	$33M	$5M	$2M	$219M
Q4 24	$59M	$5M	$1M	$235M
Q1 25	$34M	$6M	$2M	$223M
Q2 25	$18M	$5M	$1M	$227M
Q3 25	$13M	$6M	$252K	$288M
Q4 25	$21M	$5M	$199K	$265M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	44M	+2.0%
Q2 23	45M	+2.9%
Q3 23	46M	+2.4%
Q4 23	47M	+1.6%
Q1 24	49M	+3.4%
Q2 24	53M	+9.9%
Q3 24	55M	+2.9%
Q4 24	55M	+0.7%
Q1 25	56M	+0.6%
Q2 25	56M	+0.9%
Q3 25	57M	+0.8%
Q4 25	67M	+18.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	$5M	117
FY 21	$4M	149
FY 22	$3M	156
FY 23	$2M	164
FY 24	$6M	144
FY 25	$8M	147