olivLaw · US equity research
MediaAlpha, Inc. MAX
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
MediaAlpha is a technology platform for customer acquisition in insurance, connecting insurance carriers with consumers who are actively shopping. The company reported revenue of 316.9 million dollars for the second quarter of 2026, and the topic matters because P&C carrier advertising has recovered strongly, which could support growth if the trend continues.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, MediaAlpha, Inc. (MAX) stock was 14.45 USD (−3.99% on the day), with market capitalisation 0 USD, P/E 8.0 on diluted EPS of 1.80 USD over the last 12 months, beta 0.75, 52-week range 7.17–15.15 USD. Latest reported quarter (Q3 2026): revenue of 375.9 m USD (+22.7% YoY), net income of 25.8 m USD (+72.8% YoY), diluted EPS 0.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.4
- strong (55–70)
- Bollinger (20, 2)
- 9.02 – 15.69
- in the upper half of the band · %B 0.81 · band width 54.0%
- SMA 50 / 200
- 11.44 / 10.69
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.07 / 0.72
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +49.3% | −1.1% | +50.4 pp | — |
| 3 months | +17.1% | −0.5% | +17.6 pp | — |
| 6 months | +55.7% | +4.4% | +51.3 pp | — |
| Year to date | +11.6% | +12.3% | −0.7 pp | — |
| 1 year | +7.0% | +13.5% | −6.5 pp | −14.6% |
| 3 years | +66.9% | +76.4% | −9.6 pp | −8.8% |
| 5 years | −12.2% | +63.7% | −75.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300.6 m | 264.3 m | 251.6 m | 306.5 m | 291.2 m | 310.0 m | 316.9 m | 375.9 m |
| Cost of revenue | 251.7 m | 222.7 m | 213.9 m | 263.1 m | 246.3 m | 263.3 m | 271.7 m | 320.6 m |
| Research & development | 5.0 m | 4.9 m | 5.4 m | 5.8 m | 5.3 m | 5.5 m | 6.0 m | 6.2 m |
| Operating income | 18.3 m | 116.0 k | -20.0 m | 19.7 m | 22.3 m | 22.4 m | 20.0 m | 28.8 m |
| Interest expense | 3.2 m | 3.0 m | 2.9 m | 2.8 m | 2.6 m | 2.4 m | 2.8 m | 2.8 m |
| Pre-tax income | 8.2 m | -2.4 m | -22.2 m | 17.7 m | -104.2 m | 20.5 m | 55.1 m | 37.2 m |
| Income tax | 915.0 k | -49.0 k | 316.0 k | 54.0 k | -138.1 m | 6.5 m | 13.3 m | 7.8 m |
| Net income | 4.6 m | -1.9 m | -18.7 m | 14.9 m | 31.4 m | 11.5 m | 39.4 m | 25.8 m |
| Diluted EPS | 0.33 ≈ | -0.04 | -0.33 | 0.26 | 0.48 ≈ | 0.21 | 0.65 | 0.46 |
| Operating cash flow | 14.5 m | 23.7 m | 25.7 m ≈ | 23.6 m ≈ | -7.4 m | -1.6 m | 42.6 m ≈ | 21.6 m ≈ |
| Capex | 47.0 k | 57.0 k | 175.0 k ≈ | 68.0 k ≈ | 40.0 k | 42.0 k | 774.0 k ≈ | 128.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 22 percentile of its own 9-quarter history (min 5.3, median 20.6, max 106.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 296.9 m | 408.0 m | 584.8 m | 645.3 m | 459.1 m | 388.1 m | 864.7 m | 1.1 bn |
| Revenue YoY | unavailable | +37.4% | +43.3% | +10.3% | −28.9% | −15.4% | +122.8% | +28.8% |
| Net income | 18.1 m | 17.8 m | -4.4 m | -5.3 m | -57.7 m | -40.4 m | 16.6 m | 25.6 m |
| Net income YoY | unavailable | −1.7% | −124.5% | unavailable | unavailable | unavailable | unavailable | +54.1% |
| Diluted EPS | unavailable | unavailable | -0.14 | -0.19 | -1.37 | -0.89 | 0.31 | 0.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +25.8% |
| net % | 6.1% | 4.4% | -0.7% | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% |
| Free cash flow | 22.0 m | 22.0 m | 51.1 m | 28.0 m | 28.2 m | 20.2 m | 45.6 m | 65.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 46.9 m USD
- Financial debt
- 153.4 m USD
- Net debt
- 106.5 m USD
- Equity
- -29.2 m USD
- Total assets
- 383.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- unavailable
- ROA
- 7.9%
- FCF margin
- 5.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 584.8 m | 645.3 m | 459.1 m | 388.1 m | 864.7 m | 1.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 499.4 m | 543.8 m | 389.0 m | 321.4 m | 721.1 m | 946.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 85.4 m ≈ | 101.5 m ≈ | 70.1 m ≈ | 66.7 m ≈ | 143.6 m ≈ | 167.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 12.4 m | 15.2 m | 21.1 m | 18.5 m | 19.8 m | 21.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 19.5 m | 2.1 m | -35.4 m | -39.9 m | 42.7 m | 22.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 300.0 k | — | — | — | — | — | SEC (XBRL)· 15 Mar 2021verified |
| EBITDA | 19.8 m ≈ | — | — | — | — | — | SEC (XBRL)· 15 Mar 2021derived |
| Interest expense | 7.9 m | 7.8 m | 9.2 m | 15.3 m | 14.4 m | 11.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 9.3 m | -9.5 m | 30.5 m | -57.0 m | 23.5 m | -111.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | -1.3 m | -1.0 m | 102.9 m | -463.0 k | 1.4 m | -137.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -4.4 m | -5.3 m | -57.7 m | -40.4 m | 16.6 m | 25.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -0.14 | -0.19 | -1.37 | -0.89 | 0.31 | 0.39 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 32.1 m | 61.3 m | 41.9 m | 45.6 m | 53.0 m | 66.8 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 23.6 m | 50.6 m | 14.5 m | 17.3 m | 43.3 m | 46.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 96.3 m | 76.1 m | 60.0 m | 53.8 m | 142.9 m | 123.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 127.8 m | 137.1 m | 80.4 m | 74.6 m | 189.9 m | 174.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 762.0 k | — | — | — | — | — | SEC (XBRL)· 15 Mar 2021verified |
| Goodwill | 18.4 m | 18.4 m | 47.7 m | 47.7 m | 47.7 m | 47.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 15.6 m | 12.6 m | 32.9 m | 26.0 m | 20.0 m | 3.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 210.3 m | 289.8 m | 170.1 m | 153.9 m | 262.4 m | 383.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 98.2 m | 61.8 m | 54.0 m | 56.3 m | 105.6 m | 91.1 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 0 | 8.7 m | 8.8 m | 11.9 m | 8.8 m | 21.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 182.7 m | 178.1 m | 174.3 m | 162.4 m | 153.6 m | 131.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 107.5 m | 84.2 m | 76.9 m | 79.7 m | 133.0 m | 147.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 315.5 m | 351.4 m | 256.2 m | 248.4 m | 308.7 m | 413.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Equity | -105.1 m | -61.6 m | -86.1 m | -94.4 m | -46.2 m | -29.2 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 51.4 m | 28.6 m | 28.3 m | 20.2 m | 45.9 m | 65.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 296.0 k | 650.0 k | 98.0 k | 73.0 k | 254.0 k | 340.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 51.1 m ≈ | 28.0 m ≈ | 28.2 m ≈ | 20.2 m ≈ | 45.6 m ≈ | 65.3 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -10.3 m | -650.0 k | -49.8 m | -73.0 k | -654.0 k | -340.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -27.6 m | -961.0 k | -14.5 m | -17.4 m | -19.2 m | -61.6 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.84 – 69.21 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · insufficient data
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E35.84 – 69.21 (Mid 49.01)19 companies used · median multiple 27.2x · quartiles 19.9x – 38.4xACN, AMTM, BR, CPAY, EBAY, FICO, FIS, GRAB, IMXI, MA, MELI, MSCI, OPRX, PAYO, PDD, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 69.2% | 95 (vs peers) | 20% |
| Net margin · Quality | 8.4% | 61 (vs peers) | 12% |
| FCF conversion · Quality | 50.2% | 29 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 34.4% | 100 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.8x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 8.0x | 90 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet77/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial90/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MediaAlpha, Inc. (MAX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth 28.8%; net margin 8.4%; ROE 1,001.9%.
The estimated value range is 35.84–69.21 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 49.01 USD, the price of 14.45 USD leaves a potential of 239.2% (value / price − 1) and a margin of safety of 70.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 69.2%
- Revenue CAGR 3Y: 34.4%
- Interest coverage: 8.8x
- P/E (TTM): 8.0x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 50.2%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PDDPDD Holdings Inc. | 478.0 bn | 35.6 | 27.4% | 22.7% | +14.5% | −28% / −43% |
| BABAAlibaba Group Holding Ltd | 200.8 bn | 135.1 | 10.3% | 10.1% | +8.1% | −31% / +44% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| AMTMAmentum Holdings, Inc. | 5.2 bn | 25.7 | 4.5% | 1.4% | +71.6% | −25% / unavailable |
| XMTRXometry, Inc. | 5.0 bn | — | -3.9% | -2.0% | +25.9% | +86% / +345% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.2 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| AHGAkso Health Group | 2.1 bn | 129.5 | -9.8% | -135.0% | −6.4% | −13% / +52% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| ADVAdvantage Solutions Inc. | 410.7 m | — | -59.0% | -8.9% | −0.7% | +35% / −53% |
| IMXIInternational Money Express, Inc. | 220.5 m | 11.7 | 11.9% | 3.4% | −7.7% | −52% / −65% |
| AMWLAmerican Well Corporation | 207.5 m | — | -24.5% | -27.0% | −2.0% | +186% / −52% |
| OPRXOptimizeRx Corporation | 163.3 m | 36.9 | 3.7% | 4.7% | +18.8% | −43% / −9% |
| RGPResources Connection, Inc. | 91.3 m | — | -25.1% | -10.7% | −18.0% | −46% / −81% |
1- and 3-year price returns: for MAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
MediaAlpha is a technology platform for customer acquisition in insurance, connecting insurance carriers with consumers who are actively shopping. The company reported revenue of 316.9 million dollars for the second quarter of 2026, and the topic matters because P&C carrier advertising has recovered strongly, which could support growth if the trend continues.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on partnershigh
Most partners can stop using the platform at any time without minimum commitments, which could cut volume quickly 1.
- Customer concentrationhigh
A small number of Demand Partners generate a large share of revenue, and losing one could significantly affect results 1.
- Cyclicality of the insurance industryhigh
Shifts in the P&C cycle can change acquisition budgets quickly, and the duration of these cycles is hard to predict 1.
- FTC matter and under-65 restrictionsmedium
The consent order has weighed on the health segment and could continue to do so 1.
- Pressure on platform feesmedium
Negotiations on fees or the move of transactions to private marketplaces could compress margins 1.
Investment thesis
What would need to be true (bull case)
- If insurer advertising spending keeps rising, the platform could benefit from higher transaction volume and revenue growth 12.
- Digitisation and carriers' drive to optimise customer acquisition support demand for the company's tools 1.
- Guidance for the third quarter of 2026 points to higher revenue and contribution, which could confirm the positive trend 3.
What would break the thesis
- If the insurance market enters a hard phase, carrier budgets could fall quickly, affecting revenue 1.
- Concentration in a few large partners and contracts without commitments could make revenue vulnerable to sudden changes 1.
- Restrictions in the health segment and tariff effects could continue to weigh on margins 12.
What to watch
- Actual results against revenue and contribution guidanceQ3 2026
- Development of P&C carrier advertising spending2026
- Impact of tariffs on carrier loss ratios2026
- Delivery of free cash flow and the share repurchase programmenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
MediaAlpha helps insurance carriers and distributors acquire customers more efficiently, using technology and data science. Its platform brings together Demand Partners, meaning insurers and agents who buy customers, and Supply Partners, meaning insurers or research sites that make high-intent consumers available. The company earns a fee for each Consumer Referral sold, typically on a click, call or lead, regardless of whether a policy is later sold. In 2025 the company reported 2.2 billion dollars of Transaction Value and 1.1 billion dollars of revenue 1, and in the first half of 2026 it continued to expand its partner base 2.
The business model is designed to be capital efficient with high operating leverage. The company funded growth mainly from internally generated cash flow, and capital expenditure is minimal 1. Revenue is tied to each consumer sent, so the platform depends on volume and data quality.
The platform relies on deep partner integrations and predictive algorithms that estimate the lifetime value of each consumer. This lets insurers adjust what they pay for each consumer based on the segment targeted.
Segments
Property and casualty insurance
This is the dominant segment and generates most of the revenue, especially from auto insurance. Growth is supported by the recovery of underwriting profitability and the shift of carriers toward direct distribution.
Health insurance
The health segment focuses on Medicare Advantage after the company scaled back under-65 health. It has been hit by the FTC Consent Order requirements and by pressure from carrier loss ratios.
Market context
The US insurance market is large and stable, with premiums written exceeding 3 trillion dollars in 2024 1. P&C carrier advertising spend could reach about 14 billion dollars in 2026 1, while digital shares of advertising budgets among leading insurers remain below 40 percent 1.
The market is cyclical: hard market periods reduce carrier customer acquisition spending, while soft periods increase it. More consumers buying insurance online supports demand for digital channels.
Trends
- Recovery of insurer profitabilitytailwind
Improved underwriting profitability has led carriers to increase customer acquisition budgets, which supported transaction volume 2.
- Shift to direct distributiontailwind
Direct-to-consumer channels are growing fastest, and traditional insurers are also investing in direct acquisition, which widens the market for the company's platform 1.
- Regulation and health restrictionsheadwind
Terms of the FTC Consent Order weighed on the under-65 subsegment as some partners declined to comply or were terminated 1.
- Tariffs on automobilesmixed
New tariffs could raise the cost of parts and vehicles, which could lead to a return of hard market conditions and lower carrier spending on referrals 1.
Competitive position
The company operates in a competitive environment where carriers and distributors can buy customers directly or through other online platforms. Competitors may offer similar services, and partners without exclusive contracts can shift volume toward other channels 1.
The company's advantage lies in platform scale and deep partner integrations, which have supported retention. However, revenue concentration in a few large partners means rivals could exert pricing pressure 1.
- Online comparison and metasearch platforms for insurance
Online competitors that can offer consumers to carriers, as described in the risk factors 1.
- Direct channels of insurance carriers
Carriers that buy their own traffic and may reduce dependence on the platform 1.
- Digital agencies and brokers
Partners that can acquire consumers through their own strategies or referral arrangements 1.
- AI platforms and search engines
Traffic sources the company expects to become important, but which also compete for consumer attention 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report09 Sept 2026Material agreement · Financial statements and exhibits
- Current report03 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Material agreement · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report06 May 2026Shareholder vote
- Quarterly report29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MediaAlpha, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MediaAlpha, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MediaAlpha, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.