# MediaAlpha, Inc. (MAX)

> Source: Nexqual · https://nexqual.com/MAX · data as of 2026-10-29 17:04 UTC · cite as "Nexqual, MediaAlpha, Inc. (MAX), nexqual.com/MAX" · informational, not investment advice.

**Price:** USD 14.05 (+19.84% today) · US market open, as of October 29, 2026 at 17:04 UTC; quotes may be delayed. Prev close 11.72 · day 13.28–14.57 · 52w 7.09–14.7 · market cap $744M · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $1.29B, net income $108M (8.4% margin), free cash flow $54.2M (SEC filings).
- Valuation: P/E 6.9x (avg 34.9x at the last 2 fiscal year-ends), EV/EBITDA 9.6x, net debt $156M.
- Earnings quality: non-operating income -$84.8M vs operating income $93.5M over the last four quarters; P/E excluding non-operating income ≈3.9x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 49 Form 4 filings, $20.7M; 0 not under a Rule 10b5-1 plan ($0K); 33 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 14.5 (range 10.5–19).
- Total return with dividends: 1Y +26.3% vs S&P 500 +13.2%; 5Y -19.9% vs S&P 500 +79.2%.
- Next earnings: 2026-10-28, EPS estimate USD 0.39, revenue estimate $350M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $645M | $459M | $388M | $865M | $1.11B | $1.29B |
| Gross profit | $102M | $70.1M | $66.7M | $144M | $168M | — |
| Operating income | $2.1M | -$35.4M | -$39.9M | $42.7M | $22.1M | $93.5M |
| Net income | -$5.3M | -$57.7M | -$40.4M | $16.6M | $25.6M | $108M |
| EPS (diluted) | -$0.19 | -$1.37 | -$0.89 | $0.31 | $0.39 | — |
| Free cash flow | $28.0M | $28.2M | $20.2M | $45.6M | $65.3M | $54.2M |
| Gross margin | 15.7% | 15.3% | 17.2% | 16.6% | 15.0% | — |
| Operating margin | 0.3% | -7.7% | -10.3% | 4.9% | 2.0% | 7.2% |
| Net margin | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% | 8.4% |
| Revenue growth | +10.3% | -28.9% | -15.4% | +122.8% | +28.8% | — |
| Cash + short-term investments | $50.6M | $14.5M | $17.3M | $43.3M | $46.9M | — |
| Total debt | $187M | $183M | $174M | $162M | $153M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 6.9x · P/E ex non-operating (est.) ≈3.9x · P/S 0.6x · EV/EBITDA 9.6x · EV/Sales 0.7x · P/FCF 13.7x · P/B 14.5x · FCF yield 7.28% · Earnings yield 14.52% · Net debt $156M · EV $900M
P/E at fiscal year-ends: Dec 2025 33.8x, Dec 2024 36.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
49 of 49 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-26…2026-10-28 | Nonko Eugene | Director | 30,103 | $355K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-19…2026-10-21 | Nonko Eugene | Director | 27,639 | $320K | 1.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-19 | Cramer Keith | Chief Revenue Officer | 12,000 | $137K | 4.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-16 | Yeh Kuanling Amy | Chief Technology Officer | 3,000 | $35K | 0.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-12…2026-10-14 | Nonko Eugene | Director | 23,202 | $237K | 1.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-08…2026-10-09 | Yi Steven | See Remarks | 26,033 | $263K | 1.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-25 | Yeh Kuanling Amy | Chief Technology Officer | 3,000 | $28K | 0.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-21…2026-09-22 | Nonko Eugene | Director | 15,468 | $165K | 0.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-14…2026-09-16 | Nonko Eugene | Director | 28,871 | $334K | 1.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-15 | Cramer Keith | Chief Revenue Officer | 13,000 | $149K | 4.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08…2026-09-10 | Nonko Eugene | Director | 27,639 | $320K | 1.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-04 | Yeh Kuanling Amy | Chief Technology Officer | 3,000 | $36K | 0.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31…2026-09-02 | Nonko Eugene | Director | 31,335 | $389K | 1.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Yi Steven | See Remarks | 48,000 | $594K | 2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24…2026-08-26 | Nonko Eugene | Director | 33,419 | $428K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17…2026-08-19 | Nonko Eugene | Director | 34,461 | $447K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-17 | Cramer Keith | Chief Revenue Officer | 13,000 | $166K | 4.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Yeh Kuanling Amy | Chief Technology Officer | 12,000 | $163K | 2.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10…2026-08-12 | Nonko Eugene | Director | 34,461 | $455K | 1.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03…2026-08-05 | Nonko Eugene | Director | 32,377 | $402K | 1.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 14.5 (low 10.5, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-29 | Goldman Sachs | Target raised | Neutral | $10.5 → $13 |
| 2026-10-14 | Goldman Sachs | Target lowered | Neutral | $14 → $10.5 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $11 → $15 |
| 2026-07-30 | Goldman Sachs | Target raised | Neutral | $10 → $14 |
| 2026-07-30 | Canaccord Genuity | Target raised | Buy | $15 → $17 |
| 2026-07-08 | Keefe, Bruyette & Woods | Target raised | Outperform | $15 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +26.3% | -19.9% |
| S&P 500 (SPY) | +13.2% | +79.2% |
| Per year | +26.3% | -4.3% |
| Volatility (annualized) | 57.1% | 62.4% |
| Max drawdown | -47.7% (Dec 2025→Feb 2026) | -67.7% (Apr 2024→Feb 2026) |

## Peers (Internet Content & Information)
UPWK (Upwork Inc.) USD 9.1 +1.06% · WBTN (WEBTOON Entertainment Inc.) USD 9.77 +2.63% · WB (Weibo Corporation) USD 6.26 +1.21% · OPRA (Opera Limited) USD 17.62 -5.50% · DJT (Trump Media & Technology Group ) USD 5.78 -3.18% · GENI (Genius Sports Limited) USD 6.44 +1.34%

## More
Full page: https://nexqual.com/MAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MAX's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1818383/000181838326000049/max-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We rely on Amazon Web Services to deliver our platform to our partners, and any disruption of, or interference with, our use of Amazon Web Services could adversely affect our business, financial condition, operating resu…" |
| Partner | QL Holdings | "In connection with the IPO, we entered into the tax receivables agreement with Insignia, the Senior Executives, and White Mountains related to the tax basis step-up of the assets of QLH and certain net operating losses o…" |
| Partner | Intermediate Holdco | "In connection with the IPO, we entered into the tax receivables agreement with Insignia, the Senior Executives, and White Mountains related to the tax basis step-up of the assets of QLH and certain net operating losses o…" |

Other companies that name MAX in their own reports (relationship from MAX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) | 10-K 2026-02-27 | "White Mountains's Other Operations consists of the Company and its wholly-owned subsidiary, WM Capital, its other intermediate holding companies, its wholly-owned investment management subsidiary, WM …" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Property & casualty insurance | $365.9M | 97.3% | +27.1% |
| Life insurance | $6.8M | 1.8% | +22.2% |
| Health insurance | $2.9M | 0.8% | -77.3% |
| Other | $302,000 | 0.1% | +19.8% |
| Total revenue | $375.9M | 100% | — |

## Company outlook (8-K filed 2026-10-28)

- "Our guidance for the fourth quarter of 2026 reflects continued strength in our Property & Casualty (P&C) insurance vertical, driven by strong carrier growth investment and continued share gains."
- "We expect our Health insurance vertical to account for approximately 4% of revenue in the fourth quarter, reflecting the seasonal peak due to the annual enrollment periods during the quarter."
- "For the full year, we continue to expect to generate between $90 million - $100 million in free cash flow 1 ."
- "Conference Call Information MediaAlpha will host a Q&A conference call today to discuss the Company's third quarter 2026 results and its financial outlook for the fourth quarter and full year of 2026 at 2:00 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.39 | $0.34 | +15.3% | $350.1M | 3 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.38 | +10.5% | $329.5M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.51 | $1.29 | +16.9% | $1.31B | 3 |
| Next fiscal year (ends 2027-12-31) | $1.68 | $1.55 | +8.3% | $1.43B | 3 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 68.8% | ±13.5% |
| 2027-02-19 | 113 | 50.5% | ±20.2% |
| 2027-05-21 | 204 | 68.8% | ±35.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 28, 2026 | — | — | — | — | +19.3% |
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | $0.28 | $0.30 | Miss −6.7% | -1.8% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $0.30 | $0.34 | Miss −11.8% | -15.0% |
| Feb 23, 2026 | Quarter ended Dec 31, 2025 | $2.33 | $0.40 | Beat +482.5% | +14.4% |
| Oct 29, 2025 | Quarter ended Sep 30, 2025 | $0.40 | $0.37 | Beat +8.1% | +8.4% |
| Aug 6, 2025 | — | — | — | — | +12.3% |
| Apr 30, 2025 | — | — | — | — | +9.6% |
| Feb 24, 2025 | — | — | — | — | -18.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000264/0001818383-26-000264-index.htm |
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000263/0001818383-26-000263-index.htm |
| 2026-09-09 | 8-K | Entered a material agreement — “MediaAlpha, Inc. (the "Company") previously disclosed that it is a party to a Tax Receivables Agreement dated October 27, 2020 (as amended, the "TRA"), pursuant to which, among other things, the Company will pay the counterparties to the TRA 85% of the cash savings, if any, in U.S. federal, state and local income tax that the Company realizes (or in some cases is deemed to realize) as a result of increases in the tax basis of the assets of QL Holdings LLC ("QLH") due to exchanges of Class B-1 units of QLH and…” | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000231/0001818383-26-000231-index.htm |
| 2026-09-03 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “(c) Appointment of Chief Financial Officer On September 2, 2026, the Board of Directors (the "Board") of MediaAlpha, Inc. (the "Company") approved the appointment of Tigran Sinanyan as Chief Financial Officer and Treasurer, principal financial officer and principal accounting officer effective October 1, 2026. The Company and Mr. Sinanyan entered into an Employment Agreement, the terms of which are described below. Tigran Sinanyan, age 44, has served as Senior Vice President, Finance and Corporate Development of…” | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000229/0001818383-26-000229-index.htm |
| 2026-08-26 | Schedule 13D/A | Eugene Nonko, O.N.E. Holdings, LLC: 9.8% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000223/0001818383-26-000223-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000200/0001818383-26-000200-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1818383/000181838326000198/0001818383-26-000198-index.htm |
| 2026-07-28 | Schedule 13G | Divisadero Street Capital Management, LP, William Zolezzi: 5.8% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1818383/000091957426004647/0000919574-26-004647-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.