MAX|MediaAlpha, Inc.
Services-Business Services, NEC
- Revenue
- $1.1B
- ▲ 29% YoY
- Operating margin
- 2.0%
- ▼ 60% YoY
- EBITDA
- $22M
- ▼ 48% YoY
- Market cap
- $0
- Employees
- 147
- $8M revenue each
- Net debt / EBITDA
- 7.0×
- $156M net debt
- AI in 10-K
- 2.9
- mentions per 10K words
TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
256% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support
Buyer economics 0 of 4
Low revenue per employeeNo
$8M · 98th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 68th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$0 market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $645M | $459M | $388M | $865M | $1.1B | ▲ 29% | |
|---|
| Operating income | $2M | −$35M | −$40M | $43M | $22M | ▼ 48% | |
|---|
| Net income | −$5M | −$58M | −$40M | $17M | $26M | ▲ 54% | |
|---|
| Operating cash flow | $29M | $28M | $20M | $46M | $66M | ▲ 43% | |
|---|
| Capex | $650K | $98K | $73K | $254K | $340K | ▲ 34% | |
|---|
| Stock-based comp | $46M | $58M | $53M | $34M | $30M | ▼ 11% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Oct 30, 2026 | WHITE MOUNTAINS INSURANCE GROUP LTD | SCHEDULE 13D/A | 35.1% | Passive |
| Aug 26, 2026 | Nonko Eugene | SCHEDULE 13D/A | 9.8% | Passive |
| May 1, 2026 | WHITE MOUNTAINS INSURANCE GROUP LTD | SCHEDULE 13D/A | 33.0% | Passive |
| Aug 8, 2025 | WHITE MOUNTAINS INSURANCE GROUP LTD | SCHEDULE 13D/A | 31.7% | Passive |
| Feb 28, 2025 | Nonko Eugene | SCHEDULE 13D/A | 21.1% | Passive |
| Aug 16, 2024 | Nonko Eugene | SC 13D/A | 9.2% | Passive |
| May 9, 2024 | WHITE MOUNTAINS INSURANCE GROUP LTD | SC 13D/A | 32.9% | Passive |
| May 3, 2024 | WHITE MOUNTAINS INSURANCE GROUP LTD | SC 13D/A | 44.3% | Passive |
| Jan 3, 2024 | WHITE MOUNTAINS INSURANCE GROUP LTD | SC 13D/A | 48.3% | Active |
| Nov 2, 2023 | WHITE MOUNTAINS INSURANCE GROUP LTD | SC 13D/A | 48.7% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $33M · 323
- Net
- −$33M
Pay vs performance
No pay-versus-performance disclosure yet.