TakeoverPE & activists

MAXMediaAlpha, Inc.

Services-Business Services, NEC · $0 market cap · 147 employees

2.1×

More likely than average to be taken private

Top 6% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • 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
  • 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
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jun 30, 2023SC TO-T/AWHITE MOUNTAINS INSURANCE GROUP LTD——
Jun 27, 2023SC TO-T/AWHITE MOUNTAINS INSURANCE GROUP LTD——
May 26, 2023SC TO-TWHITE MOUNTAINS INSURANCE GROUP LTD——

Key numbers

Revenue
$1.1BFY2021: $645MFY2022: $459MFY2023: $388MFY2024: $865MFY2025: $1.1B
29% YoY
Operating margin
2.0%FY2021: 0.3%FY2022: -7.7%FY2023: -10.3%FY2024: 4.9%FY2025: 2.0%
60% YoY
EBITDA
$22MFY2021: $3MFY2022: −$35MFY2023: −$40MFY2024: $43MFY2025: $22M
48% YoY
Net debt / EBITDA
7.0×
$156M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$645M$459M$388M$865M$1.1B 29% FY2021: $645MFY2022: $459MFY2023: $388MFY2024: $865MFY2025: $1.1B
Operating income$2M−$35M−$40M$43M$22M 48% FY2021: $2MFY2022: −$35MFY2023: −$40MFY2024: $43MFY2025: $22M
Net income−$5M−$58M−$40M$17M$26M 54% FY2021: −$5MFY2022: −$58MFY2023: −$40MFY2024: $17MFY2025: $26M
Operating cash flow$29M$28M$20M$46M$66M 43% FY2021: $29MFY2022: $28MFY2023: $20MFY2024: $46MFY2025: $66M
Capex$650K$98K$73K$254K$340K 34% FY2021: $650KFY2022: $98KFY2023: $73KFY2024: $254KFY2025: $340K
Stock-based comp$46M$58M$53M$34M$30M 11% FY2021: $46MFY2022: $58MFY2023: $53MFY2024: $34MFY2025: $30M

13D filers

FiledFilerFormStakeIntent
Oct 30, 2026WHITE MOUNTAINS INSURANCE GROUP LTDSCHEDULE 13D/A35.1%Passive
Aug 26, 2026Nonko EugeneSCHEDULE 13D/A9.8%Passive
May 1, 2026WHITE MOUNTAINS INSURANCE GROUP LTDSCHEDULE 13D/A33.0%Passive
Aug 8, 2025WHITE MOUNTAINS INSURANCE GROUP LTDSCHEDULE 13D/A31.7%Passive
Feb 28, 2025Nonko EugeneSCHEDULE 13D/A21.1%Passive
Aug 16, 2024Nonko EugeneSC 13D/A9.2%Passive
May 9, 2024WHITE MOUNTAINS INSURANCE GROUP LTDSC 13D/A32.9%Passive
May 3, 2024WHITE MOUNTAINS INSURANCE GROUP LTDSC 13D/A44.3%Passive
Jan 3, 2024WHITE MOUNTAINS INSURANCE GROUP LTDSC 13D/A48.3%Active
Nov 2, 2023WHITE MOUNTAINS INSURANCE GROUP LTDSC 13D/A48.7%Active

Insider trading

−$33Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $33M · 323 trades

Pay vs performance

No pay-versus-performance disclosure yet.