MAX on NYSE

MediaAlpha, Inc.

Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

$1.1BRevenue, fiscal 20252
$25.6MNet income, fiscal 20252

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  • TickerMAX on NYSE1
  • IndustryServices-Business Services, NEC1
  • HeadquartersLos Angeles, California1
  • Incorporated inDE3
  • Business address700 South Flower Street, Suite 640, Los Angeles, Ca 900173
  • Filer categoryAccelerated filer3

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Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value (1) across our platform from our core verticals of property & casualty (“P&C”) insurance, health insurance and life insurance during the year ended December 31, 2025.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.0%Operating margin2
2.3%Net margin2
28.8%Revenue growth, 20252
615.9%Return on equity2
31.64×Debt to equity2
$65.3MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Property and Casualty Insurance brought in 90% of the revenue MediaAlpha, Inc. broke down this way in fiscal 2025.

  1. Property and Casualty Insurance$1.0B290%up 52% from 2024
  2. Health Insurance$85.7M28%down 51% from 2024
  3. Life Insurance$21.7M22%down 11% from 2024
  4. Other$3.2M20%down 63% from 2024
Products and services by year
Products and services202320242025
Property and Casualty Insurance$164.2M$658.2M$1.0B
Health Insurance$186.3M$173.5M$85.7M
Life Insurance$24.3M$24.4M$21.7M
Other$13.4M$8.6M$3.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢$946.1M
  • Research and development2¢$21.4M
  • Income tax12¢$137.8M
  • Profit2¢$25.6M

Out of $1.1B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$340.0K
  • Kept or used elsewhere99¢$65.3M

Out of $65.6M of cash from operations.2

Financial statements

Revenue567892$1.1B in 2025+275% since 2018
0$500.0M$1.0B$1.5B2018: $296.9M$296.9M20182019: $408.0M$408.0M2019+37%2020: $584.8M$584.8M2020+43%2021: $645.3M$645.3M2021+10%2022: $459.1M$459.1M2022−29%2023: $388.1M$388.1M2023−15%2024: $864.7M$864.7M2024+123%2025: $1.1B$1.1B2025+29%
Operating income567892$22.1M in 2025+14% since 2018
-$50.0M-$25.0M0$25.0M$50.0M2018: $19.3M$19.3M20182019: $24.8M$24.8M2019+29%2020: $19.5M$19.5M2020−21%2021: $2.1M$2.1M2021−89%2022: -$35.4M-$35.4M20222023: -$39.9M-$39.9M2023+13%2024: $42.7M$42.7M20242025: $22.1M$22.1M2025−48%
Net income567892$25.6M in 2025+41% since 2018
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2018: $18.1M$18.1M20182019: $17.8M$17.8M2019−2%2020: -$4.4M-$4.4M20202021: -$5.3M-$5.3M2021+21%2022: -$57.7M-$57.7M2022+993%2023: -$40.4M-$40.4M2023−30%2024: $16.6M$16.6M20242025: $25.6M$25.6M2025+54%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue$1.1B$864.7M$388.1M
Cost of revenue$946.1M$721.1M$321.4M
Sales and marketing$21.1M$24.7M$25.4M
Product development$21.4M$19.8M$18.5M
General and administrative$89.6M$56.4M$62.7M
Write-off of intangible assets$13.4M$0$0
Total costs and operating expenses$1.1B$822.0M$428.1M
Income (loss) from operations$22.1M$42.7M-$39.9M
Other expense, net$121.9M$4.9M$1.8M
Interest expense$11.2M$14.4M$15.3M
Total other expense, net$133.2M$19.2M$17.1M
(Loss) income before income taxes-$111.1M$23.5M-$57.0M
Income tax (benefit) expense-$137.8M$1.4M-$463.0K
Net income (loss)$26.8M$22.1M-$56.6M
Net income (loss) attributable to non-controlling interests$1.1M$5.5M-$16.1M
Net income (loss) attributable to MediaAlpha, Inc.$25.6M$16.6M-$40.4M
Basic (in dollars per share)$0.46$0.31-$0.89
Diluted (in dollars per share)$0.39$0.31-$0.89
Basic (in shares)56.2M shares53.0M shares45.6M shares
Diluted (in shares)66.8M shares53.0M shares45.6M shares

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Leadership

Who has led MediaAlpha, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (25)

Filings

533 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 56 major events, 314 insider forms, 37 large holders, 105 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 13, 2026144 EDGAR
  3. Oct 9, 20264 EDGAR
  4. Oct 8, 2026144 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20263 EDGAR
  7. Sep 25, 20264 EDGAR
  8. Sep 23, 20264 EDGAR
  9. Sep 16, 20264 EDGAR
  10. Sep 16, 20264 EDGAR
  11. Sep 15, 2026144 EDGAR
  12. Sep 10, 20264 EDGAR
  13. Sep 9, 20264 EDGAR
  14. Sep 9, 20268-K EDGAR
  15. Sep 3, 20268-K EDGAR
  16. Sep 2, 20264 EDGAR
  17. Sep 2, 20264 EDGAR
  18. Aug 26, 2026SCHEDULE 13D/A EDGAR
  19. Aug 26, 20264 EDGAR
  20. Aug 19, 20264 EDGAR

The 533 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

238 open-market trades by officers, directors and large owners since October 2021: 6 buys and 232 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Yeh Kuanling AmyChief Technology OfficerSale3,000$9.40$28.2KForm 4
Sep 22, 2026Nonko EugeneDirectorSale7,734$10.78$83.4KForm 4
Sep 21, 2026Nonko EugeneDirectorSale7,734$10.53$81.5KForm 4
Sep 16, 2026Nonko EugeneDirectorSale9,213$11.24$103.6KForm 4
Sep 15, 2026Cramer KeithChief Revenue OfficerSale13,000$11.49$149.4KForm 4
Sep 15, 2026Nonko EugeneDirectorSale9,213$11.49$105.8KForm 4
Sep 14, 2026Nonko EugeneDirectorSale10,445$11.98$125.1KForm 4
Sep 10, 2026Nonko EugeneDirectorSale9,213$11.60$106.9KForm 4
Sep 9, 2026Nonko EugeneDirectorSale9,213$11.46$105.6KForm 4
Sep 8, 2026Nonko EugeneDirectorSale9,213$11.70$107.8KForm 4
Sep 4, 2026Yeh Kuanling AmyChief Technology OfficerSale3,000$12.00$36.0KForm 4
Sep 2, 2026Nonko EugeneDirectorSale10,445$12.24$127.9KForm 4
Sep 1, 2026Yi StevenSee RemarksSale48,000$12.38$594.2KForm 4
Sep 1, 2026Nonko EugeneDirectorSale10,445$12.41$129.6KForm 4
Aug 31, 2026Nonko EugeneDirectorSale10,445$12.60$131.7KForm 4
Aug 26, 2026Nonko EugeneDirectorSale10,445$12.55$131.1KForm 4
Aug 25, 2026Nonko EugeneDirectorSale11,487$12.88$147.9KForm 4
Aug 24, 2026Nonko EugeneDirectorSale11,487$12.99$149.2KForm 4
Aug 19, 2026Nonko EugeneDirectorSale11,487$13.22$151.9KForm 4
Aug 18, 2026Nonko EugeneDirectorSale11,487$12.89$148.0KForm 4

All 238 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
White Mountains Insurance Group Ltd17,856,614$224.5M57.0%No change
BlackRock, Inc.3,392,357$42.6M0.0%−84,330
Clearline Capital LP2,713,890$34.1M2.2%+123,220
Jpmorgan Chase & Co1,880,062$23.3M0.0%+134,383
Vanguard Capital Management LLC1,276,369$16.0M0.0%−109,360
Geode Capital Management, LLC1,068,308$13.4M0.0%−1,776
Divisadero Street Capital Management, LP1,019,988$12.8M0.3%+933,081
Jacobs Levy Equity Management, Inc971,232$12.2M0.0%+221,178
Jacobs Asset Management, LLC919,761$11.6M8.7%−4,682
State Street Corp862,235$10.8M0.0%+24,074
Arrowstreet Capital, Limited Partnership829,958$10.4M0.0%−232,023
Morgan Stanley821,170$10.3M0.0%+118,152
Nuveen, LLC752,447$9.5M0.0%+51,048
Dimensional Fund Advisors LP701,914$8.8M0.0%+81,245
J. Goldman & Co LP598,070$7.5M0.3%−584,603
Citadel Advisors LLC589,696$7.4M0.0%+360,373
Renaissance Technologies LLC574,407$7.2M0.0%−144,893
Shay Capital LLC570,000$7.2M0.8%−205,000
Jane Street Group, LLC551,625$6.9M0.0%+268,617
D. E. Shaw & Co., Inc.535,926$6.7M0.0%+193,868
Speece Thorson Capital Group Inc489,098$6.1M1.3%−9,913
EVR Research LP440,000$5.5M2.7%New
Vanguard Portfolio Management LLC433,046$5.4M0.0%−113,699
Goldman Sachs Group Inc428,866$5.4M0.0%−194,555
Two Sigma Investments, LP409,480$5.1M0.0%+234,191

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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