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MediaAlpha MAX Tax receivables agreement

Tax receivables agreement at other companies

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Other financials

Income statement

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Revenue$310.0M+17.3%
Gross profit$46.7M+12.2%
Operating income$22.4M+19,188%
Net income$11.5M+689%
EPS (diluted)$0.21+625%

Balance sheet

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Cash & equivalents$26.1M-59.0%
Total debt$163.5M+2.0%
Total equity$1.9M-75.8%
Total assets$367.7M+53.2%

Cash flow

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Operating cash flow-$1.6M-107%
CapEx$42.0K-26.3%
Free cash flow-$1.6M-107%

Valuation

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Market cap$594.68M+0.1%
Enterprise value$732.14M+6.0%
P/E15.2×-22.4×
P/S0.5×-0.1×

Profitability

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Gross margin14.9%-1.2pp
Operating margin3.8%-0.2pp
Net margin3.4%+1.8pp
FCF margin7.8%+2.4pp

Returns & leverage

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Return on equity793.8%
Debt / equity85.3×+65.1×
Current ratio1.5×-0.2×

Where this comes from

Reported directly by MediaAlpha in its filing.

Tagged under the XBRL concept max:IncomeTaxCreditsAndAdjustmentsTaxReceivablesAgreement.

The official record: MediaAlpha’s 10-K, filed February 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MediaAlpha's tax receivables agreement?
MediaAlpha (MAX) reported tax receivables agreement of $31.02M in Q4 2025.
How has MediaAlpha's tax receivables agreement changed year-over-year?
MediaAlpha's tax receivables agreement increased by 1671.2% year-over-year, from $1.75M to $31.02M.
What is the long-term trend for MediaAlpha's tax receivables agreement?
Over 2 years (2023 to 2025), MediaAlpha's tax receivables agreement has grown at a 14281.1% compound annual growth rate (CAGR), from $6K to $124.09M.
What does tax receivables agreement mean?
Represents adjustments related to obligations under tax receivable agreements, typically arising from historical corporate restructuring or IPO-related tax benefits. This reflects the cash flow impact of payments or adjustments owed to pre-IPO shareholders based on realized tax savings. It is a critical component for understanding the company's ongoing tax-related cash obligations.