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MediaAlpha MAX Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin14.7%-0.9pp14.9%-1.2pp15%-1.6pp15.3%-1.9pp15.6%-2.5pp
Operating margin6.9%+5.6pp3.8%-0.2pp2%-3.0pp1.6%-2.0pp1.3%+2.5pp
Net margin7.9%+8.5pp3.4%+1.8pp2.3%+0.4pp-0.1%-1.5pp-0.6%+2.1pp
Returns
Return on invested capital67.4%+52.2pp36.4%+5.0pp18.8%-10.7pp8.6%-9.6pp15.3%+19.8pp
Efficiency
Asset turnover-0.8×3.8×-1.3×3.4×-0.7×4.5×+0.8×4.8×+1.9×
Liquidity
Current ratio1.3×0.0×1.5×-0.2×1.2×-0.2×1.1×-0.1×1.3×+0.2×
Leverage
Debt-to-equity6.2×85.3×+65.1×37.2×-32.0×
Net debt / EBITDA1.8×-2.0×2.9×+0.9×4.3×+1.8×5.2×+1.0×3.8×-128×
Per Share
Book value per share$0.46+781%$0.03-75.9%$0.06+39.1%-$0.53-245%-$0.07+85.3%
Valuation
Market capitalization$820.94M+52.3%$513.08M+0.1%$736.45M+18.4%$604.68M-39.0%$607.03M-10.6%
Price / earnings8.4×13.1×-19.3×28.7×-8.7×
Price / sales0.7×+0.2×0.4×-0.1×0.7×-0.1×0.5×-0.9×0.6×-0.8×
Price / book28.9×267.6×+203×177×-84.5×
EV / EBITDA11.2×-20.4×13.9×+1.0×33.3×+18.3×32.3×-3.7×35.1×-747×

FAQ

What are MediaAlpha's profit margins?
MediaAlpha (MAX) runs a 14.7% gross margin and a 6.9% operating margin, with a 7.9% net margin.
Where do MediaAlpha's ratios come from?
Every ratio is computed from MediaAlpha's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.