What are MediaAlpha's profit margins?

MediaAlpha (MAX) runs a 14.9% gross margin and a 3.8% operating margin, with a 3.4% 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.

MediaAlpha MAX Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	14.9%-0.2pp	15%-0.2pp	15.3%-0.3pp	15.6%-0.5pp	16.1%-0.5pp
Operating margin	3.8%+1.8pp	2%+0.4pp	1.6%+0.3pp	1.3%-2.7pp	4%-0.9pp
Net margin	3.4%+1.1pp	2.3%+2.4pp	-0.1%+0.5pp	-0.6%-2.2pp	1.6%-0.3pp
Returns
Return on equity	793.8%+10.0pp	783.8%—	——	——	——
Return on invested capital	36.4%+17.6pp	18.8%+10.2pp	8.6%-6.7pp	15.3%-16.1pp	31.4%+1.9pp
Efficiency
Asset turnover	3.8×+0.4×	3.4×-1.0×	4.5×-0.3×	4.8×-0.3×	5.1×+0.9×
Liquidity
Current ratio	1.5×+0.3×	1.2×+0.1×	1.1×-0.2×	1.3×-0.4×	1.7×+0.2×
Leverage
Debt-to-equity	85.3×+48.1×	37.2×—	——	——	20.2×-49.0×
Net debt / EBITDA	2.9×-1.3×	4.3×-1.0×	5.2×+1.5×	3.8×+1.7×	2.1×-0.4×
Per Share
Book value per share	$0.03-44.9%	$0.06+112%	-$0.53-682%	-$0.07-147%	$0.14+218%
Valuation
Market capitalization	$594.68M+0.1%	$736.45M+21.8%	$604.68M-0.4%	$607.03M+18.5%	$512.41M-17.6%
Price / earnings	15.2×-22.4×	28.7×—	——	——	32.4×-5.0×
Price / sales	0.5×-0.1×	0.7×+0.1×	0.5×0.0×	0.6×+0.1×	0.5×-0.2×
Price / book	310.2×+235×	177×—	——	——	64.7×-197×
EV / EBITDA	15.7×+1.0×	33.3×+1.1×	32.3×-2.9×	35.1×+22.2×	13×-2.1×

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Questions, answered.

What are MediaAlpha's profit margins?: MediaAlpha (MAX) runs a 14.9% gross margin and a 3.8% operating margin, with a 3.4% 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.