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%-1.2pp	15%-1.6pp	15.3%-1.9pp	15.6%-2.5pp	16.1%-1.7pp
Operating margin	3.8%-0.2pp	2%-3.0pp	1.6%-2.0pp	1.3%+2.5pp	4%+11.1pp
Net margin	3.4%+1.8pp	2.3%+0.4pp	-0.1%-1.5pp	-0.6%+2.1pp	1.6%+9.3pp
EBITDA margin	4%-0.7pp	2.3%-3.4pp	2%-2.6pp	1.8%+1.6pp	4.7%+10.0pp
Returns
Return on equity	793.8%—	783.8%—	——	——	——
Return on assets	12.8%+4.8pp	7.9%-0.1pp	-0.5%-5.7pp	-2.9%+5.0pp	8%+28.4pp
Return on invested capital	36.4%+5.0pp	18.8%-10.7pp	8.6%-9.6pp	15.3%+19.8pp	31.4%+51.2pp
Efficiency
Asset turnover	3.8×-1.3×	3.4×-0.7×	4.5×+0.8×	4.8×+1.9×	5.1×+2.5×
Liquidity
Current ratio	1.5×-0.2×	1.2×-0.2×	1.1×-0.1×	1.3×+0.2×	1.7×+0.7×
Quick ratio	1.5×-0.2×	1.2×-0.2×	1.1×-0.1×	1.3×+0.2×	1.7×+0.7×
Cash ratio	0.2×-0.4×	0.3×0.0×	0.2×0.0×	0.6×+0.3×	0.6×+0.4×
Leverage
Debt-to-equity	85.3×+65.1×	37.2×-32.0×	——	——	20.2×—
Debt-to-assets	0.4×-0.2×	0.4×-0.2×	0.6×-0.1×	0.6×-0.2×	0.7×-0.5×
Net debt / EBITDA	2.9×+0.9×	4.3×+1.8×	5.2×+1.0×	3.8×-128×	2.1×—
Interest coverage	4.1×+1.1×	2×-1.0×	1.5×-0.1×	1.1×+1.5×	3×+4.8×
Per Share
Book value per share	$0.03-75.9%	$0.06+39.1%	-$0.53-245%	-$0.07+85.3%	$0.14+136%
Valuation
Market capitalization	$594.68M+0.1%	$736.45M+18.4%	$604.68M-39.0%	$607.03M-10.6%	$512.41M-50.5%
Enterprise value	$732.14M+6.0%	$844.36M+13.6%	$721.53M-35.8%	$679.67M-16.9%	$609.09M-48.9%
Price / earnings	15.2×-22.4×	28.7×-8.7×	——	——	32.4×—
Price / sales	0.5×-0.1×	0.7×-0.1×	0.5×-0.9×	0.6×-0.8×	0.5×-2.1×
Price / book	310.2×+235×	177×-84.5×	——	——	64.7×—
EV / EBITDA	15.7×+1.0×	33.3×+18.3×	32.3×-3.7×	35.1×-747×	13×—
EV / sales	0.6×-0.1×	0.8×-0.1×	0.6×-1.0×	0.6×-1.0×	0.6×-2.4×
Earnings yield	6.6%+3.9pp	3.5%+0.8pp	-0.2%-1.2pp	-1.1%+0.9pp	3.1%+6.1pp
PEG ratio	0.1×—	0.5×—	——	——	——

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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.