📊 MAX Key Takeaways
Is MAX a Good Investment? Thesis Analysis
MediaAlpha demonstrates strong revenue growth (28.8% YoY) and solid free cash flow generation ($65.3M), but is severely overleveraged with liabilities exceeding assets and a debt-to-equity ratio of 36.88x, indicating significant financial distress. Profitability margins are extremely thin (2.3% net margin), making the company vulnerable to operational disruptions despite top-line expansion.
Why Buy MAX? Key Strengths
- Robust revenue growth of 28.8% year-over-year showing market traction and scalability
- Strong free cash flow of $65.3M with 5.9% FCF margin demonstrating cash generation capability
- Positive net income of $25.6M and improving EPS growth (+25.8% YoY) showing operational profitability improvement
MAX Investment Risks to Consider
- Critical balance sheet distress: liabilities ($413.0M) exceed total assets ($383.8M) with stockholders' equity only $4.2M, indicating minimal equity cushion
- Extremely high leverage with debt-to-equity ratio of 36.88x and long-term debt of $153.4M creating sustainability concerns
- Razor-thin profitability margins (2.0% operating margin, 2.3% net margin) leave minimal room for error and make the business vulnerable to cost pressures
- Low interest coverage ratio of 2.1x suggests limited ability to service debt obligations if cash flow deteriorates
Key Metrics to Watch
- Debt reduction trajectory and refinancing activity to address leverage concerns
- Operating margin expansion to demonstrate margin improvement beyond pure revenue growth
- Liabilities-to-assets ratio trend to assess whether balance sheet is stabilizing or deteriorating further
MAX Financial Metrics
💡 AI Analyst Insight
MediaAlpha, Inc. presents a mixed fundamental picture. Review the detailed metrics above to form your own investment thesis.
MAX Profitability Ratios
MAX vs Default Sector
How MediaAlpha, Inc. compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is MAX Overvalued or Undervalued?
Based on fundamental analysis, MediaAlpha, Inc. has mixed fundamental signals relative to the Default sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
MAX Balance Sheet & Liquidity
MAX 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: MediaAlpha, Inc.'s revenue has grown significantly by 73% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.89 indicates the company is currently unprofitable.
MAX Growth Metrics (YoY)
MAX Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $259.1M | -$5.8M | $-0.11 |
| Q2 2025 | $178.3M | $2.5M | $0.04 |
| Q1 2025 | $126.6M | -$1.1M | $-0.02 |
| Q3 2024 | $74.6M | $9.5M | $0.17 |
| Q2 2024 | $84.8M | $2.5M | $0.04 |
| Q1 2024 | $111.6M | -$1.1M | $-0.02 |
| Q3 2023 | $74.6M | -$13.5M | $-0.29 |
| Q2 2023 | $84.8M | -$9.1M | $-0.22 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
MAX Capital Allocation
MAX SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for MediaAlpha, Inc. (CIK: 0001818383)
📋 Recent SEC Filings
❓ Frequently Asked Questions about MAX
What is the AI rating for MAX?
MediaAlpha, Inc. (MAX) has an AI rating of HOLD with 45% confidence, based on fundamental analysis of SEC EDGAR filings.
What are MAX's key strengths?
Claude: Robust revenue growth of 28.8% year-over-year showing market traction and scalability. Strong free cash flow of $65.3M with 5.9% FCF margin demonstrating cash generation capability.
What are the risks of investing in MAX?
Claude: Critical balance sheet distress: liabilities ($413.0M) exceed total assets ($383.8M) with stockholders' equity only $4.2M, indicating minimal equity cushion. Extremely high leverage with debt-to-equity ratio of 36.88x and long-term debt of $153.4M creating sustainability concerns.
What is MAX's revenue and growth?
MediaAlpha, Inc. reported revenue of $1.1B.
Does MAX pay dividends?
MediaAlpha, Inc. does not currently pay dividends.
Where can I find MAX SEC filings?
Official SEC filings for MediaAlpha, Inc. (CIK: 0001818383) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is MAX's EPS?
MediaAlpha, Inc. has a diluted EPS of $0.39.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is MAX a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, MediaAlpha, Inc. has a HOLD rating with 45% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is MAX stock overvalued or undervalued?
Valuation metrics for MAX: ROE of 615.9% (sector avg: 15%), net margin of 2.3% (sector avg: 12%). Higher ROE suggests strong returns relative to peers.
Should I buy MAX stock in 2026?
Our dual AI analysis gives MediaAlpha, Inc. a combined HOLD rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is MAX's free cash flow?
MediaAlpha, Inc.'s operating cash flow is $65.6M, with capital expenditures of $340.0K. FCF margin is 5.9%.
How does MAX compare to other Default stocks?
Vs Default sector averages: Net margin 2.3% (avg: 12%), ROE 615.9% (avg: 15%), current ratio 1.18 (avg: 1.8).