Feed / MAX

MediaAlpha, Inc.

MAX

Communication Services · 11.73 +1.3% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

MediaAlpha, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 8 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Company+1.3% todayVolume comparison unavailable
Market group0 of 8 activeHealthcare Services & Tech · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
  • MAX's market-adjusted activity becomes unusual and at least one connected name confirms.

Invalidation: The isolated read changes if MAX's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Communication Services · Internet Content & Information

No new filing conclusion is available. 0 of 8 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • MAX's market-adjusted activity becomes unusual and at least one connected name confirms.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods8
Price observations319
Usable filing statements72
Verified relationships3
Evidence supporting the case
  • Latest annual revenue changed +28.8% year over year.
Evidence challenging the case
  • Operating margin changed -3.0 percentage points in the latest annual period.
  • Diluted shares increased 25.9% in the latest annual period.
  • Credit and interest rates has repeated adverse evidence across 4 filings.
  • Macroeconomic conditions has repeated adverse evidence across 4 filings.
  • Demand and volume has repeated adverse evidence across 3 filings.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Sep 10, 2026

11.73
6m+18.0%12m+13.1%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$645.3M+10.3%$-0.19
2022-12-31$459.1M-28.9%$-1.37-31.5%
2023-12-31$388.1M-15.4%$-0.89+8.7%
2024-12-31$864.7M+122.8%$0.31+16.4%
2025-12-31$1.1B+28.8%$0.39+25.9%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 4 filings
Three Months Ended March 31, 2025 Interest expense $ 2,441 $ (514) (17.4) % $ 2,955 Percentage of revenue 0.8 % 1.1 % The decrease in interest expense for the three months ended March 31, 2026, compared with the three months ended March 31, 2025, was driven b…
10-Q · Apr 29, 2026
Macroeconomic conditionsnegative · 4 filings
For example, beginning in the second half of 2021, the P&C insurance industry entered a “hard” market, with many carriers experiencing lower than expected underwriting profitability due to higher than expected inflation in automobile claims costs, causing the…
10-Q · Apr 29, 2026
Demand and volumemixed · 3 filings
Additionally, revenue from the Medicare sub-vertical declined due to industry-wide headwinds resulting from increases in the Medical Loss Ratios (MLR) for carriers and changes to the enrollment programs, which drove lower demand from brokers, as well as to a…
10-Q · Apr 29, 2026
Capital investment and capacitypositive · 1 filings
Our strong cash flow generation is driven by (i) the nature of our revenue model, which is fee based and generated at the time a Consumer Referral is sold, and (ii) our proprietary technology platform, which is highly scalable and requires minimal capital exp…
10-K · Feb 23, 2026

Valuation discipline

Peer-relative valuation withheld

Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

11.73+1.3% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for MAX. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for MAX. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind MAX

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

JPMJPMorgan Chase & Co.lenderApr 29, 2026

Exhibit Filing Date 10.1 Third Amendment dated as August 4, 2025, among QuoteLab, LLC, QL Holdings LLC, the Lenders party thereto, the Issuing Bank party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.

Depended on by

WTMWhite Mountains Insurance Group, Ltd.investeeMay 6, 2026

Results in the first quarter 2026 also included $65 million of unrealized investment losses from White Mountains’s investment in MediaAlpha compared to $37 million in the first quarter of 2025.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

MAX is currently a Follower in the organic co-movement group Healthcare Services & Tech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for MAX; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.