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MEDIAALPHA INC-CLASS A (MAX) Stock Fundamental Analysis

NYSE:MAX - New York Stock Exchange, Inc. - US58450V1044 - Common Stock - Currency: USD

10.95  -0.44 (-3.86%)

After market: 10.95 0 (0%)

Fundamental Rating

5

Taking everything into account, MAX scores 5 out of 10 in our fundamental rating. MAX was compared to 70 industry peers in the Interactive Media & Services industry. MAX has only an average score on both its financial health and profitability. MAX is evaluated to be cheap and growing strongly. This does not happen too often!


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

MAX had positive earnings in the past year.
MAX had a positive operating cash flow in the past year.
MAX had negative earnings in 4 of the past 5 years.
MAX had a positive operating cash flow in each of the past 5 years.
MAX Yearly Net Income VS EBIT VS OCF VS FCFMAX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 50M -50M

1.2 Ratios

MAX has a better Return On Assets (6.58%) than 81.43% of its industry peers.
MAX has a better Return On Equity (199.44%) than 100.00% of its industry peers.
MAX's Return On Invested Capital of 36.11% is amongst the best of the industry. MAX outperforms 98.57% of its industry peers.
Industry RankSector Rank
ROA 6.58%
ROE 199.44%
ROIC 36.11%
ROA(3y)-17.95%
ROA(5y)-11.55%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
MAX Yearly ROA, ROE, ROICMAX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 200 400 600

1.3 Margins

MAX has a Profit Margin (1.58%) which is comparable to the rest of the industry.
In the last couple of years the Profit Margin of MAX has declined.
MAX's Operating Margin of 5.95% is fine compared to the rest of the industry. MAX outperforms 65.71% of its industry peers.
MAX's Operating Margin has declined in the last couple of years.
MAX's Gross Margin of 16.12% is on the low side compared to the rest of the industry. MAX is outperformed by 88.57% of its industry peers.
MAX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 5.95%
PM (TTM) 1.58%
GM 16.12%
OM growth 3Y147.63%
OM growth 5Y-25.49%
PM growth 3YN/A
PM growth 5Y-15.11%
GM growth 3Y1.82%
GM growth 5Y-10.7%
MAX Yearly Profit, Operating, Gross MarginsMAX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so MAX is creating value.
Compared to 1 year ago, MAX has more shares outstanding
MAX has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, MAX has an improved debt to assets ratio.
MAX Yearly Shares OutstandingMAX Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
MAX Yearly Total Debt VS Total AssetsMAX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M

2.2 Solvency

An Altman-Z score of 4.39 indicates that MAX is not in any danger for bankruptcy at the moment.
With a decent Altman-Z score value of 4.39, MAX is doing good in the industry, outperforming 75.71% of the companies in the same industry.
The Debt to FCF ratio of MAX is 2.38, which is a good value as it means it would take MAX, 2.38 years of fcf income to pay off all of its debts.
MAX's Debt to FCF ratio of 2.38 is fine compared to the rest of the industry. MAX outperforms 68.57% of its industry peers.
A Debt/Equity ratio of 19.12 is on the high side and indicates that MAX has dependencies on debt financing.
MAX has a Debt to Equity ratio of 19.12. This is amonst the worse of the industry: MAX underperforms 88.57% of its industry peers.
Although MAX does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 19.12
Debt/FCF 2.38
Altman-Z 4.39
ROIC/WACC4.24
WACC8.52%
MAX Yearly LT Debt VS Equity VS FCFMAX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M

2.3 Liquidity

A Current Ratio of 1.67 indicates that MAX should not have too much problems paying its short term obligations.
MAX's Current ratio of 1.67 is on the low side compared to the rest of the industry. MAX is outperformed by 62.86% of its industry peers.
MAX has a Quick Ratio of 1.67. This is a normal value and indicates that MAX is financially healthy and should not expect problems in meeting its short term obligations.
With a Quick ratio value of 1.67, MAX is not doing good in the industry: 61.43% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 1.67
Quick Ratio 1.67
MAX Yearly Current Assets VS Current LiabilitesMAX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

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8

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 317.24% over the past year.
MAX shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 0.88% yearly.
MAX shows a strong growth in Revenue. In the last year, the Revenue has grown by 122.78%.
Measured over the past years, MAX shows a quite strong growth in Revenue. The Revenue has been growing by 16.21% on average per year.
EPS 1Y (TTM)317.24%
EPS 3YN/A
EPS 5Y0.88%
EPS Q2Q%142.86%
Revenue 1Y (TTM)122.78%
Revenue growth 3Y10.25%
Revenue growth 5Y16.21%
Sales Q2Q%41.14%

3.2 Future

Based on estimates for the next years, MAX will show a very strong growth in Earnings Per Share. The EPS will grow by 46.29% on average per year.
Based on estimates for the next years, MAX will show a quite strong growth in Revenue. The Revenue will grow by 11.30% on average per year.
EPS Next Y90.78%
EPS Next 2Y76.62%
EPS Next 3Y57.14%
EPS Next 5Y46.29%
Revenue Next Year26.57%
Revenue Next 2Y18.47%
Revenue Next 3Y13.75%
Revenue Next 5Y11.3%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
MAX Yearly Revenue VS EstimatesMAX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B
MAX Yearly EPS VS EstimatesMAX Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 1 -1 2

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7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 17.38, the valuation of MAX can be described as rather expensive.
Based on the Price/Earnings ratio, MAX is valued a bit cheaper than the industry average as 67.14% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 26.48, MAX is valued a bit cheaper.
MAX is valuated reasonably with a Price/Forward Earnings ratio of 11.70.
Based on the Price/Forward Earnings ratio, MAX is valued a bit cheaper than the industry average as 80.00% of the companies are valued more expensively.
MAX is valuated cheaply when we compare the Price/Forward Earnings ratio to 34.04, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 17.38
Fwd PE 11.7
MAX Price Earnings VS Forward Price EarningsMAX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

MAX's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. MAX is cheaper than 72.86% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, MAX is valued cheaper than 82.86% of the companies in the same industry.
Industry RankSector Rank
P/FCF 10.99
EV/EBITDA 13.07
MAX Per share dataMAX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10

4.3 Compensation for Growth

MAX's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as MAX's earnings are expected to grow with 57.14% in the coming years.
PEG (NY)0.19
PEG (5Y)19.66
EPS Next 2Y76.62%
EPS Next 3Y57.14%

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0

5. Dividend

5.1 Amount

No dividends for MAX!.
Industry RankSector Rank
Dividend Yield N/A

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MEDIAALPHA INC-CLASS A

NYSE:MAX (8/8/2025, 8:04:01 PM)

After market: 10.95 0 (0%)

10.95

-0.44 (-3.86%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupMedia & Entertainment
GICS IndustryInteractive Media & Services
Earnings (Last)08-06 2025-08-06/amc
Earnings (Next)10-28 2025-10-28/amc
Inst Owners54.69%
Inst Owner Change0.66%
Ins Owners9.5%
Ins Owner Change15.25%
Market Cap738.80M
Analysts80
Price Target17.09 (56.07%)
Short Float %6.49%
Short Ratio5.36
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-11.62%
Min EPS beat(2)-64.2%
Max EPS beat(2)40.96%
EPS beat(4)3
Avg EPS beat(4)244.51%
Min EPS beat(4)-64.2%
Max EPS beat(4)966.26%
EPS beat(8)5
Avg EPS beat(8)134.36%
EPS beat(12)5
Avg EPS beat(12)60.2%
EPS beat(16)6
Avg EPS beat(16)-68.1%
Revenue beat(2)2
Avg Revenue beat(2)6.41%
Min Revenue beat(2)2.31%
Max Revenue beat(2)10.52%
Revenue beat(4)4
Avg Revenue beat(4)8.31%
Min Revenue beat(4)2.31%
Max Revenue beat(4)16.57%
Revenue beat(8)8
Avg Revenue beat(8)7.94%
Revenue beat(12)10
Avg Revenue beat(12)5.74%
Revenue beat(16)11
Avg Revenue beat(16)4.12%
PT rev (1m)1.01%
PT rev (3m)0%
EPS NQ rev (1m)8.26%
EPS NQ rev (3m)30.93%
EPS NY rev (1m)-1.45%
EPS NY rev (3m)-13.32%
Revenue NQ rev (1m)1.85%
Revenue NQ rev (3m)6.01%
Revenue NY rev (1m)1.86%
Revenue NY rev (3m)4%
Valuation
Industry RankSector Rank
PE 17.38
Fwd PE 11.7
P/S 0.74
P/FCF 10.99
P/OCF 10.88
P/B 93.29
P/tB N/A
EV/EBITDA 13.07
EPS(TTM)0.63
EY5.75%
EPS(NY)0.94
Fwd EY8.55%
FCF(TTM)1
FCFY9.1%
OCF(TTM)1.01
OCFY9.19%
SpS14.86
BVpS0.12
TBVpS-0.67
PEG (NY)0.19
PEG (5Y)19.66
Profitability
Industry RankSector Rank
ROA 6.58%
ROE 199.44%
ROCE 45.71%
ROIC 36.11%
ROICexc 70.36%
ROICexgc 333.38%
OM 5.95%
PM (TTM) 1.58%
GM 16.12%
FCFM 6.71%
ROA(3y)-17.95%
ROA(5y)-11.55%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y414.71%
ROICexcg growth 5Y-22.99%
ROICexc growth 3Y231.94%
ROICexc growth 5Y-23.15%
OM growth 3Y147.63%
OM growth 5Y-25.49%
PM growth 3YN/A
PM growth 5Y-15.11%
GM growth 3Y1.82%
GM growth 5Y-10.7%
F-Score7
Asset Turnover4.18
Health
Industry RankSector Rank
Debt/Equity 19.12
Debt/FCF 2.38
Debt/EBITDA 2.29
Cap/Depr 10.39%
Cap/Sales 0.07%
Interest Coverage 4.55
Cash Conversion 102.57%
Profit Quality 425.59%
Current Ratio 1.67
Quick Ratio 1.67
Altman-Z 4.39
F-Score7
WACC8.52%
ROIC/WACC4.24
Cap/Depr(3y)4.14%
Cap/Depr(5y)8.08%
Cap/Sales(3y)0.04%
Cap/Sales(5y)0.05%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)317.24%
EPS 3YN/A
EPS 5Y0.88%
EPS Q2Q%142.86%
EPS Next Y90.78%
EPS Next 2Y76.62%
EPS Next 3Y57.14%
EPS Next 5Y46.29%
Revenue 1Y (TTM)122.78%
Revenue growth 3Y10.25%
Revenue growth 5Y16.21%
Sales Q2Q%41.14%
Revenue Next Year26.57%
Revenue Next 2Y18.47%
Revenue Next 3Y13.75%
Revenue Next 5Y11.3%
EBIT growth 1Y329.49%
EBIT growth 3Y173%
EBIT growth 5Y-13.41%
EBIT Next Year148.02%
EBIT Next 3Y44.83%
EBIT Next 5Y29.36%
FCF growth 1Y105.87%
FCF growth 3Y17.37%
FCF growth 5Y15.66%
OCF growth 1Y107.38%
OCF growth 3Y17.03%
OCF growth 5Y15.68%