MAX
MediaAlpha, Inc.

MediaAlpha, Inc.MAX

Communication Services · Internet Content & Information
14.20USD
-1.73%
Nov 08, 2026
MAX overview ready
Digital Insurance Customer Acquisition Platform Connecting Carriers and Agents
MediaAlpha is an insurance-focused digital marketplace and technology enabler that connects carriers, agents, distributors, and consumer-intent traffic, monetizing carrier customer-acquisition spending across P&C, health, and life insurance.
Primary theme is leading
Online Marketplaces & Lead Generation is leading (+12.9pp vs SPY over 21 sessions; 3 of 5 members ahead of SPY).
Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of pullback recovery.
Demanding valuation
MediaAlpha, Inc. carries a Expensive valuation stance that the scored components do not clearly support.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Dependence on insurance carriers' advertising budgets.
Market Nov 6Filing Sep 30Price action Nov 7Research Oct 15

Conviction Level

PriceAction8.6BusinessPerformance7.0BusinessQuality6.0Valuation2.9ThemeMomentum9.0Improving — Revenue is growing at a steady pace (+23% year over year). Diluted EPS is up 77% year over year at $0.46. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
+12.9pp
Theme return
+7.9%
Beating SPY
3 of 5
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of pullback recovery.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$888.1M
Avg Volume (60D)
1.1M
60 sessions
Revenue Growth YoY
+28.8%
FY2025 vs FY2024
Gross Margin
+14.8%
Operating Margin
+7.2%
Trailing twelve months
Free Cash Flow Yield
+6.1%
Distance from 200DMA
+32.5%
P/E
8.2x
EV / Sales
0.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Improving

Revenue is growing at a steady pace (+23% year over year). Diluted EPS is up 77% year over year at $0.46.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthGrowing
+23%
$376M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -3.2%
  2. +17%
  3. +26%
  4. +23%
Earnings growthGrowing
+77%
Diluted EPS $0.46 vs $0.26 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +525%
  2. n/a
  3. n/a
  4. +77%
Operating marginExpanding
7.7%
+1.2 pp YoY
Profit is not fully converting to cash
The share count is rising

Business Quality

6.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; intrinsic is the dissenting view.
MediaAlpha, Inc. carries a Expensive valuation stance that the scored components do not clearly support. Treat it as unresolved.

Company Research

Thesis
MediaAlpha is an insurance-focused digital marketplace and technology enabler that connects carriers, agents, distributors, and consumer-intent traffic, monetizing carrier customer-acquisition spending across P&C, health, and life insurance.
Opportunity
Moderate opportunity
Insurance carriers and distributors are shifting customer-acquisition budgets toward measurable, digital, marketplace-based channels that match high-intent shoppers with insurers and optimize acquisition economics in real time.
Key risk
Dependence on insurance carriers' advertising budgets.

Economic classification

Loading the economic classification…

Business & Markets

Communication Services · Internet Content & Information
What they do

MediaAlpha operates a technology platform that connects insurance carriers, agents, and distributors with high-intent consumer traffic to facilitate customer acquisition across property and casualty, health, and life insurance verticals in the U.S.

How it earns

The company generates revenue primarily through performance-based transactional fees tied to insurance customer acquisition.

Products & services
Insurance customer acquisition platform
Digital insurance marketplace technology
Customers & end markets
Insurance carriers
Insurance agents and distributors
Market position

Niche player specializing in digital insurance customer acquisition marketplaces.

Demand drivers
Medium cyclicality

Business is sensitive to insurance carriers' advertising budgets, which fluctuate with insurance market cycles.