MediaAlpha, Inc.
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Range $11 – $17
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About the company
MediaAlpha, Inc. (MAX) runs a dedicated platform in the United States designed to enhance customer acquisition within the insurance sector. It specializes in streamlining the process of attracting new clients across various insurance segments, including property and casualty, health, and life coverage.
- CEO
- Steven Yi
- IPO
- 2020
- Employees
- 147
- HQ
- Los Angeles, CA, US
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- Market Cap
- $705.90M
- P/E
- 7.62
- Fwd P/E
- 9.90
- PEG
- 0.00
- P/S
- 0.58
- P/B
- 25.71
- EV/EBITDA
- 879.36
- Div Yield
- 0.00%
- Gross Margin
- 14.71%
- Op Margin
- 11.47%
- Net Margin
- 7.94%
- ROE
- 8214.45%
- ROIC
- -596.34%
Latest fiscal year · YoY change
- Revenue
- $1.11B+28.8%
- Gross Profit
- $164.56M+14.6%
- Op Income
- $78.22M
- Net Income
- $25.62M+54.1%
- EPS
- $0.46+48.4%
- OCF Growth
- +43.0%
- FCF Growth
- +43.1%
- 52W High
- $14.70
- 52W Low
- $7.09
- 50D MA
- $12.50
- 200D MA
- $10.96
- Beta
- 1.17
- RSI (14)
- 54
- Avg Volume
- 818.13K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
MediaAlpha posted record Q2 2026 results, with broadening carrier demand, strong core growth, and raised confidence in a long runway for its marketplace model.· July 29, 2026
- Q2 revenue hit $317 million, up 26% year over year and above guidance; adjusted EBITDA was $29.3 million, up 19% year over year.
- Contribution reached $47.2 million, up 18% year over year, with a mid-quarter take-rate dip that fully recovered by quarter end.
- Management said demand is broadening beyond the top two carriers, and the third, fourth, and fifth largest carriers nearly quadrupled spend in 1H 2026 versus 1H 2025.
- The company kept returning capital: $20 million of buybacks in Q2, $41 million year to date, plus a $31 million TRA repurchase that generated a $38 million gain.
- Third-quarter guidance calls for $330 million to $355 million of revenue, $51.5 million to $54.5 million of contribution, and $32 million to $35 million of adjusted EBITDA; full-year free cash flow is still expected at $90 million to $100 million.
Revenue was $317 million in Q2 2026, up 26% year over year. Contribution was $47.2 million, up 18% year over year, and adjusted EBITDA was $29.3 million, up 19% year over year. Excluding under-65 health, management said core business revenue and adjusted EBITDA each grew over 30% year over year. For Q3 2026, the company guided to revenue of $330 million to $355 million, contribution of $51.5 million to $54.5 million, and adjusted EBITDA of $32 million to $35 million; it also reiterated full-year 2026 free cash flow of $90 million to $100 million.
Steve Yi said the quarter reflected a broadening of carrier demand across the marketplace, not just concentration among a few large partners. He framed the opportunity as a continuing shift from agent-based distribution toward direct-to-consumer digital acquisition, with AI accelerating that transition on both the carrier and consumer sides. His tone was notably optimistic, pointing to a long runway as carriers still spend more than $2 in agent commissions for every $1 spent on advertising and only 40% of that ad spend is currently digital.
Pat Thompson emphasized that Q2 results came in above the high end of guidance, with revenue of $317 million, contribution of $47.2 million, and adjusted EBITDA of $29.3 million. He noted a mid-quarter dip in take rates that recovered by quarter end, and said the company expects Q3 contribution growth and EBITDA growth to remain strong even with about a $1 million year-over-year decline in under-65 health contribution. On capital allocation, MediaAlpha repurchased about 2.2 million shares for $20 million in Q2 at an average price of $9.22, had $23.7 million of cash and $30 million undrawn on the revolver at quarter end, and used $31 million to retire $69 million of TRA liability for a $38 million gain and an estimated mid-teens unlevered IRR.
Analysts pressed on how broadening carrier participation could affect economics, and Pat said the newer carriers mostly transact in the open marketplace, where take rates are higher and revenue is recognized gross, versus the private marketplace where revenue is net. Questions also focused on the under-65 health business, with management saying Q2 was in line with expectations at about 1% of revenue and that comps should get easier into Q4 and Q1. On AI and LLM-driven traffic, Steve said the traffic is still small but growing, with higher-intent, more granular searches that are often higher quality than Google organic. Pat also said the June TRA repurchase was not necessarily a one-off, but future deals would depend on seller willingness and whether the IRR beats other capital uses.
The bull case from this call is that carrier demand appears to be widening beyond a small set of dominant spenders, which could expand MediaAlpha’s growth base. Management also sees AI and the broader shift to direct-to-consumer insurance as structural tailwinds that should improve targeting, conversion, and long-term marketplace penetration.
The main risks flagged were that growth still depends on carriers’ pace of adoption and their internal capabilities, especially among those new to direct-to-consumer and performance marketing. Management also acknowledged a temporary take-rate dip during the quarter, ongoing pressure in the under-65 health business, and that LLM-driven traffic remains relatively small today despite early momentum.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 53.3%
- Shares Outstanding
- 52.98M
- Float Shares
- 28.24M
of shares held by institutions
169 13F filers
Buy/sell ratio 0.06. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| White Mountains Insurance Group Ltd | 17.86M | 0 |
| Blackrock, Inc. | 3.39M | ▼ 84.33K |
| Clearline Capital LP | 2.71M | ▲ 123.22K |
| Vanguard Group Inc | 2.57M | ▼ 29.63K |
| Jpmorgan Chase & Co | 1.88M | ▲ 134.38K |
| Vanguard Capital Management LLC | 1.28M | ▼ 109.36K |
| Geode Capital Management, LLC | 1.07M | ▼ 1.78K |
| Divisadero Street Capital Management, LP | 1.02M | ▲ 933.08K |
| Jacobs Levy Equity Management, Inc | 971.23K | ▲ 221.18K |
| Acadian Asset Management LLC | 957.10K | ▲ 109.90K |
| Jacobs Asset Management, LLC | 919.76K | ▼ 4.68K |
| State Street Corp | 862.24K | ▲ 24.07K |
Held by 159 ETFs
Biggest fund positions in MAX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Nonko Eugene | sell | 8,205 |
| Aug 18, 26 | Nonko Eugene | sell | 8,205 |
| Aug 19, 26 | Nonko Eugene | sell | 8,205 |
| Aug 17, 26 | Nonko Eugene | sell | 3,282 |
| Aug 18, 26 | Nonko Eugene | sell | 3,282 |
| Aug 19, 26 | Nonko Eugene | sell | 3,282 |
| Aug 15, 26 | COYNE JEFFREY B | other | 2,187 |
| Aug 15, 26 | COYNE JEFFREY B | other | 2,542 |
| Aug 15, 26 | COYNE JEFFREY B | other | 5,224 |
| Aug 15, 26 | COYNE JEFFREY B | other | 4,229 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MAX coverage
Recent articles, reports, and earnings notes.
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