MAX - MediaAlpha, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$11.25
DETAILS
HIGH:
$11.50
LOW:
$11.00
MEDIAN:
$11.25
CONSENSUS:
$11.25
UPSIDE:
32.51%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| Revenue | 1,113.6 | 864.7 | 388.1 | 459.1 | 645.3 | 584.8 | 408.0 | 296.9 |
| Cost of Revenue | 946.1 | 721.1 | 321.4 | 389.0 | 543.8 | 499.4 | 342.9 | 247.7 |
| Gross Profit | 164.6 | 143.6 | 66.7 | 70.1 | 101.5 | 85.4 | 65.1 | 49.2 |
| Operating Expenses | ||||||||
| R&D Expenses | 21.4 | 19.8 | 18.5 | 21.1 | 15.2 | 12.4 | 7.0 | 10.3 |
| SG&A Expenses | 110.6 | 70.0 | 83.9 | 84.4 | 84.2 | 53.4 | 33.2 | 19.6 |
| Other Expenses | (45.7) | 11.1 | 4.3 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 86.3 | 100.8 | 106.6 | 105.4 | 99.4 | 65.8 | 40.3 | 29.9 |
| Operating Income | ||||||||
| Operating Income | 78.2 | 42.7 | (39.9) | (35.4) | 2.1 | 19.5 | 24.8 | 19.3 |
| Interest Expense | 11.2 | 14.4 | 15.3 | 9.2 | 7.8 | 7.9 | 7.0 | 1.2 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||
| EBITDA | (96.6) | 60.5 | (28.4) | (29.2) | 5.5 | 23.0 | 30.5 | 31.3 |
| EBIT | (99.8) | 53.8 | (35.6) | (35.4) | 2.1 | 19.5 | 24.8 | 19.3 |
| Income Before Tax | (111.1) | 23.5 | (57.0) | 30.5 | (9.5) | 9.3 | 17.8 | 18.1 |
| Income Tax Expense | (137.8) | 1.4 | (0.5) | 102.9 | (1.0) | (1.3) | 0 | 0 |
| Net Income | 25.6 | 16.6 | (40.4) | (57.7) | (5.3) | 14.8 | 17.8 | 18.1 |
| Per Share Data | ||||||||
| EPS (Basic) | 0.46 | 0.31 | -0.89 | -1.37 | -0.14 | -0.13 | 0.54 | 0.55 |
| EPS (Diluted) | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 | -0.14 | 0.54 | 0.55 |
| Shares Outstanding | 56.2 | 53.6 | 45.4 | 41.9 | 28.4 | 105.7 | 1.0 | 33.2 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||
| Cash & Cash Equivalents | 46.9 | 43.3 | 17.3 | 14.5 | 50.6 | 23.6 | 10.0 | 5.7 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 123.0 | 142.9 | 53.8 | 60.0 | 76.1 | 96.3 | 56.0 | 37.1 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 4.5 | 3.7 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 174.4 | 189.9 | 74.6 | 80.4 | 137.1 | 127.8 | 67.5 | 44.1 |
| Non-Current Assets | ||||||||
| Property, Plant & Equipment | 0 | 0 | 0 | 2.8 | 3.5 | 0.8 | 0.8 | 0.9 |
| Goodwill | 47.7 | 47.7 | 47.7 | 47.7 | 18.4 | 18.4 | 18.4 | 18.4 |
| Intangible Assets | 3.6 | 20.0 | 26.0 | 32.9 | 12.6 | 15.6 | 18.8 | 24.0 |
| Long-Term Investments | 0 | 0 | 0 | 1.4 | 10 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.4 | 4.8 | 5.6 | 4.8 | 108.2 | 16.2 | 0 | 0 |
| Total Non-Current Assets | 209.5 | 72.5 | 79.4 | 89.7 | 152.7 | 82.5 | 37.9 | 43.3 |
| Total Assets | 383.8 | 262.4 | 153.9 | 170.1 | 289.8 | 210.3 | 105.4 | 87.4 |
| Current Liabilities | ||||||||
| Account Payables | 91.1 | 105.6 | 56.3 | 54.0 | 61.8 | 98.2 | 40.5 | 27.0 |
| Short-Term Debt | 22.8 | 8.8 | 11.9 | 8.8 | 8.7 | 0 | 0.9 | 1.2 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 33.8 | 1.0 | 0 | 0 | 0 | 0 | 0 | 1.4 |
| Total Current Liabilities | 147.6 | 133.0 | 79.7 | 76.9 | 84.2 | 107.5 | 47.9 | 33.5 |
| Non-Current Liabilities | ||||||||
| Long-Term Debt | 132.0 | 153.6 | 162.4 | 174.3 | 178.1 | 182.7 | 96.7 | 13.1 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 22.5 | 0 | 0 |
| Other Non-Current Liabilities | 132.9 | 22.1 | 6.2 | 2.5 | 85.9 | 2.8 | 74.4 | 0.4 |
| Total Non-Current Liabilities | 265.4 | 175.7 | 168.6 | 179.3 | 267.2 | 208 | 171.1 | 13.4 |
| Total Liabilities | 413.0 | 308.7 | 248.3 | 256.2 | 351.4 | 315.5 | 219.0 | 46.9 |
| Stockholders' Equity | ||||||||
| Common Stock | 0.6 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | 79.5 | 76.0 |
| Retained Earnings | (480.3) | (505.9) | (522.6) | (482.1) | (424.5) | (419.0) | (193.1) | (35.5) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.5) |
| Total Stockholders' Equity | 4.2 | 2.4 | (10.3) | (16.0) | (4.3) | (33.8) | (113.6) | 40.5 |
| Total Liabilities & Equity | 383.8 | 262.4 | 153.9 | 170.1 | 289.8 | 210.3 | 105.4 | 87.4 |
| Debt Metrics | ||||||||
| Total Debt | 155.2 | 162.4 | 174.3 | 186.3 | 190.8 | 182.7 | 97.5 | 14.2 |
| Net Debt | 108.3 | 119.2 | 157.0 | 171.7 | 140.2 | 159.1 | 87.5 | 8.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | 26.8 | 22.1 | (56.6) | (72.4) | (8.5) | 10.6 | 17.8 | 18.1 |
| Depreciation & Amortization | 3.3 | 6.7 | 7.3 | 6.1 | 3.4 | 3.5 | 5.7 | 12.0 |
| Stock-Based Compensation | 30.3 | 34.1 | 53.3 | 58.5 | 45.7 | 24.7 | 2.3 | 0.8 |
| Change in Working Capital | 5.2 | (26.1) | 13.3 | 14.0 | (15.7) | 9.0 | (4.7) | (8.8) |
| Other Non-Cash Items | 138.9 | 9.1 | 2.9 | (80.5) | 2.8 | 4.2 | 1.0 | 0.0 |
| Operating Cash Flow | 65.6 | 45.9 | 20.2 | 28.3 | 28.6 | 51.4 | 22.1 | 22.6 |
| Investing Activities | ||||||||
| Capital Expenditure | (0.3) | (0.3) | (0.1) | (0.1) | (0.7) | (0.3) | (0.3) | (0.6) |
| Acquisitions | 0 | 0 | 0 | (49.7) | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | (10) | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | (0.4) | 0 | 0 | 0 | 0 | (0.1) | (0.0) |
| Investing Cash Flow | (0.3) | (0.7) | (0.1) | (49.8) | (0.7) | (10.3) | (0.3) | (0.6) |
| Financing Activities | ||||||||
| Net Debt Issuance | (9.5) | (12.5) | (9.5) | (4.5) | 3.6 | 86.4 | 84.9 | (9.6) |
| Stock Repurchased | (47.3) | (6.3) | 0 | (5.0) | 0 | (85.8) | (67.3) | 0 |
| Dividends Paid | 0 | (1.2) | (2.9) | (2.1) | (0.3) | (131.4) | (95.6) | (15.9) |
| Other Financing Activities | (4.9) | 0.9 | (5.1) | (2.9) | (4.2) | (20.9) | 60.5 | 0 |
| Financing Cash Flow | (61.6) | (19.2) | (17.4) | (14.5) | (1.0) | (27.6) | (17.5) | (25.4) |
| Cash Position | ||||||||
| Net Change in Cash | 3.6 | 26.0 | 2.7 | (36.0) | 27.0 | 13.5 | 4.4 | (3.4) |
| Cash at Beginning | 43.3 | 17.3 | 14.5 | 50.6 | 23.6 | 10.0 | 5.7 | 9.1 |
| Cash at End | 46.9 | 43.3 | 17.3 | 14.5 | 50.6 | 23.6 | 10.0 | 5.7 |
| Free Cash Flow | 65.3 | 45.6 | 20.2 | 28.2 | 28.0 | 51.1 | 21.8 | 22.0 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 1,113.6 | 864.7 | 388.1 | 459.1 | 645.3 | 584.8 | 408.0 | 296.9 |
| Gross Profit | 164.6 | 143.6 | 66.7 | 70.1 | 101.5 | 85.4 | 65.1 | 49.2 |
| Operating Income | 78.2 | 42.7 | (39.9) | (35.4) | 2.1 | 19.5 | 24.8 | 19.3 |
| Net Income | 25.6 | 16.6 | (40.4) | (57.7) | (5.3) | 14.8 | 17.8 | 18.1 |
| EPS (Diluted) | 0.39 | 0.31 | -0.89 | -1.37 | -0.19 | -0.14 | 0.54 | 0.55 |
| Balance Sheet | ||||||||
| Cash & Equivalents | 46.9 | 43.3 | 17.3 | 14.5 | 50.6 | 23.6 | 10.0 | 5.7 |
| Total Assets | 383.8 | 262.4 | 153.9 | 170.1 | 289.8 | 210.3 | 105.4 | 87.4 |
| Total Debt | 155.2 | 162.4 | 174.3 | 186.3 | 190.8 | 182.7 | 97.5 | 14.2 |
| Stockholders' Equity | 4.2 | 2.4 | (10.3) | (16.0) | (4.3) | (33.8) | (113.6) | 40.5 |
| Cash Flow | ||||||||
| Operating Cash Flow | 65.6 | 45.9 | 20.2 | 28.3 | 28.6 | 51.4 | 22.1 | 22.6 |
| Capital Expenditure | (0.3) | (0.3) | (0.1) | (0.1) | (0.7) | (0.3) | (0.3) | (0.6) |
| Free Cash Flow | 65.3 | 45.6 | 20.2 | 28.2 | 28.0 | 51.1 | 21.8 | 22.0 |