MediaAlpha Inc. Class A Common Stock (MAX)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

MediaAlpha is a small intermediary in insurance customer acquisition, a marketplace connecting shoppers with carriers and agents. In fiscal year 2023, the period ended 2023-12-31, it lost $40.4 million on $388.1 million of revenue, with diluted EPS of -$0.89. By fiscal year 2025, the period ended 2025-12-31, revenue had grown to $1.1 billion and net income turned positive at $25.6 million, or $0.39 per diluted share. The latest filed quarter, fiscal Q2 2026 ended 2026-06-30, showed revenue of $316.9 million and net income of $39.4 million, or $0.65 per diluted share, up from revenue of $251.6 million and a net loss of $18.7 million in fiscal Q2 2025 ended 2025-06-30. That is a genuine turnaround, and the Lynch classification as TURNAROUND fits. The business can scale with few employees, 147, and trailing free cash flow was $56.3 million, an 8.7% FCF yield at the 2026-10-13 close. ROCE was 17.41% by FairStock's calculation. But I see no wide moat proven here; two-sided marketplaces can be competitive. Financial health is mixed: Altman Z-Score was 0.59, P/B was 19.39, and EV/EBITDA was 385.62 by FairStock's calculations. The FairStock P/E was 6.46 at the 2026-10-13 close, and PEG was 0.02, which looks statistically cheap, but the Graham Number was $4.44 versus the $10.47 price, a -135.81% margin of safety. In other words, earnings-based valuation is attractive, while balance-sheet-oriented valuation is not. I would want the Q2 2026 profit level to persist rather than prove a cyclical peak.

In plain English: MediaAlpha runs an online platform that helps insurance companies and agents find customers. The business has swung from losses to profits, and recent sales and profits have grown, but profit is still thin relative to sales. At the 2026-10-13 close price of $10.47, the stock looks cheap against earnings but expensive against asset value and a strict old-school value check, so the picture is mixed.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer