# MediaAlpha, Inc.: overview

MAX · NYSE · CIK 1818383 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/max.md) · [Financials](/companies/max/financials.md) · [Filings](/companies/max/filings.md) · [Insiders](/companies/max/insiders.md)

Latest reported revenue: [$375.9m](/filings/0001818383-26-000264.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 28, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001818383-26-000264).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [301 d](/filings/0001818383-26-000049.md) | [264](/filings/0001818383-26-000118.md) | [252](/filings/0001818383-26-000200.md) | [307](/filings/0001818383-26-000264.md) | [291 d](/filings/0001818383-26-000049.md) | [310](/filings/0001818383-26-000118.md) | [317](/filings/0001818383-26-000200.md) | [376](/filings/0001818383-26-000264.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [6.1% d](/filings/0001818383-26-000049.md) | [0.0%](/filings/0001818383-26-000118.md) | [(8.0%)](/filings/0001818383-26-000200.md) | [6.4%](/filings/0001818383-26-000264.md) | [7.7% d](/filings/0001818383-26-000049.md) | [7.2%](/filings/0001818383-26-000118.md) | [6.3%](/filings/0001818383-26-000200.md) | [7.7%](/filings/0001818383-26-000264.md) |
| Net margin | % | [1.5% d](/filings/0001818383-26-000049.md) | [(0.7%)](/filings/0001818383-26-000118.md) | [(7.4%)](/filings/0001818383-26-000200.md) | [4.9%](/filings/0001818383-26-000264.md) | [10.8% d](/filings/0001818383-26-000049.md) | [3.7%](/filings/0001818383-26-000118.md) | [12.4%](/filings/0001818383-26-000200.md) | [6.9%](/filings/0001818383-26-000264.md) |
| Diluted EPS | $ per share | not reported | [(0.04)](/filings/0001818383-26-000118.md) | [(0.33)](/filings/0001818383-26-000200.md) | [0.26](/filings/0001818383-26-000264.md) | not reported | [0.21](/filings/0001818383-26-000118.md) | [0.65](/filings/0001818383-26-000200.md) | [0.46](/filings/0001818383-26-000264.md) |
| Free cash flow | $m | [14.5 d](/filings/0001818383-26-000049.md) | [23.6](/filings/0001818383-26-000118.md) | [25.5 d](/filings/0001818383-26-000200.md) | [23.6 d](/filings/0001818383-26-000264.md) | [(7.5) d](/filings/0001818383-26-000049.md) | [(1.6)](/filings/0001818383-26-000118.md) | [41.8 d](/filings/0001818383-26-000200.md) | [21.5 d](/filings/0001818383-26-000264.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [645](/filings/0001818383-24-000011.md) | [459](/filings/0001818383-25-000022.md) | [388](/filings/0001818383-26-000049.md) | [865](/filings/0001818383-26-000049.md) | [1,114](/filings/0001818383-26-000049.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [0.3%](/filings/0001818383-24-000011.md) | [(7.7%)](/filings/0001818383-25-000022.md) | [(10.3%)](/filings/0001818383-26-000049.md) | [4.9%](/filings/0001818383-26-000049.md) | [2.0%](/filings/0001818383-26-000049.md) |
| Net margin | % | [(0.8%)](/filings/0001818383-24-000011.md) | [(12.6%)](/filings/0001818383-25-000022.md) | [(10.4%)](/filings/0001818383-26-000049.md) | [1.9%](/filings/0001818383-26-000049.md) | [2.3%](/filings/0001818383-26-000049.md) |
| Diluted EPS | $ per share | [(0.19)](/filings/0001818383-24-000011.md) | [(1.37)](/filings/0001818383-25-000022.md) | [(0.89)](/filings/0001818383-26-000049.md) | [0.31](/filings/0001818383-26-000049.md) | [0.39](/filings/0001818383-26-000049.md) |
| Free cash flow | $m | [28.0](/filings/0001818383-24-000011.md) | [28.2](/filings/0001818383-25-000022.md) | [20.2](/filings/0001818383-26-000049.md) | [45.6](/filings/0001818383-26-000049.md) | [65.3](/filings/0001818383-26-000049.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/max/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2026-10-28 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 7,273 | $11.6266 | $84.6k | [Form 4](/filings/0001818383-26-000266.md) |
| 2026-10-28 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 1,940 | $11.6293 | $22.6k | [Form 4](/filings/0001818383-26-000266.md) |
| 2026-10-27 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 8,283 | $11.8489 | $98.1k | [Form 4](/filings/0001818383-26-000266.md) |
| 2026-10-27 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 3,394 | $11.9212 | $40.5k | [Form 4](/filings/0001818383-26-000266.md) |
| 2026-10-26 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 7,273 | $11.8302 | $86.0k | [Form 4](/filings/0001818383-26-000266.md) |
| 2026-10-26 | [Nonko Eugene](/insiders/1830016.md) | Director | Sale (S) | 1,940 | $11.8286 | $22.9k | [Form 4](/filings/0001818383-26-000266.md) |
| 2024-05-07 | [White Mountains Insurance Group Ltd](/insiders/776867.md) | 10% owner | Sale (S) | 5,000,200 | $19.00 | $95.0m | [Form 4](/filings/0001062993-24-009800.md) |
| 2023-06-30 | [White Mountains Insurance Group Ltd](/insiders/776867.md) | Director, 10% owner | Purchase (P) | 5,916,816 | $10.00 | $59.2m | [Form 4](/filings/0001062993-23-014208.md) |
| 2021-03-23 | [White Mountains Insurance Group Ltd](/insiders/776867.md) | 10% owner | Sale (S) | 3,592,204 | $46.00 | $165.2m | [Form 4](/filings/0001668244-21-000013.md) |
| 2020-10-30 | [White Mountains Insurance Group Ltd](/insiders/776867.md) | 10% owner | Sale (S) | 3,609,894 | $19.00 | $68.6m | [Form 4](/filings/0000899243-20-030233.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [WHITE MOUNTAINS INSURANCE GROUP LTD](/funds/776867.md) | 2026-06-30 | $224.5m | 17,856,614 |  | Unchanged |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $42.6m | 3,392,357 |  | Reduced −84,330 |
| [Clearline Capital LP](/funds/1600136.md) | 2026-06-30 | $34.1m | 2,713,890 |  | Added +123,220 |
| [JPMORGAN CHASE & CO](/funds/19617.md) | 2026-06-30 | $23.3m | 1,880,062 |  | Added +134,383 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $16.0m | 1,276,369 |  | Reduced −109,360 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $13.4m | 1,068,308 |  | Reduced −1,776 |
| [Divisadero Street Capital Management, LP](/funds/1901865.md) | 2026-06-30 | $12.8m | 1,019,988 |  | Added +933,081 |
| [JACOBS LEVY EQUITY MANAGEMENT, INC](/funds/884414.md) | 2026-06-30 | $12.2m | 971,232 |  | Added +221,178 |
| [JACOBS ASSET MANAGEMENT, LLC](/funds/1351063.md) | 2026-06-30 | $11.6m | 919,761 |  | Reduced −4,682 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $10.8m | 862,235 |  | Added +24,074 |

## Recent filings

[All 724 filings](/companies/max/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-28 | 16:16 ET | [10-Q](/filings/0001818383-26-000264.md) | Quarterly report, period 2026-09-30 | 0001818383-26-000264 |
| 2026-10-28 | 16:09 ET | [8-K](/filings/0001818383-26-000263.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001818383-26-000263 |
| 2026-09-09 | 09:02 ET | [8-K](/filings/0001818383-26-000231.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001818383-26-000231 |
| 2026-09-03 | 09:03 ET | [8-K](/filings/0001818383-26-000229.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001818383-26-000229 |
| 2026-08-26 | 21:53 ET | [SCHEDULE 13D/A](/filings/0001818383-26-000223.md) | Ownership report, active investor, amended | 0001818383-26-000223 |
| 2026-07-29 | 16:17 ET | [10-Q](/filings/0001818383-26-000200.md) | Quarterly report, period 2026-06-30 | 0001818383-26-000200 |
| 2026-07-29 | 16:07 ET | [8-K](/filings/0001818383-26-000198.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001818383-26-000198 |
| 2026-06-29 | 16:31 ET | [8-K](/filings/0001818383-26-000173.md) | 1.01 Entry into a material agreement; 9.01 Financial statements and exhibits | 0001818383-26-000173 |
| 2026-05-18 | 16:14 ET | [8-K](/filings/0001818383-26-000144.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001818383-26-000144 |
| 2026-05-06 | 16:07 ET | [8-K](/filings/0001818383-26-000125.md) | 5.07 Shareholder vote results | 0001818383-26-000125 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001818383-26-000049.md), filed Feb 23, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/9bdba2ae-9ffa-4920-b1af-d4c007292fc1)

## About the filer

- CIK: 1818383
- Tickers: MAX
- Exchange: NYSE
- SIC code: 7389 Services-Business Services, NEC
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 04:37 ET. No prices; not investment advice.