MediaAlpha, Inc. (MAX) Stock

MediaAlpha, Inc. (MAX) is a Technology stock trading at $12.91 (as of 2026-08-21), with a market capitalization of $801.35M and a trailing P/E of 10.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

MediaAlpha, Inc. operates, through its subsidiaries, an insurance customer acquisition platform in the United States. It supports acquisition across property and casualty, health, and life insurance verticals, and is headquartered in Los Angeles, California; it is a subsidiary of White Mountains Insurance Group, Ltd.

Understand MediaAlpha, Inc.: how it makes money

MediaAlpha runs an insurance customer acquisition platform in the United States, optimizing how insurers find and win property and casualty, health, and life insurance customers and how those transactions flow through its marketplaces.

The profit model is structurally driven by transaction value multiplied by the platform take rate, with the mix across insurance verticals and private versus open marketplaces influencing overall results.

Business quality (Weak): Good visibility into key operating drivers like transaction value and take rate, but the provided segment breakdown does not map cleanly to the latest total revenue, limiting how precisely investors can attribute quarter performance across business lines.

Valuation: Trades at 19× trailing earnings · $1B market cap.

Bull case

Operating engine tied to transaction activity: The company reports Top Line Transaction Value and Take Rate, letting investors track whether growth or mix changes are translating into monetization.
Marketplace and vertical diversification signals optionality: Transaction value is reported across property and casualty, health, and life, and the platform also reports private marketplace share, which helps show where volume is coming from.
Data integration scale supports supply partnerships: The company reports 35.0 insurance carriers with data integration for supply partnerships, which can broaden where demand originates in acquisition workflows.

Bear case

Customer concentration risk: Top Two Customers Revenue Concentration is 28.0 percent, which can increase volatility if a major customer changes strategy.
Supplier concentration risk: Single Supplier Maximum Revenue Concentration is 10.0 percent, which can expose results if key supplier relationships weaken.
Transaction and take rate sensitivity: Because reported monetization metrics include Take Rate and transaction value (including marketplace mix), results may be sensitive to shifts in acquisition volumes or marketplace economics.

Valuation — source: SEC EDGAR (first-party)
Price	$12.91
Market Cap	$801.35M
P/E Ratio	10.0
EV / EBITDA	11.2
Price / Sales	0.64
FCF Yield	13.7%
DCF Value (model)	$2.73
DCF Upside vs Price	-78.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.11B
Net Margin	2.3%
Revenue Growth (YoY)	28.8%
EPS Growth (YoY)	48.4%
FCF Growth (YoY)	43.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.68 (grey)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	10.0
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9
vs Sector	-70.4%
vs Industry	-66.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	WHITE MOUNTAINS INSURANCE GROUP LTD ($166.07M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Steven Yi
Employees	144
Country	US
IPO Date	2020-10-28

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.