MediaAlpha, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data MediaAlpha, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	297	408	585	645	459	388	865	1,114
Cost of revenue	248	343	499	544	389	321	721	946
Gross profit	49.2	65.1	85.4	102	70.1	66.7	144	168
Research and development	10.3	7.04	12.4	15.2	21.1	18.5	19.8	21.4
Selling and marketing	11.7	13.8	20.5	22.8	28.8	25.4	24.7	21.1
General and administrative	7.84	19.4	32.9	61.4	55.6	62.7	56.4	89.6
Operating income	19.3	24.8	19.5	2.15	-35.4	-39.9	42.7	22.1
Interest expense	1.19	7.02	7.94	7.83	9.25	15.3	14.4	11.2
Other non-operating income	-1.19	-7.02	-10.2	-11.7	65.8	-17.1	-19.2	-133
Pre-tax income	18.1	17.8	9.3	-9.52	30.5	-57	23.5	-111
Income tax		0	-1.27	-1.05	103	-0.46	1.38	-138
Net income to minority interests			-4.24	-3.2	-14.8	-16.1	5.49	1.14
Net income	18.1	17.8	-4.37	-5.28	-57.7	-40.4	16.6	25.6
EBITDA	19.5	25.1	19.8	2.52	-35	-39.6	43	22.4
EPS, basic			-0.14	-0.14	-1.37	-0.89	0.31	0.46
EPS, diluted			-0.14	-0.19	-1.37	-0.89	0.31	0.39
Shares, basic (weighted)			32.1	37.3	41.9	45.6	53	56.2
Shares, diluted (weighted)			32.1	61.3	41.9	45.6	53	66.8

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.66	10	23.6	50.6	14.5	17.3	43.3	46.9
Receivables		56	96.3	76.1	60	53.8	143	123
Other current assets		1.45	7.95	10.4	5.88	3.53	3.71	4.48
Total current assets		67.5	128	137	80.4	74.6	190	174
Property, plant and equipment		0.76	0.76
Lease right-of-use assets				3.51	2.76	2.2	1.86	1.25
Goodwill		18.4	18.4	18.4	47.7	47.7	47.7	47.7
Intangible assets	24	18.8	15.6	12.6	32.9	26	20	3.59
Other non-current assets			17	19.1	8.99	5.6	4.81	8.4
Total assets		105	210	290	170	154	262	384
Accounts payable		40.5	98.2	61.8	54	56.3	106	91.1
Accrued liabilities		6.58	9.21	13.7	14.1	11.6	18.5	34.7
Short-term debt		0.87	0	8.73	8.77	11.9	8.85	21.8
Total current liabilities		47.9	107	84.2	76.9	79.7	133	148
Long-term debt		96.7	183	178	174	162	154	132
Lease liabilities				3.22	2.43	1.65	1.12	0.42
Other non-current liabilities		0.32	2.83	4.06	4.97	6.18	15.1	9.56
Total liabilities		145	315	351	256	248	309	413
Total debt		97.5	183	187	183	174	162	153
Paid-in capital			385	420	466	512	508	484
Retained earnings		-193	-419	-424	-482	-523	-506	-480
Shareholders' equity		-114	-33.8	-4.34	-16	-10.3	2.38	4.16
Minority interests			-71.3	-57.2	-70.1	-84.1	-48.6	-33.4
Total equity	40.5	-114	-105	-61.6	-86.1	-94.4	-46.2	-29.2
Total liabilities and equity		105	210	290	170	154	262	384

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	18.1	17.8	10.6	-8.48	-72.4	-56.6	22.1	26.8
Depreciation and amortization	0.2	0.3	0.3	0.37	0.39	0.35	0.25	0.27
Stock-based compensation	0.82	2.31	24.7	45.7	58.5	53.3	34.1	30.3
Deferred income tax		0	-0.55	0.92	103	0	0	-139
Change in receivables	-5.16	-19.2	-40.8	20.1	17.3	6.22	-89.7	20.1
Change in payables	-5.37	13.4	57.8	-36.5	-7.8	2.29	49.3	-14.5
Cash from operations	22.6	22.1	51.4	28.6	28.3	20.2	45.9	65.6
Capital expenditures	-0.63	-0.15	-0.3	-0.65	-0.1	-0.07	-0.25	-0.34
Acquisitions			0	0	-49.7	0	0
Purchases of investments		0	-10	0	0
Cash from investing	-0.64	-0.29	-10.3	-0.65	-49.8	-0.07	-0.65	-0.34
Debt issued		100	210	190	0	0
Debt repaid	-3.57	-15.1	-124	-186	-9.5	-9.5	-12.5	-9.5
Stock issued		0	124	0	0
Share buybacks			0	0	-5.01	0	0	-47.3
Cash from financing	-25.4	-17.5	-27.6	-0.96	-14.5	-17.4	-19.2	-61.6
Net change in cash	-3.44	4.37	13.5	27	-36	2.73	26	3.61
Free cash flow	22	22	51.1	28	28.2	20.2	45.6	65.3
Interest paid	1.2	6.4	6.04	5.6	7.07	13.8	13.9	10.8
Income taxes paid		0	0	0.31	-2.38	-0.26	0.23	1.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.7%	Gross profit / revenue.
Operating margin	6.9%	Operating income / revenue.
EBITDA margin	6.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.9%	Pre-tax income / revenue.
Net margin	7.9%	Net income / revenue.
FCF margin	4.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Return on equity (ROE)	342.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	27.0%	Net income / average total assets.
Return on invested capital (ROIC)	36.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.9%	Research and development expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	33.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-48.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	2.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-47.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	2.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	54.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	25.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	43.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	32.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	43.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	74.9%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	46.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	25.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	16.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.29x	Current assets / current liabilities.
Quick ratio	1.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	6.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.1%	Total debt / total assets.
Liabilities / assets	101.4%	Total liabilities / total assets.
Net debt	$153.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.81x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.94x	Operating income / interest expense.
Working capital	$38.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$22.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.40x	Revenue / average total assets.
Receivables turnover	8.65x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	57.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.73	Revenue / diluted weighted shares.
FCF per share	$0.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.92	Cash from operations / diluted weighted shares.
Book value per share	$0.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.35	Tangible book value / shares outstanding.
Cash per share	$0.38	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	156.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$567.9M	Share price x shares outstanding.
Enterprise value	$720.9M	Market cap + total debt - cash - short-term investments.
P/E	5.84x	Market cap / net income. Only when net income is positive.
P/S	0.46x	Market cap / revenue.
P/B	20.0x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.93x	Market cap / cash from operations, when positive.
EV/Sales	0.59x	Enterprise value / revenue.
EV/EBIT	8.54x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.51x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.9%	Free cash flow / market cap.
Earnings yield	17.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	15.5%	(Dividends paid + share buybacks) / market cap.

What was MediaAlpha, Inc.'s revenue in fiscal 2025?

MediaAlpha, Inc. reported revenue of $1.11B for fiscal 2025, 28.8% higher than the year before.

Was MediaAlpha, Inc. profitable in fiscal 2025?

Yes. Net income was $25.6M, a net margin of 2.3%.

How much free cash flow did MediaAlpha, Inc. generate in fiscal 2025?

Cash from operations of $65.6M minus capital expenditures of $340.0K left free cash flow of $65.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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