MAX
MediaAlpha, Inc.
NYSEUSDEQUITY
Communication Services
DELAYED
Sell
-24/100
Last price
9.68
▲ 0.04 (0.41%)
MARKET · —
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Tool
1D
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Range —
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vs
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Open
—
Prev close
9.64
Day high
9.85
Day low
9.59
Volume
982.90K
Market cap
$512.80M
P/E (TTM)
5.98
52W range
7.09 – 14.70
Trailing performance
Returnvs SPY
1W
+3.20%
+1.2%
1M
-19.67%
-20.8%
3M
-28.56%
-33.1%
6M
+1.36%
-16.8%
YTD
-25.25%
-39.5%
1Y
-13.73%
-30.1%
3Y
+17.19%
-65.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on MAX open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-1.46M
Net selling
Buy transactions
9
143.66K shares
Sell transactions
44
1.60M shares
Net transactions
+53
Buys less sells
Sell : buy shares
11.1 : 1
Heavily one-sided
Insider-held shares
22.30M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 22, 26 | NONKO EUGENE Director |
SELL | 15.47K | $164.82K | |
| Sep 16, 26 | NONKO EUGENE Director |
SELL | 28.87K | $334.47K | |
| Sep 15, 26 | CRAMER KEITH Officer |
SELL | 13.00K | $149.42K | Direct |
| Sep 10, 26 | NONKO EUGENE Director |
SELL | 27.64K | $320.21K | |
| Sep 4, 26 | YEH KUANLING AMY Chief Technology Officer |
SELL | 3.00K | $36.00K | Direct |
| Sep 2, 26 | NONKO EUGENE Director |
SELL | 31.34K | $389.06K | |
| Sep 1, 26 | YI STEVEN Chief Executive Officer |
SELL | 48.00K | $594.37K | Direct |
| Aug 26, 26 | NONKO EUGENE Director |
SELL | 33.42K | $428.23K | |
| Aug 19, 26 | NONKO EUGENE Director |
SELL | 34.46K | $446.83K | |
| Aug 17, 26 | CRAMER KEITH Officer |
SELL | 13.00K | $165.92K | Direct |
| Aug 14, 26 | CRAMER KEITH Officer |
— | 9.78K | — | Direct |
| Aug 14, 26 | YEH KUANLING AMY Chief Technology Officer |
— | 10.11K | — | Direct |
| Aug 14, 26 | YEH KUANLING AMY Chief Technology Officer |
SELL | 12.00K | $162.62K | Direct |
| Aug 12, 26 | NONKO EUGENE Director |
SELL | 34.46K | $454.60K |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ARASU VENMAL RAJI |
Director | 119.41K | Stock Award(Grant) |
COYNE JEFFREY B |
General Counsel | 591.76K | Sale |
CRAMER KEITH |
Officer | 251.30K | Sale |
HUNT BRADLEY WILLIAM |
Director | 46.20K | Stock Award(Grant) |
NONKO EUGENE |
Director | — | Sale |
SWEET LARA |
Director | 98.66K | Stock Award(Grant) |
THOMPSON PATRICK RYAN |
Officer | 1.12M | Stock Award(Grant) |
VRABECK KATHY P |
Director | 150.41K | Stock Award(Grant) |
YEH KUANLING AMY |
Chief Technology Officer | 549.09K | Sale |
YI STEVEN |
Chief Executive Officer | 2.34M | Sale |
Fundamentals
Market cap$512.80M
Enterprise value$632.41M
Revenue (TTM)$1.22B
Gross profit$180.09M
EBITDA$87.11M
Net income$97.22M
EPS (TTM)$1.62
Free cash flow$24.80M
Total cash$23.75M
Total debt$176.71M
Book value / share$0.54
Shares outstanding52.98M
Float24.96M
Short % of float10.09%
Dividend yield0.00%
Beta (5Y)1.15
Valuation & profitability ratios
Trailing P/E5.98
Forward P/E5.79
PEG ratio—
Price / sales—
Price / book18.06
EV / revenue0.52
EV / EBITDA7.26
Gross margin14.71%
Operating margin6.35%
Profit margin7.94%
Return on equity—
Return on assets17.41%
Debt / equity—
Current ratio1.29
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.11B | $864.70M | $388.15M | $459.07M | +28.8% |
| Operating revenue | $1.11B | $856.10M | $374.80M | $438.47M | +29.7% |
| Cost of revenue | $946.06M | $721.13M | $321.44M | $389.01M | +31.2% |
| Gross profit | $167.54M | $143.57M | $66.71M | $70.06M | +16.7% |
| Research & development | $21.40M | $19.76M | $18.46M | $21.08M | +8.3% |
| Selling, general & admin | $110.61M | $81.08M | $88.18M | $84.37M | +36.4% |
| Total operating expense | $132.01M | $100.85M | $106.64M | $105.45M | +30.9% |
| Operating income | $35.54M | $42.73M | -$39.92M | -$35.39M | -16.8% |
| Net interest income | -$11.24M | -$14.35M | -$15.31M | -$9.24M | +21.7% |
| Pre-tax income | -$111.06M | $23.50M | -$57.02M | $30.46M | -572.6% |
| Tax provision | -$137.82M | $1.38M | -$463.00K | $102.91M | -10,058.2% |
| Net income | $25.62M | $16.63M | -$40.42M | -$57.67M | +54.1% |
| Net income to common | $25.62M | $16.63M | -$40.42M | -$57.67M | +54.1% |
| Basic EPS | 0.46 | 0.31 | -0.89 | -1.37 | +48.4% |
| Diluted EPS | 0.39 | 0.31 | -0.89 | -1.37 | +25.8% |
| EBIT | -$99.82M | $37.85M | -$41.70M | $39.70M | -363.7% |
| EBITDA | -$96.57M | $44.53M | -$34.43M | $45.85M | -316.8% |
| Basic shares | 56.24M | 53.04M | 45.57M | 41.94M | +6.0% |
| Diluted shares | 66.79M | 53.04M | 45.57M | 41.94M | +25.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $46.88M | $43.27M | $17.27M | $14.54M | +8.3% |
| Cash & short-term investments | $46.88M | $43.27M | $17.27M | $14.54M | +8.3% |
| Accounts receivable | $123.02M | $142.93M | $53.77M | $60.00M | -13.9% |
| Total current assets | $174.37M | $189.91M | $74.57M | $80.42M | -8.2% |
| Goodwill & intangibles | $51.33M | $67.72M | $73.75M | $80.67M | -24.2% |
| Total assets | $383.83M | $262.45M | $153.93M | $170.08M | +46.3% |
| Total current liabilities | $147.65M | $132.95M | $79.72M | $76.89M | +11.1% |
| Current debt | $21.81M | $8.85M | $11.85M | $8.77M | +146.4% |
| Long-term debt | $131.60M | $153.60M | $162.44M | $174.30M | -14.3% |
| Total debt | $153.41M | $162.44M | $174.30M | $183.07M | -5.6% |
| Total liabilities | $413.02M | $308.68M | $248.35M | $256.17M | +33.8% |
| Retained earnings | -$480.31M | -$505.93M | -$522.56M | -$482.14M | +5.1% |
| Shareholder equity | $4.16M | $2.38M | -$10.29M | -$15.99M | +74.9% |
| Working capital | $26.73M | $56.95M | -$5.15M | $3.53M | -53.1% |
| Net tangible assets | -$47.17M | -$65.35M | -$84.05M | -$96.66M | +27.8% |
| Shares issued | 56.21M | 55.46M | 47.36M | 43.70M | +1.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $26.76M | $22.12M | -$56.55M | -$72.45M | +21.0% |
| Depreciation & amortisation | $3.25M | $6.68M | $7.27M | $6.15M | -51.3% |
| Stock-based compensation | $30.33M | $34.08M | $53.32M | $58.47M | -11.0% |
| Change in working capital | $5.22M | -$26.07M | $13.29M | $13.97M | +120.0% |
| Operating cash flow | $65.60M | $45.87M | $20.23M | $28.27M | +43.0% |
| Capital expenditure | -$340.00K | -$654.00K | -$73.00K | -$98.00K | +48.0% |
| Investing cash flow | -$340.00K | -$654.00K | -$73.00K | -$49.77M | +48.0% |
| Share buybacks | -$47.27M | $0 | $0 | -$5.01M | — |
| Dividends paid | -$1.25M | -$1.22M | -$2.85M | -$2.13M | -2.3% |
| Financing cash flow | -$61.65M | -$19.22M | -$17.43M | -$14.52M | -220.7% |
| Free cash flow | $65.26M | $45.22M | $20.16M | $28.18M | +44.3% |
| End cash position | $46.88M | $43.27M | $17.27M | $14.54M | +8.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $316.88M | $310.00M | $291.15M | $306.51M | $251.62M | +2.2% |
| Operating revenue | $316.66M | $309.79M | $290.96M | $306.26M | $250.46M | +2.2% |
| Cost of revenue | $271.70M | $263.31M | $246.34M | $263.11M | $213.94M | +3.2% |
| Gross profit | $45.17M | $46.70M | $44.81M | $43.41M | $37.69M | -3.3% |
| Research & development | $6.04M | $5.46M | $5.33M | $5.83M | $5.35M | +10.8% |
| Selling, general & admin | $19.17M | $18.87M | $17.17M | $17.84M | $52.38M | +1.6% |
| Total operating expense | $25.21M | $24.32M | $22.50M | $23.67M | $57.73M | +3.6% |
| Operating income | $19.96M | $22.37M | $22.31M | $19.73M | -$20.04M | -10.8% |
| Net interest income | -$2.77M | -$2.44M | -$2.61M | -$2.81M | -$2.87M | -13.6% |
| Pre-tax income | $55.09M | $20.55M | -$104.16M | $17.70M | -$22.22M | +168.1% |
| Tax provision | $13.31M | $6.50M | -$138.14M | $54.00K | $316.00K | +104.7% |
| Net income | $39.44M | $11.47M | $31.41M | $14.91M | -$18.74M | +243.9% |
| Net income to common | $39.44M | $11.47M | $31.41M | $14.91M | -$18.74M | +243.9% |
| Basic EPS | 0.73 | 0.21 | 0.56 | 0.26 | -0.33 | +247.6% |
| Diluted EPS | 0.65 | 0.21 | 0.50 | 0.26 | -0.33 | +209.5% |
| EBIT | $57.87M | $22.99M | -$101.55M | $20.50M | -$19.35M | +151.7% |
| EBITDA | $58.42M | $23.54M | -$100.96M | $21.09M | -$18.77M | +148.2% |
| Basic shares | 53.75M | 55.85M | 56.57M | 56.62M | 56.14M | -3.8% |
| Diluted shares | 62.07M | 55.85M | 65.76M | 56.62M | 56.14M | +11.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $23.75M | $26.05M | $46.88M | $38.84M | $85.38M | -8.9% |
| Cash & short-term investments | $23.75M | $26.05M | $46.88M | $38.84M | $85.38M | -8.9% |
| Accounts receivable | $141.57M | $133.80M | $123.02M | $129.17M | $102.78M | +5.8% |
| Total current assets | $171.34M | $165.21M | $174.37M | $205.74M | $192.47M | +3.7% |
| Goodwill & intangibles | $50.37M | $50.85M | $51.33M | $51.84M | $52.35M | -0.9% |
| Total assets | $359.82M | $367.71M | $383.83M | $266.23M | $249.42M | -2.1% |
| Total current liabilities | $133.08M | $113.17M | $147.65M | $189.68M | $148.69M | +17.6% |
| Current debt | $7.17M | $7.17M | $21.81M | $22.00M | $8.87M | +0.0% |
| Long-term debt | $169.54M | $156.34M | $131.60M | $133.69M | $149.15M | +8.4% |
| Total debt | $176.71M | $163.50M | $153.41M | $155.69M | $158.02M | +8.1% |
| Total liabilities | $364.76M | $396.81M | $413.02M | $332.01M | $306.38M | -8.1% |
| Retained earnings | -$429.40M | -$468.84M | -$480.31M | -$511.72M | -$526.62M | +8.4% |
| Shareholder equity | $28.41M | $1.92M | $4.16M | -$29.75M | -$3.77M | +1,382.1% |
| Working capital | $38.26M | $52.04M | $26.73M | $16.05M | $43.79M | -26.5% |
| Net tangible assets | -$21.96M | -$48.94M | -$47.17M | -$81.60M | -$56.13M | +55.1% |
| Shares issued | 53.00M | 54.58M | 56.21M | 56.90M | 56.37M | -2.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $41.78M | $14.05M | $33.98M | $17.64M | -$22.53M | +197.5% |
| Depreciation & amortisation | $554.00K | $551.00K | $584.00K | $582.00K | $580.00K | +0.5% |
| Stock-based compensation | $8.47M | $7.26M | $7.53M | $7.66M | $8.11M | +16.7% |
| Change in working capital | $15.85M | -$29.32M | -$35.05M | -$2.67M | $39.17M | +154.0% |
| Operating cash flow | $42.59M | -$1.56M | -$7.45M | $23.62M | $25.72M | +2,837.0% |
| Capital expenditure | -$774.00K | -$42.00K | -$40.00K | -$68.00K | -$175.00K | -1,742.9% |
| Investing cash flow | -$774.00K | -$42.00K | -$40.00K | -$68.00K | -$175.00K | -1,742.9% |
| Share buybacks | -$20.60M | -$20.27M | -$14.38M | -$32.89M | $0 | -1.6% |
| Financing cash flow | -$44.12M | -$19.23M | -$17.98M | -$36.59M | -$3.73M | -129.5% |
| Free cash flow | $41.81M | -$1.60M | -$7.49M | $23.55M | $25.55M | +2,716.6% |
| End cash position | $23.75M | $26.05M | $46.88M | $72.34M | $85.38M | -8.9% |
Options analytics
Put / call volume
0.20
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
7.50
-22.5% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
+50.0%
Puts bid over calls
Call volume
10
Contracts, this expiry
Put volume
2
Contracts, this expiry
Heaviest call OI
7.50
0 contracts
Heaviest put OI
7.50
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.30 | 0.28 | -6.9% |
| Mar 2026 | 0.34 | 0.30 | -11.5% |
| Dec 2025 | 0.40 | 2.33 | +475.6% |
| Sep 2025 | 0.37 | 0.40 | +8.2% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.38 | 3 | $346.93M | +13.2% |
| Next quarter | 0.41 | 3 | $328.69M | +12.9% |
| Current year | 1.50 | 3 | $1.31B | +17.3% |
| Next year | 1.67 | 3 | $1.42B | +8.7% |
Analyst targets & ownership
Mean target$15.43
High target$19.00
Low target$11.00
Implied upside59.39%
Analyst count7
ConsensusBUY
Strong buy / Buy2 / 3
Hold3
Sell / Strong sell0 / 0
Held by insiders42.10%
Held by institutions63.37%
Institutions holding228
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
9.49
+2.02% from price
SMA 20
10.29
-5.91% from price
SMA 50
11.82
-18.12% from price
SMA 100
11.40
-15.11% from price
SMA 200
10.70
-9.50% from price
EMA 12
9.85
-1.71% from price
EMA 26
10.55
-8.27% from price
EMA 50
11.17
-13.30% from price
RSI (14)
32.8
Neutral
MACD (12,26,9)
-0.70
Hist 0.04
ATR (14)
0.54
5.54% of price
Realised vol 30D
37.7%
Annualised
Bollinger upper
12.10
20, 2σ
Bollinger lower
8.48
20, 2σ
50 / 200 cross
Golden
11.82 vs 10.70
Trend bias
Below 200
-9.50%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.46
Less volatile than market
Correlation to SPY
0.11
Largely independent
Realised vol 30D
37.7%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-47.7%
Peak to trough
Max drawdown 5Y
-72.3%
Peak to trough
ATR 14
0.54
5.54% of price
Beta (reported)
1.15
5Y monthly, from filing
Short interest
Shares short
3.05M
Prior 2.87M
Change vs prior
+6.3%
Shorts adding
% of float
10.09%
Elevated
% of shares out
5.75%
Against total outstanding
Days to cover
5.1
Crowded exit
Float
24.96M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 5, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Jul 30, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Jul 30, 26 | Canaccord Genuity | MAINTAINED | Buy | Buy |
| Jul 8, 26 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
| Jun 23, 26 | TD Cowen | MAINTAINED | Hold | Hold |
| Apr 30, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Apr 7, 26 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
| Feb 24, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Feb 24, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Feb 24, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Feb 24, 26 | Keefe, Bruyette & Woods | MAINTAINED | Outperform | Outperform |
| Oct 30, 25 | JP Morgan | MAINTAINED | Overweight | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-09
Corporate Changes & Voting Matters
8-K · 2026-09-03
Corporate Changes & Voting Matters
8-K · 2026-07-29
Corporate Changes & Voting Matters
8-K · 2026-06-29
Corporate Changes & Voting Matters
8-K · 2026-05-18
Corporate Changes & Voting Matters
8-K · 2026-05-06
Corporate Changes & Voting Matters
8-K · 2026-04-29
Corporate Changes & Voting Matters
8-K · 2026-03-30
Headlines
1 Stock Under $10 with Exciting Potential and 2 We Avoid
StockStory · 13d ago
New Strong Buy Stocks for September 23rd
Zacks · 14d ago
Best Value Stocks to Buy for September 23rd
Zacks · 14d ago
2 Reasons to Watch MAX and 1 to Stay Cautious
StockStory · 16d ago
Here's Why Investors Must Hold WCN Stock in Their Portfolios Now
Zacks · 19d ago
1 Profitable Stock with Competitive Advantages and 2 Facing Challenges
StockStory · 19d ago
MediaAlpha (MAX) Upgraded to Strong Buy: Here's Why
Zacks · 20d ago
New Strong Buy Stocks for September 17th
Zacks · 20d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.