MAX on NYSE
MediaAlpha, Inc.
MediaAlpha, Inc. is an American business services company based in Los Angeles, listed on NYSE (MAX).1
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Last updated Oct 21, 2026.
Overview
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- TickerMAX on NYSE1
- IndustryServices-Business Services, NEC1
- HeadquartersLos Angeles, California1
- Incorporated inDE3
- Business address700 South Flower Street, Suite 640, Los Angeles, Ca 900173
- Filer categoryAccelerated filer3
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Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value (1) across our platform from our core verticals of property & casualty (“P&C”) insurance, health insurance and life insurance during the year ended December 31, 2025.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
2.0%Operating margin2
2.3%Net margin2
28.8%Revenue growth, 20252
615.9%Return on equity2
31.64×Debt to equity2
$65.3MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Property and Casualty Insurance brought in 90% of the revenue MediaAlpha, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Property and Casualty Insurance | $164.2M | $658.2M | $1.0B |
| Health Insurance | $186.3M | $173.5M | $85.7M |
| Life Insurance | $24.3M | $24.4M | $21.7M |
| Other | $13.4M | $8.6M | $3.2M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue84¢$946.1M
- Research and development2¢$21.4M
- Income tax12¢$137.8M
- Profit2¢$25.6M
Out of $1.1B in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending1¢$340.0K
- Kept or used elsewhere99¢$65.3M
Out of $65.6M of cash from operations.2
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.1B | $864.7M | $388.1M |
| Cost of revenue | $946.1M | $721.1M | $321.4M |
| Sales and marketing | $21.1M | $24.7M | $25.4M |
| Product development | $21.4M | $19.8M | $18.5M |
| General and administrative | $89.6M | $56.4M | $62.7M |
| Write-off of intangible assets | $13.4M | $0 | $0 |
| Total costs and operating expenses | $1.1B | $822.0M | $428.1M |
| Income (loss) from operations | $22.1M | $42.7M | -$39.9M |
| Other expense, net | $121.9M | $4.9M | $1.8M |
| Interest expense | $11.2M | $14.4M | $15.3M |
| Total other expense, net | $133.2M | $19.2M | $17.1M |
| (Loss) income before income taxes | -$111.1M | $23.5M | -$57.0M |
| Income tax (benefit) expense | -$137.8M | $1.4M | -$463.0K |
| Net income (loss) | $26.8M | $22.1M | -$56.6M |
| Net income (loss) attributable to non-controlling interests | $1.1M | $5.5M | -$16.1M |
| Net income (loss) attributable to MediaAlpha, Inc. | $25.6M | $16.6M | -$40.4M |
| Basic (in dollars per share) | $0.46 | $0.31 | -$0.89 |
| Diluted (in dollars per share) | $0.39 | $0.31 | -$0.89 |
| Basic (in shares) | 56.2M shares | 53.0M shares | 45.6M shares |
| Diluted (in shares) | 66.8M shares | 53.0M shares | 45.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $46.9M | $43.3M | ||
| Accounts receivable, net of allowance for credit losses of $717 and $1,005, respectively | $123.0M | $142.9M | ||
| Prepaid expenses and other current assets | $4.5M | $3.7M | ||
| Total current assets | $174.4M | $189.9M | ||
| Intangible assets, net | $3.6M | $20.0M | ||
| Goodwill | $47.7M | $47.7M | $47.7M | |
| Deferred tax assets | $149.7M | $0 | ||
| Other assets | $8.4M | $4.8M | ||
| Total assets | $383.8M | $262.4M | ||
| Accounts payable | $91.1M | $105.6M | ||
| Accrued expenses | $34.7M | $18.5M | ||
| Current portion of long-term debt | $21.8M | $8.8M | ||
| Total current liabilities | $147.6M | $133.0M | ||
| Long-term debt, net of current portion | $131.6M | $153.6M | ||
| Liabilities under tax receivables agreement, net of current portion | $124.2M | $7.0M | ||
| Other long-term liabilities | $9.6M | $15.1M | ||
| Total liabilities | $413.0M | $308.7M | ||
| Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Additional paid-in capital | $483.8M | $507.6M | ||
| Accumulated deficit | -$480.3M | -$505.9M | ||
| Total stockholders equity attributable to MediaAlpha, Inc. | $4.2M | $2.4M | ||
| Non-controlling interests | -$33.4M | -$48.6M | ||
| Total stockholders' deficit | -$29.2M | -$46.2M | -$94.4M | -$86.1M |
| Total liabilities and stockholders deficit | $383.8M | $262.4M | ||
| Allowance for credit losses | $717.0K | $1.0M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $46.9M | $43.3M | ||
| Accounts receivable, net of allowance for credit losses of $717 and $1,005, respectively | $123.0M | $142.9M | ||
| Prepaid expenses and other current assets | $4.5M | $3.7M | ||
| Total current assets | $174.4M | $189.9M | ||
| Intangible assets, net | $3.6M | $20.0M | ||
| Goodwill | $47.7M | $47.7M | $47.7M | |
| Deferred tax assets | $149.7M | $0 | ||
| Other assets | $8.4M | $4.8M | ||
| Total assets | $383.8M | $262.4M | ||
| Accounts payable | $91.1M | $105.6M | ||
| Accrued expenses | $34.7M | $18.5M | ||
| Current portion of long-term debt | $21.8M | $8.8M | ||
| Total current liabilities | $147.6M | $133.0M | ||
| Long-term debt, net of current portion | $131.6M | $153.6M | ||
| Liabilities under tax receivables agreement, net of current portion | $124.2M | $7.0M | ||
| Other long-term liabilities | $9.6M | $15.1M | ||
| Total liabilities | $413.0M | $308.7M | ||
| Preferred stock, $0.01 par value - 50 million shares authorized; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Additional paid-in capital | $483.8M | $507.6M | ||
| Accumulated deficit | -$480.3M | -$505.9M | ||
| Total stockholders equity attributable to MediaAlpha, Inc. | $4.2M | $2.4M | ||
| Non-controlling interests | -$33.4M | -$48.6M | ||
| Total stockholders' deficit | -$29.2M | -$46.2M | -$94.4M | -$86.1M |
| Total liabilities and stockholders deficit | $383.8M | $262.4M | ||
| Allowance for credit losses | $717.0K | $1.0M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, outstanding (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $26.8M | $22.1M | -$56.6M |
| Equity-based compensation expense | $30.3M | $34.1M | $53.3M |
| Non-cash lease expense | $938.0K | $803.0K | $695.0K |
| Depreciation expense on property and equipment | $273.0K | $252.0K | $353.0K |
| Amortization of intangible assets | $3.0M | $6.4M | $6.9M |
| Amortization of deferred debt issuance costs | $654.0K | $755.0K | $793.0K |
| Write-off of intangible assets | $13.4M | $0 | $0 |
| Impairment of cost method investment | $0 | $0 | $1.4M |
| Credit losses | -$173.0K | $497.0K | $5.0K |
| Deferred taxes | -$138.9M | $0 | $0 |
| Tax receivables agreement | $124.1M | $7.0M | $6.0K |
| Accounts receivable | $20.1M | -$89.7M | $6.2M |
| Prepaid expenses and other current assets | -$672.0K | -$244.0K | $2.3M |
| Other assets | -$3.9M | $500.0K | $500.0K |
| Accounts payable | -$14.5M | $49.3M | $2.3M |
| Accrued expenses | $4.2M | $14.0M | $2.0M |
| Net cash provided by operating activities | $65.6M | $45.9M | $20.2M |
| Purchases of property and equipment | -$340.0K | -$254.0K | -$73.0K |
| Acquisition of intangible assets | $0 | -$400.0K | $0 |
| Net cash (used in) investing activities | -$340.0K | -$654.0K | -$73.0K |
| Repayments on long-term debt | -$9.5M | -$12.5M | -$9.5M |
| Debt issuance costs | -$284.0K | $0 | $0 |
| Payments pursuant to tax receivables agreement | $0 | $0 | -$2.8M |
| Shares withheld for taxes on vesting of restricted stock units | -$4.2M | -$6.3M | -$3.7M |
| Repurchases of Class A common stock | -$47.3M | $0 | $0 |
| Contributions from QLHs members | $869.0K | $854.0K | $1.5M |
| Distributions to non-controlling interests | -$1.2M | -$1.2M | -$2.9M |
| Net cash (used in) financing activities | -$61.6M | -$19.2M | -$17.4M |
| Net increase in cash and cash equivalents | $3.6M | $26.0M | $2.7M |
| Interest | $10.8M | $13.9M | $13.8M |
| Income taxes paid, net of refunds | $1.0M | $228.0K | -$257.0K |
| Changes of tax indemnification receivable | -$216.0K | -$52.0K | $644.0K |
| Changes of deferred tax assets related to increase in tax basis | -$10.8M | $0 | $0 |
| Right-of-use assets obtained in exchange of lease obligations | $322.0K | $465.0K | $133.0K |
| Vesting of performance-based restricted stock units | $1.6M | $0 | $0 |
| Accrued excise tax on repurchases of Class A common stock at end of period | $309.0K | $0 | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
MediaAlpha, Inc. sits at the top of its group. 6 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of MediaAlpha, Inc.
- Eugene Nonko Filed SCHEDULE 13D/A on MediaAlpha, Inc., latest Aug 26, 2026 (5 filings since Jun 23, 2022)
- Divisadero Street Capital Management, LP Filed SCHEDULE 13G on MediaAlpha, Inc., latest Jul 28, 2026
- White Mountains Insurance Group Filed SCHEDULE 13D/A on MediaAlpha, Inc., latest May 1, 2026 (9 filings since Feb 14, 2022)
- INSIGNIA CAPITAL PARTNERS GP, L.L.C. Filed SCHEDULE 13G/A on MediaAlpha, Inc., latest Nov 12, 2025 (3 filings since Feb 11, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on MediaAlpha, Inc., latest Oct 31, 2025 (7 filings since Feb 10, 2022)
- BlackRock Filed SCHEDULE 13G/A on MediaAlpha, Inc., latest Apr 29, 2025 (3 filings since Oct 22, 2024)
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SC 13G/A on MediaAlpha, Inc., latest Aug 9, 2024 (4 filings since Feb 11, 2022)
- Broad Bay Capital Management, LP Filed SC 13G/A on MediaAlpha, Inc., latest Feb 14, 2024 (3 filings since May 20, 2022)
- Ararat Capital Management LP Filed SC 13G/A on MediaAlpha, Inc., latest Feb 14, 2023 (2 filings since Jun 6, 2022)
- Ambrose Wang Filed SC 13D/A on MediaAlpha, Inc., latest Jun 23, 2022
- MediaAlpha, Inc. Los Angeles, California
- CHT Buyer, LLC Subsidiary · Delaware, United States
- Guilford Holdings, Inc. Subsidiary · Delaware, United States
- QL Holdings LLC Subsidiary · Delaware, United States
- QuoteLab, LLC Subsidiary · Delaware, United States
- SkyTiger Studio, Ltd. Subsidiary · Taiwan
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MediaAlpha, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $1.2M2 Dec 31, 2025 | $1.9M2 Dec 31, 2024 | −33.1% |
Investments
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $47.7M2 Dec 31, 2025 | $47.7M2 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $3.6M2 Dec 31, 2025 | $20.0M2 Dec 31, 2024 | −82.0% |
| Finite-lived intangibles, gross | $27.0M2 Dec 31, 2025 | $53.1M2 Dec 31, 2024 | −49.2% |
| Accumulated amortization | $23.4M2 Dec 31, 2025 | $33.1M2 Dec 31, 2024 | −29.4% |
| Finite-lived intangibles, net | $3.6M2 Dec 31, 2025 | $20.0M2 Dec 31, 2024 | −82.0% |
Properties, in its own words
Our principal executive office is located in Los Angeles, California. In addition to our Los Angeles office, we operate from three other offices located in Bellevue, Washington; Tempe, Arizona; and Taipei, Taiwan. We lease each of our offices. We believe that our current facilities are adequate to meet our immediate needs.
Item 2 of the 10-K filed Feb 23, 2026.5
Leadership
Who has led MediaAlpha, Inc., and when. Pick a name to see everywhere that person has worked.
Board members and other officers (25)
- Chief People OfficerCatherine Hull Cunningham Oct 22, 2021 to Feb 17, 202315
- OfficerCort Allan Carlson Nov 12, 2021 to Nov 24, 202116
- CO-FOUNDERAmbrose Wang Oct 28, 2020 to Aug 3, 202117
- OfficerBrian Mikalis Oct 28, 2020 to Nov 3, 202118
- OfficerEugene Nonko Oct 28, 2020 to now19
- OfficerJeff Sweetser Oct 28, 2020 to Nov 3, 202120
- OfficerKeith Cramer Oct 28, 2020 to now21
- OfficerKuanling Amy Yeh Oct 28, 2020 to now22
- VICE PRESIDENT, PRODUCTRobert Perine Oct 28, 2020 to Nov 3, 202123
- VICE PRESIDENT, MEDIA BUYINGSerge Topjian Oct 28, 2020 to Nov 3, 202124
- OfficerSteven Yi Oct 28, 2020 to now25
- OfficerTigran Sinanyan Oct 28, 2020 to Sep 21, 202126
- Board memberLauren Stclair May 22, 2026 to now27
- Board memberBradley William Hunt Apr 2, 2025 to now28
- Board memberRamon Jones Nov 13, 2025 to now29
- Board memberAnthony Broglio Oct 28, 2020 to Oct 28, 202030
- Board memberChristopher John Delehanty Oct 28, 2020 to Oct 28, 202031
- Board memberDavid L. Lowe Oct 28, 2020 to Oct 28, 202032
- Board memberEugene Nonko Oct 28, 2020 to now19
- Board memberKathy P. Vrabeck Oct 28, 2020 to now33
- Board memberLara Sweet Oct 28, 2020 to now34
- Board memberSteven Yi Oct 28, 2020 to now25
- Board memberVenmal (raji) Arasu Oct 28, 2020 to now35
- General counselJeffrey B. Coyne May 7, 2021 to now36
- General counselLance Martinez Oct 28, 2020 to May 4, 202137
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- CHT Buyer, LLC Delaware4
- Guilford Holdings, Inc. Delaware4
- QL Holdings LLC Delaware4
- QuoteLab, LLC Delaware4
- SkyTiger Studio, Ltd. Taiwan4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 9, 20268-K Entered a material agreement38
- Sep 3, 20268-K Executive or director change; Regulation FD disclosure39
- Jul 29, 20268-K Results of operations40
- Jun 29, 20268-K Entered a material agreement41
- May 18, 20268-K Executive or director change; Regulation FD disclosure42
- May 6, 20268-K Shareholder vote43
- Apr 29, 20268-K Results of operations44
- Mar 30, 20268-K Entered a material agreement45
- Mar 19, 20268-K Executive or director change46
- Feb 23, 20268-K Results of operations; Other events47
- Dec 16, 20258-K Bylaws or fiscal year changed48
- Dec 5, 20258-K Executive or director change49
Calendar
Coming up
- Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.26 a share, on Oct 29, 2025.50
When it reported results
- Jul 29, 2026Reported quarterly or annual results40
- Apr 29, 2026Reported quarterly or annual results44
- Feb 23, 2026Reported quarterly or annual results47
- Oct 29, 2025Reported quarterly or annual results51
- Aug 6, 2025Reported quarterly or annual results52
- Apr 30, 2025Reported quarterly or annual results53
- Feb 24, 2025Reported quarterly or annual results54
- Oct 30, 2024Reported quarterly or annual results55
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
534 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 56 major events, 314 insider forms, 38 large holders, 105 other. The latest 20:
- Oct 14, 20264 EDGAR
- Oct 13, 2026144 EDGAR
- Oct 9, 20264 EDGAR
- Oct 8, 2026144 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20263 EDGAR
- Sep 25, 20264 EDGAR
- Sep 23, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 15, 2026144 EDGAR
- Sep 10, 20264 EDGAR
- Sep 9, 20264 EDGAR
- Sep 9, 20268-K EDGAR
- Sep 3, 20268-K EDGAR
- Sep 2, 20264 EDGAR
- Sep 2, 20264 EDGAR
- Aug 26, 2026SCHEDULE 13D/A EDGAR
- Aug 26, 20264 EDGAR
- Aug 19, 20264 EDGAR
The 534 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
238 open-market trades by officers, directors and large owners since October 2021: 6 buys and 232 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 25, 2026 | Yeh Kuanling AmyChief Technology Officer | Sale | 3,000 | $9.40 | $28.2K | Form 4 |
| Sep 22, 2026 | Nonko EugeneDirector | Sale | 7,734 | $10.78 | $83.4K | Form 4 |
| Sep 21, 2026 | Nonko EugeneDirector | Sale | 7,734 | $10.53 | $81.5K | Form 4 |
| Sep 16, 2026 | Nonko EugeneDirector | Sale | 9,213 | $11.24 | $103.6K | Form 4 |
| Sep 15, 2026 | Cramer KeithChief Revenue Officer | Sale | 13,000 | $11.49 | $149.4K | Form 4 |
| Sep 15, 2026 | Nonko EugeneDirector | Sale | 9,213 | $11.49 | $105.8K | Form 4 |
| Sep 14, 2026 | Nonko EugeneDirector | Sale | 10,445 | $11.98 | $125.1K | Form 4 |
| Sep 10, 2026 | Nonko EugeneDirector | Sale | 9,213 | $11.60 | $106.9K | Form 4 |
| Sep 9, 2026 | Nonko EugeneDirector | Sale | 9,213 | $11.46 | $105.6K | Form 4 |
| Sep 8, 2026 | Nonko EugeneDirector | Sale | 9,213 | $11.70 | $107.8K | Form 4 |
| Sep 4, 2026 | Yeh Kuanling AmyChief Technology Officer | Sale | 3,000 | $12.00 | $36.0K | Form 4 |
| Sep 2, 2026 | Nonko EugeneDirector | Sale | 10,445 | $12.24 | $127.9K | Form 4 |
| Sep 1, 2026 | Yi StevenSee Remarks | Sale | 48,000 | $12.38 | $594.2K | Form 4 |
| Sep 1, 2026 | Nonko EugeneDirector | Sale | 10,445 | $12.41 | $129.6K | Form 4 |
| Aug 31, 2026 | Nonko EugeneDirector | Sale | 10,445 | $12.60 | $131.7K | Form 4 |
| Aug 26, 2026 | Nonko EugeneDirector | Sale | 10,445 | $12.55 | $131.1K | Form 4 |
| Aug 25, 2026 | Nonko EugeneDirector | Sale | 11,487 | $12.88 | $147.9K | Form 4 |
| Aug 24, 2026 | Nonko EugeneDirector | Sale | 11,487 | $12.99 | $149.2K | Form 4 |
| Aug 19, 2026 | Nonko EugeneDirector | Sale | 11,487 | $13.22 | $151.9K | Form 4 |
| Aug 18, 2026 | Nonko EugeneDirector | Sale | 11,487 | $12.89 | $148.0K | Form 4 |
All 238 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Eugene NonkoSCHEDULE 13D/A, 5 filings Jun 23, 2022 to Aug 26, 202656
- Divisadero Street Capital Management, LPSCHEDULE 13G, 1 filing Jul 28, 202657
- White Mountains Insurance GroupSCHEDULE 13D/A, 9 filings Feb 14, 2022 to May 1, 202658
- INSIGNIA CAPITAL PARTNERS GP, L.L.C.SCHEDULE 13G/A, 3 filings Feb 11, 2022 to Nov 12, 202559
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Oct 31, 202560
- BlackRockSCHEDULE 13G/A, 3 filings Oct 22, 2024 to Apr 29, 202561
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCSC 13G/A, 4 filings Feb 11, 2022 to Aug 9, 202462
- Broad Bay Capital Management, LPSC 13G/A, 3 filings May 20, 2022 to Feb 14, 202463
- Ararat Capital Management LPSC 13G/A, 2 filings Jun 6, 2022 to Feb 14, 202364
- Ambrose WangSC 13D/A, 1 filing Jun 23, 202265
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Steven Yi | 55 | $591.7K | $7.0M66 |
| 2025 | Eugene Nonko | 44 | $550.0K | $4.5M66 |
| 2025 | Patrick Thompson | 46 | $496.7K | $4.1M66 |
| 2025 | Jeffrey Coyne | 59 | $441.7K | $2.8M66 |
| 2025 | Amy Yeh | 48 | $419.2K | $2.5M66 |
| 2025 | Keith Cramer | 45 | $416.7K | $2.4M66 |
| 2024 | Chief Executive Officer and President | $550.0K | $6.9M66 | |
| 2024 | Chief Architect | $550.0K | $6.9M66 | |
| 2024 | Chief Financial Officer and Treasurer | $480.0K | $4.6M66 | |
| 2024 | General Counsel | $400.0K | $2.8M66 | |
| 2024 | Chief Technology Officer | $386.2K | $2.3M66 | |
| 2024 | Chief Revenue Officer | $373.2K | $2.2M66 | |
| 2023 | Chief Executive Officer and President | $550.0K | $5.8M66 | |
| 2023 | Chief Architect | $550.0K | $5.8M66 | |
| 2023 | Chief Financial Officer and Treasurer | $475.0K | $3.5M66 | |
| 2023 | General Counsel | $397.5K | $2.1M66 | |
| 2023 | Chief Technology Officer | $364.6K | $1.7M66 | |
| 2023 | Chief Revenue Officer | $361.7K | $1.7M66 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| White Mountains Insurance Group Ltd | 17,856,614 | $224.5M | 57.0% | No change |
| BlackRock, Inc. | 3,392,357 | $42.6M | 0.0% | −84,330 |
| Clearline Capital LP | 2,713,890 | $34.1M | 2.2% | +123,220 |
| Jpmorgan Chase & Co | 1,880,062 | $23.3M | 0.0% | +134,383 |
| Vanguard Capital Management LLC | 1,276,369 | $16.0M | 0.0% | −109,360 |
| Geode Capital Management, LLC | 1,068,308 | $13.4M | 0.0% | −1,776 |
| Divisadero Street Capital Management, LP | 1,019,988 | $12.8M | 0.3% | +933,081 |
| Jacobs Levy Equity Management, Inc | 971,232 | $12.2M | 0.0% | +221,178 |
| Jacobs Asset Management, LLC | 919,761 | $11.6M | 8.7% | −4,682 |
| State Street Corp | 862,235 | $10.8M | 0.0% | +24,074 |
| Arrowstreet Capital, Limited Partnership | 829,958 | $10.4M | 0.0% | −232,023 |
| Morgan Stanley | 821,170 | $10.3M | 0.0% | +118,152 |
| Nuveen, LLC | 752,447 | $9.5M | 0.0% | +51,048 |
| Dimensional Fund Advisors LP | 701,914 | $8.8M | 0.0% | +81,245 |
| J. Goldman & Co LP | 598,070 | $7.5M | 0.3% | −584,603 |
| Citadel Advisors LLC | 589,696 | $7.4M | 0.0% | +360,373 |
| Renaissance Technologies LLC | 574,407 | $7.2M | 0.0% | −144,893 |
| Shay Capital LLC | 570,000 | $7.2M | 0.8% | −205,000 |
| Jane Street Group, LLC | 551,625 | $6.9M | 0.0% | +268,617 |
| D. E. Shaw & Co., Inc. | 535,926 | $6.7M | 0.0% | +193,868 |
| Speece Thorson Capital Group Inc | 489,098 | $6.1M | 1.3% | −9,913 |
| EVR Research LP | 440,000 | $5.5M | 2.7% | New |
| Vanguard Portfolio Management LLC | 433,046 | $5.4M | 0.0% | −113,699 |
| Goldman Sachs Group Inc | 428,866 | $5.4M | 0.0% | −194,555 |
| Two Sigma Investments, LP | 409,480 | $5.1M | 0.0% | +234,191 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How MediaAlpha, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMediaAlpha, Inc.1
- CIK0001818383
- Employer ID (EIN)85-18541335
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address700 South Flower Street, Suite 640, Los Angeles, CA 900171
- Phone619-393-93681
- Shares outstanding56,207,408 Common Class A shares; 8,288,267 Common Class B shares as of Jan 30, 20265
- Public float$367.1M as of Jun 30, 20255
- AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceAug 11, 20201
- Filings735 in all: 4 (425), 8-K (67), 144 (65), 3 (32), 10-Q (18), SC 13G/A (17), CORRESP (10), SC 13G (9)1
All 39 form types
SC 13D/A (8), DEFA14A (7), 10-K (6), 424B4 (6), DEF 14A (6), UPLOAD (6), EFFECT (5), 424B3 (4), ARS (4), SC 13D (4), SCHEDULE 13D/A (4), SCHEDULE 13G/A (4), DRSLTR (3), S-1/A (3), DRS (2), POS AM (2), S-1 (2), S-8 (2), SC TO-T/A (2), 10-Q/A (1), 3/A (1), 4/A (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS/A (1), PRE 14A (1), S-3 (1), SC 14D9 (1), SC TO-T (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Feb 23, 2026
Quarterly report (10-Q) Jul 29, 2026
Proxy statement (DEF 14A) Mar 23, 2026
Latest 8-K (8-K) Sep 9, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, $0.01 par value per share | MAX | NYSE |
From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks MediaAlpha, Inc. names in Item 1A of its 10-K filed Feb 23, 2026: 55 risks under these headings, as written.5
- Risks related to our business and industry
- Our business is dependent on our relationships with our partners using our platform, many of which have no long-term contractual commitments with us. If Demand Partners stop purchasing Consumer Referrals on our platform, if Supply Partners stop making Consumer Referrals available on our platform, or if we are unable to establish and maintain new relationships with Demand or Supply Partners on our platform, our business, financial condition, operating results, cash flows, and prospects could be materially and adversely affected.
- We depend on a small group of Demand and Supply Partners for a substantial portion of our business. Changes in our relationships with these partners may adversely affect our business, financial condition, operating results, cash flows, and prospects.
- Our business is highly subject to business cycles and risks related to the P&C insurance industry.
- Our partners may negotiate with us to reduce our platform fees or switch certain transactions from Open Marketplace to Private Marketplace, which could harm our business, financial condition, operating results, cash flows, and prospects.
- The FTC Matter has had, and may continue to have, a material adverse effect on our under-65 health business.
- Demand Partners who access our platform can attract consumers directly through their own customer acquisition strategies, including third-party online platforms and other methods of distribution, or obtain similar services from our competitors. Similarly, Supply Partners can seek to monetize high-intent consumers or maximize the value of non-converting consumers on their websites by building their own solutions or turning to other service providers, including our competitors.
- If we fail to compete effectively against technology companies engaged in digital customer acquisition and other competitors, we could lose partners and our revenue may decline.
- If we are unable to develop new offerings, achieve increased partner adoption of those offerings or penetrate new vertical markets, our business, financial condition, operating results, cash flows, and prospects could be materially and adversely affected.
- If we fail to manage future growth effectively, our business, financial condition, operating results, cash flows, and prospects could be materially and adversely affected.
- Our past growth or the past growth in our verticals or by our competitors may not be indicative of future growth, and our revenue growth rate may decline in the future.
- If we are unable to attract, integrate, and retain qualified employees, our ability to develop and successfully grow our business could be harmed.
The other 44 risks
- We may acquire other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations and harm our operating results, financial condition, and prospects.
- We rely on data provided to us by our Demand Partners, our Supply Partners, and consumers to improve our technology and service offerings, and if we are unable to maintain or increase the amount of such data available to us, we may be unable to provide our Demand Partners with a bidding experience that is relevant, efficient, and effective or our Supply Partners with satisfactory revenue yields, which could adversely affect our business, financial condition, operating results, cash flows, and prospects.
- We depend upon internet search companies to direct a significant portion of visitors to our suppliers’ websites and our proprietary websites. Changes in search engine algorithms have in the past harmed and may in the future harm the websites’ placements in both paid and organic search result listings, which may reduce the number of visitors to our Supply Partners’ websites and our proprietary websites and as a result, cause our revenue to decline.
- If the market for digital customer acquisition services fails to continue to develop, our success may be limited, and our revenue may decrease.
- Our existing and any future indebtedness could adversely affect our ability to operate our business.
- Changes in tax laws or exposure to additional income or other tax liabilities could affect our future profitability.
- Taxing authorities may assert that we should have collected or in the future should collect sales and use, gross receipts, value added or similar taxes, and may successfully impose additional obligations on us, and any such assessments or obligations could adversely affect our operating results.
- We may from time to time be subject to litigation, which may be extremely costly to defend, could result in substantial judgment or settlement costs or subject us to other remedies.
- Supply Partners, Demand Partners or vendors may engage in unauthorized or unlawful acts that could subject us to significant liability or cause us to lose Demand Partners and revenue.
- We maintain cash balances in our bank accounts that exceed the FDIC insurance limitation.
- Operating and growing our business may require additional capital, and if capital is not available to us, our business, financial condition, operating results, cash flows, and prospects may suffer.
- We have incurred significant net losses in the past and we may not be able to generate sufficient revenue to be profitable over the long term.
- Broad-based pandemics or public health crises, such as the COVID-19 pandemic, have had, and may in the future have, an adverse impact on our business, financial condition, operating results, cash flows, and prospects.
- Our business could be adversely affected by natural disasters, political crises, economic downturns or other unexpected events.
- Risks related to information security and privacy, the integrity of our platform, and our intellectual property
- Our business could be materially and adversely affected by a cybersecurity breach or other attack involving our computer systems or those of our partners or third-party service providers.
- We collect, process, store, share, disclose, transfer, and use consumer information and other data, and an actual or perceived failure to protect such information and data or respect users’ privacy could damage our reputation and brand or negatively affect our ability to retain partners and harm our business, financial condition, operating results, cash flows, and prospects.
- If we are unable to adequately obtain, maintain, protect or enforce our intellectual property rights, proprietary systems, technology and brand, our ability to compete could be harmed.
- We may become subject to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.
- Our business depends on our ability to maintain and improve the technological infrastructure that supports our platform, and any significant disruption in service on our platform could result in a loss of partners, which could harm our business, financial condition, operating results, cash flows, and prospects.
- We rely on Amazon Web Services to deliver our platform to our partners, and any disruption of, or interference with, our use of Amazon Web Services could adversely affect our business, financial condition, operating results, cash flows, and prospects.
- Our proprietary predictive modeling tools and machine learning algorithms may not operate properly or as we expect them to, which could detrimentally impact our buyers’ advertising campaigns. Moreover, our proprietary predictive modeling tools and machine learning algorithms may lead to unintentional bias and discrimination.
- If the way cookies are used or shared, or if the use or transfer of cookies is restricted by third parties outside of our control or becomes subject to unfavorable legislation or regulation, our ability to develop and provide certain products or services could be affected.
- Our use of “open source” software could adversely affect our ability to protect our proprietary software and subject us to possible litigation.
- Risks related to laws and regulation
- Laws and regulations regulating insurance activities are complex and could negatively affect us and/or our Supply and Demand Partners, which could in turn have a material and adverse effect on our business, may reduce our profitability and potentially limit our growth.
- Changes and developments in the regulation of the healthcare industry could adversely affect our business, financial condition, operating results, cash flows, and prospects.
- Changes in laws or regulations relating to privacy, data protection or the protection or transfer of personal data could materially and adversely affect our business, financial condition, operating results, cash flows, and prospects.
- Our and our partners’ communications with potential and existing consumers are subject to laws regulating telephone and email marketing practices.
- Risks related to being a public company
- Our operating results or other operating metrics may fluctuate significantly on a quarterly and annual basis and may not meet expectations of research analysts, which could cause the trading price of our Class A common stock to decline.
- We are required to make significant estimates and assumptions in the preparation of our financial statements. These estimates and assumptions may not be accurate and are subject to change.
- Risks related to internal control on financial reporting
- As a public company, we are required to establish and maintain effective internal control over financial reporting in order to comply with Section 404 of the Sarbanes-Oxley Act. Our internal control over financial reporting may not be determined to be effective, or our independent registered public accountants may issue an adverse opinion on these controls, all of which may adversely affect investor confidence in us and, as a result, the value of our Class A common stock.
- We may identify material weaknesses in the future or otherwise fail to maintain an effective internal control over financial reporting and may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.
- Risks related to our Class A common stock
- The market price of our Class A common stock may be subject to substantial fluctuations, which may make it difficult for you to sell your shares at the volume, price and times desired.
- Our issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise would dilute all other stockholders.
- We do not intend to pay dividends in the foreseeable future.
- Sales of a substantial number of shares of our Class A common stock by our pre-IPO stockholders in the public market, or the perception that such sales may occur, could cause the price of our Class A common stock to fall.
- Certain provisions in our amended and restated certificate of incorporation, our amended and restated bylaws, our stockholders’ agreement and of Delaware law may prevent or delay an acquisition of MediaAlpha, Inc., which could decrease the trading price of our Class A common stock.
- Our amended and restated certificate of incorporation and stockholders’ agreement contain provisions renouncing our interest and expectation to participate in certain corporate governance opportunities identified by or presented to certain of our existing investors.
- Our amended and restated certificate of incorporation contains exclusive forum provisions that may discourage lawsuits against us and our directors and officers.
- Different interests among our investors or between our investors and us, including with respect to related party transactions, could prevent us from achieving our business goals.
- Risks related to our structure
- We are a holding company and our only material asset is our indirect interest in QLH and, accordingly, we are dependent upon distributions from QLH to pay taxes and other expenses.
- We are required to pay Insignia, the Senior Executives, and White Mountains for certain tax benefits we may claim in the future.
- We may not be able to realize all or a portion of the tax benefits that are currently expected to result from our purchase (through Intermediate Holdco) of Class B-1 units from certain unitholders in connection with the IPO, the Pre-IPO Leveraged Distribution and other actual or deemed distributions by QLH to its members, post-IPO exchanges of Class B-1 units, the utilization of pre-IPO net operating losses of Intermediate Holdco, and payments made under the tax receivables agreement.
- In certain cases, payments by us under the tax receivables agreement may be accelerated or significantly exceed the tax benefits we realize in respect of the tax attributes subject to the tax receivables agreement.
Legal proceedings
From time to time we are a party to various litigation matters incidental to the conduct of our business.
For more information regarding material lawsuits and proceedings (including those known to be contemplated by governmental authorities), see Part II, Item 8 "Financial Statements and Supplementary Data—Note 7 to the Consolidated Financial Statements—Commitments and contingencies - Litigation and other matters" of this Annual Report on Form 10-K, which is hereby incorporated by reference in its entirety in this Item 3.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARCort Allan Carlson, Officer
- 17SEC EDGARAmbrose Wang, CO-FOUNDER
- 18SEC EDGARBrian Mikalis, Officer
- 19SEC EDGAREugene Nonko, Officer
- 20SEC EDGARJeff Sweetser, Officer
- 21SEC EDGARKeith Cramer, Officer
- 22SEC EDGARKuanling Amy Yeh, Officer
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- 25SEC EDGARSteven Yi, Officer
- 26SEC EDGARTigran Sinanyan, Officer
- 27SEC EDGARLauren Stclair, Board member
- 28SEC EDGARBradley William Hunt, Board member
- 29SEC EDGARRamon Jones, Board member
- 30SEC EDGARAnthony Broglio, Board member
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- 32SEC EDGARDavid L. Lowe, Board member
- 33SEC EDGARKathy P. Vrabeck, Board member
- 34SEC EDGARLara Sweet, Board member
- 35SEC EDGARVenmal (raji) Arasu, Board member
- 36SEC EDGARJeffrey B. Coyne, General counsel
- 37SEC EDGARLance Martinez, General counsel
- 38SEC EDGAREntered a material agreement
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- 40SEC EDGARResults of operations
- 41SEC EDGAREntered a material agreement
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- 43SEC EDGARShareholder vote
- 44SEC EDGARResults of operations
- 45SEC EDGAREntered a material agreement
- 46SEC EDGARExecutive or director change
- 47SEC EDGARResults of operations; Other events
- 48SEC EDGARBylaws or fiscal year changed
- 49SEC EDGARExecutive or director change
- 50NasdaqNasdaq calendar
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