MediaAlpha, Inc. (MAX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-100.0%

$0.00

vs $15.00 price

Levered DCF

$26.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.58

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.15×	36.42×	-12.53×	-7.26×	-110.29×	-279.07×	59×	57.93×
P/B	175.09×	251.83×	-49.19×	-26.1×	-101.13×	-37.17×	-0.29×	26.11×
P/S	0.65×	0.69×	1.3×	0.91×	0.68×	2.15×	0.08×	3.56×
EV / EBITDA	-8.66×	11.87×	-23.4×	12.85×	348.47×	61.44×	3.93×	34.06×
Gross margin	14.8%	16.6%	17.2%	15.3%	15.7%	14.6%	16.0%	16.6%
Operating margin	7.0%	4.9%	-10.3%	-7.7%	0.3%	3.3%	6.1%	6.5%
Net margin	2.3%	1.9%	-10.4%	-12.6%	-0.8%	2.5%	4.4%	6.1%
Current ratio	1.18×	1.43×	0.94×	1.05×	1.63×	1.19×	1.41×	1.32×
Debt / equity	37.31×	68.31×	-16.93×	-11.65×	-43.99×	-5.41×	-0.86×	0.35×
Interest coverage	6.96×	2.98×	-2.61×	-3.83×	0.27×	2.46×	3.54×	16.18×
Dividend yield	0.0%	0.2%	0.6%	0.5%	0.1%	10.5%	295.3%	1.5%
Payout ratio	0.0%	7.3%	-7.1%	-3.7%	-6.4%	888.0%	536.7%	87.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	615.9%	699.3%	392.7%	360.6%	121.6%	-43.8%	-15.7%	44.8%
Return on invested capital	-7.3%	29.1%	-46.0%	81.9%	0.9%	19.0%	42.6%	35.1%
Return on assets	6.7%	6.3%	-26.3%	-33.9%	-1.8%	7.0%	16.9%	20.7%
Free cash flow yield	9.0%	7.6%	4.0%	6.8%	6.4%	4.1%	67.5%	2.1%
Earnings yield	3.5%	2.8%	-8.0%	-13.8%	-1.2%	1.2%	55.0%	1.7%
Enterprise value	$836.7M	$718M	$663.4M	$589.1M	$578.8M	$1.4B	$119.9M	$1.1B
Net debt / EBITDA	-1.12×	1.97×	-5.54×	3.75×	84.42×	6.91×	2.87×	0.27×
Cash conversion cycle (days)	5	7	-13	-3	2	-12	7	6