What is the 13F Pro Quality Score for MAX?

13F Pro ranks MediaAlpha, Inc. (MAX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MAX's current score at https://13fpro.ai/research/MAX (free sign-up required for the full ranking).

Where does 13F Pro source MAX data?

All MediaAlpha, Inc. fundamentals and ownership data come directly from SEC EDGAR. MediaAlpha, Inc. files with the SEC under CIK 1818383. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MAX in?

MediaAlpha, Inc. (MAX) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

How often is MAX research updated on 13F Pro?

MAX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

MediaAlpha, Inc.(MAX)Stock Analysis

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13F Pro Quality Score

56.1/100

Rank #1,121 of 2,879 stocksTOP 50%

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

94.2/100

Profitability

41.7/100

Balance Sheet

47.9/100

Earnings Quality

30.0/100

Free Cash Flow

54.4/100

Institutional Flow

50.1/100

Revenue Scale

51.9/100

Dilution Risk

35.7/100

MAX Stock Analysis & AI Quality Score

AI stock analysis and institutional research for MediaAlpha, Inc. (MAX), a Industrials sector company. 13F Pro's AI-powered ranking engine scores MAX at 56.1/100 on a 32-signal composite quality model, placing it at rank #1,121 of 2,879 stocks — the top half of the AI-ranked universe. MAX scores in the top quartile across revenue growth (94.2). Areas of concern include earnings quality (30.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 35.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), MediaAlpha, Inc. reports quarterly revenue of $310.0M, net income of $11.5M, an operating margin of 7.2%. Top institutional holders of MAX by reported 13-F value include WHITE MOUNTAINS INSURANCE GROUP LTD, BlackRock,, Clearline Capital, based on the most recent SEC filings. MAX trades on the NYSE exchange and files with the SEC under CIK 1818383. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MAX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MediaAlpha, Inc. directly from SEC EDGAR. MediaAlpha, Inc.'s 13F Pro composite quality score has ranged between 8 and 70 since 2021, currently 56.1 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

✦

Fun facts about MediaAlpha, Inc.

Quirks, history, and lore behind MAX — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. technology-driven marketplace company · listed on the NYSE · headquartered in Los Angeles, California · operates in the insurance distribution space.
2
The Numbers
A small-cap firm with revenue in the hundreds of millions of dollars, it connects insurance carriers with consumers and agents through a programmatic platform — think ad-tech, but for policies.
3
The History
Founded in the 2010s, it went public via a traditional IPO around 2020, riding the wave of demand for digital insurance distribution at a time when everyone was shopping for coverage from their couch.
4
The Secret
Its core engine is essentially a programmatic bidding platform — insurance carriers bid in real time for consumer leads and clicks, making it closer to Google Ads than to a traditional insurance broker.
5
The Lore
The company focuses heavily on property & casualty and health insurance verticals, and its fortunes swing dramatically with how aggressively carriers want to spend — when insurers tighten budgets, this stock feels it fast.
6
The Giveaway
Its ticker is MAX — fitting for a company trying to maximize every insurance click, quote, and premium dollar flowing through its open marketplace for carriers and consumers alike.

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Revenue

Q1 2026

$310.0M

Net Income

Q1 2026

$11.5M

Free Cash Flow

Q1 2026

$-1.6M

Operating Margin

Q1 2026

7.2%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+28.8% YoY

$1.11BFY 2025

FY22 $459.1MFY23 $388.1MFY24 $864.7MFY25 $1.11B

Net Income

+54.1% YoY

$25.6MFY 2025

FY22 $-57.7MFY23 $-40.4MFY24 $16.6MFY25 $25.6M

Operating Income

-48.2% YoY

$22.1MFY 2025

FY22 $-35.4MFY23 $-39.9MFY24 $42.7MFY25 $22.1M

EPS (Diluted)

+25.8% YoY

$0.39FY 2025

FY22 $-1.37FY23 $-0.89FY24 $0.31FY25 $0.39

Total Assets

+46.3% YoY

$383.8MFY 2025

FY22 $170.1MFY23 $153.9MFY24 $262.4MFY25 $383.8M

Total Debt

+2.3% YoY

$175.2MFY 2025

FY22 $191.8MFY23 $186.2MFY24 $171.3MFY25 $175.2M

Op. Cash Flow

+43.0% YoY

$65.6MFY 2025

FY22 $28.3MFY23 $20.2MFY24 $45.9MFY25 $65.6M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.11B +28.8%	$864.7M +122.8%	$388.1M -15.4%	$459.1M -28.9%	$645.3M +10.3%	$584.8M
Net Income	$25.6M +54.1%	$16.6M +141.1%	$-40.4M +29.9%	$-57.7M -993.2%	$-5.3M -20.8%	$-4.4M
Operating Income	$22.1M -48.2%	$42.7M +207.0%	$-39.9M -12.8%	$-35.4M -1746.8%	$2.1M -89.0%	$19.5M
EPS (Diluted)	$0.39 +25.8%	$0.31 +134.8%	$-0.89 +35.0%	$-1.37 -621.1%	$-0.19 -35.7%	$-0.14
Total Assets	$383.8M +46.3%	$262.4M +70.5%	$153.9M -9.5%	$170.1M -41.3%	$289.8M +37.8%	$210.3M
Total Debt	$175.2M +2.3%	$171.3M -8.0%	$186.2M -3.0%	$191.8M -1.9%	$195.5M +7.0%	$182.7M
Operating Cash Flow	$65.6M +43.0%	$45.9M +126.7%	$20.2M -28.4%	$28.3M -1.2%	$28.6M -44.3%	$51.4M

AI Insight: MAX Financial Trends

Net income swung from -$19M loss in Q2 2025 to $11M profit in Q1 2026, but operating cash flow collapsed to -$2M.

• Operating income recovered to $22M in Q1 2026 from -$20M in Q2 2025, a $42M swing in eight months.

• Revenue grew 10% year-over-year to $310M in Q1 2026 versus $264M in Q1 2025.

• Total debt decreased $5M to $171M while equity stabilized at $2M in Q1 2026.

⚠ Operating cash flow turned negative -$2M in Q1 2026 after consistent positive generation prior four quarters.

⚠ Sequential revenue declined 6% from $307M (Q3 2025) to $291M (Q4 2025) then rebounded, signaling volatility.

AI Insight: MAX Ratio Trends

MediaAlpha has rebounded sharply from Q2 2025 collapse, with ROIC now at 51.9% in Q1 2026—highest on record—but leverage spiked to 42x D/E in Q4 2025.

• Operating margin recovered from -8.0% in Q2 2025 to 7.2% in Q1 2026; ROIC surged from -49.1% to 51.9% over same span.

• Net profit margin improved to 3.7% in Q1 2026 from -7.4% in Q2 2025, signaling operational stabilization.

• ROA climbed to 12.5% in Q1 2026, recovering decisively from -30.1% trough in Q2 2025.

⚠ D/E ratio surged to 42.12x in Q4 2025—extreme leverage spike amid recovery phase requires scrutiny.

⚠ Q1 2025 saw ROE collapse to -98.4% and ROA to -3.2%; recovery is real but company endured severe stress.

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Available Research

13F Pro tracks comprehensive data for MediaAlpha, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MAX

WHITE MOUNTAINS INSURANCE GROUP LTD
$166.1M17,856,614 sh
BlackRock, Inc.
$32.3M3,476,687 sh
Clearline Capital LP
$24.1M2,590,670 sh
VANGUARD CAPITAL MANAGEMENT LLC
$12.9M1,385,729 sh
J. Goldman & Co LP
$11.0M1,182,673 sh
GEODE CAPITAL MANAGEMENT, LLC
$10.0M1,070,084 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$9.9M1,061,981 sh
Triad Investment Management
$9.3M944,973 sh
JACOBS ASSET MANAGEMENT, LLC
$8.6M924,443 sh
STATE STREET CORP
$7.8M838,161 sh

Fund	Value	Shares
WHITE MOUNTAINS INSURANCE GROUP LTD	$166.1M	17,856,614
BlackRock, Inc.	$32.3M	3,476,687
Clearline Capital LP	$24.1M	2,590,670
VANGUARD CAPITAL MANAGEMENT LLC	$12.9M	1,385,729
J. Goldman & Co LP	$11.0M	1,182,673
GEODE CAPITAL MANAGEMENT, LLC	$10.0M	1,070,084
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$9.9M	1,061,981
Triad Investment Management	$9.3M	944,973
JACOBS ASSET MANAGEMENT, LLC	$8.6M	924,443
STATE STREET CORP	$7.8M	838,161

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Is MAX a good stock to buy?

13F Pro's AI-powered analysis of MediaAlpha, Inc. (MAX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MAX are available on the MAX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own MAX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MAX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of MediaAlpha, Inc.'s investment landscape.