MediaAlpha, Inc. (MAX) intrinsic value & 10-year financials
MediaAlpha, Inc. (MAX) has a Graham intrinsic value of $12.95 per share. At $11.50 on Oct 17, 2026, the stock trades 11% below that value. Over the last 9 fiscal years revenue grew 20.8% a year to $1.1B, with an average return on invested capital of -9.0%.
- Graham intrinsic value
- $12.95
- Share price (Oct 17, 2026)
- $11.50
- Price vs Graham value
- 11% below
- Market cap
- $768.0M
- Revenue (FY2025)
- $1.1B
- Revenue growth (9-yr CAGR)
- 20.8%
- ROIC (10-yr avg)
- -9.0%
- Free cash flow (FY2025)
- $65.3M
MAX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $25.6M | $0.39 | $65.3M | 2.0% | 9.5% |
| FY2024 | $864.7M | $16.6M | $0.31 | $45.6M | 4.9% | 29.1% |
| FY2023 | $388.1M | -$40.4M | -$0.89 | $20.2M | -10.3% | -26.0% |
| FY2022 | $459.1M | -$57.7M | -$1.37 | $28.2M | -7.7% | -12.2% |
| FY2021 | $645.3M | -$5.3M | -$0.19 | $28.0M | 0.3% | 1.4% |
| FY2020 | $584.8M | -$4.4M | -$0.07 | $51.1M | 3.3% | 30.5% |
| FY2019 | $408.0M | $17.8M | — | $22.0M | 6.1% | -95.2% |
| FY2018 | $296.9M | $18.1M | — | $22.0M | 6.5% | — |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MediaAlpha, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
MediaAlpha, Inc. has historically struggled to out-earn its cost of capital, averaging just -9.0% ROIC.
MediaAlpha, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MediaAlpha, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.95 per share.