MAXNYSEServices-Business Services, NECUS GAAP · USD

MediaAlpha, Inc.

MediaAlpha runs a programmatic customer-acquisition marketplace for insurance, connecting carriers and distributors with high-intent consumers through real-time bidding, data science, and transparent pricing. The company monetizes consumer referrals, clicks, calls, and leads across property & casualty, health, and life insurance verticals, while also giving supply partners tools to optimize yield from their traffic.

Kysy yhtiöstä
Liikevaihto1 114milj. USD
+28,8 %v/v
Liikevoitto (EBIT)22,1milj. USD
−48,2 %v/v
EBIT-marginaali2,0%
−3,0 %-yks.v/v
Nettotulos25,6milj. USD
+54,1 %v/v
Vapaa kassavirta65,3milj. USD
+43,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−25002505007501 0001 250milj. USD2020: 585 milj. USD2020: EBIT 20 milj. USD20202021: 645 milj. USD2021: EBIT 2,1 milj. USD20212022: 459 milj. USD2022: EBIT −35 milj. USD20222023: 388 milj. USD2023: EBIT −40 milj. USD20232024: 865 milj. USD2024: EBIT 43 milj. USD20242025: 1 114 milj. USD2025: EBIT 22 milj. USD20251 11422
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: MediaAlpha, Inc.

Liiketoiminta

Osuus liikevaihdosta
Open Marketplace70 %

Marketplace transactions where MediaAlpha controls and sells qualified consumer referrals to demand partners.

Private Marketplace20 %

Direct transactions between supply and demand partners where MediaAlpha earns a platform fee.

Owned and operated lead generation10 %

Company-owned websites and traffic monetization activities that generate clicks, calls, and leads.

Tuotteet

Raportoitu · osuus liikevaihdosta
90,1%FY2025100 %
  • Property and Casualty Insurance90,1 %
  • Health Insurance7,7 %
  • Life Insurance1,9 %
  • Other0,3 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

MediaAlpha sells primarily to insurance carriers, distributors, and agents that buy consumer referrals to acquire policyholders more efficiently. Its supply-side customers are publishers, websites, and other traffic owners that use the platform to monetize high-intent insurance shoppers and maximize yield. End consumers are online insurance shoppers whose intent and attributes determine pricing and conversion value on the platform.

Insurance carriers

Buy consumer referrals and leads to acquire policyholders at scale and improve return on ad spend.

Insurance distributors and agents

Use the platform to source qualified prospects and expand digital acquisition capacity.

Supply partners

Publishers and traffic owners sell high-intent consumer traffic and use the platform to maximize yield.

End consumers

Online insurance shoppers whose intent, geography, and demographics drive referral value.

Strategia

MediaAlpha is focused on deepening its insurance ecosystem by adding more demand partners, more supply partners, and richer data integrations that reinforce its flywheel. Near term, it is expanding relationships with agents and optimizing core insurance verticals, while selectively evaluating adjacent verticals that share similar acquisition economics.

Deepen insurance partner relationshipsLyhyt aikaväli

More demand and supply partners increase liquidity, pricing efficiency, and repeat transaction value.

Improve platform data and analyticsKeskipitkä aikaväli

Better predictive analysis helps partners target consumers more precisely and improves ROI.

Expand into adjacent verticalsKeskipitkä aikaväli

New verticals could diversify revenue if the company can apply its playbook with limited headcount growth.

Maantiede

The business is primarily U.S.-based, with headquarters in Los Angeles, California, and exposure to U.S. insurance regulation and carrier spending cycles. Geography matters because referral value depends on consumer location, state-level insurance pricing approvals, and local demand from carriers and distributors. The company also notes foreign income tax exposure, but the operating model described in the filings is centered on the United States.

Riskit

MediaAlpha depends on continued participation from both demand and supply partners, and many relationships are not locked into long-term contracts. Its revenue is also exposed to insurance carrier spending cycles, regulatory approval of premium increases, and changes in marketing rules for calls, emails, and lead generation. Because the platform monetizes high-intent traffic, competition, cybersecurity, and traffic quality are direct drivers of conversion, pricing, and margin.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory changes in telemarketing and consent rules1Dependence on non-exclusive partner relationships2Insurance carrier spending volatility3Cybersecurity and platform integrity4Competitive pressure in digital insurance acquisition5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory changes in telemarketing and consent rulesVaikutus: KorkeaTodennäköisyys: Korkea

    Tighter rules can reduce lead volume or raise compliance costs.

    KohdistuuCallsEmailsRobocallsLead generation
  2. Dependence on non-exclusive partner relationshipsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Demand and supply partners can leave if ROI, yield, or pricing deteriorates.

    Kohdistuu: Core marketplace liquidity and revenue concentration

  3. Insurance carrier spending volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Carrier acquisition budgets move with underwriting profitability and rate approvals.

    KohdistuuP&CHealthLife vertical demand
  4. Cybersecurity and platform integrityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A breach or outage could interrupt transactions and damage partner trust.

    Kohdistuu: Marketplace operations and partner data

  5. Competitive pressure in digital insurance acquisitionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Rivals compete on referral quality, ROI, technology, and service.

    Kohdistuu: Demand partner budgets and supply inventory

Kysy Clarifolta: MediaAlpha, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition: principal vs agent

Open Marketplace revenue is recognized gross, while Private Marketplace earns a platform fee.

Vaikutus: Affects reported revenue, cost of revenue, and margin presentation

Transaction Value as an operating metric

It measures gross dollars transacted and helps explain revenue drivers, but is non-GAAP.

Vaikutus: Useful for growth analysis, not a substitute for revenue

Goodwill and intangible asset impairment

Acquired assets are tested for recoverability and can be written off when no future benefit is expected.

Vaikutus: Can create large non-cash charges; 2025 included a $13.4 million write-off

Income taxes and valuation allowance

Deferred tax asset realizability depends on future taxable income and can change quickly.

Vaikutus: May cause material swings in tax expense and equity

Tax receivables agreement liabilities

TRA payments are estimated and recorded when probable, adding judgment to liabilities.

Vaikutus: Affects accrued expenses and future cash outflows

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Yuanbao Inc.

YB · Insurance Agents, Brokers & Service

AIFU Inc.

AIFU · Insurance Agents, Brokers & Service

CorVel Corp

CRVL · Insurance Agents, Brokers & Service

reAlpha Tech Corp.

AIRE · Real Estate

MedWellAI, Inc.

MWAI · Finance Services

MetLife, Inc

MET · Life Insurance

Päivitetty: 24.9.2026