MediaAlpha (MAX)
Runs the programmatic exchange where insurance carriers bid for consumer leads.
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Runs an open, programmatic marketplace that matches insurance shoppers from partner sites with carriers and agents bidding to acquire them, earning a share of the resulting transaction value rather than underwriting any policies itself. Property and casualty insurance now drives most of that volume, with health and life insurance making up smaller slices.
An open, programmatic marketplace connects US insurance shoppers, sourced through partner comparison sites, publishers, and its own lead-generation websites, with carriers and agents that bid in real time to acquire them; it neither underwrites risk nor holds insurance licenses itself.
Property and casualty insurance now accounts for most of the volume moving through the exchange, a reversal from a few years earlier when health insurance carried a comparable share; life insurance and a discontinued travel vertical make up the remainder.
A settlement with the Federal Trade Commission over health-lead marketing practices narrowed the under-65 health business and added disclosure and partner-monitoring obligations, while a small set of large auto carriers still drives much of the P&C volume.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | RBC Capital | Reiterate | Rating: —Target: $11 | Target: $15 |
| Jul 30, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: — | Target: $17 |
| Jun 9, 2026 | Capital One Financial | Target | Target: — | Target: $11 |
| Feb 24, 2026 | RBC Capital | Reiterate | Rating: —Target: $20 | Target: $11 |
| Feb 24, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $13.50 | Target: $11.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $23.7M · Total debt $176.7M · Total assets $359.8M · Shareholders' equity $28.4M
- Revenue
- $316.9M
- Operating income
- $20.0M
- Net income
- $39.4M
No dividends on record.
| Institutions | 79.86% | 48.93M shares | |
|---|---|---|---|
| 160 holders · as of Jun 30, 2026 | |||
| Insiders | 14.84% | 9.09M shares | |
| 9 holders · as of Aug 26, 2026 | |||
| Other | 5.30% | 3.24M shares | |
| remainder | |||
61.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (61.26M in the company's Sep 22, 2026 report, 52.98M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
White Mountains Insurance Group LtdInstitution | 29.15% | 17.86M A | as of Jun 30, 2026 |
Eugene Nonko1Insiderdirector | 8.48% | 1.67M A · 198,024 B | filed Aug 26, 2026 |
BlackRock, Inc.Institution | 5.54% | 3.39M A | as of Jun 30, 2026 |
Ambrose Wang1Insiderofficer: CO-FOUNDER | 4.66% | 38,839 A · 169,735 B | filed Jun 25, 2021 |
Clearline Capital LPInstitution | 4.43% | 2.71M A | as of Jun 30, 2026 |
- The filed share classes (A, B-1, B) could not be matched to the company's, so no percentage.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Eugene Nonko | director | −9,213 | $11.24 |
| Sep 15, 2026 | Eugene Nonko | director | −9,213 | $11.48 |
| Sep 14, 2026 | Eugene Nonko | director | −10,445 | $11.98 |
| Sep 15, 2026 | Keith Cramer | officer: Chief Revenue Officer | −13,000 | $11.49 |
| Sep 10, 2026 | Eugene Nonko | director | −9,213 | $11.60 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MediaAlpha | $10.09 | −6.49% | $571.6M | 6.7 | 9.2 | 0.5 | +25.9% |
| EverQuote | $19.41 | −14.98% | $804.5M | 7.4 | 8.7 | 1.1 | +24.6% |
| LendingTree | $25.84 | −4.15% | $376.2M | 2.1 | 9.9 | 0.3 | +25.3% |
| QuinStreet | $15.62 | −9.50% | $991.5M | 12.4 | 9.8 | 0.8 | +42.7% |
| NerdWallet | $8.41 | −7.43% | $661.0M | 10.2 | 8.6 | 0.8 | +5.6% |
| SelectQuote | $0.4552 | −4.69% | $84.2M | — | — | 0.1 | −6.8% |
| Median | 8.8 | 9.3 | 0.8 | +24.6% |