MediaAlpha
Runs the programmatic exchange where insurance carriers bid for consumer leads.
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Profile
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
Categories
Key statistics
Year to date +7.5% · Average volume (30d) 817.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | RBC Capital | Reiterate | Outperform | $11 | $15 | |
| Jul 30, 2026 | Canaccord Genuity | Reiterate | Buy | $17 | ||
| Jun 9, 2026 | Capital One Financial | Target | $11 | |||
| Feb 24, 2026 | RBC Capital | Reiterate | Outperform | $20 | $11 | |
| Feb 24, 2026 | Goldman Sachs | Reiterate | Neutral | $13.50 | $11.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.23 | $0.65 | +183.7% | $300.9M | $316.9M | +5.3% | −1.88% |
| Apr 29, 2026Q1 FY26 | $0.25 | $0.21 | −16.0% | $298.9M | $310.0M | +3.7% | −14.90% |
| Feb 23, 2026Q4 FY25 | $0.25 | $0.50 | +100.0% | $295.0M | $291.2M | −1.3% | +15.44% |
| Oct 29, 2025Q3 FY25 | $0.21 | $0.26 | +23.8% | $296.4M | $306.5M | +3.4% | +9.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $264.3M | $251.6M | $306.5M | $291.2M | $310.0M | $316.9M | |
| Gross profit | $41.6M | $37.7M | $43.4M | $44.8M | $46.7M | $45.2M | |
| Operating income | $116.0K | −$20.0M | $19.7M | $78.4M | $22.4M | $20.0M | |
| Net income | −$1.9M | −$18.7M | $14.9M | $31.4M | $11.5M | $39.4M | |
| Diluted EPS | −$0.04 | −$0.33 | $0.26 | $0.50 | $0.21 | $0.65 | |
| Gross margin | 15.8% | 15.0% | 14.2% | 15.4% | 15.1% | 14.3% | |
| Operating margin | 0.0% | -8.0% | 6.4% | 26.9% | 7.2% | 6.3% |
Fiscal years (4-quarter sums)FY21 $645.3M · FY22 $459.1M · FY23 $388.1M · FY24 $864.7M · FY25 $1.11B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $23.7M · Total debt $176.7M · Total assets $359.8M · Shareholders' equity $28.4M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 52.98M · Float 28.24M · 53.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| White Mountains Insurance Group Ltd | 17.86M | 33.71% | 13F | Aug 12, 2026 |
| WM Hinson (Bermuda) Ltd. | 17.86M | 33.03% | 13D | May 1, 2026 |
| BlackRock, Inc. | 3.39M | 6.40% | 13F | Aug 7, 2026 |
| Divisadero Street Capital Management, LP | 3.13M | 5.80% | 13G | Jul 28, 2026 |
| Clearline Capital LP | 2.71M | 5.12% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Eugene Nonko | director | −10,445 | $12.55 |
| Aug 25, 2026 | Eugene Nonko | director | −11,487 | $12.87 |
| Aug 24, 2026 | Eugene Nonko | director | −11,487 | $12.99 |
| Aug 19, 2026 | Eugene Nonko | director | −11,487 | $13.22 |
| Aug 18, 2026 | Eugene Nonko | director | −11,487 | $12.89 |
Peers
- EverQuote
Direct P&C peer combining owned EverQuote.com with third-party lead brokering
- LendingTree
Multi-vertical financial marketplace with insurance now its largest segment
- QuinStreet
Owned-media auto insurance lead-gen network reselling clicks, leads, and calls
- NerdWallet
Personal-finance content platform whose insurance vertical now leads revenue
- SelectQuote
Licensed insurance agency for Medicare Advantage and life/final-expense
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MediaAlpha | $12.85 | 0.00% | $680.7M | 7.9 | 11.8 | 0.6 | +25.9% |
| EverQuote | $25.66 | 0.00% | $904.3M | 8.4 | 11.6 | 1.2 | +24.6% |
| LendingTree | $28.96 | +0.10% | $404.1M | 2.2 | 11.0 | 0.3 | +25.3% |
| QuinStreet | $19.18 | −0.05% | $1.10B | 13.7 | 12.1 | 0.9 | +42.7% |
| NerdWallet | $9.66 | −2.52% | $720.7M | 11.1 | 10.1 | 0.8 | +5.6% |
| SelectQuote | $0.5202 | −0.36% | $91.7M | — | — | 0.1 | −6.8% |
| Median | 9.7 | 11.3 | 0.8 | +24.6% |