Stock fact sheet · data as of
MediaAlpha, Inc. (MAX): fair value, margin of safety and Wheel Score
Ticker symbol MAX · Communication Services · Internet Content & Information · United States · Class A common stock · Growth
MAX is MediaAlpha, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is MAX undervalued?
MAX has a margin of safety of 57%: the stock closed at 15.05 on 5 Nov 2026 against a GLS average fair value of 34.70. 4 of the 7 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 7 models disagree widely: DCF gives 0.0091 while GLS Growth gives 124.62. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, MAX is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 55, growth score 85, out of 100).
Nine valuation models for MAX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 0.0091 | -100% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 6.65 | -56% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 37.86 | +152% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 10.71 | -29% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 124.62 | +728% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | 40.43 | +169% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 22.62 | +50% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -4.69 | -131% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 14.75 | -2% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - MAX passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.9 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are high - ROIC 16.1%, ROE 615.9%, ROA 6.7% - with debt at 37.31 times equity and a free-cash-flow yield of 7.1%. Debt of 37.31 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
MediaAlpha, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Property And Casualty Insurance 97%, Life Insurance 2%, Health Insurance 1% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 16.1% |
|---|---|---|---|
| GLS Moat | 4.9 / 10 | ROE | 615.9% |
| Debt / equity | 37.31 | ROA | 6.7% |
| Free-cash-flow yield | 7.1% | Payout ratio | 5% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 49: Weak
MAX scores 49 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (3,418 open interest, 56 a day); and filter 8, big enough - market cap $766M (under $1.0B), and the parts are thin too - value strong, premium strong, moat fair, health good, red flags strong, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 57% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,418 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 2.3M shares a day on a market cap of $766M, with a beta of 1.13; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (3,418 open interest, 56 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $766M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 57% below fair value | |
| Premium | Strong | implied volatility 57% | |
| Moat | Fair | moat 4.9/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Strong | Red Flags score 95/100 | |
| Option trading | Weak | 56 contracts a day, 3,418 open interest | |
| Stability | Fair | beta 1.13, $766M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for MAX in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Internet Content & Information
The 12 companies below are the closest to MediaAlpha, Inc. by market cap within the Internet Content & Information industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NRDS NerdWallet, Inc. | 11.81 | 35.46 | +67% | 49Weak | $755M |
| BMBL Bumble Inc. | 6.00 | 30.31 | +80% | 33Weak | $792M |
| CARS Cars.com Inc. | 12.75 | 24.02 | +47% | 51Fair | $713M |
| GRPN Groupon, Inc. | 17.31 | 35.10 | +51% | 34Weak | $704M |
| TBLA Taboola.com Ltd. | 2.74 | 14.45 | +81% | 41Weak | $691M |
| MOMO Hello Group Inc. | 4.55 | 11.97 | +62% | 51Fair | $654M |
| ATHM Autohome Inc. | 22.49 | 45.48 | +51% | 47Weak | $651M |
| NXDR Nextdoor Holdings, Inc. | 2.44 | 0.7357 | -232% | 27Weak | $944M |
| EVER EverQuote, Inc. | 30.60 | 77.65 | +61% | 51Fair | $969M |
| YELP Yelp Inc. | 22.05 | 111.16 | +80% | 77Good | $1.2B |
| DJT Trump Media & Technology Group Corp. | 4.49 | 0.6531 | -587% | 18Weak | $1.2B |
| WBTN WEBTOON Entertainment Inc. Common stock | 9.70 | - | - | 17Weak | $1.3B |
⚖ Compare MAX with 7 of them All Communication Services stocks →
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about MAX
What kind of share is MAX?
MAX is MediaAlpha, Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is MAX undervalued right now?
By the GLS models, yes: at 15.05 the stock is 57% below the average fair value of 34.70 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of MAX and what does it mean?
MAX scores 49 out of 100 (Weak) - it fails Wheel Trade Filters 1, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MAX?
34.70 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does MediaAlpha, Inc. report earnings next?
No upcoming earnings date is recorded for MAX in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does MAX have listed options, and how liquid are they?
Yes. The nightly snapshot found 20 listed contracts with 3,418 open interest across all expiries and implied volatility of 57% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.