Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| MediaAlpha, Inc.MAX · other | |
|---|---|
| Grade |  Astrongest fifth of 336 graded peers; percentile 13.4, sampling error 2.6 points; lower is stronger |
| Rank | 46 of 336 |
| Profitability | A/Bpercentile 19.7 |
| Solvency | Dpercentile 70.7 |
| Growth and financing | Apercentile 11.0 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $383.8M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 23, 2026228 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $10.662026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 23, 2026; the document on sec.gov.
Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value(1) across our platform from our core verticals of property & casualty (“P&C”) insurance, health insurance and life insurance during the year ended December 31, 2025. We believe in the disruptive power of transparency.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 19.7 | |||||||
| Gross profitability | 43.7% | [1-3] | 27.1% | 24.0 | 289 | 2025-12-31 | |
| Return on invested capital | not computable | 10.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (12.4%) | [1,4-6] | (5.9%) | 21.0 | 506 | 2025-12-31 | |
| Gross margin stability, five years | 0.8 pts | [2-3,7-14] | 2.2 pts | 14.3 | 204 | 2025-12-31 | |
| Solvency, sleeve percentile 70.7 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | (3.22) | [1,15-20] | 2.05 | 77.7 | 386 | 2025-12-31 | |
| Net debt to EBITDA | 4.76x | [18,21-23] | 2.52x | 79.2 | 184 | 2025-12-31 | |
| Interest coverage | not computable | 2.18x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.18x | [15-16] | 1.32x | 55.2 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 11.0 | |||||||
| Revenue growth, three-year compound | 34.4% | [2,7,9,11] | 5.1% | 5.2 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 32.3% | [5,24-30] | 8.7% | 20.1 | 220 | 2025-12-31 | |
| Reinvestment rate | not computable | 11.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 31.2% | [1,6,31-32] | 4.1% | 7.8 | 438 | 2025-12-31 | |
| Net share issuance, one year | not computable | (0.4%) | |||||
| two annual share counts are required; found 0 | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.351; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 41 | Bowman Consulting Group Ltd. (BWMN) Bowman Consulting Group Ltd. (BWMN) Astrongest fifth; percentile 11.9 Nasdaq · Services-Management Consulting Services market equity $741.6M; last close $42.78 No active warnings; 10 of 14 inputs | 11.9 | A | |
| 42 | OLD Dominion Freight Line, Inc. (ODFL) OLD Dominion Freight Line, Inc. (ODFL) Astrongest fifth; percentile 12.2 Nasdaq · Trucking (No Local) market equity $37.7B; last close $181.66 Warnings: fortress balance sheet; 11 of 14 inputs | 12.2 | A | fortress balance sheet |
| 43 | UL Solutions Inc. (ULS) UL Solutions Inc. (ULS) Astrongest fifth; percentile 12.5 NYSE · Services-Testing Laboratories market equity $14.2B; last close $70.68 No active warnings; 8 of 14 inputs | 12.5 | A | |
| 44 | Willdan Group, Inc. (WLDN) Willdan Group, Inc. (WLDN) Astrongest fifth; percentile 12.8 Nasdaq · Services-Engineering Services market equity $1.1B; last close $74.80 Warnings: fortress balance sheet; 9 of 14 inputs | 12.8 | A | fortress balance sheet |
| 45 | Liquidity Services Inc. (LQDT) Liquidity Services Inc. (LQDT) Astrongest fifth; percentile 13.1 Nasdaq · Services-Business Services, NEC market equity $1.3B; last close $42.10 No active warnings; 10 of 14 inputs | 13.1 | A | |
| 46 | MediaAlpha, Inc. (MAX) MediaAlpha, Inc. (MAX) Astrongest fifth; percentile 13.4 NYSE · Services-Business Services, NEC last close $10.66 No active warnings; 9 of 14 inputs | 13.4 | A | |
| 47 | American Public Education Inc. (APEI) American Public Education Inc. (APEI) Astrongest fifth; percentile 13.7 Nasdaq · Services-Educational Services market equity $874.3M; last close $47.82 Warnings: fortress balance sheet; 12 of 14 inputs | 13.7 | A | fortress balance sheet |
| 48 | Booz Allen Hamilton Holding Corp. (BAH) Booz Allen Hamilton Holding Corp. (BAH) Astrongest fifth; percentile 14.0 NYSE · Services-Management Consulting Services market equity $8.8B; last close $72.88 No active warnings; 12 of 14 inputs | 14.0 | A | |
| 49 | DoorDash, Inc. (DASH) DoorDash, Inc. (DASH) Astrongest fifth; percentile 14.3 Nasdaq · Services-Business Services, NEC last close $191.67 No active warnings; 7 of 14 inputs | 14.3 | A | |
| 50 | Champion Homes, Inc. (SKY) Champion Homes, Inc. (SKY) Astrongest fifth; percentile 14.6 NYSE · Mobile Homes market equity $4.4B; last close $81.59 Warnings: fortress balance sheet; 11 of 14 inputs | 14.6 | A | fortress balance sheet |
| 51 | Emcor Group, Inc. (EME) Emcor Group, Inc. (EME) Astrongest fifth; percentile 14.9 NYSE · Electrical Work market equity $34.3B; last close $777.80 Warnings: fortress balance sheet; 11 of 14 inputs | 14.9 | A | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 15.3 | 2204 |
| sector peers, equal sleeves (the grade) | A | 13.4 | 336 |
| same exchange, equal sleeves | A | 13.5 | 984 |
| sector peers, equal inputs | A | 11.0 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 10.9% | 2.0% | 58 | hotter than 58 of 100 peers |
| Distance from 52-week high | (25.2%) | (26.8%) | 51 | closer to its high than 51 of 100 peers |
| EBIT to enterprise value | not computable | 4.4% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 4.1% | required accounting or market input is missing | |
| Book value to price | not computable | 0.34 | required accounting or market input is missing | |
| Sales to price | not computable | 0.70 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (8.8%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.04) | (0.13) | 58 | ahead of 58 of 100 peers |
Inputs: EBIT $22.1M; free cash flow $65.3M; book equity $28.4M; sales $1.1B; debt $176.7M; cash $23.7M[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 9.8% | ✓ pass[4,6] |
| Operating cash flow above zero | $65.6M | ✓ pass[5] |
| Return on assets improved | (1.0 pts) | ✗ fail[4,6,31,34] |
| Operating cash flow exceeds net income | $40.0M | ✓ pass[4-5] |
| Long-term leverage fell | (33.1 pts) | ✓ pass[1,6,31,35-36] |
| Current ratio improved | (24.7 pts) | ✗ fail[15-16,37-38] |
| No new shares issued | n/a | |
| Gross margin improved | (1.6 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | (137.5 pts) | ✗ fail[2,6-7,31] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $23.7M[39] |
| Operating cash flow, four quarters | $57.2M[5,39-43] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $9.5M |
| 63 sessions | |
| Days since newest grade input | 228 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $383.8M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.1B | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $946.1M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $25.6M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $65.6M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $262.4M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $864.7M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfRevenue | $721.1M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $388.1M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfRevenue | $321.4M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $459.1M | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfRevenue | $389.0M | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $645.3M | 2021-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfRevenue | $543.8M | 2021-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $174.4M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $147.6M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$480.3M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $22.1M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $4.2M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $413.0M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebt | $153.4M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $46.9M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:Depreciation | $273,000 | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $340,000 | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $45.9M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $254,000 | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $20.2M | 2023-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $73,000 | 2023-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $28.3M | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $98,000 | 2022-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 31 | assets | us-gaap:Assets | $153.9M | 2023-12-31 | 2025-02-24 | 10-K | filing · viewer · series |
| 32 | assets | us-gaap:Assets | $170.1M | 2022-12-31 | 2024-02-22 | 10-K | filing · viewer · series |
| 33 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 0 | 2020-09-30 | 2020-12-11 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $16.6M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $131.6M | 2025-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $153.6M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 37 | current assets | us-gaap:AssetsCurrent | $189.9M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 38 | current liabilities | us-gaap:LiabilitiesCurrent | $133.0M | 2024-12-31 | 2026-02-23 | 10-K | filing · viewer · series |
| 39 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $23.7M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $41.0M | 2026-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$1.6M | 2026-03-31 | 2026-04-29 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $73.0M | 2025-09-30 | 2025-10-29 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $49.4M | 2025-06-30 | 2026-07-29 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 13.4 is 6.6 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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