MAX FINANCIAL STATEMENTS

MediaAlpha Inc. — balance sheet, income statement and cash flow trends

MAXMediaAlpha Inc.

🇺🇸 USA · NYSE · Communication Services · Internet Content & Information

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.2 B $+15.7%

Gross Profit172.6 M $+6.9%

Operating Income100.5 M $+148.3%

EBITDA-40.5 M $-151.2%

Net Income39 M $+147.2%

Peer Comparison· Internet Content & Information

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MAX	15.7%	14.9%	-3.5%	3.4%
SEK	18.0%	45.6%	37.8%	-12.3%
G24	9.2%	55.4%	56.3%	38.8%
CAR	7.2%	72.4%	54.7%	24.0%
MACKO	8.5%	66.1%	52.6%	26.3%
AUTO	3.9%	75.4%	66.1%	47.1%
Industry median	8.5%	72.4%	20.0%	9.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MAX	15.7%	14.9%	-3.5%	3.4%
CARS	0.9%	82.9%	19.5%	3.7%
NRDS	15.6%	93.0%	16.4%	8.1%
EVER	24.5%	97.5%	11.3%	15.3%
UPWK	2.5%	77.5%	22.0%	13.8%
YELP	2.1%	88.9%	17.3%	9.5%
Industry median	8.5%	72.4%	20.0%	9.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.9 M $0%
Current Liabilities113.2 M $28%
Long-term Liabilities283.6 M $71%

Key Figures

YoY change

Total Assets367.7 M $+53.2%

Total Liabilities396.8 M $+41.1%

Total Equity1.9 M $-75.8%

Cash & ST Investments26.1 M $-59.0%

Total Debt163.5 M $+2.0%

Net Debt137.5 M $+42.2%

Peer Comparison· Internet Content & Information

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MAX	1.46	8,529.1%	-3.39	0.5%
SEK	0.70	60.1%	2.80	55.0%
G24	0.22	2.9%	0.04	65.1%
CAR	1.92	53.2%	1.88	58.9%
MACKO	3.67	7.0%	-0.04	81.0%
AUTO	1.73	50.6%	0.45	59.4%
Industry median	1.92	21.7%	-0.08	61.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MAX	1.46	8,529.1%	-3.39	0.5%
CARS	1.87	98.1%	2.74	43.7%
NRDS	2.57	—	—	77.8%
EVER	3.14	0.9%	-0.34	74.3%
UPWK	1.36	66.6%	-1.15	45.9%
YELP	1.74	24.5%	0.17	62.3%
Industry median	1.92	21.7%	-0.08	61.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow40.3 M $-40.6%

Capital Expenditures325 K $-52.0%

Free Cash Flow40 M $-40.5%

Dividends Paid——

Peer Comparison· Internet Content & Information

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MAX	3.5%	3.5%	0.0%	103.3%
SEK	40.3%	39.2%	1.0%	-327.9%
G24	62.8%	—	4.8%	161.8%
CAR	41.3%	40.6%	0.7%	172.0%
MACKO	27.3%	20.4%	6.8%	103.7%
AUTO	52.3%	47.9%	4.4%	111.0%
Industry median	27.3%	18.6%	1.5%	111.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MAX	3.5%	3.5%	0.0%	103.3%
CARS	22.4%	21.8%	0.5%	599.0%
NRDS	16.5%	15.4%	2.0%	204.1%
EVER	14.2%	13.8%	0.7%	92.4%
UPWK	29.6%	28.3%	1.3%	214.7%
YELP	22.6%	19.1%	3.4%	238.4%
Industry median	27.3%	18.6%	1.5%	111.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.