MediaAlpha 10-Q: Q3 Revenue $375.9M, EPS $0.46, Cash Falls to $18.7M
MAX sits 92% above its 52-week low of $7.09.
Summary
MediaAlpha's Q3 10-Q confirms record revenue of $375.9 million and $0.46 diluted EPS, but shows cash down to $18.7 million after buybacks and TRA buyouts, plus new 10b5-1 selling plans from the CEO and Chief Architect.
Key Events · Earnings and Guidance · MAX
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Record Q3 Revenue and EPS
Revenue of $375.9 million rose 22.7% year over year, and net income attributable to MediaAlpha was $25.8 million, or $0.46 diluted per share versus $0.26 a year ago.
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Cash Falls After Buybacks and TRA Buys
Cash and equivalents ended at $18.7 million versus $46.9 million at December 31, 2025, after $50.1 million of share repurchases and $43.0 million paid to buy out TRA interests; an additional $10.0 million was drawn on the revolver in October 2026.
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TRA Buyouts Book $48.4M of Gains
Paying $31.0 million for Insignia's TRA interest and $12.0 million for PLX's produced gains of $37.7 million and $10.7 million, cutting the TRA liability to $31.9 million from $131.1 million.
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New Insider 10b5-1 Selling Plans
CEO Steve Yi adopted a plan for up to 1,000,000 shares (~15% of his holdings) and Chief Architect Eugene Nonko up to 1,272,204 shares (~23%), both running to May 28, 2027.
Analysis · MAX · Trade & Services
The headline numbers were already out this afternoon, but the 10-Q fills in what the press release did not. Cash and equivalents dropped to $18.7 million from $46.9 million at year-end after $50.1 million of buybacks and $43.0 million of tax receivable agreement buyouts, and the company drew another $10.0 million on its revolver in October. Those TRA purchases were a good trade: $43.0 million of cash retired $91.4 million of stated liability and booked $48.4 million of gains. But they consumed liquidity, and the remaining $31.9 million TRA obligation still sits on the balance sheet. The filing also discloses new 10b5-1 plans adopted September 10 by CEO Steve Yi (up to 1.0 million shares, about 15% of his holdings) and Chief Architect Eugene Nonko (up to 1.27 million shares, about 23% of his), which puts a scheduled supply of stock over the market through May 2027. Meanwhile the health vertical is nearly gone: under-65 health revenue fell to $0.8 million from $9.0 million, leaving the business almost entirely dependent on P&C insurance, where three customers now account for 60% of revenue.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.01%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MAX was trading at $13.58 on NYSE in the Trade & Services sector, with a market capitalization of approximately $718M. The 52-week trading range was $7.09 to $14.70. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.