Mediaalpha Inc

mediaalpha.com

What Do They Do?

Sells online customer-acquisition services to property and casualty insurers, connecting them with insurance shoppers through a platform that matches consumers to carrier offers; also serves health and life insurers, agents, and distributors.

How Do They Make Money?

For property and casualty insurance, insurers and distributors pay a fee for each referral when a shopper clicks an ad, completes a qualifying call, or has a lead delivered; payment is generally not tied to a policy sale. In private marketplace transactions, supply partners pay a platform fee on referrals transacted.

revenue

Segment	Share	How money arrives
Property & casualty insurance Usage-based	90% FY2022: 49%	Usage-based
Health insurance Usage-based	7.7% FY2022: 41%	Usage-based
Life insurance Usage-based	2.0% FY2022: 5.8%	Usage-based
Other Usage-based	0.3% FY2022: 4.5%	Usage-based

Who Are Their Customers?

Insurance carriers and agents use a self-service interface to manage customer acquisition; distributors can also buy referrals as Demand Partners. Carriers and insurance-focused websites supply referrals through the marketplace.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025

2% of revenue

▼ −48% vs FY2024 ($42.7M, 5%)

Net income, FY2025

2% of revenue

▲ +54% vs FY2024 ($16.6M, 2%)

Free cash flow, FY2025

6% of revenue

▲ +43% vs FY2024 ($45.6M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +26%; vs $251.6M in Q2 FY2025
Net income: ▲ Now profitable; vs −$18.7M in Q2 FY2025

Property & casualty insurance share of revenue vs 90.3% in Q2 FY2025

Sep 3, 2026 CFO transition announced and third-quarter guidance raised Tigran Sinanyan will succeed Pat Thompson as CFO, and the company expects third-quarter revenue, contribution, and adjusted EBITDA at or above prior guidance ranges.
Jul 29, 2026 Issued third-quarter and full-year financial guidance The company forecast third-quarter revenue of $330 million - $355 million and full-year free cash flow of $90 million - $100 million.

Growing. Revenue grew 73% in 4 years, from $645.3M in FY2021 to $1.1B in FY2025, about 15% a year.

Health business focus The earlier report described pursuing health and life distribution and deeper platform adoption across the insurance ecosystem. The latest report centers its health focus on Medicare Advantage and says it has significantly scaled back one health sub-vertical.

Revenue over time

Property & casualty insurance Health insurance Life insurance Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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