MediaAlpha, Inc. — Earnings Quality Grade F
MAX · Communication Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 40 days, change -20 days YoY
AR growth -13.9% vs revenue growth 28.8%
Revenue 28.8%, CFFO 43.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -48.0% vs revenue 28.8%. Normal
SG&A/Gross Profit = 66.0%. Normal
Gross margin 15.0%, change -1.6pp. Stable
Cash Flow Quality
CFFO/NI = 2.56. Profits backed by cash
FCF $0.1B, FCF/NI = 2.55
Accruals ratio = -10.4%. Low accruals
Cash $0.0B covers only 31% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 1234% of equity. Over 50%
Debt/EBITDA = -1.6x. Healthy
Other assets grew 74.4% vs revenue 28.8%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -24% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25