MediaAlpha (MAX) Operating Margin (2019 - 2026)
MediaAlpha's Operating Margin was 7.67% in Q3 2026, up 1.23 percentage points from 6.44% a year earlier and up 1.37 percentage points from the prior quarter.
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Analysis
MediaAlpha (MAX) Operating Margin (2019 - 2026) Analysis & Trends
On a trailing twelve-month basis, MediaAlpha's Operating Margin was 7.22% through Sep 30, 2026, up 5.62 percentage points year-over-year; for FY2025, it came in at 1.99%, down 2.95 percentage points from FY2024.
- Operating Margin shows a five-year change of -1.35 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 4.94% in FY2024 (+15.23 pp), -10.29% in FY2023 (-2.58 pp), -7.71% in FY2022 (-8.04 pp) and 0.33% in FY2021 (-3.01 pp).
- The Q3 2026 figure marks the highest quarterly Operating Margin since Q2 2020.
- Compared with a year earlier, Operating Margin has increased for five straight quarters, with an average year-over-year change of +2.12 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q3 2024 (a gain of 25.80 percentage points); the worst was Q3 2022 (a drop of 11.84 percentage points).
- Per Business Quant data, MAX's Operating Margin in the three quarters before Q3 2026 was 6.30% (Q2 2026), 7.22% (Q1 2026) and 7.66% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,505.75 Bn | 3,240.65 Bn | 76.16 Bn | 31.81% |
| 2 | Meta Platforms | 1,636.37 Bn | 1,300.89 Bn | 51.23 Bn | 20.10% |
| 3 | Netflix | 264.79 Bn | 226.09 Bn | 6.80 Bn | 34.63% |
| 4 | Alibaba Group Holding | 244.49 Bn | 58.13 Bn | 15.16 Bn | 5.64% |
| 5 | Shopify | 196.00 Bn | 174.81 Bn | 1.78 Bn | 15.18% |
| 6 | Uber Technologies | 145.16 Bn | 115.98 Bn | 6.42 Bn | 9.80% |
| 7 | AppLovin | 136.87 Bn | 125.40 Bn | 1.94 Bn | 78.22% |
| 8 | Spotify Technology | 125.04 Bn | 81.96 Bn | 1.89 Bn | 13.52% |
| 9 | Booking Holdings | 122.68 Bn | 56.42 Bn | - | 38.43% |
| 10 | MediaAlpha | 748.77 Mn | 633.42 Mn | 55.33 Mn | 7.67% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 7.67% |
| Jun 30, 2026 | 6.30% |
| Mar 31, 2026 | 7.22% |
| Dec 31, 2025 | 7.66% |
| Sep 30, 2025 | 6.44% |
| Jun 30, 2025 | -7.97% |
| Mar 31, 2025 | 0.04% |
| Dec 31, 2024 | 6.07% |
| Sep 30, 2024 | 6.02% |
| Jun 30, 2024 | 3.64% |
| Mar 31, 2024 | 1.87% |
| Dec 31, 2023 | 0.38% |
| Sep 30, 2023 | -19.78% |
| Jun 30, 2023 | -18.96% |
| Mar 31, 2023 | -8.55% |
| Dec 31, 2022 | -5.27% |
| Sep 30, 2022 | -11.88% |
| Jun 30, 2022 | -10.06% |
| Mar 31, 2022 | -5.52% |
| Dec 31, 2021 | -1.01% |
API Access
MediaAlpha Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=MAX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "MAX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=MAX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();