Estados financieros detallados de MediaAlpha, Inc. (MAX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
MediaAlpha, Inc. registró ingresos de $1.11B en el último ejercicio fiscal, con un CAGR de 5 años del 13.7%. El beneficio neto alcanzó $25.6M, con un CAGR a 5 años del 11.6%.
Márgenes de los últimos 12 meses: margen bruto 14.7%, margen operativo 11.5%, margen neto 7.9%. El flujo de caja libre creció a un CAGR del 5.0% en 5 años.
Al precio actual de $11.04, MAX cotiza a un P/E de 6.16 y un ROE del 82.14%. La capitalización bursátil es de $585M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $296.9M | $408.0M | $584.8M | $645.3M | $459.1M | $388.1M | $864.7M | $1.11B |
| Coste de Ventas | $247.7M | $342.9M | $499.4M | $543.8M | $389.0M | $321.4M | $721.1M | $946.1M |
| Beneficio Bruto | $49.2M | $65.1M | $85.4M | $101.5M | $70.1M | $66.7M | $143.6M | $164.6M |
| I+D | $10.3M | $7.0M | $12.4M | $15.2M | $21.1M | $18.5M | $19.8M | $21.4M |
| Generales y Administrativos | $19.6M | $33.2M | $53.4M | $84.2M | $84.4M | $83.9M | $70.0M | $110.6M |
| Gastos Operativos | $29.9M | $40.3M | $65.8M | $99.4M | $105.4M | $106.6M | $100.8M | $86.3M |
| Beneficio Operativo | $19.3M | $24.8M | $19.5M | $2.1M | -$35.4M | -$39.9M | $42.7M | $78.2M |
| EBITDA | $31.3M | $30.5M | $23.0M | $1.7M | $45.9M | -$28.4M | $60.5M | -$96.6M |
| Gastos por Intereses | $1.2M | $7.0M | $7.9M | $7.8M | $9.2M | $15.3M | $14.4M | $11.2M |
| Beneficio Antes de Impuestos | $18.1M | $17.8M | $9.3M | -$9.5M | $30.5M | -$57.0M | $23.5M | -$111.1M |
| Impuestos | 0 | 0 | -$1.3M | -$1.0M | $102.9M | -$463000 | $1.4M | -$137.8M |
| Beneficio Neto | $18.1M | $17.8M | $14.8M | -$5.3M | -$57.7M | -$40.4M | $16.6M | $25.6M |
| BPA | $0.55 | $0.54 | $-0.14 | $-0.14 | $-1.37 | $-0.89 | $0.31 | $0.46 |
| BPA Diluido | $0.55 | $0.54 | $-0.14 | $-0.19 | $-1.37 | $-0.89 | $0.31 | $0.39 |
| Acciones en Circulación (Diluidas) | $33.2M | $1.0M | $32.1M | $61.3M | $41.9M | $45.6M | $53.0M | $66.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $306.5M | $291.2M | $310.0M | $316.9M |
| Beneficio Bruto | $43.4M | $44.8M | $46.7M | $45.2M |
| Beneficio Operativo | $19.7M | $78.4M | $22.4M | $20.0M |
| EBITDA | $21.1M | -$101.0M | $23.5M | $57.3M |
| Beneficio Neto | $14.9M | $31.4M | $11.5M | $39.4M |
| BPA | $0.26 | $0.56 | $0.21 | $0.72 |
| BPA Diluido | $0.26 | $0.50 | $0.21 | $0.65 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.7M | $10.0M | $23.6M | $50.6M | $14.5M | $17.3M | $43.3M | $46.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $37.1M | $56.0M | $96.3M | $76.1M | $60.0M | $53.8M | $142.9M | $123.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $44.1M | $67.5M | $127.8M | $137.1M | $80.4M | $74.6M | $189.9M | $174.4M |
| Inmovilizado Material | $881000 | $755000 | $762000 | $3.5M | $2.8M | 0 | 0 | 0 |
| Fondo de Comercio | $18.4M | $18.4M | $18.4M | $18.4M | $47.7M | $47.7M | $47.7M | $47.7M |
| Activos Intangibles | $24.0M | $18.8M | $15.6M | $12.6M | $32.9M | $26.0M | $20.0M | $3.6M |
| Activos Totales | $87.4M | $105.4M | $210.3M | $289.8M | $170.1M | $153.9M | $262.4M | $383.8M |
| Cuentas por Pagar | $27.0M | $40.5M | $98.2M | $61.8M | $54.0M | $56.3M | $105.6M | $91.1M |
| Deuda a Corto | $1.2M | $873000 | 0 | $8.7M | $8.8M | $11.9M | $8.8M | $22.8M |
| Pasivos Corrientes | $33.5M | $47.9M | $107.5M | $84.2M | $76.9M | $79.7M | $133.0M | $147.6M |
| Deuda a Largo | $13.1M | $96.7M | $182.7M | $178.1M | $174.3M | $162.4M | $153.6M | $132.0M |
| Pasivos Totales | $46.9M | $219.0M | $315.5M | $351.4M | $256.2M | $248.3M | $308.7M | $413.0M |
| Reservas | -$35.5M | -$193.1M | -$419.0M | -$424.5M | -$482.1M | -$522.6M | -$505.9M | -$480.3M |
| Patrimonio Neto | $40.5M | -$113.6M | -$33.8M | -$4.3M | -$16.0M | -$10.3M | $2.4M | $4.2M |
| Deuda Total | $14.2M | $97.5M | $182.7M | $190.8M | $186.3M | $174.3M | $162.4M | $155.2M |
| Deuda Neta | $8.6M | $87.5M | $159.1M | $140.2M | $171.7M | $157.0M | $119.2M | $108.3M |
| Capital Circulante | $10.6M | $19.6M | $20.3M | $52.9M | $3.5M | -$5.1M | $57.0M | $26.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $72.3M | $46.9M | $26.1M | $23.7M |
| Activos Totales | $266.2M | $383.8M | $367.7M | $359.8M |
| Pasivos Totales | $332.0M | $413.0M | $396.8M | $364.8M |
| Patrimonio Neto | -$29.8M | $4.2M | $1.9M | $28.4M |
| Deuda Total | $155.7M | $155.2M | $163.5M | $176.7M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $18.1M | $17.8M | $10.6M | -$8.5M | -$72.4M | -$56.6M | $22.1M | $26.8M |
| Amortizaciones | $12.0M | $5.7M | $3.5M | $3.4M | $6.1M | $7.3M | $6.7M | $3.3M |
| Compensación en Acciones | $824000 | $2.3M | $24.7M | $45.7M | $58.5M | $53.3M | $34.1M | $30.3M |
| Cambio en Capital Circulante | -$8.8M | -$4.7M | $9.0M | -$15.7M | $14.0M | $13.3M | -$26.1M | $5.2M |
| Flujo de Caja Operativo | $22.6M | $22.1M | $51.4M | $28.6M | $28.3M | $20.2M | $45.9M | $65.6M |
| Inversiones (CapEx) | -$640000 | -$294000 | -$296000 | -$650000 | -$98000 | -$73000 | -$254000 | -$340000 |
| Adquisiciones | 0 | 0 | 0 | 0 | -$49.7M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$67.3M | -$85.8M | 0 | -$5.0M | 0 | -$6.3M | -$47.3M |
| Dividendos Pagados | -$15.9M | -$95.6M | -$131.4M | -$338000 | -$2.1M | -$2.9M | -$1.2M | 0 |
| Flujo de Caja Libre | $22.0M | $21.8M | $51.1M | $28.0M | $28.2M | $20.2M | $45.6M | $65.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $23.6M | -$7.4M | -$1.6M | $42.6M |
| Inversiones (CapEx) | -$68000 | -$40000 | -$42000 | -$774000 |
| Flujo de Caja Libre | $23.6M | -$7.5M | -$1.6M | $41.8M |
| Dividendos Pagados | 0 | 0 | 0 | -$5.2M |
| Compensación en Acciones | $7.7M | $7.5M | $7.3M | $8.5M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +37.4% | +43.3% | +10.3% | -28.9% | -15.4% | +122.8% | +28.8% |
| Crecimiento Beneficio Neto (anual) | | -1.7% | -16.9% | -135.6% | -993.2% | +29.9% | +141.1% | +54.1% |
| Crecimiento BPA (anual) | | -1.8% | -125.9% | +0.0% | -878.6% | +35.0% | +134.8% | +48.4% |
| Cambio en Acciones (anual) | | -96.9% | +3061.5% | +90.6% | -31.5% | +8.7% | +16.4% | +25.9% |
| Crecimiento FCF (anual) | | -0.7% | +133.9% | -45.3% | +0.7% | -28.5% | +126.3% | +43.1% |
| Margen Bruto | 16.6% | 16.0% | 14.6% | 15.7% | 15.3% | 17.2% | 16.6% | 14.8% |
| Margen Operativo | 6.5% | 6.1% | 3.3% | 0.3% | -7.7% | -10.3% | 4.9% | 7.0% |
| Margen EBITDA | 10.5% | 7.5% | 3.9% | 0.3% | 10.0% | -7.3% | 7.0% | -8.7% |
| Margen Neto | 6.1% | 4.4% | 2.5% | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% |
| Margen FCF | 7.4% | 5.4% | 8.7% | 4.3% | 6.1% | 5.2% | 5.3% | 5.9% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | -13.6% | 11.0% | 337.8% | 0.8% | 5.9% | 124.1% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.66 | $21.50 | $1.59 | $0.46 | $0.67 | $0.44 | $0.86 | $0.98 |
| Dividendo por Acción | $0.48 | $94.09 | $4.09 | $0.01 | $0.05 | $0.06 | $0.02 | $0.00 |
| Acciones en Circulación (Básicas) | $33.2M | $1.0M | $32.1M | $28.4M | $41.9M | $45.4M | $53.0M | $56.2M |
Qué mirar en empresas de Communication Services
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 8214.45% |
| Rentabilidad sobre capital invertido | -596.34% |
| Rentabilidad sobre activos | 27.02% |
| Margen bruto | 14.71% |
| Margen operativo | 11.47% |
| Margen neto | 7.94% |
Salud financiera
| Deuda / Patrimonio | 6.22 |
| Ratio corriente | 1.29 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 57.93 | 59.00 | -279.07 | -110.29 | -7.26 | -12.53 | 36.42 | 28.15 |
| P/VC | 26.11 | -0.29 | -37.17 | -101.13 | -26.10 | -49.19 | 251.83 | 175.09 |
| P/V | 3.56 | 0.08 | 2.15 | 0.68 | 0.91 | 1.30 | 0.69 | 0.65 |
| Margen Bruto | 16.6% | 16.0% | 14.6% | 15.7% | 15.3% | 17.2% | 16.6% | 14.8% |
| Margen Operativo | 6.5% | 6.1% | 3.3% | 0.3% | -7.7% | -10.3% | 4.9% | 7.0% |
| Margen Neto | 6.1% | 4.4% | 2.5% | -0.8% | -12.6% | -10.4% | 1.9% | 2.3% |