GOOGL
Alphabet Inc.
GOOGL has a slight edge over MAX overall, supported by lower modeled downside and stronger modeled upside.
MAX
MediaAlpha, Inc.
MAX offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
GOOGL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Under pressure | |
| Healthy |
GOOGL's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
MAX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Healthy |
MAX's revenue, profitability and balance sheet are currently healthy, but its cash flow is under pressure.
GOOGL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 16x | $299 | — |
| Cheap | 20x | $378 | +27% |
| Forward | 22x | $299 | — |
| Fair | 26x | $497 | +66% |
| Expensive | 31x | $586 | +96% |
Historical ranges are pointers, not guarantees.
GOOGL has the edge over MAX in the historical PE scenario, which offers more potential upside but is not a forecast.
MAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $14.77 | -0.3% |
| Current | 8.1x | $14.81 | — |
| Forward | 13x | $14.81 | — |
| Fair | 26x | $46.73 | +216% |
| Expensive | 64x | $116 | +685% |
Historical ranges are pointers, not guarantees.
MAX's PE is 8.1x, but its earnings don't support one, so it isn't a reliable read right now.
GOOGL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for GOOGL, but weaker profitability.
MAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
MAX has the edge over GOOGL on the outlook, with more favorable profitability expectations.
GOOGL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.89 | -28% |
| Q3 2026 | $19.16 | +89% |
| Q2 2026 | $19.91 | +112% |
| Q1 2026 | $13.11 | +46% |
| Q4 2025 | $10.81 | +34% |
| Q3 2025 | $10.13 | +34% |
| Q2 2025 | $9.38 | +35% |
| Q1 2025 | $8.96 | +37% |
| Q4 2024 | $8.04 | +39% |
GOOGL has the edge over MAX on earnings, with more consistent year-over-year improvement.
MAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.17 | -36% |
| Q3 2026 | $1.82 | +$1.84 |
| Q2 2026 | $1.62 | +$1.73 |
| Q1 2026 | $0.64 | +121% |
| Q4 2025 | $0.39 | +26% |
| Q3 2025 | -$0.02 | -112% |
| Q2 2025 | -$0.11 | +$0.18 |
| Q1 2025 | $0.29 | +$0.97 |
| Q4 2024 | $0.31 | +$1.20 |
MAX has returned to profit: it earned $1.82 per share over the past year, after losing money the year before.
GOOGL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $127.6B | +25% |
| Q2 2026 | $119.8B | +24% |
| Q1 2026 | $109.9B | +22% |
| Q4 2025 | $113.8B | +18% |
| Q3 2025 | $102.3B | +16% |
| Q2 2025 | $96.4B | +14% |
| Q1 2025 | $90.2B | +12% |
| Q4 2024 | $96.5B | +12% |
GOOGL's revenue has grown year over year every quarter since late 2020: $128B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | +1.3 points |
| Q2 2026 | 34% | +1.6 points |
| Q1 2026 | 36% | +2.2 points |
| Q4 2025 | 32% | -0.5 points |
| Q3 2025 | 31% | -1.8 points |
| Q2 2025 | 32% | +0.1 points |
| Q1 2025 | 34% | +2.3 points |
| Q4 2024 | 32% | +4.6 points |
GOOGL has the edge over MAX on profitability, with a higher operating margin.
MAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $375.9M | +23% |
| Q2 2026 | $316.9M | +26% |
| Q1 2026 | $310M | +17% |
| Q4 2025 | $291.2M | -3.2% |
| Q3 2025 | $306.5M | +18% |
| Q2 2025 | $251.6M | +41% |
| Q1 2025 | $264.3M | +109% |
| Q4 2024 | $300.6M | +157% |
MAX's revenue is growing: $376M last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.7% | +1.2 points |
| Q2 2026 | 6.3% | +14 points |
| Q1 2026 | 7.2% | +7.2 points |
| Q4 2025 | 7.7% | +1.6 points |
| Q3 2025 | 6.4% | +0.4 points |
| Q2 2025 | -8% | -12 points |
| Q1 2025 | 0% | -1.8 points |
| Q4 2024 | 6.1% | +5.7 points |
MAX's operating margin was 7.7% last quarter, up 1.2 points from the same quarter a year ago.
GOOGL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$9.1B | -137% |
| Q2 2026 | -$5.9B | -210% |
| Q1 2026 | $10.1B | -47% |
| Q4 2025 | $24.6B | -1.2% |
| Q3 2025 | $24.5B | +39% |
| Q2 2025 | $5.3B | -61% |
| Q1 2025 | $19B | +13% |
| Q4 2024 | $24.8B | +215% |
GOOGL usually generates cash, though not every quarter: the latest was −$9.1B, but it generated $19.7B over the past year.
MAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21.5M | -8.8% |
| Q2 2026 | $41.8M | +64% |
| Q1 2026 | -$1.6M | -107% |
| Q4 2025 | -$7.5M | -152% |
| Q3 2025 | $23.6M | +194% |
| Q2 2025 | $25.5M | +19% |
| Q1 2025 | $23.6M | +1338% |
| Q4 2024 | $14.5M | +174% |
MAX has the edge over GOOGL on cash flow, with more consistent year-over-year improvement.
GOOGL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +59M shares |
| 1 year | +1.4% | +165M shares |
| 3 years | -1.2% | -148M shares |
| 5 years | -6.8% | -907M shares |
| Available history | -10% | -1.4B shares |
GOOGL has the edge over MAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $5.5B |
| Q3 2025 | $11.5B |
| Q2 2025 | $13.6B |
| Q1 2025 | $15.1B |
| Q4 2024 | $15.6B |
GOOGL spent $5.5B buying back its own shares over the past year, down 90% from the year before.
MAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +759K shares |
| 1 year | +11% | +6.2M shares |
| 3 years | +36% | +16.6M shares |
| 5 years | +2.7% | +1.6M shares |
MAX has 63M diluted shares, up 11% from a year ago, despite $64M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $9.2M |
| Q2 2026 | $20.6M |
| Q1 2026 | $20.3M |
| Q4 2025 | $14.4M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | $1.6M |
MAX spent $64M buying back its own shares over the past year.
GOOGL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.1x | Net Cash |
GOOGL has the edge over MAX on leverage, with a lower net debt burden relative to earnings.
MAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 5.2x | High |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 2.1x | Moderate |
| Q4 2024 | 2.4x | Moderate |
MAX's net debt is about 1.6 years of its operating earnings (EBITDA), down from 5.2 years a year ago.
GOOGL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 11.7 | Oversold |
GOOGL's weekly RSI is 40 (neutral) and its Stochastic is 12 (oversold).
MAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.2 | Neutral |
| Stochastic | 85.1 | Overbought |
MAX's weekly RSI is 64 (neutral) and its Stochastic is 85 (overbought).
GOOGL PE vs Communication Services Sector
| Metric | GOOGL | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 16x | 6% below |
| PE % | 1 | 26 | 25 pts below |
GOOGL is trading at 16x earnings, in line with the Communication Services sector's median of 16x, though its recent earnings include one-off gains.
MAX PE vs Communication Services Sector
| Metric | MAX | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 16x | 51% below |
| PE % | 18 | 27 | 9 pts below |
MAX has the edge over GOOGL on valuation relative to its sector.
GOOGL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $320.4 | 6.8% below |
| 20 week MA | $336.1 | 11% below |
| 50 week MA | $334.5 | 11% below |
| 100 week MA | $267.8 | 12% above |
| 200 week MA | $204.7 | 46% above |
GOOGL has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 46% above its 200-week average.
MAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.0 | 23% above |
| 20 week MA | $12.5 | 19% above |
| 50 week MA | $11.0 | 34% above |
| 100 week MA | $10.9 | 36% above |
| 200 week MA | $12.1 | 22% above |
MAX has the edge over GOOGL on trend strength, trading above more of its moving averages.
GOOGL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $67.7 | $86.7 | +28% |
| 2021 | $86.7 | $146.9 | +69% |
| 2022 | $146.9 | $89.2 | -39% |
| 2023 | $89.2 | $139.7 | +57% |
| 2024 | $139.7 | $192.8 | +38% |
| 2025 | $192.8 | $313.5 | +63% |
| 2026 YTD | $313.5 | $298.7 | -4.7% |
GOOGL has finished higher in five of the last six years, three of them by more than 50%. It's down 4.7% so far in 2026.
MAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.8 | $45.0 | +33% |
| 2021 | $45.0 | $15.4 | -66% |
| 2022 | $15.4 | $9.97 | -35% |
| 2023 | $9.97 | $11.2 | +12% |
| 2024 | $11.2 | $11.1 | -0.1% |
| 2025 | $11.1 | $12.7 | +14% |
| 2026 YTD | $12.7 | $14.8 | +17% |
MAX has the edge over GOOGL on returns for 2026, with the stronger performance.