MAX
MediaAlpha, Inc.
MAX's fundamentals are strong: its operating margin rose 6 points to 7.2% and revenue grew 15%, though free cash flow fell 38%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
NBIS
Nebius Group N.V.
There isn't enough reported data to score NBIS yet.
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.
NBIS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Healthy |
NBIS's profitability and balance sheet are currently healthy. There isn't enough data to rate its revenue and cash flow.
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 has the edge over NBIS in the historical PE scenario, which offers more potential upside but is not a forecast.
NBIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 68x | $22.45 | -83% |
| Fair | 114x | $37.67 | -71% |
| Current | 390x | $129 | — |
| Expensive | 666x | $220 | +71% |
Historical ranges are pointers, not guarantees.
NBIS's PE is 390x, but its earnings don't support one, so it isn't a reliable read right now.
MAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MAX, with profitability holding steady.
NBIS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NBIS's revenue to grow and its profitability to improve, with its earnings holding steady. However, they disagree widely on these estimates.
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 the edge over NBIS in the latest year-over-year earnings comparison.
NBIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $0.33 | +$2.61 |
| Q4 2024 | -$2.28 | -456% |
| Q4 2023 | $0.64 | -36% |
| Q4 2022 | $1.00 | +$1.49 |
| Q4 2021 | -$0.49 | -156% |
| Q4 2020 | $0.87 | +89% |
| Q4 2019 | $0.46 | -73% |
| Q4 2018 | $1.71 | +434% |
NBIS has returned to profit: it earned $0.33 per share over the past year, after losing money the year before.
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 has the edge over NBIS in the latest year-over-year revenue comparison.
| 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.
NBIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2023 | $9.7B | +53% |
| Q4 2022 | $6.3B | +46% |
| Q4 2021 | $4.3B | +63% |
| Q4 2020 | $2.6B | +24% |
| Q4 2019 | $2.1B | +37% |
| Q4 2018 | $1.5B | +36% |
| Q4 2017 | $1.1B | +24% |
| Q4 2016 | $917M | +27% |
NBIS's revenue is growing: $530M last quarter, down 80% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -115% | -112 points |
| Q4 2023 | 3.6% | -11 points |
| Q4 2022 | 2.5% | -14 points |
| Q4 2021 | -3.7% | -18 points |
| Q4 2020 | 7.4% | -9.5 points |
| Q4 2019 | 14% | -2 points |
| Q4 2018 | 16% | -14 points |
| Q4 2017 | 14% | -19 points |
NBIS's operating margin was −115% last quarter, down 123 points from the same quarter a year ago, near the bottom of its range since 2011.
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 still generates free cash flow, though less than at its 2026 peak: $54M over the past year.
NBIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$3.7B | -$3.1B |
| Q4 2024 | -$562.1M | -$316.2M |
| Q4 2023 | -$245.9M | -$138.9M |
| Q4 2022 | -$107M | +$319.7M |
| Q4 2021 | -$426.7M | -539% |
| Q4 2020 | $97.3M | -66% |
| Q4 2019 | $287.9M | +$289.2M |
| Q4 2018 | -$1.3M | -101% |
NBIS has burned cash in six of the last eight quarters: −$4.6B over the past year, against −$43M 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.
NBIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -33.3M shares |
| 1 year | -32% | -115M shares |
| 3 years | -26% | -86.9M shares |
NBIS has the edge over MAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | $10M |
| Q4 2021 | $84.1M |
| Q4 2020 | $122.8M |
| Q4 2019 | $17.2M |
| Q4 2018 | $121.8M |
| Q4 2014 | $101.7M |
| Q4 2013 | $102.9M |
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.
NBIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2023 | 0.7x | Very low |
| Q4 2022 | -0.7x | Net Cash |
NBIS's net debt is less than a year of its operating earnings (EBITDA).
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).
NBIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 8.3 | Oversold |
NBIS's weekly RSI is 38 (neutral) and its Stochastic is 8 (oversold).
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 NBIS on valuation relative to its sector.
NBIS PE vs Communication Services Sector
| Metric | NBIS | Sector median | Relative |
|---|---|---|---|
| PE | 390x | 16x | 2,264% above |
| PE % | 62 | 24 | 38 pts above |
NBIS is trading at 390x earnings, a 2264% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
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 stronger trend alignment. MAX is above 5 of 5 weekly averages versus NBIS above 1 of 4.
NBIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $179.7 | 28% below |
| 20 week MA | $199.9 | 36% below |
| 50 week MA | $163.5 | 21% below |
| 100 week MA | $110.0 | 17% above |
NBIS has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 17% above its 100-week average.
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 finished lower in three of the last six years. It's up 17% so far in 2026.
NBIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $19.6 | $27.3 | +40% |
| 2025 | $27.3 | $87.6 | +221% |
| 2026 YTD | $87.6 | $128.6 | +47% |
NBIS has the edge over MAX on returns for 2026, with the stronger performance.