MAX
MediaAlpha, Inc.
MAX's outlook is improving, though it still trails on the overall score.
NFLX
Netflix, Inc.
NFLX has the edge over MAX overall, supported by stronger valuation and stronger modeled upside.
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.
NFLX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
NFLX's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
NFLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $62.69 | — |
| Current | 18x | $62.69 | — |
| Cheap | 27x | $94.95 | +51% |
| Fair | 47x | $161 | +157% |
| Expensive | 81x | $281 | +348% |
Historical ranges are pointers, not guarantees.
NFLX has the edge over MAX in the historical PE scenario, which offers more potential upside but is not a forecast.
MAX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MAX, with profitability holding steady.
NFLX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
NFLX has the edge over MAX on the outlook, with more favorable valuation and profitability expectations.
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.
NFLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.58 | +3.5% |
| Q3 2026 | $3.46 | +45% |
| Q2 2026 | $3.18 | +35% |
| Q1 2026 | $3.10 | +46% |
| Q4 2025 | $2.53 | +28% |
| Q3 2025 | $2.39 | +35% |
| Q2 2025 | $2.35 | +47% |
| Q1 2025 | $2.12 | +47% |
| Q4 2024 | $1.98 | +65% |
NFLX has the edge over MAX on earnings, with more consistent year-over-year improvement.
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.
NFLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.9B | +12% |
| Q2 2026 | $12.6B | +13% |
| Q1 2026 | $12.2B | +16% |
| Q4 2025 | $12.1B | +18% |
| Q3 2025 | $11.5B | +17% |
| Q2 2025 | $11.1B | +16% |
| Q1 2025 | $10.5B | +13% |
| Q4 2024 | $10.2B | +16% |
NFLX's revenue has grown year over year every quarter since late 2020: $12.9B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +6.4 points |
| Q2 2026 | 33% | -0.7 points |
| Q1 2026 | 32% | +0.5 points |
| Q4 2025 | 25% | +2.4 points |
| Q3 2025 | 28% | -1.4 points |
| Q2 2025 | 34% | +6.8 points |
| Q1 2025 | 32% | +3.7 points |
| Q4 2024 | 22% | +5.2 points |
NFLX has the edge over MAX on profitability, with a higher operating margin.
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.
NFLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.9B | +8.4% |
| Q2 2026 | $1.5B | -33% |
| Q1 2026 | $5.1B | +91% |
| Q4 2025 | $1.9B | +36% |
| Q3 2025 | $2.7B | +21% |
| Q2 2025 | $2.3B | +87% |
| Q1 2025 | $2.7B | +25% |
| Q4 2024 | $1.4B | -13% |
NFLX generated $11.4B in free cash flow over the past year, up 27% 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.
NFLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -66.2M shares |
| 1 year | -3.3% | -145M shares |
| 3 years | -6.8% | -305M shares |
| 5 years | -7.8% | -354M shares |
| Available history | -7.1% | -323M shares |
NFLX has the edge over MAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.8B |
| Q2 2026 | $4.7B |
| Q1 2026 | $1.3B |
| Q4 2025 | $2.1B |
| Q3 2025 | $1.9B |
| Q2 2025 | $1.7B |
| Q1 2025 | $3.5B |
| Q4 2024 | $963.7M |
NFLX spent $12.9B buying back its own shares over the past year, up 61% from the year before.
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.
NFLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.7x | Very low |
NFLX has the edge over MAX on leverage, with a lower net debt burden relative to earnings.
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).
NFLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.2 | Neutral |
| Stochastic | 6.0 | Oversold |
NFLX's weekly RSI is 33 (neutral) and its Stochastic is 6 (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 NFLX on valuation relative to its sector.
NFLX PE vs Communication Services Sector
| Metric | NFLX | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 16x | 9.8% above |
| PE % | 4 | 26 | 22 pts below |
NFLX is trading at 18x earnings, in line with the Communication Services sector's median of 16x.
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 NFLX on trend strength, trading above more of its moving averages.
NFLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.6 | 5.9% below |
| 20 week MA | $71.8 | 13% below |
| 50 week MA | $82.4 | 24% below |
| 100 week MA | $96.0 | 35% below |
| 200 week MA | $74.4 | 16% below |
NFLX is in a downtrend: it's below all five of its weekly moving averages, and 16% below its 200-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 the edge over NFLX on returns for 2026, with the stronger performance.
NFLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.9 | $51.4 | +56% |
| 2021 | $51.4 | $61.4 | +19% |
| 2022 | $61.4 | $29.5 | -52% |
| 2023 | $29.5 | $48.7 | +65% |
| 2024 | $48.7 | $90.8 | +86% |
| 2025 | $90.8 | $94.5 | +4.1% |
| 2026 YTD | $94.5 | $62.7 | -34% |
NFLX is down 34% so far in 2026, after finishing higher in five of the previous six years.