Risk factors
MediaAlpha (MAX) risk factors
Item 1A of every MediaAlpha, Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.
- FY2025 10-K risk factors52 risks6 new12 dropped15 reworded
Revenue concentration increased: largest Demand Partner rose to 25% and top 20 Demand Partners to 82% of 2025 revenue, from 23% and 72%.
Filed Feb 23, 2026 - FY2024 10-K risk factors58 risks
MediaAlpha depends heavily on property and casualty, health, and life insurance verticals representing 99% of 2024 revenue. The company faces significant regulatory scrutiny, notably an active FTC investigation into healthcare advertising and telemarketing practices. Concentration risks are high, with a small group of demand and supply partners driving most business.
Filed Feb 24, 2025