your badges 52W Range $7–$15 33% of range Analyst Rating BUY 13 analysts Price Target $15 +60% upside P/E 5.9 ROE 789.2% Net Profit Margin 7.9%

MAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $9.62
P/E (TTM) 5.9
EPS (TTM) $1.62
Revenue (TTM) $1.22B
ROE (TTM) 789.2%
Debt/Equity (MRQ) 6.2
52W Range $7–$15

MAX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$1.11B
2018-12-31 → 2025-12-31
EPS$0.39
2020-12-31 → 2025-12-31
Free Cash Flow$65M
2020-12-31 → 2025-12-31
Net margin7.9%
2020-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend MAX 5Y avg Peer Median Verdict
P/E (TTM) 5.95Y avg ≈-6.3 ≈-6.3 11.4 Undervalued

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -35.0%
Next Report Oct 27, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 4, 2026 $0.03 $0.23 -86.9%
March 31, 2026 $0.21 $0.26 -18.7%
Dec. 31, 2025 $0.50 $0.23 113.9%
Sept. 30, 2025 $0.26 $0.19 34.3%
June 30, 2025 $-0.33 $0.17 -293.8%
March 31, 2025 $0.21 $0.15 40.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 2025202420232022202120202019
Revenue $1.11B$865M$388M$459M$645M$585M$408M
Cost of Revenue $946M$721M$321M$389M$544M$499M$343M
R&D Expense $21M$20M$18M$21M$15M$12M$7M
SG&A Expense $90M$56M$63M$56M$61M$33M$19M
Operating Expenses $1.09B$822M$428M$494M$643M$565M$383M
Operating Income $22M$43M$-40M$-35M$2M$20M$25M
Interest Expense ··$15M$9M$8M$8M$7M
Other Non-op $-122M$-5M$-2M$75M$-4M$-10M$-7M
Pretax Income $-111M$24M$-57M$30M$-10M$9M$18M
Income Tax $-138M$1M$-463.0K$103M$-1M$-1M$0
Net Income $26M$17M$-40M$-58M$-5M$-4M·
EPS (Basic) $0.46$0.31$-0.89$-1.37$-0.14$-0.14·
EPS (Diluted) $0.39$0.31$-0.89$-1.37$-0.19$-0.14·
Shares (Basic) 56,244,35753,043,57645,573,41641,944,87437,280,53332,134,170·
Shares (Diluted) 66,786,15553,043,57645,573,41641,944,87461,255,92532,134,170·
EBITDA $22M$43M$-40M$-35M$2M$20M·
Balance Sheet 23
Metric Trend 2025202420232022202120202019
Cash & Equivalents $47M$43M$17M$15M$51M$24M$10M
Receivables $123M$143M$54M$60M$76M$96M$56M
Prepaid Expense $4M$4M$4M$6M$10M$8M$1M
Current Assets $174M$190M$75M$80M$137M$128M$67M
PP&E (Net) ·····$762.0K$755.0K
PP&E (Gross) ·····$2M$1M
Accum. Depreciation ·····$834.0K$545.0K
Goodwill $48M$48M$48M$48M$18M$18M$18M
Intangibles $4M$20M$26M$33M$13M$16M$19M
Other Non-current Assets $8M$5M$6M$9M$19M$17M·
Total Assets $384M$262M$154M$170M$290M$210M$105M
Accounts Payable $91M$106M$56M$54M$62M$98M$40M
Accrued Liabilities $35M$19M$12M$14M$14M$9M$7M
Current Liabilities $148M$133M$80M$77M$84M$107M$48M
Capital Leases $415.0K$1M$2M$2M$3M··
Deferred Tax $124M$7M$0$0$85M$22M·
Other Non-current Liabilities $10M$15M$6M$5M$4M$3M$319.0K
Total Liabilities $413M$309M$248M$256M$351M$315M$145M
Long-term Debt $153M$162M$174M$183M$187M$183M$98M
Total Debt $153M$162M$174M$183M$187M$183M·
Retained Earnings $-480M$-506M$-523M$-482M$-424M$-419M$-193M
Stockholders' Equity $4M$2M$-10M$-16M$-4M$-34M$-114M
Liabilities + Equity $384M$262M$154M$170M$290M$210M$105M
Cash Flow 16
Metric Trend 2025202420232022202120202019
D&A ·····$300.0K$300.0K
Stock-based Comp $30M$34M$53M$58M$46M$25M$2M
Deferred Tax $-139M$0$0$103M$919.0K$-545.0K$0
Amort. of Intangibles $3M$6M$7M$6M$3M$3M$5M
Operating Cash Flow $66M$46M$20M$28M$29M$51M$22M
CapEx $340.0K$254.0K$73.0K$98.0K$650.0K$296.0K$146.0K
Investing Cash Flow $-340.0K$-654.0K$-73.0K$-50M$-650.0K$-10M$-294.0K
Debt Issued ··$0$0$190M$210M$100M
Net Debt Issued $-10M$-13M$-10M$-10M$4M$86M·
Stock Issued ···$0$0$124M$0
Net Stock Activity ···$0$0$124M·
Financing Cash Flow $-62M$-19M$-17M$-15M$-961.0K$-28M$-17M
Net Change in Cash $4M$26M$3M$-36M$27M$14M$4M
Taxes Paid $1M$228.0K$-257.0K$-2M$307.0K$0$0
Free Cash Flow $65M$46M$20M$28M$28M$51M·
Levered FCF ··$5M$50M$21M$42M·
Profitability 7
Metric Trend 2025202420232022202120202019
Operating Margin 2.0%4.9%-10.3%-7.7%0.33%3.3%·
Net Margin 2.3%1.9%-10.4%-12.6%-0.82%-0.75%·
Pretax Margin -10.0%2.7%-14.7%6.6%-1.5%1.6%·
EBITDA Margin 2.0%4.9%-10.3%-7.7%0.33%3.3%·
ROA 7.9%8.0%-24.9%-25.1%-2.1%-2.8%·
ROE 783.8%-420.1%307.5%567.3%27.7%5.9%·
ROIC -3.4%24.4%-24.1%50.4%1.1%14.9%·
Liquidity & Solvency 5
Metric Trend 2025202420232022202120202019
Current Ratio 1.21.40.91.01.61.2·
Quick Ratio 1.21.40.91.01.51.1·
Debt / Equity 36.968.3-16.9-11.4-43.1-5.4·
LT Debt / Equity 31.664.6-15.8-10.9-41.1-5.4·
Interest Coverage ··-2.6-3.80.32.5·
Efficiency 2
Metric Trend 2025202420232022202120202019
Asset Turnover 3.44.22.42.02.63.7·
Receivables Turnover 8.48.86.86.77.57.7·
Per Share 3
Metric Trend 2025202420232022202120202019
Revenue / Share $16.67$16.30$8.52$10.94$10.53··
Cash Flow / Share $0.98$0.86$0.44$0.67$0.47··
EPS (TTM) $0.39$0.31$-0.89$-1.37$-0.19$-0.14·
Growth Rates 5
Metric Trend 2025202420232022202120202019
Revenue YoY 28.8%122.8%-15.4%-28.9%10.3%··
Revenue CAGR 3Y 34.4%10.2%-12.8%····
Revenue CAGR 5Y 13.8%······
EPS YoY 25.8%······
Net Income YoY 54.1%······
Valuation (TTM) 4
Metric Trend 2025202420232022202120202019
Revenue TTM $1.11B$865M$388M$459M$645M$585M·
Net Income TTM $26M$17M$-40M$-58M$-5M$-4M·
P/E 33.236.4-12.5-7.3-81.3-279.1·
Earnings Yield 3.0%2.8%-8.0%-13.8%-1.2%-0.36%·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $1.11B $865M $388M $459M $645M
Operating Margin % 2.0% 4.9% -10.3% -7.7% 0.33%
Net Income $26M $17M $-40M $-58M $-5M
Diluted EPS $0.39 $0.31 $-0.89 $-1.37 $-0.19

Institutional owners (13F) 164 filers · $632.1M total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 164
Value held $632.1M
New positions 21
Exited positions 27
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
21 (-20 vs prior Q) 27 (-11 vs prior Q) 47 (-12 vs prior Q) 68 (+14 vs prior Q) -576K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
WHITE MOUNTAINS INSURANCE GROUP LTD $224,457,638 17,856,614 35.51% Shares
BlackRock, Inc. $42,641,927 3,392,357 6.75% Shares
Clearline Capital LP $34,113,597 2,713,890 5.40% Shares
VANGUARD GROUP INC $33,294,347 2,570,992 5.27% Shares
JPMORGAN CHASE & CO $23,293,969 1,880,062 3.69% Shares
VANGUARD CAPITAL MANAGEMENT LLC $16,043,958 1,276,369 2.54% Shares
GEODE CAPITAL MANAGEMENT, LLC $13,430,961 1,068,308 2.12% Shares
Divisadero Street Capital Management, LP $12,821,249 1,019,988 2.03% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $12,208,386 971,232 1.93% Shares
JACOBS ASSET MANAGEMENT, LLC $11,561,396 919,761 1.83% Shares
STATE STREET CORP $10,838,294 862,235 1.71% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $10,432,572 829,958 1.65% Shares
MORGAN STANLEY $10,322,107 821,170 1.63% Shares
Nuveen, LLC $9,458,259 752,447 1.50% Shares
DIMENSIONAL FUND ADVISORS LP $8,822,450 701,914 1.40% Shares
J. Goldman & Co LP $7,517,740 598,070 1.19% Shares
CITADEL ADVISORS LLC $7,412,479 589,696 1.17% Shares
RENAISSANCE TECHNOLOGIES LLC $7,220,296 574,407 1.14% Shares
Shay Capital LLC $7,164,900 570,000 1.13% Shares
JANE STREET GROUP, LLC $6,933,926 551,625 1.10% Shares
D. E. Shaw & Co., Inc. $6,736,590 535,926 1.07% Shares
SPEECE THORSON CAPITAL GROUP INC $6,148,000 489,098 0.97% Shares
EVR Research LP $5,530,800 440,000 0.88% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $5,443,388 433,046 0.86% Shares
GOLDMAN SACHS GROUP INC $5,390,845 428,866 0.85% Shares
TWO SIGMA INVESTMENTS, LP $5,147,164 409,480 0.81% Shares
AQR CAPITAL MANAGEMENT LLC $4,922,926 391,641 0.78% Shares
BANK OF AMERICA CORP /DE/ $4,674,029 371,840 0.74% Shares
Triad Investment Management $4,634,949 368,731 0.73% Shares
Stoic Point Capital Management LLC $3,735,176 297,150 0.59% Shares
NORTHERN TRUST CORP $3,357,535 267,107 0.53% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $3,258,446 259,224 0.52% Shares
Squarepoint Ops LLC $2,944,585 234,255 0.47% Shares
VANGUARD FIDUCIARY TRUST CO $2,814,637 223,917 0.45% Shares
TEACHER RETIREMENT SYSTEM OF TEXAS $2,720,211 216,405 0.43% Shares
BNP PARIBAS FINANCIAL MARKETS $2,629,694 209,204 0.42% Shares
XTX Topco Ltd $2,165,421 172,269 0.34% Shares
ALGERT GLOBAL LLC $2,147,836 170,870 0.34% Shares
Man Group plc $1,970,398 156,754 0.31% Shares
ALLIANCEBERNSTEIN L.P. $1,966,485 211,450 0.31% Shares
PRINCIPAL FINANCIAL GROUP INC $1,870,982 148,845 0.30% Shares
Quantinno Capital Management LP $1,709,947 136,034 0.27% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,678,752 180,511 0.27% Shares
Russell Investments Group, Ltd. $1,629,701 130,360 0.26% Shares
STIFEL FINANCIAL CORP $1,586,025 126,175 0.25% Shares
VICTORY CAPITAL MANAGEMENT INC $1,274,158 101,365 0.20% Shares
Balyasny Asset Management L.P. $1,270,148 101,046 0.20% Shares
Qube Research & Technologies Ltd $1,162,134 92,453 0.18% Shares
J. Goldman & Co LP $1,111,188 88,400 0.18% Call option
PDT Partners, LLC $1,056,157 84,022 0.17% Shares

Show all 164 institutional owners →

Activists & 5%+ owners 4 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Eugene Nonko, O.N.E. Holdings, LLC ×6 filings Aug. 26, 2026 9.80% Amendment · SEC
White Mountains Insurance Group, Ltd., WM HINSON (BERMUDA) LTD. ×7 filings May 1, 2026 33.03% Amendment Board campaign SEC
Ambrose Wang, Wang Family Investments LLC ×2 filings June 23, 2022 · Initial filing · SEC
Jason Heiling, OBF Investments, LLC June 25, 2021 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 24 insiders · 14 officers · 8 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Steven Yi CHIEF EXECUTIVE OFFICER, PRESIDENT, AND CO-FOUNDER Sept. 1, 2026 S 2,339,740 0 88 $-13,563,400
Tigran Sinanyan Chief Financial Officer and Treasurer Oct. 1, 2026 F 254,781 0 0 $0
Patrick Ryan Thompson Chief Financial Officer and Treasurer Aug. 15, 2026 F 1,080,127 0 0 $0
Kuanling Amy Yeh Chief Technology Officer Sept. 25, 2026 S 546,091 0 16 $-1,019,960
Keith Cramer Chief Revenue Officer Sept. 15, 2026 S 251,303 0 10 $-1,236,780
Jeffrey B Coyne GENERAL COUNSEL AND SECRETARY Aug. 15, 2026 F 577,582 0 3 $-142,800
Catherine Hull Cunningham Chief People Officer Feb. 15, 2023 M 14,081 0 0 $0
Cort Allan Carlson VP, Corporate Controller and Interim Principal Financial and Accounting Officer Nov. 15, 2021 M 41,441 0 0 $0
Jeff Sweetser VICE PRESIDENT, SUPPLY PARTNERSHIPS Oct. 30, 2021 M 35,183 0 0 $0
Brian Mikalis SENIOR VICE PRESIDENT, DEMAND PARTNERSHIPS Oct. 30, 2021 M 16,335 0 0 $0
Robert Perine VICE PRESIDENT, PRODUCT Oct. 30, 2021 M 39,869 0 0 $0
Serge Topjian VICE PRESIDENT, MEDIA Oct. 30, 2021 M 21,172 0 0 $0
Ambrose Wang CO-FOUNDER July 30, 2021 M 38,839 0 0 $0
Lance Martinez GENERAL COUNSEL AND SECRETARY April 30, 2021 M 20,419 0 0 $0
Eugene Nonko Director Sept. 22, 2026 S 854,550 0 184 $-16,028,627
Lauren Stclair Director May 15, 2026 A 20,900 0 0 $0
Bradley William Hunt Director May 5, 2026 A 46,200 0 0 $0
Ramon Jones Director May 5, 2026 A 28,000 0 0 $0
Venmal (Raji) Arasu Director May 5, 2026 A 119,407 0 0 $0
VRABECK KATHY P Director May 5, 2026 A 150,407 0 0 $0
Lara Sweet Director May 14, 2025 A 98,657 0 0 $0
WM International Holdings Ltd 10% owner Dec. 22, 2022 J 0 0 0 $0
Bridge Holdings (Bermuda) Ltd. 10% owner Aug. 25, 2022 J 0 0 0 $0
White Mountains Insurance Group, Ltd. 10% owner March 23, 2021 S 16,939,998 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 25 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
ABLS · Abacus FCF ETF Trust 1.27% 478 NS July 31, 2026 N-PORT
ESSC · Strategy Shares 0.17% 4,998 NS July 31, 2026 N-PORT
FSMD · FIDELITY COVINGTON TRUST 0.14% 282,039 NS July 31, 2026 N-PORT
IWC · iShares Trust 0.08% 103,928 SH Sept. 11, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.03% 8,596 SH Oct. 2, 2026 Daily
FCOM · FIDELITY COVINGTON TRUST 0.02% 33,167 NS July 31, 2026 N-PORT
IWO · iShares Trust 0.02% 282,211 SH Sept. 11, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.02% 33,164 SH Aug. 19, 2026 Daily
VOX · VANGUARD WORLD FUND 0.02% 109,103 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.01% 165,545 NS July 31, 2026 N-PORT
PKW · Invesco Exchange-Traded Fund Trust 0.01% 23,082 SH Oct. 2, 2026 Daily
RSSL · Global X Funds 0.01% 14,725 NS July 31, 2026 N-PORT
IWM · iShares Trust 0.01% 804,416 SH Sept. 11, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.01% 178,955 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.00% 2,757 SH Sept. 11, 2026 Daily
DCOR · Dimensional ETF Trust 0.00% 3,981 NS July 31, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.00% 1,891 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 69,165 SH Sept. 11, 2026 Daily
DFAU · Dimensional ETF Trust 0.00% 7,352 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.00% 24,208 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 7,628 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.00% 7,758 SH Sept. 9, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.00% 363,068 SH Aug. 19, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 882,700 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 2,323 SH Aug. 19, 2026 Daily

MAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 13 analysts BUY
Median target $15.00 +55.9%
2 15.4% Strong Buy
7 53.8% Buy
4 30.8% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

7 analysts · 2026-10-02

Mean target $15.43 +60.4%

← Below all targets Current price $9.62
Low$11.00 Mean$15.43 High$19.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
MAX · 33.2 28.8% 2.3% 783.8% ·
NXDR · -15.0 4.2% -21.0% -12.6% ·
FUBO $5.13B -28.0 18.6% -10.6% -31.6% ·
TBLA · · · · · ·
QNST $828M 10.5 18.3% 6.3% 26.3% 11.3%
EVER · 10.3 38.5% 14.3% 48.6% ·
CARS $715M 38.1 0.57% 2.8% 4.2% ·
BMBL · -0.6 -9.9% -71.8% -99.4% ·
ZIP $278M -10.5 -5.3% -7.3% 46.1% 89.2%
ANGI · 13.8 -13.0% 4.2% 4.5% 95.4%
GOOGL $3.78T 29.0 15.1% 32.8% 34.0% ·

Latest News Recent headlines mentioning this company

23
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My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Jul 29, 2026