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MediaAlpha vs Healthequity: MAX and HQY compared
MediaAlpha is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $351M for Healthequity (Q2 FY27). MediaAlpha is growing faster (+23% against +8% a year earlier). Healthequity is more profitable, with an operating margin of 28.1% against 7.7%.
Where the money goes: MAX and HQY
MediaAlpha (MAX) · Q3 2026
MediaAlpha, Q3 2026: revenue $376M (+23% year over year), operating margin 7.7%, net earnings $25.8M, operating cash flow $21.6M. The chart follows the revenue to costs, profit and cash.
Healthequity (HQY) · Q2 FY27
Healthequity, Q2 FY27: revenue $351M (+8% year over year), operating margin 28.1%, net earnings $65.6M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| MediaAlpha (MAX) | Healthequity (HQY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $376M | $351M |
| Revenue growth, Y/Y | +23% | +8% |
| Gross margin | — | 73.5% |
| Operating margin | 7.7% | 28.1% |
| Net earnings | $25.8M | $65.6M |
| Net margin | 6.9% | 18.7% |
| Operating cash flow | $21.6M | $136M |
| Free cash flow | $21.5M | $135M |
| Market value | $892M | $8.7B |
| P/E | 7.8× | 36.8× |
| Analysts’ mean target | $15.71 | $120.67 |
Where the revenue comes from
MediaAlpha
- Property & casualty insurance: $366M (97%)
- Life insurance: $6.8M (2%)
- Health insurance: $2.9M (1%)
- Other: $302K (0%)
Healthequity
- Custodial revenue: $176M (50%)
- Service revenue: $124M (35%)
- Interchange revenue: $50.4M (14%)
Questions
Which is bigger, MediaAlpha or Healthequity?
MediaAlpha is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $351M for Healthequity (Q2 FY27).
Is MediaAlpha or Healthequity growing faster?
MediaAlpha is growing faster (+23% against +8% a year earlier).
Which is more profitable, MediaAlpha or Healthequity?
Healthequity is more profitable, with an operating margin of 28.1% against 7.7%.
More: MediaAlpha earnings · how MediaAlpha makes money · Healthequity earnings · how Healthequity makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Aug 27, 2026). Fiscal quarters can end on different dates. Not investment advice.