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MediaAlpha vs Paymentus Holdings: MAX and PAY compared
MediaAlpha is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $372M for Paymentus Holdings (Q3 2026). MediaAlpha is growing faster (+23% against +20% a year earlier). Paymentus Holdings is more profitable, with an operating margin of 9.0% against 7.7%.
Where the money goes: MAX and PAY
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.
Paymentus Holdings (PAY) · Q3 2026
Paymentus Holdings, Q3 2026: revenue $372M (+20% year over year), operating margin 9.0%, net earnings $27.5M, operating cash flow $43.6M. The chart follows the revenue to costs, profit and cash.
| MediaAlpha (MAX) | Paymentus Holdings (PAY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $376M | $372M |
| Revenue growth, Y/Y | +23% | +20% |
| Gross margin | — | 25.2% |
| Operating margin | 7.7% | 9.0% |
| Net earnings | $25.8M | $27.5M |
| Net margin | 6.9% | 7.4% |
| Operating cash flow | $21.6M | $43.6M |
| Free cash flow | $21.5M | $34.0M |
| Market value | $892M | $4.4B |
| P/E | 7.8× | 45.8× |
| Analysts’ mean target | $15.71 | $41.17 |
Where the revenue comes from
MediaAlpha
- Property & casualty insurance: $366M (97%)
- Life insurance: $6.8M (2%)
- Health insurance: $2.9M (1%)
- Other: $302K (0%)
Paymentus Holdings
- Payment Transaction Processing Revenue: $370M (99%)
- Other: $2.4M (1%)
Questions
Which is bigger, MediaAlpha or Paymentus Holdings?
MediaAlpha is the larger company: $376M of revenue in its latest quarter (Q3 2026) against $372M for Paymentus Holdings (Q3 2026).
Is MediaAlpha or Paymentus Holdings growing faster?
MediaAlpha is growing faster (+23% against +20% a year earlier).
Which is more profitable, MediaAlpha or Paymentus Holdings?
Paymentus Holdings is more profitable, with an operating margin of 9.0% against 7.7%.
More: MediaAlpha earnings · how MediaAlpha makes money · Paymentus Holdings earnings · how Paymentus Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.