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MediaAlpha, Inc.

MAX · Technology · $877M mkt cap · FY2025 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

70

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $645M to $1.1B, increasing; diluted EPS -0.19 to 0.39, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

28

Median gross margin 15.8% over 8y, very stable.

66

Median ROIC 15.6%, above the 12% hurdle in 57% of years.

0

Net debt/EBITDA 4.2x, interest coverage 2x.

61

Owner earnings changed +6.7%/yr over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$13.13
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

MediaAlpha, Inc. booked $1.1B of revenue in FY2025 in the Technology sector and kept 15.0% of it as gross profit — a thin-margin business by that measure. After every other cost, 2.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $297M (FY2018) to $1.1B (FY2025) — about 20.8% a year compounded over 7 years.

It earned 15.8% on invested capital in the latest filed year, FY2025. Across the full 7-year measurable filed record, median ROIC was 15.6%. Over the v3 recent window (7 measurable filed years), median ROIC was 15.6%. The Returns on Capital filter above scores it 66/100.

The balance sheet carried $153M of total debt in FY2025 against $28.5M of owner earnings — roughly 5.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Business Trend is the strongest of the five filters (70/100) and Balance-Sheet Safety the weakest (0/100), which is how MAX lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from MAX’s SEC filings

Sales, as filed$1.1B FY2025
$0$500M$1B2017202020232025
Revenue kept after cost of goods15.0% FY2025
0%10%2017202020232025
Standard ROIC or separately labeled Operating ROICROIC 15.8% FY2025

Not meaningful FY2019: invested capital is negative (cash exceeds debt + equity)

0%2017202020232025
Cash an owner could take out$28.5M FY2025
−$50M$02017202020232025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How MediaAlpha, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.1B · 100%Cost of revenue$946M · 85%Gross profit$168M · 15%Operating income$22.1M · 2%Income before tax−$111M · −10%Income tax−$138M · −12%Net income$25.6M · 2%As of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.1B100%
Cost of revenue$946M85%
$168M15%
$22.1M2%
Income before tax−$111M−10%
Income tax−$138M−12%
$25.6M2%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What MediaAlpha, Inc. owns — and owes

MediaAlpha, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$384M100%
Cash and equivalents$46.9M12%
$153M40%
Stockholders’ equity$4.2M1%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives MediaAlpha, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity784%Tax burden−23%net income ÷ pretax incomeInterest burden−502%pretax ÷ operating incomeOperating margin2%operating income ÷ revenueAsset turnover3.45×revenue ÷ average assetsEquity multiplier98.85×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$25.6MFY2025
Income before tax−$111MFY2025
Operating income$22.1MFY2025
$1.1BFY2025
Ending assets$384MFY2025
Beginning assets$262MFY2024
$4.2MFY2025
$2.4MFY2024
Source:
  • SEC filingFiling detailsAccession 0001818383-26-000049
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where MediaAlpha, Inc.'s cash went

MediaAlpha, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$65.6M100%
Depreciation and amortization$3.3M5%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding MediaAlpha, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What MediaAlpha, Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

15 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock10,445$12.5542$131,129See lot detailAug 26, 2026
2 filed lots
  • Table I · Class A Common Stock: 2,667 shares at $12.5562 · code S · owned after 823,323 ·
  • Table I · Class A Common Stock: 7,778 shares at $12.5535 · code S · owned after 935,361 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.8746$147,890See lot detailAug 25, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.8935 · code S · owned after 825,990 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.867 · code S · owned after 943,139 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.9894$149,209See lot detailAug 24, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.9937 · code S · owned after 829,272 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.9877 · code S · owned after 951,344 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$13.2188$151,845See lot detailAug 19, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $13.1997 · code S · owned after 832,554 ·
  • Table I · Class A Common Stock: 8,205 shares at $13.2265 · code S · owned after 959,549 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.8884$148,050See lot detailAug 18, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.9023 · code S · owned after 835,836 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.8829 · code S · owned after 967,754 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.7914$146,935See lot detailAug 17, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.8205 · code S · owned after 839,118 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.7798 · code S · owned after 975,959 ·
Cramer KeithChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock13,000$12.7634$165,924264,303Aug 17, 2026
1 filed lot
  • Table I · Class A Common Stock: 13,000 shares at $12.7634 · code S · owned after 264,303 ·
COYNE JEFFREY BGENERAL COUNSEL AND SECRETARYPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock14,182$13.17$186,777See lot detailAug 15, 2026
4 filed lots
  • Table I · Class A Common Stock: 2,187 shares at $13.17 · code F · owned after 589,577 ·
  • Table I · Class A Common Stock: 2,542 shares at $13.17 · code F · owned after 587,035 ·
  • Table I · Class A Common Stock: 5,224 shares at $13.17 · code F · owned after 581,811 ·
  • Table I · Class A Common Stock: 4,229 shares at $13.17 · code F · owned after 577,582 ·
Thompson Patrick RyanSee RemarksPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock24,209$13.17$318,833See lot detailAug 15, 2026
4 filed lots
  • Table I · Class A Common Stock: 5,258 shares at $13.17 · code F · owned after 1,099,078 ·
  • Table I · Class A Common Stock: 4,366 shares at $13.17 · code F · owned after 1,094,712 ·
  • Table I · Class A Common Stock: 8,333 shares at $13.17 · code F · owned after 1,086,379 ·
  • Table I · Class A Common Stock: 6,252 shares at $13.17 · code F · owned after 1,080,127 ·
Cramer KeithChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events9,775—Exercise or conversion of derivative security (M)—See lot detailAug 15, 2026
2 filed lots
  • Table I · Class A Common Stock: 5,303 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 272,831 · Paired event: 5,303 Restricted Stock Units → 5,303 Class A Common Stock ·
  • Table I · Class A Common Stock: 4,472 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 277,303 · Paired event: 4,472 Restricted Stock Units → 4,472 Class A Common Stock ·
Cramer KeithChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events9,775—Exercise or conversion of derivative security (M)—See lot detailAug 15, 2026
2 filed lots
  • Table II · Restricted Stock Units: 5,303 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,607 · Paired event: 5,303 Restricted Stock Units → 5,303 Class A Common Stock ·
  • Table II · Restricted Stock Units: 4,472 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 26,832 · Paired event: 4,472 Restricted Stock Units → 4,472 Class A Common Stock ·
Yeh Kuanling AmyChief Technology OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events10,106—Exercise or conversion of derivative security (M)—See lot detailAug 15, 2026
2 filed lots
  • Table I · Class A Common Stock: 5,303 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 547,288 · Paired event: 5,303 Restricted Stock Units → 5,303 Class A Common Stock ·
  • Table I · Class A Common Stock: 4,803 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 552,091 · Paired event: 4,803 Restricted Stock Units → 4,803 Class A Common Stock ·
Yeh Kuanling AmyChief Technology OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events10,106—Exercise or conversion of derivative security (M)—See lot detailAug 15, 2026
2 filed lots
  • Table II · Restricted Stock Units: 5,303 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,607 · Paired event: 5,303 Restricted Stock Units → 5,303 Class A Common Stock ·
  • Table II · Restricted Stock Units: 4,803 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 28,819 · Paired event: 4,803 Restricted Stock Units → 4,803 Class A Common Stock ·
Yeh Kuanling AmyChief Technology OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock12,000$13.5514$162,617541,985Aug 14, 2026
1 filed lot
  • Table I · Class A Common Stock: 12,000 shares at $13.5514 · code S · owned after 541,985 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.8106$147,155See lot detailAug 12, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.8851 · code S · owned after 842,400 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.7808 · code S · owned after 984,164 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$13.2711$152,445See lot detailAug 11, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $13.3562 · code S · owned after 845,682 ·
  • Table I · Class A Common Stock: 8,205 shares at $13.237 · code S · owned after 992,369 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$13.4931$154,996See lot detailAug 10, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $13.3047 · code S · owned after 848,964 ·
  • Table I · Class A Common Stock: 8,205 shares at $13.5685 · code S · owned after 1,000,574 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock10,445$12.3019$128,494See lot detailAug 5, 2026
2 filed lots
  • Table I · Class A Common Stock: 2,667 shares at $12.3636 · code S · owned after 852,246 ·
  • Table I · Class A Common Stock: 7,778 shares at $12.2808 · code S · owned after 1,008,779 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock10,445$12.462$130,165See lot detailAug 4, 2026
2 filed lots
  • Table I · Class A Common Stock: 2,667 shares at $12.5033 · code S · owned after 854,913 ·
  • Table I · Class A Common Stock: 7,778 shares at $12.4478 · code S · owned after 1,016,557 ·
Nonko EugeneDirectorOpen-market or private sale (S)Table I · Disposed · Class A Common Stock11,487$12.4993$143,580See lot detailAug 3, 2026
2 filed lots
  • Table I · Class A Common Stock: 3,282 shares at $12.5402 · code S · owned after 857,580 ·
  • Table I · Class A Common Stock: 8,205 shares at $12.483 · code S · owned after 1,024,335 ·
Yi StevenDirector, See RemarksOpen-market or private sale (S)Table I · Disposed · Class A Common Stock72,000$12.6388$909,9942,387,690Aug 3, 2026
1 filed lot
  • Table I · Class A Common Stock: 72,000 shares at $12.6388 · code S · owned after 2,387,690 ·

Source-event as of . Retrieved .

Track record

How MediaAlpha, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2020–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MAX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score50100Indexed price · log scale (2021 = 100)2020202120222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MAX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#375 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #373QXL QUANTUM X LABS INC.45.2Shallow moat
  2. #374TTEC TTEC Holdings, Inc.45.2Shallow moat
  3. #376FIVN FIVE9, INC.45.0Shallow moat
  4. #377TOGI TURNONGREEN, INC.45.0Shallow moat

Compare MAX with its nearest peers →All Technology companies on the Index →

Common questions about MAX

Does MediaAlpha, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores MediaAlpha, Inc. (MAX) 45.1 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 70, pricing power 28, returns on capital 66, balance-sheet safety 0, capital allocation 61.
How has MAX's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 45.1 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MAX. See the disclaimer.