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 28 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.

MediaAlpha, Inc.

MAX · Technology · $780M mkt cap · FY2025 filings · as of Oct 16, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

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%.

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

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

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

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
: $11.68
: 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 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

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

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.

Sales, as filed$1.1B FY2025

Revenue kept after cost of goods15.0% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC 0.0% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$28.5M FY2025

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.

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 line	Value	% of revenue	Source
	$1.1B	100%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Cost of revenue	$946M	85%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$168M	15%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$22.1M	2%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Income before tax	−$111M	−10%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Income tax	−$138M	−12%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$25.6M	2%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Embed this chart

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 line	Value	% of assets	Source
Total assets	$384M	100%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Cash and equivalents	$46.9M	12%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$153M	40%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Stockholders’ equity	$4.2M	1%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

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

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$25.6M	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Income before tax	−$111M	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Operating income	$22.1M	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$1.1B	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Ending assets	$384M	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Beginning assets	$262M	FY2024	10-K · FY 2024Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$4.2M	FY2025	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
	$2.4M	FY2024	10-K · FY 2024Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

Source:

10-K · filed Feb 23, 2026Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

· event Dec 31, 2025 · retrieved Oct 16, 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 line	Value	% of cash from operations	Source
Cash from operations	$65.6M	100%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026
Depreciation and amortization	$3.3M	5%	10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001818383-26-000049 · filed Feb 23, 2026

· event Dec 31, 2025 · retrieved Oct 16, 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
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing 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 Oct 16, 2026

Flagship explainer

What MediaAlpha, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

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

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.1 / 100

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

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-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 Oct 16, 2026.

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

Insider					Shares owned after	Date	Filing detail
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,734	$10.378	$80,263	See lot detail	Oct 14, 2026	2 filed lots Table I · Class A Common Stock: 1,067 shares at $10.4077 · code S · owned after 797,620 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026 Table I · Class A Common Stock: 6,667 shares at $10.3732 · code S · owned after 834,549 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,734	$10.1137	$78,220	See lot detail	Oct 13, 2026	2 filed lots Table I · Class A Common Stock: 1,067 shares at $10.122 · code S · owned after 798,687 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026 Table I · Class A Common Stock: 6,667 shares at $10.1124 · code S · owned after 841,216 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,734	$10.1488	$78,491	See lot detail	Oct 12, 2026	2 filed lots Table I · Class A Common Stock: 1,067 shares at $10.1447 · code S · owned after 799,754 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026 Table I · Class A Common Stock: 6,667 shares at $10.1495 · code S · owned after 847,883 · FORM 4 · filed Oct 14, 2026Filing detailsAccession 0001818383-26-000251 · filed Oct 14, 2026
Yi StevenDirector, See Remarks	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	2,033	$11.0068	$22,377	2,313,707	Oct 9, 2026	1 filed lot Table I · Class A Common Stock: 2,033 shares at $11.0068 · code S · owned after 2,313,707 · FORM 4 · filed Oct 9, 2026Filing detailsAccession 0001818383-26-000249 · filed Oct 9, 2026
Yi StevenDirector, See Remarks	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	24,000	$10.0393	$240,943	2,315,740	Oct 8, 2026	1 filed lot Table I · Class A Common Stock: 24,000 shares at $10.0393 · code S · owned after 2,315,740 · FORM 4 · filed Oct 9, 2026Filing detailsAccession 0001818383-26-000249 · filed Oct 9, 2026
Sinanyan TigranSee Remarks	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	24,250	—Grant, award, or other acquisition (A)	—	255,869	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 24,250 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 255,869 · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001818383-26-000247 · filed Oct 2, 2026
Sinanyan TigranSee Remarks	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	1,088	$9.57	$10,412	254,781	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,088 shares at $9.57 · code F · owned after 254,781 · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001818383-26-000247 · filed Oct 2, 2026
Yeh Kuanling AmyChief Technology Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	3,000	$9.40	$28,200	546,091	Sep 25, 2026	1 filed lot Table I · Class A Common Stock: 3,000 shares at $9.40 · code S · owned after 546,091 · FORM 4 · filed Sep 25, 2026Filing detailsAccession 0001818383-26-000243 · filed Sep 25, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,734	$10.779	$83,364	See lot detail	Sep 22, 2026	2 filed lots Table I · Class A Common Stock: 1,067 shares at $10.7874 · code S · owned after 800,821 · FORM 4 · filed Sep 23, 2026Filing detailsAccession 0001818383-26-000241 · filed Sep 23, 2026 Table I · Class A Common Stock: 6,667 shares at $10.7776 · code S · owned after 854,550 · FORM 4 · filed Sep 23, 2026Filing detailsAccession 0001818383-26-000241 · filed Sep 23, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	7,734	$10.5325	$81,458	See lot detail	Sep 21, 2026	2 filed lots Table I · Class A Common Stock: 1,067 shares at $10.536 · code S · owned after 801,888 · FORM 4 · filed Sep 23, 2026Filing detailsAccession 0001818383-26-000241 · filed Sep 23, 2026 Table I · Class A Common Stock: 6,667 shares at $10.5319 · code S · owned after 861,217 · FORM 4 · filed Sep 23, 2026Filing detailsAccession 0001818383-26-000241 · filed Sep 23, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	9,213	$11.2407	$103,560	See lot detail	Sep 16, 2026	2 filed lots Table I · Class A Common Stock: 1,940 shares at $11.2511 · code S · owned after 802,955 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026 Table I · Class A Common Stock: 7,273 shares at $11.2379 · code S · owned after 867,884 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026
Cramer KeithChief Revenue Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	13,000	$11.494	$149,422	251,303	Sep 15, 2026	1 filed lot Table I · Class A Common Stock: 13,000 shares at $11.494 · code S · owned after 251,303 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000239 · filed Sep 16, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	9,213	$11.4849	$105,810	See lot detail	Sep 15, 2026	2 filed lots Table I · Class A Common Stock: 1,940 shares at $11.4802 · code S · owned after 804,895 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026 Table I · Class A Common Stock: 7,273 shares at $11.4861 · code S · owned after 875,157 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$11.977	$125,100	See lot detail	Sep 14, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.034 · code S · owned after 806,835 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026 Table I · Class A Common Stock: 7,778 shares at $11.9575 · code S · owned after 882,430 · FORM 4 · filed Sep 16, 2026Filing detailsAccession 0001818383-26-000238 · filed Sep 16, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	9,213	$11.5979	$106,851	See lot detail	Sep 10, 2026	2 filed lots Table I · Class A Common Stock: 1,940 shares at $11.5182 · code S · owned after 809,502 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026 Table I · Class A Common Stock: 7,273 shares at $11.6191 · code S · owned after 890,208 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	9,213	$11.4573	$105,556	See lot detail	Sep 9, 2026	2 filed lots Table I · Class A Common Stock: 1,940 shares at $11.6505 · code S · owned after 811,442 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026 Table I · Class A Common Stock: 7,273 shares at $11.4058 · code S · owned after 897,481 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	9,213	$11.7013	$107,804	See lot detail	Sep 8, 2026	2 filed lots Table I · Class A Common Stock: 1,940 shares at $11.6997 · code S · owned after 813,382 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026 Table I · Class A Common Stock: 7,273 shares at $11.7017 · code S · owned after 904,754 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001818383-26-000235 · filed Sep 10, 2026
Yeh Kuanling AmyChief Technology Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	3,000	$12.00	$36,000	549,091	Sep 4, 2026	1 filed lot Table I · Class A Common Stock: 3,000 shares at $12.00 · code S · owned after 549,091 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001818383-26-000233 · filed Sep 9, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.2377	$127,822	See lot detail	Sep 2, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.2163 · code S · owned after 815,322 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026 Table I · Class A Common Stock: 7,778 shares at $12.245 · code S · owned after 912,027 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026
Yi StevenDirector, See Remarks	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	48,000	$12.3826	$594,365	2,339,740	Sep 1, 2026	1 filed lot Table I · Class A Common Stock: 48,000 shares at $12.3826 · code S · owned after 2,339,740 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000227 · filed Sep 2, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.4088	$129,609	See lot detail	Sep 1, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.4544 · code S · owned after 817,989 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026 Table I · Class A Common Stock: 7,778 shares at $12.3931 · code S · owned after 919,805 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.602	$131,627	See lot detail	Aug 31, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.5858 · code S · owned after 820,656 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026 Table I · Class A Common Stock: 7,778 shares at $12.6075 · code S · owned after 927,583 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0001818383-26-000226 · filed Sep 2, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.5542	$131,129	See lot detail	Aug 26, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.5562 · code S · owned after 823,323 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026 Table I · Class A Common Stock: 7,778 shares at $12.5535 · code S · owned after 935,361 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.8746	$147,890	See lot detail	Aug 25, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.8935 · code S · owned after 825,990 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026 Table I · Class A Common Stock: 8,205 shares at $12.867 · code S · owned after 943,139 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.9894	$149,209	See lot detail	Aug 24, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.9937 · code S · owned after 829,272 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026 Table I · Class A Common Stock: 8,205 shares at $12.9877 · code S · owned after 951,344 · FORM 4 · filed Aug 26, 2026Filing detailsAccession 0001818383-26-000220 · filed Aug 26, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$13.2188	$151,845	See lot detail	Aug 19, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $13.1997 · code S · owned after 832,554 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026 Table I · Class A Common Stock: 8,205 shares at $13.2265 · code S · owned after 959,549 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.8884	$148,050	See lot detail	Aug 18, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.9023 · code S · owned after 835,836 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026 Table I · Class A Common Stock: 8,205 shares at $12.8829 · code S · owned after 967,754 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.7914	$146,935	See lot detail	Aug 17, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.8205 · code S · owned after 839,118 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026 Table I · Class A Common Stock: 8,205 shares at $12.7798 · code S · owned after 975,959 · FORM 4 · filed Aug 19, 2026Filing detailsAccession 0001818383-26-000218 · filed Aug 19, 2026
Cramer KeithChief Revenue Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	13,000	$12.7634	$165,924	264,303	Aug 17, 2026	1 filed lot Table I · Class A Common Stock: 13,000 shares at $12.7634 · code S · owned after 264,303 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000214 · filed Aug 17, 2026
COYNE JEFFREY BGENERAL COUNSEL AND SECRETARY	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	14,182	$13.17	$186,777	See lot detail	Aug 15, 2026	4 filed lots Table I · Class A Common Stock: 2,187 shares at $13.17 · code F · owned after 589,577 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000216 · filed Aug 17, 2026 Table I · Class A Common Stock: 2,542 shares at $13.17 · code F · owned after 587,035 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000216 · filed Aug 17, 2026 Table I · Class A Common Stock: 5,224 shares at $13.17 · code F · owned after 581,811 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000216 · filed Aug 17, 2026 Table I · Class A Common Stock: 4,229 shares at $13.17 · code F · owned after 577,582 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000216 · filed Aug 17, 2026
Thompson Patrick RyanSee Remarks	Payment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock	24,209	$13.17	$318,833	See lot detail	Aug 15, 2026	4 filed lots Table I · Class A Common Stock: 5,258 shares at $13.17 · code F · owned after 1,099,078 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000215 · filed Aug 17, 2026 Table I · Class A Common Stock: 4,366 shares at $13.17 · code F · owned after 1,094,712 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000215 · filed Aug 17, 2026 Table I · Class A Common Stock: 8,333 shares at $13.17 · code F · owned after 1,086,379 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000215 · filed Aug 17, 2026 Table I · Class A Common Stock: 6,252 shares at $13.17 · code F · owned after 1,080,127 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000215 · filed Aug 17, 2026
Cramer KeithChief Revenue Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events	9,775	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000214 · filed Aug 17, 2026 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000214 · filed Aug 17, 2026
Cramer KeithChief Revenue Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	9,775	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000214 · filed Aug 17, 2026 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000214 · filed Aug 17, 2026
Yeh Kuanling AmyChief Technology Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events	10,106	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000213 · filed Aug 17, 2026 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000213 · filed Aug 17, 2026
Yeh Kuanling AmyChief Technology Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events	10,106	—Exercise or conversion of derivative security (M)	—	See lot detail	Aug 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000213 · filed Aug 17, 2026 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 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000213 · filed Aug 17, 2026
Yeh Kuanling AmyChief Technology Officer	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	12,000	$13.5514	$162,617	541,985	Aug 14, 2026	1 filed lot Table I · Class A Common Stock: 12,000 shares at $13.5514 · code S · owned after 541,985 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0001818383-26-000213 · filed Aug 17, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.8106	$147,155	See lot detail	Aug 12, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.8851 · code S · owned after 842,400 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026 Table I · Class A Common Stock: 8,205 shares at $12.7808 · code S · owned after 984,164 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$13.2711	$152,445	See lot detail	Aug 11, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $13.3562 · code S · owned after 845,682 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026 Table I · Class A Common Stock: 8,205 shares at $13.237 · code S · owned after 992,369 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$13.4931	$154,996	See lot detail	Aug 10, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $13.3047 · code S · owned after 848,964 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026 Table I · Class A Common Stock: 8,205 shares at $13.5685 · code S · owned after 1,000,574 · FORM 4 · filed Aug 12, 2026Filing detailsAccession 0001818383-26-000208 · filed Aug 12, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.3019	$128,494	See lot detail	Aug 5, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.3636 · code S · owned after 852,246 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026 Table I · Class A Common Stock: 7,778 shares at $12.2808 · code S · owned after 1,008,779 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	10,445	$12.462	$130,165	See lot detail	Aug 4, 2026	2 filed lots Table I · Class A Common Stock: 2,667 shares at $12.5033 · code S · owned after 854,913 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026 Table I · Class A Common Stock: 7,778 shares at $12.4478 · code S · owned after 1,016,557 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026
Nonko EugeneDirector	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	11,487	$12.4993	$143,580	See lot detail	Aug 3, 2026	2 filed lots Table I · Class A Common Stock: 3,282 shares at $12.5402 · code S · owned after 857,580 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026 Table I · Class A Common Stock: 8,205 shares at $12.483 · code S · owned after 1,024,335 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000206 · filed Aug 5, 2026
Yi StevenDirector, See Remarks	Open-market or private sale (S)Table I · Disposed · Class A Common Stock	72,000	$12.6388	$909,994	2,387,690	Aug 3, 2026	1 filed lot Table I · Class A Common Stock: 72,000 shares at $12.6388 · code S · owned after 2,387,690 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0001818383-26-000205 · filed Aug 5, 2026

Source-event as of Oct 14, 2026. Retrieved Oct 16, 2026.

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 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.

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

#383 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#381TTEC TTEC Holdings, Inc.45.2 out of 100, Shallow moatShallow moat
#382XLAB EXASCALE LABS HOLDINGS INC.45.2 out of 100, Shallow moatShallow moat
#384FIVN Five9, Inc.45.0 out of 100, Shallow moatShallow moat
#385TOGI TurnOnGreen, Inc.45.0 out of 100, Shallow moatShallow 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 28 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.