Does MediaAlpha, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MediaAlpha, Inc. (MAX) 39.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 66, balance-sheet safety 0, capital discipline 55.

How has MAX's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 39.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MediaAlpha, Inc.

MAX · Technology · $943.0M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power28

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

Returns on capital66

Median ROIC 15.6%, above the 9% hurdle in 57% of years.

Balance-sheet safety0

Net debt/EBITDA 4.8x, interest coverage 2x.

Capital discipline55

Owner earnings +4.9%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $14.12
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for MAX yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — MAX has read No moat for every logged capture since Jul 17, 2026.

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

Technology context

#328 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#326AUID authID Inc.39.5 out of 100, No moatNo moat
#327TTMI TTM TECHNOLOGIES INC39.4 out of 100, No moatNo moat
#329ASFH ASIAFIN HOLDINGS CORP.38.9 out of 100, No moatNo moat
#330PD PAGERDUTY, INC.38.8 out of 100, No moatNo 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) 39.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 66, balance-sheet safety 0, capital discipline 55.
How has MAX's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 39.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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