Does MAGNITE, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MAGNITE, INC. (MGNI) 55.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 82, returns on capital 7, balance-sheet safety 62, capital discipline 80.

Is MGNI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 3% assumed growth, capped at 4%), estimated intrinsic value is $6.24 per share versus a recent price of $19.00 — 204% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MGNI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MAGNITE, INC.

MGNI · Technology · $2.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power82

Median gross margin 62.0% over 10y, stable.

Returns on capital7

Median ROIC -17.7%, above the 9% hurdle in 20% of years.

Balance-sheet safety62

Net debt/EBITDA 0.1x, interest coverage 5x.

Capital discipline80

Owner earnings +69.8%/yr, share count n/a.

Margin of safety

Above valueOn sale

204% above value

Owner earnings (normalized): $54.9M
Est. intrinsic value / share: $6.24
Recent price: $19.00
Discount to value: 204% above value

Conservative model: 9% discount rate, 3% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

MAGNITE, INC. booked $714.0M of revenue in FY2025 in the Technology sector and kept 62.7% of it as gross profit — a high-margin business by that measure. After every other cost, 20.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $57.1M (FY2012) to $714.0M (FY2025) — about 21.5% a year compounded over 13 years.

It earned 10.4% on invested capital in FY2025, with a median of −17.7% across 12 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $565.5M of total debt in FY2025 against $144.6M of owner earnings — roughly 3.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 62/100.

The share count rose 1105.9% between FY2013 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.

Put together: Pricing Power is the strongest of the four filters (82/100) and Returns on Capital the weakest (7/100), which is how MGNI lands at 55/100 — 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.

RevenueSales, as filed$714.0M FY2025

Gross marginRevenue kept after cost of goods62.7% FY2025

Return on invested capitalOperating profit on the capital employed10.4% FY2025

Owner earningsCash an owner could take out$144.6M FY2025

Gaps in a line mean that item isn’t in MGNI’s 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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.0 / 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 — MGNI has read Shallow 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

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

Nearest peers by Moat Score

#168EEX Emerald Holding, Inc.55.1 out of 100, Shallow moatShallow moat
#169IDN Intellicheck, Inc.55.0 out of 100, Shallow moatShallow moat
#171UPWK UPWORK INC.55.0 out of 100, Shallow moatShallow moat
#172PRGS PROGRESS SOFTWARE CORP /MA54.9 out of 100, Shallow moatShallow moat

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

Common questions about MGNI

Does MAGNITE, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MAGNITE, INC. (MGNI) 55.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 82, returns on capital 7, balance-sheet safety 62, capital discipline 80.
Is MGNI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 3% assumed growth, capped at 4%), estimated intrinsic value is $6.24 per share versus a recent price of $19.00 — 204% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MGNI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.0 out of 100 (shallow 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 MGNI. See the disclaimer.