On this page of Benford's Law Stocks.com we present our study of MediaAlpha, Inc. — ticker symbol MAX. SEC filings have been screened by our Benford's Law software, for quarterly 10Q and annual 10K filings from 3/15/2021 to 10/29/2025 for MediaAlpha, Inc. under CIK number 0001818383. For filings made in XBRL (eXtensible Business Reporting Language) format, our algorithm extracts all "tagged" numbers presented by the company; for any non-XBRL filings our algorithm uses its own interal set of rules to extract what it believes to be numbers as found throughout the filings. The format found for each filing is presented below together with the results for MAX, with the percentage of found numbers beginning with each digit (1's, 2's, 3's, 4's, 5's, 6's, 7's, 8's, and 9's) charted against the "normal" range observed throughout our coverage universe, as well as the "normal" range for MediaAlpha, Inc. based on the past MAX filings our system processed in the past.
Benford Chart for MAX 10Q Filed 10/29/2025
27.8
13.6
12.7
11.6
16.1
5.4
4.6
5.8
2.4
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
XBRL? ✓  [ original filing, MAX stockholder letter ]
Total numbers found: 670
Recent share count: 56,370,303 (5's column)

■ = Typical range across full coverage universe
# of Numbers Found in Filing
Benford's Law Stocks Indicator
670
Normal-to-low count compared to other filers, above the bottom quartile. At this number count, it would take about 7 numbers to move any given column by a full percentage point.
Benford's Law Stocks Score for MAX = 77
77

Starting from a possible score of 100, we made the following score deductions:
 • We deducted point upon observing the 2's percentage was below the typical coverage universe range.
 • We deducted point upon observing the 4's percentage was above the typical coverage universe range.
 • The 5's percentage was higher than the 4's percentage, increasing the penalty multiplier.
 • However, because we observed that the company's shares outstanding count begins with the digit 5, we canceled the penalty multiplier.
 • We deducted points upon observing the 5's percentage was above the typical coverage universe range.
 • We deducted points upon observing the 5's percentage was above the company's typical historical range.
 • The 8's percentage was higher than the 7's percentage, increasing the penalty multiplier.
 • We deducted point (includes the impact of penalty multiplier) upon observing the 8's percentage was above the typical coverage universe range.
 • We deducted points upon observing the 9's percentage was below the typical coverage universe range.
MAX's Score Vs. Typical Stock
Benford's Law Stocks Indicator
MAX
Normal-to-low score compared to other filers, falling within the bottom of the middle 50%.
Other Stocks Ranking Near MAX
HIMS
KNSL
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PKE
 IRT
KREF
NC
PIPR
Check our work! We provide our MediaAlpha, Inc. Benford's Law analysis for informational purposes only, and our software should be expected to make mistakes and contain errors (nothing you see on this website should be relied upon for any decision-making without first repeating the analysis yourself independently), and so below we present to you all of the numbers our system detected, for the MAX filing above. This way, you can open the filing on your own and compare what you see below against what you yourself find. This can also be helpful for exploring any columns in particular that caught your eye.

1's 2's 3's
We found 186 numbers that start with the digit 1. Here they are:
1,005
129,171
142,932
189,909
19,985
102,681
105,563
18,542
189,683
132,954
133,686
153,596
15,123
1.0
100
11.6
116
16,078
18,608
16,068
14,743
12,620
11,794
13,416
19,733
15,608
193
154
1,923
1,971
11,158
17,697
12,200
15,286
17,643
11,888
14,817
1,441
14,907
11,989
17
10
17
11
11,574,029
116
107
107
139,998
1
1,648
1,649
1,948
11,574,029
116
1,063
1,063
18,742
11,574,029
116
14,437
14,437
1,031
1,031
14,907
17,643
18,070,829
181
14,280
14,280
1,956
1,956
113
113
1,113
1,491
15,013,829
150
16,104
16,104
1,721
1,721
11,574,029
116
1,499
1,499
11,888
11,574,029
116
14,817
191
13,416
13
13,774
10,172
1,111
15,703
15,033
17,271
10,670
1,014
104
176
1,649
189
1.0
161
130
178
156.3
138.1
13.3
11.5
18,931
17,107
12,856
114,932
16,366
19,308
1,991
13,997
1,624
1,239
19,985
1.6
13.4
19,985
13,416
19,985
1,911
1,364
138.1
13.3
1.25
151,328
158,453
1,008
155,687
162,445
133,686
153,596
10.3
1
1.7
131,789
156,328
155,687
11.5
16
1,300
1,933
1,371
1,733
13,805
13,121
10.17
17,697
12,200
15,286
127.5
120.6
122
115
17,643
11,888
14,817
1,441
14,907
11,989
17
10
17
11
14,817
14,594
11,286,237
13,793,419
11
11,609,982
13,387,072
15,367,736
12.8
17.3
1,407,500
115,000
172,000
We found 91 numbers that start with the digit 2. Here they are:
205,738
266,230
262,447
22,001
29,755
2,378
266,230
262,447
259,133
263,108
219,907
286,781
243,525
24,473
2,808
2,036
2,736
2,406
2,828
26
23
26
22
299,544
2,334
22,533
2,736
2,406
22,798
26,452
201
2,467
2,882
2,712
207
284
2,961
29,075
211
22
227
26
299,815
253,016
259,133
287,838
219,036
252
2,967
259,133
25,040
21,323
29,503
26,967
22,865
2.5
26,015
2,467
239
22,001
2.6
2
25
25
2.9
2,375
22,164
2
2
2.0
272
22,481
25,230
22,798
26,452
265
2,654
22,798
26,452
2
2.6
2.6
2,736
2,406
2,828
26
23
26
22
223
22
We found 85 numbers that start with the digit 3. Here they are:
38,841
33,500
3,711
332,007
308,679
36,022
306,514
36,767
3,562
3,408
312
321
3
3
386
391
391
3,791
3,270,762
33
3,270,762
33
3,234,894
32
33,050
33,082
36,022
3,057,000
31
3,057,000
31
3
3
378
3,439,800
34
3,439,800
34
3,620
360,855
3
382
375
33,804
31,343
300
300
32,893
32,304
30
38
37
33.5
306,514
32,879
306,514
3,717
303
303
303
303
385
3,296
33,102
37
371
3.3
33.5
33.5
3
317
3,234,894
32.9
3,234,894
312
321
3
3.1
3
3.1
3,270,762
3,664,754
3,664,754
3,757,754
3,270,762
4's 5's 6's
We found 78 numbers that start with the digit 4. Here they are:
43,266
4,226
4,102
47,739
47,739
4,814
481,309
48,610
46,232
469,465
469
48,610
46,232
49,103
41,184
474,657
462,402
4
4
42
42
481,309
47,360,454
474
407,803
464,296
4,420
494,995
4
4
4,827
4,039
400
433
43,671
43,266
48
408
40
42
46
45.0
4.6
4
45.0
422,700
43,500
4,102
47,739
47,739
47,739
47,739
4.8
47,739
47,739
400
47,739
4,102
47,739
40
4,102
45.6
4.6
4.4
4
45.0
4
45.0
45.0
4.3
405
4,040
4,117
4,726
4,526
469
4.7
4.7
We found 108 numbers that start with the digit 5. Here they are:
56,868,573
56.9
55.5
569
555
50
507,640
511,716
505,933
564,056
5,224
5,829
5,328
539,583
54
5,783
56,617,837
54,909,772
56,134,035
52,293,622
56,617,837
54,909,772
55,456,104
555
507,640
505,933
55,895,646
559
515,125
507,881
5
5
56,370,303
564
522,169
526,623
53,183
56,957
54
54
56,868,573
569
511,716
511,613
522,562
50,825,257
508
503,949
523,675
5
5
54,729,353
547
520,055
53,573
55,090,208
551
501,543
510,573
51,258
59,621
596
518
569
519
547
53,298
5,176
53
50
50
55
56
53
546,949
564,056
5,568
5,227
564,056
5,988
53,087
5
511
5,000
5,000
5
50
5
543
5,676
5,001
58.2
5.5
50
5.30
54
5,783
56,617,837
54,909,772
56,134,035
52,293,622
56,617,837
54,909,772
56,134,035
52,293,622
5,047,852
5,047,852
5,047,852
We found 36 numbers that start with the digit 6. Here they are:
65,001
65,777
699,713
6,496
6,710
6,903
67,420,272
66,087,041
6,707
6,707
680
680
65,777
6
688
607
66
6.9
6,699
6,117
64,867
6,430
641
651
6
6.39
641
66
6,903
6,496,800
6.9
67,420,272
66,087,041
67,420,272
66,087,041
6,496,800
7's 8's 9's
We found 31 numbers that start with the digit 7. Here they are:
7,006
77,363
772
7,224
7,662
7,662
7
70,335
756
756
77,970
7,224
73,560
73,046
7,125
756
72,341
79
7.0
738,245
7,116
7.0
7,662
7,985
7,662
7,662
7.0
7,224
7,224
7,224
75,000
We found 39 numbers that start with the digit 8. Here they are:
8,303,267
8,651
8,849
8,638
8.3
83
822,445
822,638
8,633
867
867
8,112
8,112
8,303,267
83
84,131
8,575
8,582
89,403
8,876
8,882
800
8,051
8,054
80
841
86
85
803,514
822,445
822,445
8,849
8.0
8,597
836
8,597
8,339,220
87.2
82.7
We found 16 numbers that start with the digit 9. Here they are:
958
9,187
9,482
94,425
904
904
94
94
9,482
9,133
9,284
934
9,482
93,000
93,000
900,000
While the above MAX 10Q Filed 10/29/2025 is interesting in isolation, we have found that it is also useful to take a look at older MediaAlpha, Inc. filings processed by our Benford's Law Stocks algorithm, to see how the company's filings "typically look" on a Benford's Law analysis. Below we repeat the 10Q Filed 10/29/2025 but instead of the chart comparing against the typical company across our coverage universe, below we show the same chart compared against the typical MAX 10Q and 10K filings that we have processed historically. This is followed by similar charts for each of those historical filings.

10Q Filed 10/29/2025
27.8
13.6
12.7
11.6
16.1
5.4
4.6
5.8
2.4
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 77
XBRL? ✓  [ original filing ]
Total numbers found: 670

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10K Filed 2/24/2025
28.9
14.4
9.9
13.0
11.9
6.0
5.6
6.9
3.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 74
XBRL? ✓  [ original filing ]
Total numbers found: 810

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 5/2/2024
39.1
12.2
10.6
12.2
9.3
3.9
5.7
4.4
2.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 81
XBRL? ✓  [ original filing ]
Total numbers found: 386

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 8/3/2023
30.1
16.5
11.2
14.6
7.8
4.5
5.7
6.5
3.1
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 82
XBRL? ✓  [ original filing ]
Total numbers found: 617

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 11/4/2022
27.6
15.6
12.1
16.7
8.1
7.8
4.5
4.8
2.7
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 83
XBRL? ✓  [ original filing ]
Total numbers found: 729

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10K Filed 2/28/2022
31.2
17.7
12.3
9.5
8.9
6.1
6.2
3.8
4.3
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 90
XBRL? ✓  [ original filing ]
Total numbers found: 820

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 5/14/2021
37.0
17.2
14.0
6.3
4.8
4.2
7.1
5.3
4.0
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 82
XBRL? ✓  [ original filing ]
Total numbers found: 378

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 8/6/2025
28.5
14.2
13.0
12.9
15.1
5.3
4.1
5.3
1.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 76
XBRL? ✓  [ original filing ]
Total numbers found: 583

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 11/4/2024
31.2
13.8
9.9
11.5
14.6
5.0
5.3
5.2
3.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 77
XBRL? ✓  [ original filing ]
Total numbers found: 618

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10K Filed 2/22/2024
26.7
16.8
10.0
11.7
11.4
6.2
6.4
6.6
4.3
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 84
XBRL? ✓  [ original filing ]
Total numbers found: 870

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 5/5/2023
35.2
11.6
7.3
15.9
8.0
4.8
6.6
7.5
3.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 61
XBRL? ✓  [ original filing ]
Total numbers found: 440

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 8/5/2022
29.3
19.8
12.8
13.7
7.2
5.5
4.5
4.8
2.5
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 94
XBRL? ✓  [ original filing ]
Total numbers found: 642

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 11/12/2021
29.4
20.2
14.6
10.4
5.9
5.7
5.9
3.7
4.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 82
XBRL? ✓  [ original filing ]
Total numbers found: 595

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10K Filed 3/15/2021
32.2
15.7
12.9
8.5
9.0
5.2
6.3
6.4
3.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 80
XBRL? ❌  [ original filing ]
Total numbers found: 2,228

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 4/30/2025
35.9
14.6
9.9
12.5
12.2
3.6
3.6
5.7
1.8
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 74
XBRL? ✓  [ original filing ]
Total numbers found: 384

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 8/1/2024
30.9
12.8
13.9
11.2
10.7
5.1
5.8
6.7
3.0
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 71
XBRL? ✓  [ original filing ]
Total numbers found: 570

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 11/2/2023
28.8
13.7
9.5
15.9
10.2
7.1
5.6
6.2
3.2
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 85
XBRL? ✓  [ original filing ]
Total numbers found: 666

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10K Filed 2/27/2023
28.7
18.3
10.8
11.5
9.5
5.8
6.4
5.1
3.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 99
XBRL? ✓  [ original filing ]
Total numbers found: 950

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 5/6/2022
39.1
14.1
8.4
11.2
6.7
6.4
4.8
6.7
2.6
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 86
XBRL? ✓  [ original filing ]
Total numbers found: 419

■ = Typical MAX range from 3/15/2021 to 10/29/2025
10Q Filed 8/13/2021
34.6
21.6
12.8
8.3
4.9
3.5
6.5
3.9
3.9
 
%1 %2 %3 %4 %5 %6 %7 %8 %9
Benford's Law Stocks Score: 89
XBRL? ✓  [ original filing ]
Total numbers found: 509

■ = Typical MAX range from 3/15/2021 to 10/29/2025
GCO 10Q Filed 12/11/2025:
84
OXM 10Q Filed 12/11/2025:
85
BBW 10Q Filed 12/11/2025:
93
MAYS 10Q Filed 12/11/2025:
68
LOVE 10Q Filed 12/11/2025:
83
VGES 10Q Filed 12/11/2025:
41
NTRB 10Q Filed 12/10/2025:
70
USAU 10Q Filed 12/10/2025:
86
HPQ 10K Filed 12/10/2025:
95
VNCE 10Q Filed 12/10/2025:
87
PSTG 10Q Filed 12/10/2025:
82
CURV 10Q Filed 12/10/2025:
85
JILL 10Q Filed 12/10/2025:
89
URBN 10Q Filed 12/10/2025:
71
PL 10Q Filed 12/10/2025:
84
M 10Q Filed 12/10/2025:
92
SAIL 10Q Filed 12/10/2025:
89
SKIL 10Q Filed 12/10/2025:
87
MTN 10Q Filed 12/10/2025:
57
EMCGU 10Q Filed 12/10/2025:
51
IDT 10Q Filed 12/10/2025:
69
CTRN 10Q Filed 12/10/2025:
73
DLHC 10K Filed 12/10/2025:
85
ASYS 10K Filed 12/10/2025:
80
ALOT 10Q Filed 12/10/2025:
95
DAKT 10Q Filed 12/10/2025:
94
CHWY 10Q Filed 12/10/2025:
80
REVG 10K Filed 12/10/2025:
99
UEC 10Q Filed 12/9/2025:
61
AVAV 10Q Filed 12/9/2025:
100
BRZE 10Q Filed 12/9/2025:
80
ROST 10Q Filed 12/9/2025:
64
OOMA 10Q Filed 12/9/2025:
70
ZPTA 10Q Filed 12/9/2025:
85
LAKE 10Q Filed 12/9/2025:
87
TTAN 10Q Filed 12/9/2025:
84
CASY 10Q Filed 12/9/2025:
83
ALZN 10Q Filed 12/9/2025:
61
AEO 10Q Filed 12/9/2025:
95
LE 10Q Filed 12/9/2025:
90
 

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