Recent News
On December 16, 2025 Grindr amended, extended and upsized its syndicated credit and term loan facility to $600 million, adding roughly $112 million of cash at closing and materially extending maturities to January 2031.
On November 24, 2025 the company said a previously proposed $18-per-share going‑private transaction would not proceed due to unresolved financing, after which the board confirmed a special committee reviewed the proposal.
Recent coverage describes a strategic shift toward AI‑driven product expansion and health‑focused services, with management positioning the app as an “AI‑first” platform to broaden services beyond matching.
Ahead of the 2026 Winter Olympics, Grindr announced a safety initiative to disable location features and roll out enhanced privacy protections for athletes in the Olympic Village.
Technical Analysis
Directional strength: ADX at 36.5 signals a strong trending environment while DI− sits at 35.12 and is increasing; DI+ at 10.40 is decreasing—this configuration implies prevailing downside directional pressure dominates the trend strength.
Momentum: MACD at −0.55, declining and below its signal line (−0.41), indicates bearish momentum with no bullish MACD cross present.
Mean‑reversion signal: MRO at −15.42 places price below the model target, implying potential upward pressure if buyers respond to the gap between market price and internal target.
Oscillators: RSI at 33.55 and falling approaches the lower band of normal range, suggesting limited immediate room for sustained selling and a higher probability of short‑term mean reversion attempts.
Price vs averages and bands: Last close $10.49 trades below the 20‑day ($11.78), 50‑day ($12.91) and 200‑day ($17.04) averages and sits beneath the 1σ Bollinger lower band ($11.15), reinforcing short‑term bearish bias while flagging oversold conditions versus recent volatility.
Volume and volatility: Daily volume (3.37M) exceeds 10‑ and 50‑day averages, indicating stronger conviction on recent moves; 42‑day and 52‑week volatility remain muted (2–3%), lowering the noise around signals.
Net technical implication: Strong trend strength and negative momentum align with the WMDST valuation of over‑valued equity, while oversold measures and MRO below target leave scope for intermittent rebounds rather than a durable trend reversal.
Fundamental Analysis
Profitability and growth: Total revenue $115,766,000 with YoY revenue growth 30.68% and QoQ revenue growth 1.21%, showing solid top‑line expansion. Gross margin 75.02% and operating margin 39.08% reflect high unit economics; EBIT margin 38.52% (QoQ change +61.49%; YoY change −6.19%) sits slightly below the industry peer mean of 41.14% but well above the industry peer median of 16.96%.
Earnings and cash flow: Reported EPS $0.16 versus $0.11 estimate, a 45.46% upside to consensus. Free cash flow $51,243,000 and free cash flow yield 1.84%, above the industry peer mean (≈0.81%), and operating cash flow $55,449,000 with a cash‑to‑earnings ratio above 1, supporting the company’s ability to service obligations in normal conditions.
Balance sheet and leverage: Cash and short‑term investments $6.33M against total debt $283.24M produces net debt ~$273.58M. Debt‑to‑assets 64.49% and debt‑to‑equity 3.99x indicate concentrated leverage; interest coverage near 9.55x provides adequate earnings cover for interest but leaves capital structure sensitivity to shocks and refinancing costs.
Liquidity and working capital: Current ratio 0.82 under the industry peer mean of 1.82 highlights tighter short‑term liquidity; cash conversion cycle ~36 days with receivables turnover ~2.0x indicates normal collection dynamics but constrained working capital.
Valuation signals: Market multiples show elevated investor expectations — P/E ~94.6, P/B ~39.36 and P/S ~24.12 — all materially above the industry peer mean/median ranges provided. The current valuation as determined by WMDST: over‑valued, driven by high multiples versus cash and earnings metrics despite healthy margins.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 121.4 M |
| Operating Cash Flow | $ 55.4 M | |
| Capital Expenditures | $ -4.21 M | |
| Change In Working Capital | $ 16.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -114.50 M | |
| End Period Cash Flow | $ 6.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 115.8 M | |
| Forward Revenue | $ 25.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 28.9 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | $ 11.1 M | |
| Total Operating Expenses | $ 70.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 86.8 M | |
| EBITDA | $ 45.8 M | |
| EBIT | $ 44.6 M | |
| Operating Income | $ 45.2 M | |
| Interest Income | — | |
| Interest Expense | $ 4.7 M | |
| Net Interest Income | $ -4.67 M | |
| Income Before Tax | $ 39.9 M | |
| Tax Provision | $ 9.1 M | |
| Tax Rate | 22.759 % | |
| Net Income | $ 30.8 M | |
| Net Income From Continuing Operations | $ 30.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.11 | |
| EPS Actual | $ 0.16 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 45.455 % | |
| Forward EPS | $ 0.15 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 439.2 M | |
| Intangible Assets | $ 354.0 M | |
| Net Tangible Assets | $ -283.00 M | |
| Total Current Assets | $ 77.3 M | |
| Cash and Short-Term Investments | $ 6.3 M | |
| Cash | $ 6.3 M | |
| Net Receivables | $ 58.8 M | |
| Inventory | — | |
| Long-Term Investments | $ 2.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 4.1 M | |
| Short-Term Debt | $ 15.0 M | |
| Total Current Liabilities | $ 93.9 M | |
| Net Debt | $ 273.6 M | |
| Total Debt | $ 283.2 M | |
| Total Liabilities | $ 368.2 M | |
| EQUITY | ||
| Total Equity | $ 71.0 M | |
| Retained Earnings | $ -117.32 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.38 | |
| Shares Outstanding | 184.495 M | |
| Revenue Per-Share | $ 0.63 | |
| VALUATION | Market Capitalization | $ 2.8 B |
| Enterprise Value | $ 3.1 B | |
| Enterprise Multiple | 66.951 | |
| Enterprise Multiple QoQ | -50.28 % | |
| Enterprise Multiple YoY | 26.218 % | |
| Enterprise Multiple IPRWA | high: 279.681 GRND: 66.951 mean: 59.397 median: 55.385 low: -157.057 |
|
| EV/R | 26.516 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.19 | |
| Asset To Liability | 1.193 | |
| Debt To Capital | 0.8 | |
| Debt To Assets | 0.645 | |
| Debt To Assets QoQ | 22.783 % | |
| Debt To Assets YoY | 1862.032 % | |
| Debt To Assets IPRWA | high: 0.89 GRND: 0.645 mean: 0.095 median: 0.057 low: 0.001 |
|
| Debt To Equity | 3.992 | |
| Debt To Equity QoQ | 160.478 % | |
| Debt To Equity YoY | -456.689 % | |
| Debt To Equity IPRWA | GRND: 3.992 high: 1.778 mean: 0.145 median: 0.064 low: -0.923 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 39.36 | |
| Price To Book QoQ | 105.588 % | |
| Price To Book YoY | -124.04 % | |
| Price To Book IPRWA | GRND: 39.36 high: 11.238 mean: 7.741 median: 7.289 low: -1.614 |
|
| Price To Earnings (P/E) | 94.608 | |
| Price To Earnings QoQ | -63.198 % | |
| Price To Earnings YoY | -31.637 % | |
| Price To Earnings IPRWA | high: 247.775 GRND: 94.608 mean: 80.884 median: 67.083 low: -128.849 |
|
| PE/G Ratio | 0.946 | |
| Price To Sales (P/S) | 24.124 | |
| Price To Sales QoQ | -30.032 % | |
| Price To Sales YoY | -1.802 % | |
| Price To Sales IPRWA | high: 36.022 mean: 29.226 median: 27.551 GRND: 24.124 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 157.196 | |
| Forward PE/G | 1.572 | |
| Forward P/S | 146.609 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.165 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.235 | |
| Asset Turnover Ratio QoQ | 38.123 % | |
| Asset Turnover Ratio YoY | 17.069 % | |
| Asset Turnover Ratio IPRWA | high: 0.5 GRND: 0.235 mean: 0.189 median: 0.182 low: 0.003 |
|
| Receivables Turnover | 1.998 | |
| Receivables Turnover Ratio QoQ | 5.725 % | |
| Receivables Turnover Ratio YoY | -5.77 % | |
| Receivables Turnover Ratio IPRWA | high: 11.52 mean: 2.135 GRND: 1.998 median: 1.643 low: 0.143 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.68 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 35.899 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 125.332 GRND: 35.899 median: 15.557 mean: 3.845 low: -343.916 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -6.981 | |
| CapEx To Revenue | -0.036 | |
| CapEx To Depreciation | -3.333 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 335.9 M | |
| Net Invested Capital | $ 350.9 M | |
| Invested Capital | $ 350.9 M | |
| Net Tangible Assets | $ -283.00 M | |
| Net Working Capital | $ -16.58 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.067 | |
| Current Ratio | 0.823 | |
| Current Ratio QoQ | -66.767 % | |
| Current Ratio YoY | -43.715 % | |
| Current Ratio IPRWA | high: 8.871 mean: 1.817 median: 1.611 GRND: 0.823 low: 0.217 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.178 | |
| Cost Of Debt | 1.263 % | |
| Interest Coverage Ratio | 9.552 | |
| Interest Coverage Ratio QoQ | 36.957 % | |
| Interest Coverage Ratio YoY | 66.686 % | |
| Interest Coverage Ratio IPRWA | high: 197.383 mean: 82.816 GRND: 9.552 median: 8.247 low: -113.554 |
|
| Operating Cash Flow Ratio | 0.348 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.782 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -19.801 % | |
| Revenue Growth | 11.078 % | |
| Revenue Growth QoQ | 1.206 % | |
| Revenue Growth YoY | 30.683 % | |
| Revenue Growth IPRWA | high: 25.814 % GRND: 11.078 % mean: 6.717 % median: 4.74 % low: -21.192 % |
|
| Earnings Growth | 100.0 % | |
| Earnings Growth QoQ | -600.0 % | |
| Earnings Growth YoY | -159.091 % | |
| Earnings Growth IPRWA | high: 177.966 % GRND: 100.0 % median: 11.765 % mean: -1.8 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 75.019 % | |
| Gross Margin QoQ | 1.787 % | |
| Gross Margin YoY | 0.905 % | |
| Gross Margin IPRWA | high: 97.596 % GRND: 75.019 % mean: 65.055 % median: 54.61 % low: -1.845 % |
|
| EBIT Margin | 38.515 % | |
| EBIT Margin QoQ | 61.488 % | |
| EBIT Margin YoY | -6.191 % | |
| EBIT Margin IPRWA | high: 49.713 % mean: 41.142 % GRND: 38.515 % median: 16.956 % low: -49.635 % |
|
| Return On Sales (ROS) | 39.08 % | |
| Return On Sales QoQ | 67.295 % | |
| Return On Sales YoY | -4.815 % | |
| Return On Sales IPRWA | high: 49.713 % GRND: 39.08 % mean: 31.411 % median: 15.318 % low: -59.443 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 51.2 M | |
| Free Cash Flow Yield | 1.835 % | |
| Free Cash Flow Yield QoQ | 79.902 % | |
| Free Cash Flow Yield YoY | 44.375 % | |
| Free Cash Flow Yield IPRWA | high: 14.053 % GRND: 1.835 % median: 0.868 % mean: 0.813 % low: -14.281 % |
|
| Free Cash Growth | 39.863 % | |
| Free Cash Growth QoQ | -31.461 % | |
| Free Cash Growth YoY | -58.9 % | |
| Free Cash Growth IPRWA | high: 483.929 % mean: 266.0 % median: 164.246 % GRND: 39.863 % low: -537.101 % |
|
| Free Cash To Net Income | 1.662 | |
| Cash Flow Margin | 28.245 % | |
| Cash Flow To Earnings | 1.06 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 6.249 % | |
| Return On Assets QoQ | 130.42 % | |
| Return On Assets YoY | 12.839 % | |
| Return On Assets IPRWA | high: 8.647 % GRND: 6.249 % mean: 5.053 % median: 2.758 % low: -11.32 % |
|
| Return On Capital Employed (ROCE) | 12.913 % | |
| Return On Equity (ROE) | 0.435 | |
| Return On Equity QoQ | 390.197 % | |
| Return On Equity YoY | -123.599 % | |
| Return On Equity IPRWA | GRND: 0.435 high: 0.135 mean: 0.069 median: 0.037 low: -0.144 |
|
| DuPont ROE | 23.843 % | |
| Return On Invested Capital (ROIC) | 9.816 % | |
| Return On Invested Capital QoQ | 138.137 % | |
| Return On Invested Capital YoY | -107.919 % | |
| Return On Invested Capital IPRWA | high: 16.42 % GRND: 9.816 % mean: 7.878 % median: 3.592 % low: -14.369 % |
|