Recent News
Grindr scheduled a virtual annual meeting for June 2, 2026 and filed related proxy materials in late April; the board set annual advisory votes on executive compensation. The company disclosed an expanded credit facility to $600 million and updated governance filings in the same proxy period. Insider activity included a Rule 10b5-1 sale by a senior officer in mid-June, and the company filed an 8‑K on June 25, 2026 reporting recent corporate disclosures and developments.
Technical Analysis
Directional strength: ADX at 29.11 indicates a strong trend environment; DI+ at 28.35 increasing while DI- at 17.17 decreasing signals bullish directional pressure that supports continuation of the recent advance and raises the odds of further short-term appreciation relative to the current valuation.
Momentum ensemble: MACD at 0.33 and rising with the MACD above its 0.07 signal line constitutes a bullish momentum crossover, which aligns with price trading above short- and medium-term averages and favors near-term positive price bias.
MRO context: MRO reads -12.95 (negative) with an increasing trend; the negative value indicates price sits below the model target and therefore implies potential upside pressure toward the target as momentum improves.
Relative strength: RSI at 51.9 and rising sits in neutral-to-mildly-bullish territory, suggesting room to run before overbought conditions and supporting the near-term continuation implied by MACD and DI+.
Price structure & moving averages: Closing price $14.37 trades above the 12‑day EMA $13.45, the 20‑day average $13.11, and the 200‑day average $12.98; short-term averages rising points to a constructive price posture and positions the stock above the super-trend support at $13.24.
Volatility & volume: 42‑day and 52‑week volatility sit at 3%; current daily volume (~903,370) runs below 10/50/200‑day averages, implying continuation likely needs increased participation to sustain moves toward the $15–$24 range implied by recent targets and bands.
Fundamental Analysis
Profitability: Operating margin $0.32882 (32.88%) and EBIT margin $0.32726 (32.73%) remained strong on the quarter, with EBIT $ $42,525,000 and EBITDA $ $43,508,000. EBIT margin increased QoQ by 31.43% but declined YoY by 13.27%, signaling recent operational leverage but weaker year-over-year comparatives. The company’s operating margin sits below the industry peer mean of 34.948% (industry peer median 36.121%).
Revenue and earnings: Total revenue $ $129,941,000 for the period; reported EPS $0.14 versus an estimate $0.13, yielding an EPS surprise of 7.69%. Reported revenue growth (general) equals 3.15%, while quarter-over-quarter revenue change shows -64.29% and year-over-year revenue change shows -183.46% per the provided labels; those QoQ and YoY figures represent material sequential and annual swings and help explain guidance revisions disclosed in the fiscal commentary.
Cash flow and liquidity: Operating cash flow $ $33,466,000 and free cash flow $ $31,856,000 produce a free cash flow yield of 1.42% and a cash conversion ratio of 5.19; cash and short‑term investments total $ $23,810,000 with a cash ratio of 29.97% and current ratio 1.32. Net debt sits at $367,280,000, driving debt to EBITDA of 9.08 and debt to assets of 83.87%, which indicates a materially leveraged balance sheet despite positive operating cash generation.
Returns & capital efficiency: Return on equity stands at 31.88% with return on assets 5.34% and return on invested capital 8.08%, reflecting high equity returns driven by a very small equity base (total equity $839,000) and substantial intangible assets $356,943,000.
Valuation context: Price multiples run rich: P/E ~90.49, forward P/E ~63.13, PS ~17.28 and price/book ~2,678.27. The price/book ratio sits substantially above the industry peer mean of 7.42 and the median of 7.96. Enterprise multiple ~60.13 and forward PS ~54.19 reflect an elevated valuation profile. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 87.7 M |
| Operating Cash Flow | $ 33.5 M | |
| Capital Expenditures | $ -1.61 M | |
| Change In Working Capital | $ -10.35 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -63.23 M | |
| End Period Cash Flow | $ 24.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 129.9 M | |
| Forward Revenue | $ 41.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 32.6 M | |
| Depreciation | $ 983.0 K | |
| Depreciation and Amortization | $ 983.0 K | |
| Research and Development | $ 15.9 M | |
| Total Operating Expenses | $ 87.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 97.3 M | |
| EBITDA | $ 43.5 M | |
| EBIT | $ 42.5 M | |
| Operating Income | $ 42.7 M | |
| Interest Income | — | |
| Interest Expense | $ 6.6 M | |
| Net Interest Income | $ -6.61 M | |
| Income Before Tax | $ 35.9 M | |
| Tax Provision | $ 9.2 M | |
| Tax Rate | 25.5 % | |
| Net Income | $ 26.8 M | |
| Net Income From Continuing Operations | $ 26.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.13 | |
| EPS Actual | $ 0.14 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 7.692 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 470.9 M | |
| Intangible Assets | $ 356.9 M | |
| Net Tangible Assets | $ -356.10 M | |
| Total Current Assets | $ 104.5 M | |
| Cash and Short-Term Investments | $ 23.8 M | |
| Cash | $ 23.8 M | |
| Net Receivables | $ 70.2 M | |
| Inventory | — | |
| Long-Term Investments | $ 4.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 4.2 M | |
| Short-Term Debt | $ 20.0 M | |
| Total Current Liabilities | $ 79.4 M | |
| Net Debt | $ 367.3 M | |
| Total Debt | $ 395.0 M | |
| Total Liabilities | $ 470.1 M | |
| EQUITY | ||
| Total Equity | $ 839.0 K | |
| Retained Earnings | $ -70.31 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.00 | |
| Shares Outstanding | 177.199 M | |
| Revenue Per-Share | $ 0.73 | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.6 B | |
| Enterprise Multiple | 60.126 | |
| Enterprise Multiple QoQ | -23.764 % | |
| Enterprise Multiple YoY | -22.611 % | |
| Enterprise Multiple IPRWA | high: 165.258 GRND: 60.126 mean: 48.126 median: 44.874 low: -123.613 |
|
| EV/R | 20.132 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 561.292 | |
| Asset To Liability | 1.002 | |
| Debt To Capital | 0.998 | |
| Debt To Assets | 0.839 | |
| Debt To Assets QoQ | 11.184 % | |
| Debt To Assets YoY | 96.318 % | |
| Debt To Assets IPRWA | high: 1.025 GRND: 0.839 mean: 0.149 median: 0.129 low: 0.001 |
|
| Debt To Equity | 470.77 | |
| Debt To Equity QoQ | 5424.133 % | |
| Debt To Equity YoY | 51767.476 % | |
| Debt To Equity IPRWA | GRND: 470.77 high: 1.386 mean: 0.229 median: 0.189 low: -0.885 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2678.273 | |
| Price To Book QoQ | 5511.669 % | |
| Price To Book YoY | 28551.584 % | |
| Price To Book IPRWA | GRND: 2678.273 high: 7.989 median: 7.963 mean: 7.421 low: -2.74 |
|
| Price To Earnings (P/E) | 90.487 | |
| Price To Earnings QoQ | -25.368 % | |
| Price To Earnings YoY | -45.453 % | |
| Price To Earnings IPRWA | high: 156.78 GRND: 90.487 median: 61.576 mean: 58.921 low: -181.412 |
|
| PE/G Ratio | 2.262 | |
| Price To Sales (P/S) | 17.275 | |
| Price To Sales QoQ | -2.995 % | |
| Price To Sales YoY | -45.717 % | |
| Price To Sales IPRWA | high: 34.805 median: 34.69 mean: 32.368 GRND: 17.275 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 63.127 | |
| Forward PE/G | 1.578 | |
| Forward P/S | 54.19 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.295 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.259 | |
| Asset Turnover Ratio QoQ | -0.119 % | |
| Asset Turnover Ratio YoY | 59.937 % | |
| Asset Turnover Ratio IPRWA | high: 0.578 GRND: 0.259 median: 0.169 mean: 0.162 low: 0.001 |
|
| Receivables Turnover | 1.882 | |
| Receivables Turnover Ratio QoQ | -5.327 % | |
| Receivables Turnover Ratio YoY | 2.99 % | |
| Receivables Turnover Ratio IPRWA | high: 9.116 mean: 1.994 GRND: 1.882 median: 1.746 low: 0.034 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 48.496 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 40.101 | |
| Cash Conversion Cycle Days QoQ | 8.985 % | |
| Cash Conversion Cycle Days YoY | 1.238 % | |
| Cash Conversion Cycle Days IPRWA | high: 186.093 GRND: 40.101 median: 23.301 mean: 23.023 low: -343.976 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 5.185 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -1.638 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 371.9 M | |
| Net Invested Capital | $ 391.9 M | |
| Invested Capital | $ 391.9 M | |
| Net Tangible Assets | $ -356.10 M | |
| Net Working Capital | $ 25.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.3 | |
| Current Ratio | 1.315 | |
| Current Ratio QoQ | -32.719 % | |
| Current Ratio YoY | -68.819 % | |
| Current Ratio IPRWA | high: 8.196 mean: 1.989 median: 1.922 GRND: 1.315 low: 0.108 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.078 | |
| Cost Of Debt | 1.237 % | |
| Interest Coverage Ratio | 6.438 | |
| Interest Coverage Ratio QoQ | 13.627 % | |
| Interest Coverage Ratio YoY | -29.614 % | |
| Interest Coverage Ratio IPRWA | high: 82.584 median: 39.705 mean: 30.339 GRND: 6.438 low: -65.038 |
|
| Operating Cash Flow Ratio | 0.352 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 8.395 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -11.319 % | |
| Revenue Growth | 3.149 % | |
| Revenue Growth QoQ | -64.289 % | |
| Revenue Growth YoY | -183.461 % | |
| Revenue Growth IPRWA | high: 42.687 % GRND: 3.149 % median: -3.455 % mean: -3.818 % low: -48.267 % |
|
| Earnings Growth | 40.0 % | |
| Earnings Growth QoQ | -197.144 % | |
| Earnings Growth YoY | -135.443 % | |
| Earnings Growth IPRWA | high: 160.0 % median: 81.206 % mean: 65.739 % GRND: 40.0 % low: -229.412 % |
|
| MARGINS | ||
| Gross Margin | 74.916 % | |
| Gross Margin QoQ | 0.096 % | |
| Gross Margin YoY | 1.411 % | |
| Gross Margin IPRWA | high: 100.0 % GRND: 74.916 % mean: 64.697 % median: 62.445 % low: -6.038 % |
|
| EBIT Margin | 32.726 % | |
| EBIT Margin QoQ | 31.43 % | |
| EBIT Margin YoY | -13.267 % | |
| EBIT Margin IPRWA | high: 70.926 % median: 70.926 % mean: 61.864 % GRND: 32.726 % low: -29.087 % |
|
| Return On Sales (ROS) | 32.882 % | |
| Return On Sales QoQ | 32.301 % | |
| Return On Sales YoY | -12.854 % | |
| Return On Sales IPRWA | high: 40.617 % median: 36.121 % mean: 34.948 % GRND: 32.882 % low: -55.832 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 31.9 M | |
| Free Cash Flow Yield | 1.419 % | |
| Free Cash Flow Yield QoQ | 45.688 % | |
| Free Cash Flow Yield YoY | 83.097 % | |
| Free Cash Flow Yield IPRWA | high: 15.098 % GRND: 1.419 % mean: 0.408 % median: 0.265 % low: -18.69 % |
|
| Free Cash Growth | 45.754 % | |
| Free Cash Growth QoQ | -179.783 % | |
| Free Cash Growth YoY | -353.162 % | |
| Free Cash Growth IPRWA | high: 388.901 % GRND: 45.754 % mean: -51.53 % median: -58.796 % low: -396.125 % |
|
| Free Cash To Net Income | 1.191 | |
| Cash Flow Margin | 21.544 % | |
| Cash Flow To Earnings | 1.047 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 5.34 % | |
| Return On Assets QoQ | 27.874 % | |
| Return On Assets YoY | 14.494 % | |
| Return On Assets IPRWA | high: 9.633 % median: 9.633 % mean: 8.621 % GRND: 5.34 % low: -17.322 % |
|
| Return On Capital Employed (ROCE) | 10.863 % | |
| Return On Equity (ROE) | 31.883 | |
| Return On Equity QoQ | 7297.32 % | |
| Return On Equity YoY | 37640.518 % | |
| Return On Equity IPRWA | GRND: 31.883 high: 0.153 median: 0.131 mean: 0.12 low: -0.326 |
|
| DuPont ROE | 111.816 % | |
| Return On Invested Capital (ROIC) | 8.08 % | |
| Return On Invested Capital QoQ | 45.455 % | |
| Return On Invested Capital YoY | 61.632 % | |
| Return On Invested Capital IPRWA | high: 11.327 % median: 11.327 % mean: 9.493 % GRND: 8.08 % low: -10.695 % |
|