Recent News
On June 2, 2026, Grindr held its 2026 annual meeting where stockholders approved amendments and restatements to company governance and equity plan documents. On June 19, 2026, the Compensation Committee approved changes to the CFO’s compensation including contingent, performance-tied restricted stock unit grants that activate on defined change-in-control or performance thresholds.
Technical Analysis
ADX and Directional Indicators: ADX at 26.72 shows a strong trend environment; DI+ at 31.05 has peak-and-reversed, a bearish signal, while DI− at 22.74 completed a dip-and-reversal, reinforcing directional pressure to the downside. These readings point toward a near-term loss of upside conviction and greater downside bias against the current valuation.
MACD: MACD sits at 0.60 with the MACD line below the signal (0.68) and a peak-and-reversal profile, which signals waning bullish momentum and increases the probability of a corrective phase relative to the WMDST valuation context.
MRO: MRO reads 33.0 and stands positive, indicating price sits above WMDST’s target and that mean-reverting pressure may drive the price lower toward value-support levels established by fundamentals.
RSI and Momentum: RSI at 60.96 with a peak-and-reversal pattern shows recent overbought fatigue; the indicator no longer confirms strong buying pressure and aligns with other momentum signals that favor a pullback.
Price vs Moving Averages and Bands: Current close at $16.23 trades below the 12-day EMA ($16.66) and 20-day average ($16.65) but remains above the 50-day ($14.60) and 200-day ($13.23), so longer-term trend remains constructive while short-term momentum has faltered. Bollinger boundaries place immediate resistance near $17.82 and support near $15.47; the supertrend upper band at $17.81 provides an observable upside cap for the near term.
Fundamental Analysis
Profitability: EBIT of $29,421,000 delivers an EBIT margin of 21.30%, below the industry peer mean of 29.17% and the peer median of 30.13%, but still positive and contributory to operating cash flow. Operating margin stands at 23.53% and gross margin at 74.98%, both indicating strong core economics that support the WMDST valuation case.
Revenue and Earnings Trends: Total revenue of $138,138,000 reflects revenue growth of 6.31% year-over-year, but revenue growth on a YoY basis shows a decline of 42.37% compared to the prior period; sequentially revenue rose sharply QoQ by 100.32%. EPS came in at $0.13 versus an estimate of $0.15 (an EPS surprise of −13.33%), with forward EPS of $0.1925 implying a forward P/E of 66.45 versus the trailing P/E of 112.80.
Cash Flow and Liquidity: Operating cash flow of $40,806,000 and free cash flow of $37,961,000 yield a free cash flow yield of 1.49%, above the industry peer mean. Cash conversion and cash flow to earnings (1.02x) show real cash generation that bolsters the under-valued determination by WMDST despite working capital swings. Current ratio at 1.10 sits below the industry peer mean of 2.63, indicating tighter near-term liquidity buffers.
Leverage and Capital Structure: Total debt of $389,595,000 produces debt-to-assets of 84.18% and debt-to-EBITDA near 12.85x; interest coverage of 4.51 sits well below the industry peer mean. Negative total equity (−$11,738,000) and a negative P/B ratio reflect a capital structure tilted toward debt, increasing sensitivity to cash-flow variability despite adequate interest coverage today.
Valuation Summary: WMDST values the stock as under-valued, supported by robust gross margin and consistent cash generation. That valuation sits alongside stretched earnings multiples—trailing P/E ~112.80 and forward P/E ~66.45—reflecting market expectations for earnings recovery; leverage and negative equity lower the margin for error.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 24.4 M |
| Operating Cash Flow | $ 40.8 M | |
| Capital Expenditures | $ -2.85 M | |
| Change In Working Capital | $ -1.33 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -17.31 M | |
| End Period Cash Flow | $ 7.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 138.1 M | |
| Forward Revenue | $ 65.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 34.6 M | |
| Depreciation | $ 895.0 K | |
| Depreciation and Amortization | $ 895.0 K | |
| Research and Development | $ 20.3 M | |
| Total Operating Expenses | $ 105.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 103.6 M | |
| EBITDA | $ 30.3 M | |
| EBIT | $ 29.4 M | |
| Operating Income | $ 32.5 M | |
| Interest Income | — | |
| Interest Expense | $ 6.5 M | |
| Net Interest Income | $ -6.53 M | |
| Income Before Tax | $ 22.9 M | |
| Tax Provision | $ 5.1 M | |
| Tax Rate | 22.493 % | |
| Net Income | $ 17.7 M | |
| Net Income From Continuing Operations | $ 17.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.15 | |
| EPS Actual | $ 0.13 | |
| EPS Difference | $ -0.02 | |
| EPS Surprise | -13.333 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 462.8 M | |
| Intangible Assets | $ 358.8 M | |
| Net Tangible Assets | $ -370.53 M | |
| Total Current Assets | $ 93.0 M | |
| Cash and Short-Term Investments | $ 6.5 M | |
| Cash | $ 6.5 M | |
| Net Receivables | $ 69.7 M | |
| Inventory | — | |
| Long-Term Investments | $ 3.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 3.1 M | |
| Short-Term Debt | $ 20.0 M | |
| Total Current Liabilities | $ 84.5 M | |
| Net Debt | $ 379.8 M | |
| Total Debt | $ 389.6 M | |
| Total Liabilities | $ 474.6 M | |
| EQUITY | ||
| Total Equity | $ -11.74 M | |
| Retained Earnings | $ -52.57 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -0.07 | |
| Shares Outstanding | 173.825 M | |
| Revenue Per-Share | $ 0.79 | |
| VALUATION | Market Capitalization | $ 2.5 B |
| Enterprise Value | $ 2.9 B | |
| Enterprise Multiple | 96.715 | |
| Enterprise Multiple QoQ | 60.855 % | |
| Enterprise Multiple YoY | -28.177 % | |
| Enterprise Multiple IPRWA | high: 151.041 GRND: 96.715 mean: 34.268 median: 28.715 low: -29.635 |
|
| EV/R | 21.225 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -39.431 | |
| Asset To Liability | 0.975 | |
| Debt To Capital | 1.031 | |
| Debt To Assets | 0.842 | |
| Debt To Assets QoQ | 0.36 % | |
| Debt To Assets YoY | 60.257 % | |
| Debt To Assets IPRWA | high: 1.032 GRND: 0.842 mean: 0.144 median: 0.122 low: 0.001 |
|
| Debt To Equity | -33.191 | |
| Debt To Equity QoQ | -107.05 % | |
| Debt To Equity YoY | -2265.774 % | |
| Debt To Equity IPRWA | high: 1.435 mean: 0.225 median: 0.181 low: 0.001 GRND: -33.191 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -217.144 | |
| Price To Book QoQ | -108.108 % | |
| Price To Book YoY | -1234.195 % | |
| Price To Book IPRWA | high: 12.13 median: 6.956 mean: 6.817 low: -3.536 GRND: -217.144 |
|
| Price To Earnings (P/E) | 112.798 | |
| Price To Earnings QoQ | 24.656 % | |
| Price To Earnings YoY | -56.122 % | |
| Price To Earnings IPRWA | GRND: 112.798 high: 99.926 mean: 48.198 median: 34.631 low: -47.824 |
|
| PE/G Ratio | -15.791 | |
| Price To Sales (P/S) | 18.452 | |
| Price To Sales QoQ | 6.811 % | |
| Price To Sales YoY | -46.482 % | |
| Price To Sales IPRWA | high: 36.351 median: 36.141 mean: 34.374 GRND: 18.452 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 66.447 | |
| Forward PE/G | -9.302 | |
| Forward P/S | 39.137 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -4.885 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.296 | |
| Asset Turnover Ratio QoQ | 14.073 % | |
| Asset Turnover Ratio YoY | 74.174 % | |
| Asset Turnover Ratio IPRWA | high: 0.426 GRND: 0.296 mean: 0.147 median: 0.144 low: 0.002 |
|
| Receivables Turnover | 1.976 | |
| Receivables Turnover Ratio QoQ | 5.012 % | |
| Receivables Turnover Ratio YoY | 4.578 % | |
| Receivables Turnover Ratio IPRWA | high: 6.708 mean: 2.017 GRND: 1.976 median: 1.813 low: 0.137 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 46.181 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 36.009 | |
| Cash Conversion Cycle Days QoQ | -10.203 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 49.326 GRND: 36.009 median: 4.16 mean: -7.66 low: -436.789 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 16.204 | |
| CapEx To Revenue | -0.021 | |
| CapEx To Depreciation | -3.179 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 354.6 M | |
| Net Invested Capital | $ 374.6 M | |
| Invested Capital | $ 374.6 M | |
| Net Tangible Assets | $ -370.53 M | |
| Net Working Capital | $ 8.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.077 | |
| Current Ratio | 1.101 | |
| Current Ratio QoQ | -16.308 % | |
| Current Ratio YoY | -55.564 % | |
| Current Ratio IPRWA | high: 7.2 median: 2.719 mean: 2.628 GRND: 1.101 low: 0.476 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.851 | |
| Cost Of Debt | 1.29 % | |
| Interest Coverage Ratio | 4.506 | |
| Interest Coverage Ratio QoQ | -30.009 % | |
| Interest Coverage Ratio YoY | -35.387 % | |
| Interest Coverage Ratio IPRWA | high: 33.898 median: 24.223 mean: 22.415 GRND: 4.506 low: -47.177 |
|
| Operating Cash Flow Ratio | 0.214 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 10.172 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.717 % | |
| Revenue Growth | 6.308 % | |
| Revenue Growth QoQ | 100.318 % | |
| Revenue Growth YoY | -42.372 % | |
| Revenue Growth IPRWA | high: 17.855 % mean: 8.726 % median: 7.974 % GRND: 6.308 % low: -18.891 % |
|
| Earnings Growth | -7.143 % | |
| Earnings Growth QoQ | -117.857 % | |
| Earnings Growth YoY | -64.285 % | |
| Earnings Growth IPRWA | high: 250.0 % mean: 59.172 % median: 54.839 % GRND: -7.143 % low: -191.304 % |
|
| MARGINS | ||
| Gross Margin | 74.976 % | |
| Gross Margin QoQ | 0.08 % | |
| Gross Margin YoY | 1.729 % | |
| Gross Margin IPRWA | high: 95.295 % GRND: 74.976 % mean: 64.635 % median: 61.649 % low: 14.256 % |
|
| EBIT Margin | 21.298 % | |
| EBIT Margin QoQ | -34.92 % | |
| EBIT Margin YoY | -10.7 % | |
| EBIT Margin IPRWA | high: 32.136 % median: 30.129 % mean: 29.167 % GRND: 21.298 % low: -69.708 % |
|
| Return On Sales (ROS) | 23.529 % | |
| Return On Sales QoQ | -28.444 % | |
| Return On Sales YoY | 0.723 % | |
| Return On Sales IPRWA | high: 34.033 % mean: 32.998 % median: 30.879 % GRND: 23.529 % low: -24.437 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 38.0 M | |
| Free Cash Flow Yield | 1.489 % | |
| Free Cash Flow Yield QoQ | 4.933 % | |
| Free Cash Flow Yield YoY | 45.98 % | |
| Free Cash Flow Yield IPRWA | high: 12.447 % GRND: 1.489 % mean: -0.083 % median: -0.134 % low: -13.895 % |
|
| Free Cash Growth | 19.164 % | |
| Free Cash Growth QoQ | -58.115 % | |
| Free Cash Growth YoY | -67.05 % | |
| Free Cash Growth IPRWA | high: 376.923 % GRND: 19.164 % mean: -146.004 % median: -157.879 % low: -468.573 % |
|
| Free Cash To Net Income | 2.139 | |
| Cash Flow Margin | 13.108 % | |
| Cash Flow To Earnings | 1.021 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.8 % | |
| Return On Assets QoQ | -28.839 % | |
| Return On Assets YoY | 40.118 % | |
| Return On Assets IPRWA | high: 16.895 % mean: 12.071 % median: 10.842 % GRND: 3.8 % low: -15.635 % |
|
| Return On Capital Employed (ROCE) | 7.776 % | |
| Return On Equity (ROE) | -1.512 | |
| Return On Equity QoQ | -104.741 % | |
| Return On Equity YoY | -1805.121 % | |
| Return On Equity IPRWA | high: 0.472 mean: 0.16 median: 0.136 low: -0.429 GRND: -1.512 |
|
| DuPont ROE | -325.575 % | |
| Return On Invested Capital (ROIC) | 6.088 % | |
| Return On Invested Capital QoQ | -24.653 % | |
| Return On Invested Capital YoY | 47.695 % | |
| Return On Invested Capital IPRWA | high: 15.712 % mean: 13.796 % median: 8.219 % GRND: 6.088 % low: -11.818 % |
|