Recent News
On February 26, 2026, Grindr announced a Cooperation Agreement with its largest stockholder, G. Raymond Zage III, imposing an 18‑month standstill that limits going‑private actions unless invited by the board; the same day the company authorized an additional $400 million to its share repurchase program and extended the buyback window through March 2029.
Technical Analysis
Directional indicators show an emerging trend: ADX at 23.08 signals trend strength developing, while DI+ at 22.27 rising and DI‑ at 15.21 falling indicate bullish directional pressure and a tilt toward near‑term upside.
MACD at 0.19 sits above its signal line at 0.04 with an increasing MACD trend, producing a bullish momentum crossover that supports near‑term upside continuation.
MRO equals 3.0 and rising, which implies price currently sits modestly above the calculated target and carries some downside pressure from mean‑reversion risk; that tempering signal counters the bullish MACD.
RSI at 47.58 and rising places momentum near neutral‑to‑constructive territory rather than overbought, consistent with a short‑term consolidation phase that still favors upside if momentum accelerates.
Price sits above short‑term averages—12‑day EMA $11.92, 20‑day average $11.81 and 50‑day average $11.63—yet below the 200‑day average $15.35, indicating short‑term strength within a longer‑term discount. Price marginally exceeds the 1× Bollinger upper band ($12.25), suggesting a small short‑term extension, while SuperTrend lower support near $11.40 and the 20‑day band frame immediate support/resistance levels.
Fundamental Analysis
Profitability: EBIT equals $31,368,000 and EBIT margin measures 24.9%; that margin falls below the industry peer mean of 35.332% and the industry peer median of 34.627%. The company recorded an EBIT margin decline of about -35.35% QoQ and about -120.42% YoY, reflecting meaningful sequential and annual compression in margin metrics.
Operating margin stands at 24.85% and also sits below the industry peer mean of 32.553%, while gross margin remains robust at 74.84% with only minor QoQ and YoY erosion. Net income for the period reached $20,260,000 with EPS of $0.10 versus an estimate of $0.12, yielding an EPS surprise of -16.67%.
Growth and efficiency: Reported revenue totaled $125,974,000. Revenue growth metrics show variation across windows: the provided revenue figure of 0.08818 corresponds to an 8.82% growth read, while revenue growth QoQ registers -20.40% and revenue growth YoY registers -5.05%, indicating slowdown in sequential topline momentum despite some period gains. Asset turnover equals 0.2597 and sits above the industry peer mean of 0.19635, signaling relatively higher revenue generation per dollar of assets.
Liquidity and capital structure: Cash and short‑term investments equal $87,045,000 while net debt stands at $308,814,000. Current ratio measures 1.96 and cash ratio 1.02, indicating sufficient short‑term coverage. Leverage runs high: debt to assets equals 75.44%, a level materially above the industry peer mean of 12.642% and the industry peer median, and debt to EBITDA sits at 12.36, highlighting leverage as a material structural feature of the capital base.
Returns and cash flow: Return on equity equals 43.10%, well above the industry peer mean of 8.571%, while return on assets sits at 4.18%. Free cash flow yield equals 0.97%, above the industry peer mean of 0.70%, and operating cash flow reached $24,758,000 with free cash flow of $21,856,000.
Valuation: Price multiples read high on an absolute basis—trailing P/E about 121.25, P/S about 17.81 and P/B about 47.73—while forward P/E near 74.05 reflects elevated expectations. The current valuation, as determined by WMDST, classifies the stock as over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-02 |
| NEXT REPORT DATE: | 2026-06-01 |
| CASH FLOW | Begin Period Cash Flow | $ 6.9 M |
| Operating Cash Flow | $ 24.8 M | |
| Capital Expenditures | $ -2.90 M | |
| Change In Working Capital | $ -21.25 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 80.7 M | |
| End Period Cash Flow | $ 87.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 126.0 M | |
| Forward Revenue | $ 54.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 31.7 M | |
| Depreciation | $ 1.1 M | |
| Depreciation and Amortization | $ 1.1 M | |
| Research and Development | $ 14.6 M | |
| Total Operating Expenses | $ 94.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 94.3 M | |
| EBITDA | $ 32.4 M | |
| EBIT | $ 31.4 M | |
| Operating Income | $ 31.3 M | |
| Interest Income | — | |
| Interest Expense | $ 5.5 M | |
| Net Interest Income | $ -5.54 M | |
| Income Before Tax | $ 25.8 M | |
| Tax Provision | $ 5.6 M | |
| Tax Rate | 21.57 % | |
| Net Income | $ 20.3 M | |
| Net Income From Continuing Operations | $ 20.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.12 | |
| EPS Actual | $ 0.10 | |
| EPS Difference | $ -0.02 | |
| EPS Surprise | -16.667 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 531.0 M | |
| Intangible Assets | $ 354.5 M | |
| Net Tangible Assets | $ -307.53 M | |
| Total Current Assets | $ 166.0 M | |
| Cash and Short-Term Investments | $ 87.0 M | |
| Cash | $ 87.0 M | |
| Net Receivables | $ 67.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 4.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.7 M | |
| Short-Term Debt | $ 20.0 M | |
| Total Current Liabilities | $ 84.9 M | |
| Net Debt | $ 308.8 M | |
| Total Debt | $ 400.6 M | |
| Total Liabilities | $ 484.0 M | |
| EQUITY | ||
| Total Equity | $ 47.0 M | |
| Retained Earnings | $ -97.06 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.25 | |
| Shares Outstanding | 185.035 M | |
| Revenue Per-Share | $ 0.68 | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.6 B | |
| Enterprise Multiple | 78.869 | |
| Enterprise Multiple QoQ | 17.8 % | |
| Enterprise Multiple YoY | -402.007 % | |
| Enterprise Multiple IPRWA | high: 172.49 median: 80.873 GRND: 78.869 mean: 76.153 low: -90.618 |
|
| EV/R | 20.298 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 11.297 | |
| Asset To Liability | 1.097 | |
| Debt To Capital | 0.895 | |
| Debt To Assets | 0.754 | |
| Debt To Assets QoQ | 16.97 % | |
| Debt To Assets YoY | 2309.326 % | |
| Debt To Assets IPRWA | high: 0.891 GRND: 0.754 mean: 0.126 median: 0.1 low: 0.001 |
|
| Debt To Equity | 8.522 | |
| Debt To Equity QoQ | 113.485 % | |
| Debt To Equity YoY | -7574.836 % | |
| Debt To Equity IPRWA | GRND: 8.522 high: 1.94 mean: 0.196 median: 0.143 low: -0.798 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 47.727 | |
| Price To Book QoQ | 21.256 % | |
| Price To Book YoY | -306.589 % | |
| Price To Book IPRWA | GRND: 47.727 high: 12.969 median: 9.015 mean: 8.738 low: -9.62 |
|
| Price To Earnings (P/E) | 121.245 | |
| Price To Earnings QoQ | 28.156 % | |
| Price To Earnings YoY | -594.764 % | |
| Price To Earnings IPRWA | high: 235.36 GRND: 121.245 mean: 103.161 median: 46.975 low: -47.288 |
|
| PE/G Ratio | -2.945 | |
| Price To Sales (P/S) | 17.809 | |
| Price To Sales QoQ | -26.178 % | |
| Price To Sales YoY | -42.804 % | |
| Price To Sales IPRWA | high: 43.568 median: 32.888 mean: 31.816 GRND: 17.809 low: 0.607 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.048 | |
| Forward PE/G | -1.798 | |
| Forward P/S | 41.052 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.362 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.26 | |
| Asset Turnover Ratio QoQ | 10.676 % | |
| Asset Turnover Ratio YoY | 24.415 % | |
| Asset Turnover Ratio IPRWA | high: 0.615 GRND: 0.26 mean: 0.196 median: 0.195 low: 0.029 |
|
| Receivables Turnover | 1.987 | |
| Receivables Turnover Ratio QoQ | -0.505 % | |
| Receivables Turnover Ratio YoY | -4.736 % | |
| Receivables Turnover Ratio IPRWA | high: 4.951 mean: 2.139 GRND: 1.987 median: 1.897 low: 0.163 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.912 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 36.795 | |
| Cash Conversion Cycle Days QoQ | 2.496 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 45.086 GRND: 36.795 median: 25.854 mean: 4.372 low: -246.754 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.553 | |
| CapEx To Revenue | -0.023 | |
| CapEx To Depreciation | -2.756 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 422.9 M | |
| Net Invested Capital | $ 442.9 M | |
| Invested Capital | $ 442.9 M | |
| Net Tangible Assets | $ -307.53 M | |
| Net Working Capital | $ 81.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.025 | |
| Current Ratio | 1.955 | |
| Current Ratio QoQ | 137.458 % | |
| Current Ratio YoY | 13.329 % | |
| Current Ratio IPRWA | high: 5.845 mean: 2.096 median: 2.005 GRND: 1.955 low: 0.114 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.356 | |
| Cost Of Debt | 1.27 % | |
| Interest Coverage Ratio | 5.666 | |
| Interest Coverage Ratio QoQ | -40.678 % | |
| Interest Coverage Ratio YoY | -125.527 % | |
| Interest Coverage Ratio IPRWA | high: 132.265 median: 123.621 mean: 115.82 GRND: 5.666 low: -50.169 |
|
| Operating Cash Flow Ratio | 0.115 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 9.117 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 20.912 % | |
| Revenue Growth | 8.818 % | |
| Revenue Growth QoQ | -20.401 % | |
| Revenue Growth YoY | -5.05 % | |
| Revenue Growth IPRWA | high: 28.677 % mean: 12.119 % median: 11.22 % GRND: 8.818 % low: -27.55 % |
|
| Earnings Growth | -41.176 % | |
| Earnings Growth QoQ | -141.176 % | |
| Earnings Growth YoY | -95.309 % | |
| Earnings Growth IPRWA | high: 300.0 % mean: 2.394 % median: -8.333 % GRND: -41.176 % low: -143.243 % |
|
| MARGINS | ||
| Gross Margin | 74.844 % | |
| Gross Margin QoQ | -0.233 % | |
| Gross Margin YoY | -0.697 % | |
| Gross Margin IPRWA | high: 96.337 % GRND: 74.844 % mean: 63.78 % median: 59.793 % low: 5.477 % |
|
| EBIT Margin | 24.9 % | |
| EBIT Margin QoQ | -35.35 % | |
| EBIT Margin YoY | -120.424 % | |
| EBIT Margin IPRWA | high: 43.094 % mean: 35.332 % median: 34.627 % GRND: 24.9 % low: -89.445 % |
|
| Return On Sales (ROS) | 24.854 % | |
| Return On Sales QoQ | -36.402 % | |
| Return On Sales YoY | -120.386 % | |
| Return On Sales IPRWA | high: 41.315 % mean: 32.553 % median: 31.568 % GRND: 24.854 % low: -40.734 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 21.9 M | |
| Free Cash Flow Yield | 0.974 % | |
| Free Cash Flow Yield QoQ | -46.921 % | |
| Free Cash Flow Yield YoY | 4.731 % | |
| Free Cash Flow Yield IPRWA | high: 12.867 % GRND: 0.974 % mean: 0.703 % median: 0.656 % low: -7.543 % |
|
| Free Cash Growth | -57.348 % | |
| Free Cash Growth QoQ | -243.863 % | |
| Free Cash Growth YoY | -4167.234 % | |
| Free Cash Growth IPRWA | high: 452.0 % mean: 8.033 % median: 0.368 % GRND: -57.348 % low: -131.789 % |
|
| Free Cash To Net Income | 1.079 | |
| Cash Flow Margin | 7.742 % | |
| Cash Flow To Earnings | 0.481 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.176 % | |
| Return On Assets QoQ | -33.173 % | |
| Return On Assets YoY | -115.77 % | |
| Return On Assets IPRWA | high: 13.424 % median: 6.089 % mean: 6.069 % GRND: 4.176 % low: -9.288 % |
|
| Return On Capital Employed (ROCE) | 7.031 % | |
| Return On Equity (ROE) | 0.431 | |
| Return On Equity QoQ | -0.817 % | |
| Return On Equity YoY | -54.213 % | |
| Return On Equity IPRWA | GRND: 0.431 high: 0.175 mean: 0.086 median: 0.083 low: -0.226 |
|
| DuPont ROE | 34.351 % | |
| Return On Invested Capital (ROIC) | 5.555 % | |
| Return On Invested Capital QoQ | -43.409 % | |
| Return On Invested Capital YoY | -97.93 % | |
| Return On Invested Capital IPRWA | high: 12.209 % median: 7.518 % mean: 7.414 % GRND: 5.555 % low: -19.441 % |
|