Recent News
On June 4, 2026 Grindr partnered on a landmark live performance and promotional activation in Times Square with a major artist, generating broad consumer visibility and media coverage. On May 26, 2026 the company launched a Europe-focused Pride tour across multiple cities to support marketing and user engagement. The company filed proxy materials and nominated three director candidates ahead of its June 2, 2026 annual meeting. Separate shareholder-lawfirm investigations into board conduct and the termination of a potential buyout have proceeded this spring, drawing regulatory and investor attention.
Technical Analysis
ADX at 30.39 indicates a strong trend environment; directional indicators present a constructive handoff as DI+ shows a dip-and-reversal while DI- exhibits a peak-and-reversal, both readings aligning with a bullish directional shift even though DI- remains numerically higher than DI+. This mix suggests momentum strength, but with residual downward pressure to be monitored.
MACD sits negative at -0.47 with a dip-and-reversal pattern; MACD remains below its signal line (-0.37) so momentum appears to be recovering but has not yet issued a confirmed bullish crossover. Expect momentum to improve if MACD crosses above the signal line in the coming sessions.
MRO of -22.77 signals the price sits below modeled target levels and therefore carries potential for upward mean reversion; the negative reading indicates room for price appreciation absent a deterioration in momentum.
RSI at 43.2 with a dip-and-reversal profile shows the market moved out of oversold behavior and into neutral territory, supporting a controlled recovery rather than an overextended rally.
Price trades below the 20-, 50- and 200-day averages (price close $11.64 vs. 20d $11.78, 50d $12.84, 200d $13.09) and below the 12-day EMA (12d EMA $11.71, EMA trend decreasing), indicating trend remains below longer-term averages; Bollinger bands place the close near the midpoint between the 1x lower ($10.90) and 1x upper ($12.66) bands, implying limited near-term volatility expansion. The super trend upper band at $12.10 sits above the current price and acts as immediate resistance.
Volume (1,217,892) runs below the 10- and 200-day averages, suggesting recent moves lack heavy conviction; 42- and 52-week betas (0.58 / 0.62) imply muted sensitivity to broad market swings, favoring idiosyncratic drivers such as product launches or governance developments.
Fundamental Analysis
Revenue totaled $129.94M with revenue growth of 3.15%; revenue growth year-over-year shows -183.46% in the provided figure, which indicates accounting or periodization effects requiring careful interpretation when comparing periods. Gross margin sits at 74.916% and operating margin at 32.882%, with EBIT margin 32.726%; EBIT margin improved QoQ by 31.43% but declined YoY by 13.27%, showing quarter-over-quarter operational leverage even as yearly comparatives weaken.
EPS came in at $0.14 versus an estimate of $0.13, producing an EPS surprise ratio of 7.69% and an EPS upside of $0.01. Forward EPS $0.1925 implies expected earnings expansion, with forward P/E near 63.13 and current P/E at 90.49—both above the industry peer mean and median for P/E, indicating the market prices a premium on expected earnings growth.
Balance-sheet and leverage metrics warrant attention: total debt $394.98M, net debt $367.28M, and total equity only $0.839M produce a debt-to-equity ratio of 470.77 and debt-to-assets of 83.87%, reflecting an extremely leveraged capital structure and a heavy reliance on intangible assets (net tangible assets negative $-356.10M; intangible assets $356.94M). Asset-to-equity of 561.29 underscores leverage amplification of returns and risks.
Cash and short-term investments total $23.81M against current liabilities $79.44M, producing a current ratio of 1.32 and a cash ratio of 0.30. Operating cash flow $33.466M and free cash flow $31.856M yield a free cash flow yield of 1.42%, with free cash growth positive QoQ and YoY in the provided figures. Interest coverage near 6.44 and cost of debt about 1.237% indicate manageable interest burden given current earnings, though leverage places constraints on flexibility.
Valuation summary: WMDST values the stock as over-valued. Price-to-book sits at an elevated $2,678.27 driven by a very small book value per share ($0.00473), a metric that sits far above the industry peer mean and median; EV/revenue and enterprise multiples remain high (EVR ~20.13; enterprise multiple ~60.13), reflecting market expectations priced into the capital structure and future growth assumptions.
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 % |
|