Grindr

GRND · NYSE · Communication Services · Financials, fiscal 2021 to 2025

GRND · Last close · October 26, 2026

$13.12

Grindr's revenue rose 27.6% to $440 million in fiscal 2025. Its operating margin was 28.7%, up from 26.9% a year earlier. Free cash flow was $141 million, up 49.7%. It paid out $451 million in dividends and buybacks, 320% of free cash flow. The diluted share count rose 11.0%.

Grindr Inc. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001820144-26-000007 Updated October 10, 2026

Revenue

$440M

27.6%

Operating margin

28.7%

1.8 pts

Net income

$95M

Free cash flow

$141M

49.7%

Return on capital

44.3%

7.2 pts

Market cap

$2.3B

Oct 26 close

P/E

26.2x

On $0.50 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Grindr does

Grindr runs a social networking app mainly for gay, bisexual, transgender and queer adults. Using their approximate location, people can find others nearby or anywhere, chat and share photos, whether they want dates, relationships, friends or local tips. The app is free, with paid subscriptions and add-ons for more features. In 2025 it averaged 15.0 million monthly active users in more than 190 countries and territories, and 1.3 million paying users.

Revenue was $439.9 million in 2025. Payments from users for subscriptions and add-ons made up 83.3% of it, and advertising the other 16.7%. International revenue was 42.2% of the total. Grindr says it competes for users with larger companies and established social media firms, and it also sees possible competition from AI companion apps.

Grindr had 165 employees at the end of 2025, 160 of them full-time. In May 2025 it launched Woodwork, a telehealth subscription that helps eligible patients get certain treatments and prescription drugs, run with a clinical partner, OpenLoop. It is also looking at new lines such as travel and events.

Its biggest risks, as it describes them

Losing users or failing to add new ones, or failing to turn more of them into paying users.
Harm to its brand from bad press or from illegal or harmful actions by people using the app.
Concerns about how it handles users' personal information, which could drive users away.
Hostile laws and attitudes toward LGBTQ people in some countries that could limit where it can grow.
Its reliance on mobile operating systems and app stores that it does not control.

From Grindr's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2021 to 2025, earnings per share grew 94.6% a year and net income 107.6% a year, as new shares raised the share count by 28% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Grindr yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Grindr's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Grindr's fiscal 2025 free cash flow of $141M, net cash of −$309M at December 31, 2025 and 195 million diluted shares, from its filings. The scenarios are fitted to Grindr: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 31.2% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Interactive Media & Services), plus 1 point as a smaller company, worth $2.3B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Grindr's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.12
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Grindr's earnings per share of $0.50 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17×, the middle of Grindr's own P/E today, its peers' median and its sector's median (the Communication Services median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: CarGurus, QuinStreet, Yelp.

Earnings growth in the years ahead (% a year) Starts at Grindr's revenue growth over the last 3 years, 31.2% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $13.12
Value at this multiple, against the last close: —
Grindr's P/E at the last close: 26.2×

Company	Last close	Earnings per share	P/E today
GrindrGRND	$13.12	$0.50	26.2×
CarGurusCARG	$31.17	$1.84	16.9×
QuinStreetQNST	$16.22	$1.40	11.6×
YelpYELP	$19.44	$2.09	9.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	16	9	28	59	87
Debt incl. finance leases	137	361	341	291	396
Net debt (negative means net cash)	121	352	313	231	309
Net debt to EBITDA	1.8x	7.0x	3.8x	2.1x	2.3x
Debt to equity	—	—	—	—	8.4x
Interest coverage	1.0x	0.7x	1.2x	3.6x	6.3x
Current ratio	1.5x	0.7x	1.2x	1.7x	2.0x
Quick ratio	1.5x	0.7x	1.2x	1.7x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $9.3 million of Grindr shares on the open market, and 6 insiders sold $86.6 million, $19.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 19, 2026	George Raymond Zage IIIDirector, 10% owner	Sold plan	150,000	$13.87	$2.1 million	Form 4
Oct 16, 2026	George Raymond Zage IIIDirector, 10% owner	Sold plan	350,000	$14.23	$5.0 million	Form 4
Oct 14, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	15,227	$15.23	$231,907	Form 4
Sep 17, 2026	George Raymond Zage IIIDirector, 10% owner	Sold plan	166,400	$15.41	$2.6 million	Form 4
Sep 16, 2026	George Raymond Zage IIIDirector, 10% owner	Sold plan	333,600	$15.62	$5.2 million	Form 4
Sep 14, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	15,227	$15.57	$237,084	Form 4
Aug 31, 2026	Austin J BalanceChief Product Officer	Sold plan	89,638	$15.46	$1.4 million	Form 4
Aug 19, 2026	Daniel Brooks BaerDirector	Sold plan	3,500	$15.65	$54,775	Form 4
Aug 17, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	10,172	$15.83	$161,023	Form 4
Aug 3, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	12,979	$17.89	$232,194	Form 4
Jul 16, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	10,172	$15.95	$162,243	Form 4
Jul 1, 2026	Zachary KatzCLO and Head of Global Affairs	Sold plan	12,800	$16.28	$208,384	Form 4

The latest 12 of 59 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 8	5 of 8	6 of 8
Accruals ratio	−20.8%	−48.9%	−9.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Grindr side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Grindr	FY25	27.6%	28.7%	32.0%	44.3%	2.3x	6
CarGurus	FY25	13.7%	26.9%	31.9%	90.3%	−0.7x	7	Compare
ZoomInfo	FY25	2.9%	18.1%	31.2%	5.3%	3.6x	7	Compare
QuinStreet	FY26	18.3%	2.7%	9.9%	17.4%	−1.0x	7	Compare
Yelp	FY25	3.8%	12.6%	22.1%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	146	195	260	345	440
Revenue growth	—	33.7%	33.2%	32.7%	27.6%
Gross profit	—	—	—	—	—
Research and development	11	18	29	33	49
Operating income	24	13	55	93	126
Net income	5	1	−56	−131	95
Diluted EPS (US$)	0.03	0.01	−0.32	−0.74	0.43
Diluted shares (millions)	153	159	174	176	195
Cash flow
Cash from operations	34	51	36	95	142
Capital expenditure	0	0	0	1	1
Free cash flow	34	50	36	94	141
Dividends paid	0	0	0	0	0
Share buybacks	0	0	0	0	450
Acquisitions	0	0	0	0	0
Stock-based compensation	3	28	16	37	54
Balance sheet at fiscal year end
Cash and short-term investments	16	9	28	59	87
Debt incl. finance leases	137	361	341	291	396
Total assets	450	439	445	479	531
Total liabilities	186	435	463	611	484
Shareholders' equity	−36	4	−18	−132	47
Margins and ratios
Gross margin	—	—	—	—	—
Operating margin	16.3%	6.7%	21.4%	26.9%	28.7%
Net margin	3.5%	0.4%	−21.5%	−38.0%	21.5%
Free cash flow margin	23.4%	25.8%	13.7%	27.3%	32.0%
Return on capital	—	2.8%	13.5%	37.1%	44.3%
Return on equity	—	—	—	—	—
Return on assets	—	0.2%	−12.6%	−28.4%	18.8%
Net debt to EBITDA	1.8x	7.0x	3.8x	2.1x	2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Grindr's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Grindr.