Match Group

MTCH · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

MTCH · Last close · October 26, 2026

$45.21

Match Group's revenue rose 0.2% to $3.5 billion in fiscal 2025. Its operating margin was 25.0%, up from 23.7% a year earlier. Free cash flow was $1.0 billion, up 16.0%. It paid out $975 million in dividends and buybacks, 95% of free cash flow. The diluted share count fell 5.9%.

Match Group, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000891103-26-000025 Updated October 11, 2026

Revenue

$3.5B

0.2%

Operating margin

25.0%

1.4 pts

Net income

$614M

11.3%

Free cash flow

$1.0B

16.0%

Return on capital

28.2%

5.9 pts

Market cap

$11.2B

Oct 26 close

P/E

16.0x

On $2.83 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 Match Group does

Match Group runs dating and social connection apps. Its brands include Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar and BLK. Each aims at different tastes and relationship goals, from casual discovery to serious relationships. Tinder, launched in 2012, uses its patented Swipe feature. Hinge is aimed at people looking for intentional, relationship-oriented connections.

Match Group makes money mainly from its users. Tinder uses a freemium model: core features are free, and users pay for subscriptions or for extras such as Super Likes and Boosts, which can be bought one at a time. Tinder's subscription tiers are Plus, Gold and Platinum. Its mobile apps are almost exclusively accessed through the Apple App Store and Google Play Store, which charge fees. It reports revenue in segments by brand group, including Tinder, Hinge, Evergreen & Emerging and MG Asia.

Azar, a video chat app, had direct revenue of $155.8 million in 2025, and 76% of it came through Apple's App Store. Apple removed Azar from the App Store on February 22, 2026. In 2025 Match Group started a company-wide effort to cut costs, and its headcount fell by approximately 12%.

Its biggest risks, as it describes them

Losing paying users, since Tinder's number of payers has been declining.
Depending on the Apple App Store and Google Play Store, which can change their rules and fees.
Apple's removal of the Azar app from the App Store, which could cut its Azar revenue.
Strong competition, and the risk that its brands lose appeal with users.
Laws and regulation that apply directly to online dating services.

From Match Group's annual report on Form 10-K, filed February 26, 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 2017 to 2025, earnings per share fell 3.6% a year and net income grew 7.0% a year, as new shares raised the share count by 208% 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 Match Group 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 Match Group'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 Match Group's fiscal 2025 free cash flow of $1.0B, net cash of −$2.5B at December 31, 2025 and 262 million diluted shares, from its filings. The scenarios are fitted to Match Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 3.0% a year; 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 9% for a business of moderate risk (Interactive Media & Services); 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 Match Group's own revenue growth, as above. Cautious: growth of 1% then 1.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 3% then 3% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 5% then 4% a year, 3% after year 10, a 8% 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: $45.21
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 Match Group's earnings per share of $2.83 (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: 17.7×, the middle of Match Group'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 10%, 9% and 8%. 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: People Inc., Reddit, Tripadvisor.

Earnings growth in the years ahead (% a year) Starts at Match Group's revenue growth over the last 3 years, 3.0% a year, 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: $45.21
Value at this multiple, against the last close: —
Match Group's P/E at the last close: 16.0×

Company	Last close	Earnings per share	P/E today
TripadvisorTRIP	$9.24	$0.06	154.0×
RedditRDDT	$138.45	$4.30	32.2×
Match GroupMTCH	$45.21	$2.83	16.0×
People Inc.PPLI	$38.19	$4.51	8.5×

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	827	581	869	971	1,031
Debt incl. finance leases	3,829	3,836	3,842	3,849	3,549
Net debt (negative means net cash)	3,002	3,255	2,974	2,878	2,518
Net debt to EBITDA	3.3x	3.5x	2.9x	3.2x	2.7x
Debt to equity	—	—	—	—	—
Interest coverage	6.5x	3.5x	5.7x	5.1x	5.9x
Current ratio	1.0x	1.6x	2.4x	2.5x	1.4x
Quick ratio	1.0x	1.6x	2.4x	2.5x	1.4x

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, 2 insiders bought $555,650 of Match Group shares on the open market, and 5 insiders sold $2.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 2, 2026	Ann McDanielDirector	Sold	3,531	$42.43	$149,820	Form 4
Aug 28, 2026	Philip D EigenmannChief Accounting Officer	Sold	15,000	$41.70	$625,500	Form 4
Aug 26, 2026	Stephen BaileyDirector	Sold	4,760	$42.26	$201,158	Form 4
Aug 11, 2026	Glenn SchiffmanDirector	Bought	3,000	$36.63	$109,890	Form 4
May 8, 2026	Melissa Anne BrennerDirector	Sold	5,141	$35.94	$184,768	Form 4
Mar 6, 2026	Hesam HosseiniChief Operating Officer	Sold	59,013	$30.13	$1.8 million	Form 4
Nov 20, 2025	Spencer M RascoffChief Executive Officer, Director	Bought	14,000	$31.84	$445,760	Form 4

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	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	8 of 9	6 of 9	8 of 9
Accruals ratio	−5.7%	−8.5%	−10.5%

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

Compare

Put Match Group 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
Match Group	FY25	0.2%	25.0%	29.4%	28.2%	2.7x	8
People Inc.	FY25	−8.7%	−4.1%	1.9%	−1.3%	14.5x	6	Compare
Reddit	FY25	69.4%	20.1%	31.1%	119.1%	−5.4x	6	Compare
Snap	FY25	10.6%	−9.0%	7.4%	−14.8%	—	6	Compare
Tripadvisor	FY25	3.0%	4.2%	8.6%	8.9%	1.1x	6	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.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,140	3,307	1,730	2,051	2,391	2,983	3,189	3,364	3,479	3,487
Revenue growth	−2.8%	5.3%	−47.7%	18.6%	16.6%	24.8%	6.9%	5.5%	3.4%	0.2%
Gross profit	2,384	2,656	819	924	1,755	2,144	2,229	2,410	2,488	2,539
Research and development	213	251	132	152	170	241	334	384	442	450
Operating income	−33	188	550	646	746	852	515	917	823	872
Net income	−16	358	758	566	222	277	360	652	551	614
Diluted EPS (US$)	−0.52	3.18	3.05	2.15	0.66	0.93	1.24	2.26	2.02	2.38
Diluted shares (millions)	80	85	197	202	256	305	295	293	279	262
Cash flow
Cash from operations	344	417	988	938	789	912	526	897	933	1,080
Capital expenditure	78	76	31	39	42	80	49	67	51	57
Free cash flow	266	341	957	899	746	833	477	829	882	1,024
Dividends paid	0	0	105	0	0	0	0	0	0	186
Share buybacks	309	56	134	216	0	0	482	546	753	789
Acquisitions	18	147	1	4	0	860	26	12	0	0
Stock-based compensation	105	265	66	90	102	147	204	232	267	258
Balance sheet at fiscal year end
Cash and short-term investments	1,329	278	310	486	739	827	581	869	971	1,031
Debt incl. finance leases	1,624	2,102	2,348	2,890	3,535	3,829	3,836	3,842	3,849	3,549
Total assets	4,646	5,868	6,875	8,365	3,046	5,063	4,183	4,508	4,466	4,461
Total liabilities	2,635	2,921	3,364	4,737	4,460	5,259	4,542	4,527	4,529	4,714
Shareholders' equity	1,869	2,430	2,843	2,928	−1,414	−204	−360	−20	−64	−254
Margins and ratios
Gross margin	75.9%	80.3%	47.3%	45.0%	73.4%	71.9%	69.9%	71.6%	71.5%	72.8%
Operating margin	−1.0%	5.7%	31.8%	31.5%	31.2%	28.6%	16.1%	27.2%	23.7%	25.0%
Net margin	−0.5%	10.8%	43.8%	27.6%	9.3%	9.3%	11.3%	19.4%	15.8%	17.6%
Free cash flow margin	8.5%	10.3%	55.3%	43.8%	31.2%	27.9%	14.9%	24.6%	25.4%	29.4%
Return on capital	−1.1%	5.3%	10.4%	10.8%	18.7%	40.7%	17.3%	26.3%	22.4%	28.2%
Return on equity	−0.9%	16.6%	28.7%	19.6%	29.3%	—	—	—	—	—
Return on assets	−0.3%	6.8%	11.9%	7.4%	3.9%	6.8%	7.8%	15.0%	12.3%	13.7%
Net debt to EBITDA	2.5x	6.0x	3.5x	3.5x	3.5x	3.3x	3.5x	2.9x	3.2x	2.7x

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