Grindr
GRND NYSE Interactive Media & Services Financials FY2021–FY2025
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%.
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.
- Legal name
- Grindr Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001820144-26-000007
0001820144
Revenue and margins
Grindr had $440M of revenue in fiscal 2025, up 27.6% on the year before.
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew 94.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $141M in fiscal 2025, 32.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Grindr returned $451M to shareholders in fiscal 2025, 320% of free cash flow. The diluted share count rose 11.0%.
Value Grindr yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$309M and divides by 195.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 27.4x · peers 11.8x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Grindr can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.8M | $8.7M | $27.6M | $59.2M | $87.0M |
| Debt incl. finance leases | $137M | $361M | $341M | $291M | $396M |
| Net debt / EBITDA | 1.8x | 7.0x | 3.8x | 2.1x | 2.3x |
| Debt / 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 |
| Total assets | $450M | $439M | $445M | $479M | $531M |
| Total liabilities | $187M | $435M | $463M | $611M | $484M |
| Shareholders' equity | −$36.2M | $4.1M | −$18.3M | −$132M | $47.0M |
| Net debt (− = net cash) | $121M | $352M | $313M | $231M | $309M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$17.5M
4 insiders
Of sales under plans
100%
$17.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 19, 2026 | George Raymond Zage IIIDirector, 10% owner | Sold plan | 150,000 | $13.87 | $2.1M | Form 4 |
| Oct 16, 2026 | George Raymond Zage IIIDirector, 10% owner | Sold plan | 350,000 | $14.23 | $5.0M | Form 4 |
| Oct 14, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 15,227 | $15.23 | $0.2M | Form 4 |
| Sep 17, 2026 | George Raymond Zage IIIDirector, 10% owner | Sold plan | 166,400 | $15.41 | $2.6M | Form 4 |
| Sep 16, 2026 | George Raymond Zage IIIDirector, 10% owner | Sold plan | 333,600 | $15.62 | $5.2M | Form 4 |
| Sep 14, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 15,227 | $15.57 | $0.2M | Form 4 |
| Aug 31, 2026 | Austin J BalanceChief Product Officer | Sold plan | 89,638 | $15.46 | $1.4M | Form 4 |
| Aug 19, 2026 | Daniel Brooks BaerDirector | Sold plan | 3,500 | $15.65 | $0.1M | Form 4 |
| Aug 17, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 10,172 | $15.83 | $0.2M | Form 4 |
| Aug 3, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 12,979 | $17.89 | $0.2M | Form 4 |
| Jul 16, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 10,172 | $15.95 | $0.2M | Form 4 |
| Jul 1, 2026 | Zachary KatzCLO and Head of Global Affairs | Sold plan | 12,800 | $16.28 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 5 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | −20.8% | −48.9% | −9.3% |
| Altman Z'' | 0.51 | 0.44 | 2.11 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Grindr GRND | $2.4B | 27.6% | 28.7% | 32.0% | 44.3% | 27.4x | 6 | |
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5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $146M | $195M | $260M | $345M | $440M |
| Research and development | $10.9M | $17.9M | $29.3M | $32.8M | $48.9M |
| Operating income | $23.7M | $13.0M | $55.4M | $92.6M | $126M |
| Interest expense | $22.8M | $18.1M | $47.9M | $26.0M | $20.1M |
| Pretax income | $6.3M | $0.0M | −$51.7M | −$118M | $119M |
| Income tax | $1.2M | −$0.9M | $4.0M | $12.7M | $23.9M |
| Net income | $5.1M | $0.9M | −$55.8M | −$131M | $94.8M |
| Diluted EPS | $0.03 | $0.01 | −$0.32 | −$0.74 | $0.43 |
| Diluted shares | 0.15B | 0.16B | 0.17B | 0.18B | 0.20B |
| Cash flow | |||||
| Cash from operations | $34.4M | $50.6M | $36.1M | $95.0M | $142M |
| Capital expenditure | $0.3M | $0.4M | $0.5M | $0.9M | $0.7M |
| Free cash flow | $34.2M | $50.2M | $35.6M | $94.0M | $141M |
| Depreciation and amortization | $43.2M | $37.5M | $27.0M | $16.9M | $8.9M |
| Stock-based compensation | $2.6M | $28.4M | $15.8M | $37.3M | $54.5M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $451M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $451M |
| Balance sheet | |||||
| Cash and short-term investments | $15.8M | $8.7M | $27.6M | $59.2M | $87.0M |
| Total debt | $137M | $361M | $341M | $291M | $396M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $43.9M | $43.2M | $71.8M | $117M | $166M |
| Current liabilities | $29.9M | $61.9M | $60.6M | $67.8M | $84.9M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $2.4M | $2.0M | $1.6M | $1.7M | $1.2M |
| Total assets | $450M | $439M | $445M | $479M | $531M |
| Total liabilities | $187M | $435M | $463M | $611M | $484M |
| Shareholders' equity | −$36.2M | $4.1M | −$18.3M | −$132M | $47.0M |
| Margins | |||||
| Operating margin | 16.3% | 6.7% | 21.4% | 26.9% | 28.7% |
| EBITDA margin | 45.9% | 25.9% | 31.8% | 31.8% | 30.7% |
| Net margin | 3.5% | 0.4% | −21.5% | −38.0% | 21.5% |
| FCF margin | 23.4% | 25.8% | 13.7% | 27.3% | 32.0% |
| Returns | |||||
| Return on capital | — | 2.8% | 13.5% | 37.1% | 44.3% |
| Return on capital employed | — | 3.3% | 14.6% | 23.3% | 29.5% |
| Return on assets | — | 0.2% | −12.6% | −28.4% | 18.8% |
| Growth | |||||
| Revenue growth | — | 33.7% | 33.2% | 32.7% | 27.6% |
| Net income growth | — | −83.2% | −6,645.5% | — | — |
| EPS growth | — | −66.7% | −3,300.0% | — | — |
| FCF growth | — | 47.0% | −29.0% | 163.8% | 49.7% |
| Share count change | — | 4.1% | 9.4% | 1.0% | 11.0% |
| Financial health | |||||
| Net debt / EBITDA | 1.8x | 7.0x | 3.8x | 2.1x | 2.3x |
| Debt / 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 |
| Capital allocation | |||||
| Capex / revenue | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% |
| Stock comp / revenue | 1.8% | 14.6% | 6.1% | 10.8% | 12.4% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 0.0% | 320.0% |
| Quality scores | |||||
| Piotroski F-score | — | — | 5.0 | 5.0 | 6.0 |
| Altman Z'' | 2.0 | −0.1 | 0.5 | 0.4 | 2.1 |
| Accruals ratio | — | −11.2% | −20.8% | −48.9% | −9.3% |
Source: SEC EDGAR XBRL filings (CIK 0001820144). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.