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Match Group

MTCH Nasdaq Interactive Media & Services Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$45.73

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$3.5B
0.2% vs prior year
Operating margin Operating income as a share of revenue.
25.0%
1.4 pts
Net income Profit after all expenses, interest and tax.
$614M
11.3%
Free cash flow Cash from operations minus capital spending.
$1.0B
16.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.3%
5.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.2x
On $2.83 EPS (TTM)

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%.

Legal name
Match Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0000891103-26-000025
0000891103

Revenue and margins

Match Group had $3.5B of revenue in fiscal 2025, up 0.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 29.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Match Group returned $975M to shareholders in fiscal 2025, 95% of free cash flow. The diluted share count fell 5.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Match Group 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 −$2.5B and divides by 262.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.2x · peers 33.5x · sector 17.3x.

Balance sheet

Cash, debt and the ratios that show how comfortably Match Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $827M$581M$869M$971M$1.0B
Debt incl. finance leases $3.8B$3.8B$3.8B$3.8B$3.5B
Net debt / EBITDA 3.3x3.5x2.9x3.2x2.7x
Interest coverage 6.5x3.5x5.7x5.1x5.9x
Current ratio 1.0x1.6x2.4x2.5x1.4x
Quick ratio 1.0x1.6x2.4x2.5x1.4x
Total assets $5.1B$4.2B$4.5B$4.5B$4.5B
Total liabilities $5.3B$4.5B$4.5B$4.5B$4.7B
Shareholders' equity −$204M−$360M−$19.5M−$63.7M−$254M
Net debt (− = net cash) $3.0B$3.3B$3.0B$2.9B$2.5B

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

$0.6M

2 insiders

Sold, 12 months

$2.9M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 Ann McDanielDirector Sold 3,531 $42.43 $0.1M Form 4
Aug 28, 2026 Philip D EigenmannChief Accounting Officer Sold 15,000 $41.70 $0.6M Form 4
Aug 26, 2026 Stephen BaileyDirector Sold 4,760 $42.26 $0.2M Form 4
Aug 11, 2026 Glenn SchiffmanDirector Bought 3,000 $36.63 $0.1M Form 4
May 8, 2026 Melissa Anne BrennerDirector Sold 5,141 $35.94 $0.2M Form 4
Mar 6, 2026 Hesam HosseiniChief Operating Officer Sold 59,013 $30.13 $1.8M Form 4
Nov 20, 2025 Spencer M RascoffChief Executive Officer, Director Bought 14,000 $31.84 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 8 / 96 / 98 / 9
Accruals ratio −5.7%−8.5%−10.5%
Altman Z'' −2.72−2.33−2.48

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Match Group MTCH $11.3B 0.2% 25.0% 29.4% 28.3% 16.2x 8
People Inc. PPLI $2.9B −8.7% −4.1% 1.9% −1.3% 8.5x 6 Compare →
Reddit RDDT $29.1B 69.4% 20.1% 31.1% 119.1% 33.6x 6 Compare →
Snap SNAP $10.5B 10.6% −9.0% 7.4% −14.8% — 6 Compare →
Tripadvisor TRIP $1.1B 3.1% 4.2% 8.6% 8.9% 156.8x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.1B $3.3B $1.7B $2.1B $2.4B $3.0B $3.2B $3.4B $3.5B $3.5B
Gross profit $2.4B $2.7B $819M $924M $1.8B $2.1B $2.2B $2.4B $2.5B $2.5B
Research and development $213M $251M $132M $152M $170M $241M $334M $384M $442M $450M
Operating income −$32.6M $189M $550M $646M $746M $852M $515M $917M $823M $873M
Interest expense $109M $105M $94.6M $111M $131M $131M $146M $160M $160M $148M
Pretax income −$81.1M $67.0M $462M $532M $631M $256M $378M $777M $704M $746M
Income tax −$64.9M −$291M $11.3M $15.1M $43.3M −$19.9M $15.4M $125M $153M $133M
Net income −$16.2M $358M $758M $567M $222M $277M $360M $652M $551M $614M
Diluted EPS −$0.52 $3.18 $3.05 $2.15 $0.66 $0.93 $1.24 $2.26 $2.02 $2.38
Diluted shares 0.08B 0.09B 0.20B 0.20B 0.26B 0.30B 0.30B 0.29B 0.28B 0.26B
Cash flow
Cash from operations $344M $417M $988M $938M $789M $913M $526M $897M $933M $1.1B
Capital expenditure $78.0M $75.5M $31.4M $39.0M $42.4M $80.0M $49.1M $67.4M $50.6M $56.8M
Free cash flow $266M $341M $957M $899M $746M $833M $477M $829M $882M $1.0B
Depreciation and amortization $151M $116M $36.1M $43.1M $48.8M $70.0M $410M $110M $87.5M $67.1M
Stock-based compensation $105M $265M $66.0M $89.7M $102M $147M $204M $232M $267M $258M
Acquisitions $18.4M $147M $1.1M $3.8M $0.0M $860M $25.7M $11.6M $0.0M $0.0M
Share buybacks $309M $56.4M $134M $216M $0.0M $0.0M $482M $546M $753M $789M
Dividends paid $0.0M $0.0M $105M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $186M
Dividends and buybacks $309M $56.4M $239M $216M $0.0M $0.0M $482M $546M $753M $975M
Balance sheet
Cash and short-term investments $1.3B $278M $310M $486M $739M $827M $581M $869M $971M $1.0B
Total debt $1.6B $2.1B $2.3B $2.9B $3.5B $3.8B $3.8B $3.8B $3.8B $3.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.8B $2.1B $2.8B $3.7B $1.0B $1.2B $882M $1.3B $1.4B $1.4B
Current liabilities $713M $800M $884M $1.0B $500M $1.2B $556M $532M $550M $1.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $306M $315M $319M $101M $108M $163M $176M $195M $158M $131M
Total assets $4.6B $5.9B $6.9B $8.4B $3.0B $5.1B $4.2B $4.5B $4.5B $4.5B
Total liabilities $2.6B $2.9B $3.4B $4.7B $4.5B $5.3B $4.5B $4.5B $4.5B $4.7B
Shareholders' equity $1.9B $2.4B $2.8B $2.9B −$1.4B −$204M −$360M −$19.5M −$63.7M −$254M
Margins
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% 16.2% 27.3% 23.7% 25.0%
EBITDA margin 3.8% 9.2% 33.9% 33.6% 33.2% 30.9% 29.0% 30.5% 26.2% 27.0%
Net margin −0.5% 10.8% 43.8% 27.6% 9.3% 9.3% 11.3% 19.4% 15.9% 17.6%
FCF margin 8.5% 10.3% 55.3% 43.8% 31.2% 27.9% 14.9% 24.7% 25.4% 29.4%
Returns
Return on capital −1.1% 5.3% 10.4% 10.8% 18.7% 40.7% 17.3% 26.3% 22.4% 28.3%
Return on capital employed −0.8% 4.2% 9.9% 9.7% 15.1% 26.4% 13.7% 24.1% 20.9% 23.7%
Return on equity −0.9% 16.7% 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%
Growth
Revenue growth −2.8% 5.3% −47.7% 18.6% 16.6% 24.8% 6.9% 5.5% 3.4% 0.2%
Net income growth −114.3% — 111.7% −25.2% −60.9% 24.8% 30.1% 81.0% −15.4% 11.3%
EPS growth −139.1% — −4.1% −29.5% −69.3% 40.9% 33.3% 82.3% −10.6% 17.8%
FCF growth −22.5% 28.2% 180.4% −6.0% −17.0% 11.6% −42.8% 74.0% 6.4% 16.0%
Share count change −9.3% 6.6% 131.1% 2.4% 26.9% 19.1% −3.2% −0.7% −4.9% −5.9%
Financial health
Net debt / EBITDA 2.5x 6.0x 3.5x 3.5x 3.5x 3.3x 3.5x 2.9x 3.2x 2.7x
Debt / equity 0.9x 0.9x 0.8x 1.0x — — — — — —
Interest coverage −0.3x 1.8x 5.8x 5.8x 5.7x 6.5x 3.5x 5.7x 5.1x 5.9x
Current ratio 2.6x 2.7x 3.1x 3.7x 2.0x 1.0x 1.6x 2.4x 2.5x 1.4x
Quick ratio 2.6x 2.7x 3.1x 3.7x 2.0x 1.0x 1.6x 2.4x 2.5x 1.4x
Capital allocation
Capex / revenue 2.5% 2.3% 1.8% 1.9% 1.8% 2.7% 1.5% 2.0% 1.5% 1.6%
Stock comp / revenue 3.3% 8.0% 3.8% 4.4% 4.3% 4.9% 6.4% 6.9% 7.7% 7.4%
Payouts / FCF 116.1% 16.5% 24.9% 24.1% 0.0% 0.0% 101.2% 65.9% 85.3% 95.3%
Quality scores
Piotroski F-score 6.0 7.0 6.0 5.0 4.0 5.0 6.0 8.0 6.0 8.0
Altman Z'' 2.6 3.1 4.0 4.1 −6.6 −4.1 −4.8 −2.7 −2.3 −2.5
Accruals ratio −7.3% −1.1% −3.6% −4.9% −9.9% −15.7% −3.6% −5.7% −8.5% −10.5%

Source: SEC EDGAR XBRL filings (CIK 0000891103). Data updated October 11, 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.

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