Match Group
MTCH Nasdaq Interactive Media & Services 金融 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%.
Match Group 的业务
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%.
- 法定名称
- Match Group, Inc.
- 财年结束日
- 2025年12月31日
- 最新年报
- 10-K · 2026年2月26日
- 登记号 · CIK
- 0000891103-26-000025
0000891103
营收与利润率
Match Group 在 2025 财年 营收为 $3.5B,同比增长 0.2%。
净利润与每股收益
亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $1.0B,占营收的 29.4%。 经营现金流减资本支出。
股息、回购与股数
Match Group 在 2025 财年 向股东返还 $975M,占自由现金流的 95%。 稀释股数减少 5.9%。
自己评估 Match Group
调整假设,查看对应的每股价值。这些是模型,不是预测或目标价,结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 −$2.5B,再除以 262.5M 稀释股数。十年现金流加终值,折现至今天。
盈利倍数
每股价值
—
参考倍数:当前 16.2x · 同业 33.5x · 板块 17.3x。
资产负债表
现金、债务以及显示 Match Group 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $827M | $581M | $869M | $971M | $1.0B |
| 债务(含融资租赁) | $3.8B | $3.8B | $3.8B | $3.8B | $3.5B |
| 净债务 / EBITDA | 3.3x | 3.5x | 2.9x | 3.2x | 2.7x |
| 利息保障倍数 | 6.5x | 3.5x | 5.7x | 5.1x | 5.9x |
| 流动比率 | 1.0x | 1.6x | 2.4x | 2.5x | 1.4x |
| 速动比率 | 1.0x | 1.6x | 2.4x | 2.5x | 1.4x |
| 总资产 | $5.1B | $4.2B | $4.5B | $4.5B | $4.5B |
| 总负债 | $5.3B | $4.5B | $4.5B | $4.5B | $4.7B |
| 股东权益 | −$204M | −$360M | −$19.5M | −$63.7M | −$254M |
| 净债务 (− = 净现金) | $3.0B | $3.3B | $3.0B | $2.9B | $2.5B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖,数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.6M
2 名内部人士
卖出(12 个月)
$2.9M
5 名内部人士
卖出中按计划执行的比例
0%
$0.0M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年9月2日 | Ann McDanielDirector | 卖出 | 3,531 | $42.43 | $0.1M | Form 4 |
| 2026年8月28日 | Philip D EigenmannChief Accounting Officer | 卖出 | 15,000 | $41.70 | $0.6M | Form 4 |
| 2026年8月26日 | Stephen BaileyDirector | 卖出 | 4,760 | $42.26 | $0.2M | Form 4 |
| 2026年8月11日 | Glenn SchiffmanDirector | 买入 | 3,000 | $36.63 | $0.1M | Form 4 |
| 2026年5月8日 | Melissa Anne BrennerDirector | 卖出 | 5,141 | $35.94 | $0.2M | Form 4 |
| 2026年3月6日 | Hesam HosseiniChief Operating Officer | 卖出 | 59,013 | $30.13 | $1.8M | Form 4 |
| 2025年11月20日 | Spencer M RascoffChief Executive Officer, Director | 买入 | 14,000 | $31.84 | $0.4M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强,0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✓ | ✕ | ✓ |
| 经营现金流高于净利润 | ✓ | ✓ | ✓ |
| 债务相对资产下降 | ✕ | ✓ | ✓ |
| 流动比率上升 | ✓ | ✓ | ✕ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | ✓ | ✕ | ✓ |
| 营收相对资产上升 | ✓ | ✕ | ✓ |
| F 分数 | 8 / 9 | 6 / 9 | 8 / 9 |
| 应计比率 | −5.7% | −8.5% | −10.5% |
| Altman Z'' | −2.72 | −2.33 | −2.48 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同,因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| 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 | 比较 → |
| Reddit RDDT | $29.1B | 69.4% | 20.1% | 31.1% | 119.1% | 33.5x | 6 | 比较 → |
| Snap SNAP | $10.5B | 10.6% | −9.0% | 7.4% | −14.8% | — | 6 | 比较 → |
| Tripadvisor TRIP | $1.1B | 3.1% | 4.2% | 8.6% | 8.9% | 156.8x | 6 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $3.1B | $3.3B | $1.7B | $2.1B | $2.4B | $3.0B | $3.2B | $3.4B | $3.5B | $3.5B |
| 毛利 | $2.4B | $2.7B | $819M | $924M | $1.8B | $2.1B | $2.2B | $2.4B | $2.5B | $2.5B |
| 研发支出 | $213M | $251M | $132M | $152M | $170M | $241M | $334M | $384M | $442M | $450M |
| 营业利润 | −$32.6M | $189M | $550M | $646M | $746M | $852M | $515M | $917M | $823M | $873M |
| 利息支出 | $109M | $105M | $94.6M | $111M | $131M | $131M | $146M | $160M | $160M | $148M |
| 税前利润 | −$81.1M | $67.0M | $462M | $532M | $631M | $256M | $378M | $777M | $704M | $746M |
| 所得税 | −$64.9M | −$291M | $11.3M | $15.1M | $43.3M | −$19.9M | $15.4M | $125M | $153M | $133M |
| 净利润 | −$16.2M | $358M | $758M | $567M | $222M | $277M | $360M | $652M | $551M | $614M |
| 稀释每股收益 | −$0.52 | $3.18 | $3.05 | $2.15 | $0.66 | $0.93 | $1.24 | $2.26 | $2.02 | $2.38 |
| 稀释股数 | 0.08B | 0.09B | 0.20B | 0.20B | 0.26B | 0.30B | 0.30B | 0.29B | 0.28B | 0.26B |
| 现金流 | ||||||||||
| 经营现金流 | $344M | $417M | $988M | $938M | $789M | $913M | $526M | $897M | $933M | $1.1B |
| 资本支出 | $78.0M | $75.5M | $31.4M | $39.0M | $42.4M | $80.0M | $49.1M | $67.4M | $50.6M | $56.8M |
| 自由现金流 | $266M | $341M | $957M | $899M | $746M | $833M | $477M | $829M | $882M | $1.0B |
| 折旧与摊销 | $151M | $116M | $36.1M | $43.1M | $48.8M | $70.0M | $410M | $110M | $87.5M | $67.1M |
| 股权激励 | $105M | $265M | $66.0M | $89.7M | $102M | $147M | $204M | $232M | $267M | $258M |
| 收购 | $18.4M | $147M | $1.1M | $3.8M | $0.0M | $860M | $25.7M | $11.6M | $0.0M | $0.0M |
| 股票回购 | $309M | $56.4M | $134M | $216M | $0.0M | $0.0M | $482M | $546M | $753M | $789M |
| 已付股息 | $0.0M | $0.0M | $105M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $186M |
| 股息与回购 | $309M | $56.4M | $239M | $216M | $0.0M | $0.0M | $482M | $546M | $753M | $975M |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $1.3B | $278M | $310M | $486M | $739M | $827M | $581M | $869M | $971M | $1.0B |
| 总债务 | $1.6B | $2.1B | $2.3B | $2.9B | $3.5B | $3.8B | $3.8B | $3.8B | $3.8B | $3.5B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 流动资产 | $1.8B | $2.1B | $2.8B | $3.7B | $1.0B | $1.2B | $882M | $1.3B | $1.4B | $1.4B |
| 流动负债 | $713M | $800M | $884M | $1.0B | $500M | $1.2B | $556M | $532M | $550M | $1.0B |
| 存货 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 固定资产净额 | $306M | $315M | $319M | $101M | $108M | $163M | $176M | $195M | $158M | $131M |
| 总资产 | $4.6B | $5.9B | $6.9B | $8.4B | $3.0B | $5.1B | $4.2B | $4.5B | $4.5B | $4.5B |
| 总负债 | $2.6B | $2.9B | $3.4B | $4.7B | $4.5B | $5.3B | $4.5B | $4.5B | $4.5B | $4.7B |
| 股东权益 | $1.9B | $2.4B | $2.8B | $2.9B | −$1.4B | −$204M | −$360M | −$19.5M | −$63.7M | −$254M |
| 利润率 | ||||||||||
| 毛利率 | 75.9% | 80.3% | 47.3% | 45.0% | 73.4% | 71.9% | 69.9% | 71.6% | 71.5% | 72.8% |
| 营业利润率 | −1.0% | 5.7% | 31.8% | 31.5% | 31.2% | 28.6% | 16.2% | 27.3% | 23.7% | 25.0% |
| EBITDA 利润率 | 3.8% | 9.2% | 33.9% | 33.6% | 33.2% | 30.9% | 29.0% | 30.5% | 26.2% | 27.0% |
| 净利率 | −0.5% | 10.8% | 43.8% | 27.6% | 9.3% | 9.3% | 11.3% | 19.4% | 15.9% | 17.6% |
| 自由现金流利润率 | 8.5% | 10.3% | 55.3% | 43.8% | 31.2% | 27.9% | 14.9% | 24.7% | 25.4% | 29.4% |
| 回报率 | ||||||||||
| 资本回报率 | −1.1% | 5.3% | 10.4% | 10.8% | 18.7% | 40.7% | 17.3% | 26.3% | 22.4% | 28.3% |
| 已动用资本回报率 | −0.8% | 4.2% | 9.9% | 9.7% | 15.1% | 26.4% | 13.7% | 24.1% | 20.9% | 23.7% |
| 股本回报率 | −0.9% | 16.7% | 28.7% | 19.6% | 29.3% | — | — | — | — | — |
| 资产回报率 | −0.3% | 6.8% | 11.9% | 7.4% | 3.9% | 6.8% | 7.8% | 15.0% | 12.3% | 13.7% |
| 增长 | ||||||||||
| 营收增长 | −2.8% | 5.3% | −47.7% | 18.6% | 16.6% | 24.8% | 6.9% | 5.5% | 3.4% | 0.2% |
| 净利润增长 | −114.3% | — | 111.7% | −25.2% | −60.9% | 24.8% | 30.1% | 81.0% | −15.4% | 11.3% |
| 每股收益增长 | −139.1% | — | −4.1% | −29.5% | −69.3% | 40.9% | 33.3% | 82.3% | −10.6% | 17.8% |
| 自由现金流增长 | −22.5% | 28.2% | 180.4% | −6.0% | −17.0% | 11.6% | −42.8% | 74.0% | 6.4% | 16.0% |
| 股数变化 | −9.3% | 6.6% | 131.1% | 2.4% | 26.9% | 19.1% | −3.2% | −0.7% | −4.9% | −5.9% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | 2.5x | 6.0x | 3.5x | 3.5x | 3.5x | 3.3x | 3.5x | 2.9x | 3.2x | 2.7x |
| 债务 / 股东权益 | 0.9x | 0.9x | 0.8x | 1.0x | — | — | — | — | — | — |
| 利息保障倍数 | −0.3x | 1.8x | 5.8x | 5.8x | 5.7x | 6.5x | 3.5x | 5.7x | 5.1x | 5.9x |
| 流动比率 | 2.6x | 2.7x | 3.1x | 3.7x | 2.0x | 1.0x | 1.6x | 2.4x | 2.5x | 1.4x |
| 速动比率 | 2.6x | 2.7x | 3.1x | 3.7x | 2.0x | 1.0x | 1.6x | 2.4x | 2.5x | 1.4x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 2.5% | 2.3% | 1.8% | 1.9% | 1.8% | 2.7% | 1.5% | 2.0% | 1.5% | 1.6% |
| 股权激励 / 营收 | 3.3% | 8.0% | 3.8% | 4.4% | 4.3% | 4.9% | 6.4% | 6.9% | 7.7% | 7.4% |
| 股东回报 / 自由现金流 | 116.1% | 16.5% | 24.9% | 24.1% | 0.0% | 0.0% | 101.2% | 65.9% | 85.3% | 95.3% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 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 |
| 应计比率 | −7.3% | −1.1% | −3.6% | −4.9% | −9.9% | −15.7% | −3.6% | −5.7% | −8.5% | −10.5% |
来源:SEC EDGAR XBRL 文件 (CIK 0000891103). 数据更新于 2026年10月11日。 第四季度数据为全年减去前九个月。 仅供参考,不构成投资建议。依赖任何数字前,请核对原始文件。




