Start here if you're new
what it is
Grindr runs a dating app for LGBTQ users and sells premium features on top of a free service.
how it gets paid
Last year Grindr made $440M in revenue. Subscriptions was the main engine at $0.30B, or 68% of sales.
why it's growing
Revenue grew 27.6% last year. Revenue grew 171% vs. prior year, and profit per share grew 106%.
what just happened
Revenue hit $314M, and profit per share rose to $0.33.
At a glance
B+ balance sheet — decent shape, but not bulletproof
22.9x trailing p/e — priced about right
4.9% return on capital — nothing to write home about
-$0.74 fy2024 eps est
$2B fy2025 rev est
xvary composite: 49/100 — below average
What they do
Grindr runs a dating app for LGBTQ users and sells premium features on top of a free service.
Grindr is the default app in a tiny niche. Free users feed the app, and premium features, meaning extra tools you pay for, turn the most engaged users into money that repeats every month. When you already live there, your profile, filters, and messages are hard to move, and 142 employees keep it running.
How they make money
$440M
annual revenue · their business grew +27.6% last year
Subscriptions
$0.30B
+25.0%
Advertising
$0.08B
+18.0%
In-app purchases
$0.04B
+32.0%
Other
$0.02B
+12.0%
The products that matter
core social networking platform
Grindr App
15M monthly active users
It is the whole engine: nearly 15M monthly active users supported $440M in 2025 revenue. If engagement slips, everything else feels it.
network liquidity
paid memberships and premium features
Subscriptions
$352M · 80% of revenue
This $352M stream grew 28% compared to last year. In plain English: users are not just showing up, enough of them are paying.
core monetization
advertising and ancillary monetization
Advertising & Other
$88M · 20% of revenue
It is the smaller piece at $88M, but it still grew 26%. That gives management a second lever if subscription growth cools.
secondary lever
Key numbers
$440M
2025 revenue
Annual sales are $440M against a roughly $2B market cap. That is a real business, not a hobby.
28.7%
operating margin
Operating margin → profit after day-to-day costs → 28.7%. For every $100 of sales, $28.70 stays before interest and tax.
$266M
debt load
Long-term debt is $266M, or 11% of capital. That is manageable, not adorable.
4.9%
return on capital
Return on capital → profit from money tied up in the business → 4.9%. The business is making money, but not a ton from each dollar invested.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 25 / 100
- long-term debt $266M (11% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for GRND right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $314M, and profit per share rose to $0.33.
Revenue grew 171% vs. prior year, and profit per share grew 106%. You are looking at growth first, not margin detail.
$110M
revenue
$0.33
profit per share
171%
revenue growth
revenue jump
The $314M quarter mattered most because it was 171% above last year.
source: company earnings report, 2026
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What could go wrong
The top risk is privacy and regulatory blowback around a platform built on highly sensitive identity and location data.
med
Privacy enforcement
Grindr is not handling generic browsing data. It handles sensitive LGBTQ+ user data tied to identity, behavior, and location. That makes the regulatory bar higher and the reputational cost of any mistake much larger.
If trust breaks, the pressure lands on the entire 15M-user network and the $352M subscription engine that depends on it.
med
Undisclosed SEC investigation
The page references an undisclosed SEC probe cited in a September 2025 report. We are not adding details that are not here, but even the existence of that language creates governance overhang.
Governance questions can compress valuation fast, especially in a company already sitting near the low end of a $10–$25 range.
med
Buyback overreach
A $900M authorization looks shareholder-friendly until you place it next to $266M in long-term debt and a business that produced $440M in 2025 revenue. Capital return is good. Financial strain is not.
If the repurchase pace gets ahead of operating performance, the balance sheet story gets less comfortable even before the buyback finishes.
med
New-product execution
Initiatives like telehealth and AI features may expand the platform, but the data here does not show proven revenue contribution yet. That means investors are paying for optionality, not results.
If those bets do not convert, the company falls back on the core app alone to justify 20%+ growth targets.
These risks sit on top of a company with $440M in revenue, $266M in long-term debt, and a buyback authorization worth more than two years of current sales.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Subscription growth versus the 80% mix
Subscriptions are $352M of the $440M revenue base. If that line slows, the whole investment case starts looking like an ad-supported app with nicer margins.
calendar
next earnings report
Expected on or around May 14, 2026. You want to see whether management keeps revenue above $528M and adjusted EBITDA above $217M for 2026.
trend
buyback pace versus share-price reality
The authorization runs through March 2029. Watch whether management buys heavily near $11 or talks big and moves slowly.
risk
privacy or governance disclosures
Any update on data handling, enforcement, or the referenced SEC probe matters more here than it would for a generic consumer app.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for GRND is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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