Grindr

GRND

Software - Application · Technology

Price

$15.26

-0.50 (-3.17%)

Market Cap

$2.71B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+26.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 152.9M (2021) → 192.6M (2025)

Grindr is a social networking and dating app built specifically for gay, bisexual, transgender, and queer people. It is one of the largest and most recognized apps in this space, with millions of users around the world connecting through location-based messaging and profile features. The company owns and operates the Grindr app as its sole core product.

Grindr makes money primarily through subscriptions, where users pay a monthly or annual fee to unlock premium features, as well as through in-app advertising for free-tier users. The app operates globally but generates most of its revenue in North America and Europe, and its strong brand recognition within the LGBTQ+ community gives it a loyal, hard-to-replace user base. The main growth driver is expanding its paying subscriber count and increasing average revenue per user, while the key risk is competition from larger platforms like Tinder and Bumble, which have added features targeting LGBTQ+ users.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+38.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+7.1% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$49M/ year

↑ Rising (+34% vs prior year)

11.1% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

80.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$24M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Grindr grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

74.9%

Premium pricing power — 74.9% gross margin

Operating Margin

33.1%

Excellent — 33.1% operating margin

ROCE

206.4%

Exceptional — 206.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+31.0%

Fast-growing sales (31.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

159%

Turns 159% of profit into real cash

FCF Margin

30.5%

Converts sales into free cash efficiently (30.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

23.84

Heavy debt load (23.84)

Interest Cover

20.09x

Comfortably covers interest (20.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

30.2x

Pricey — P/E 30.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+13.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.2 → 16.5)

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Dividends

Not applicable for this business.

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