BMBLBumble Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $966M; 9.9% YoY
Operating margin: -83.4%; 28% YoY
EBITDA: −$780M; 24% YoY
Market cap: $718M
Employees: 580; $2M revenue each
Net debt / EBITDA: —; $321M net debt
AI in 10-K: 9.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
11% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
49% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.3 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$718M market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$377M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$761M	$904M	$1.1B	$1.1B	$966M	9.9%
Operating income	−$135M	−$103M	$53M	−$700M	−$806M	15%
Net income	$310M	−$80M	−$4M	−$557M	−$693M	24%
Operating cash flow	$105M	$133M	$182M	$123M	$250M	103%
Stock-based comp	$124M	$111M	$104M	$26M	$31M	19%
Buybacks	$1.0B	$0	$113M	$192M	$29M	85%
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 14, 2026	Herd Whitney Wolfe	SCHEDULE 13D/A	14.7%	Passive
Oct 14, 2026	Blackstone Holdings III L.P.	SCHEDULE 13D/A	12.0%	Passive
Sep 30, 2026	Blackstone Holdings III L.P.	SCHEDULE 13D/A	14.1%	Passive
Jun 18, 2026	Blackstone Holdings III L.P.	SCHEDULE 13D/A	17.2%	Passive
Mar 19, 2026	Blackstone Holdings III L.P.	SCHEDULE 13D/A	23.0%	Passive
Dec 1, 2025	Blackstone Holdings III L.P.	SCHEDULE 13D/A	28.9%	Passive
Nov 5, 2025	Herd Whitney Wolfe	SCHEDULE 13D/A	14.6%	Passive
Nov 5, 2025	Blackstone Holdings III L.P.	SCHEDULE 13D/A	12.8%	Passive
Aug 15, 2025	Blackstone Holdings III L.P.	SCHEDULE 13D/A	0.8%	Passive
Aug 15, 2025	Herd Whitney Wolfe	SCHEDULE 13D/A	16.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $377M · 143
Net: −$377M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	5	106
FY2024	—	—	12	91
FY2023	—	—	21	70
FY2022	—	—	30	49
FY2021	—	—	48	94