GRNDGrindr Inc.
Services-Computer Programming, Data Processing, Etc.
- Revenue
- $440M
- 28% YoY
- Operating margin
- 28.7%
- 6.8% YoY
- EBITDA
- $135M
- 23% YoY
- Market cap
- $2.2B
- Employees
- 165
- $3M revenue each
- Net debt / EBITDA
- 2.8×
- $380M net debt
- AI in 10-K
- 14.5
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 3 of 7
- TSR below peersNo0 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo149% of net incomeCash flow under 80% of net income
- Dilutive SBCYes12% of revenueOver 10% of revenue
- Payouts exceed cash flowYes318% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes60% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 96th pctBottom quartile of its SIC industry
- Quiet on AINo14.5 per 10K words · 96th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes3 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$84M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $146M | $195M | $260M | $345M | $440M | 28% |
| Operating income | $24M | $13M | $55M | $93M | $126M | 36% |
| Net income | $5M | $852K | −$56M | −$131M | $95M | 172% |
| Operating cash flow | $34M | $51M | $36M | $95M | $142M | 49% |
| Capex | $269K | $430K | $509K | $945K | $746K | 21% |
| Stock-based comp | $3M | $28M | $16M | $37M | $55M | 46% |
| Buybacks | — | — | $0 | $0 | $451M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 11, 2026 | Zage George Raymond III | SCHEDULE 13D/A | — | Passive |
| Jun 22, 2026 | Zage George Raymond III | SCHEDULE 13D/A | — | Passive |
| Apr 30, 2026 | Zage George Raymond III | SCHEDULE 13D/A | 97.9% | Active |
| Mar 25, 2026 | Brest Jeremy | SCHEDULE 13D/A | 6.3% | Passive |
| Nov 26, 2025 | Zage George Raymond III | SCHEDULE 13D/A | 98.4% | Active |
| Nov 26, 2025 | Lu James Fu Bin | SCHEDULE 13D/A | 12.1% | Passive |
| Nov 6, 2025 | Lu James Fu Bin | SCHEDULE 13D/A | 25.6% | Passive |
| Oct 24, 2025 | Lu James Fu Bin | SCHEDULE 13D/A | 12.8% | Passive |
| Oct 24, 2025 | Zage George Raymond III | SCHEDULE 13D/A | 63.4% | Passive |
| Oct 14, 2025 | Lu James Fu Bin | SCHEDULE 13D/A | 13.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $9M · 7
- Open-market sells, 12 mo
- $93M · 58
- Net
- −$84M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $56M | $33M | 382 | 244 |
| FY2024 | $7M | $40M | 384 | 209 |
| FY2023 | $6M | $16M | 189 | 162 |