MTCHMatch Group, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $3.5B; 0.2% YoY
Operating margin: 25.0%; 5.7% YoY
EBITDA: $940M; 3.2% YoY
Market cap: $9.5B
Employees: 2,200; $2M revenue each
Net debt / EBITDA: 3.2×; $3.0B net debt
AI in 10-K: 9.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 4 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$24M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
90% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
58% of assets
Over 40% of assets
Shareholder dissentYes
43% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.2 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.0B	$3.2B	$3.4B	$3.5B	$3.5B	0.2%
Operating income	$852M	$515M	$917M	$823M	$873M	6.0%
Operating cash flow	$912M	$526M	$897M	$933M	$1.1B	16%
Capex	$80M	$49M	$67M	$51M	$57M	12%
Stock-based comp	$147M	$204M	$232M	$267M	$258M	3.4%
Buybacks	$0	$482M	$546M	$753M	$789M	4.8%
Dividends	—	—	$0	$0	$186M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 6, 2026	Starboard Value LP	SCHEDULE 13D/A	4.6%	Active
Jul 31, 2020	DILLER BARRY	SC 13D/A	3.6%	Passive
Jul 9, 2020	DILLER BARRY	SC 13D/A	6.0%	Passive

Insider trading

Open-market buys, 12 mo: $556K · 2
Open-market sells, 12 mo: $3M · 5
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	22	264
FY2024	—	—	22	207
FY2023	—	—	24	150
FY2022	$24M	—	27	90
FY2021	—	—	87	137