TakeoverPE & activists

GRNDGrindr Inc.

Services-Computer Programming, Data Processing, Etc. · $2.2B market cap · 165 employees

4.8×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

6of 15 firedHow well they predict deals →
9 other checks
  • TSR below peersNo
    0 of 3 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $7M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    149% of net income
    Cash flow under 80% of net income
  • Shareholder dissentNo
    84% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $3M · 96th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    14.5 per 10K words · 96th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    2.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target

Key numbers

Revenue
$440MFY2021: $146MFY2022: $195MFY2023: $260MFY2024: $345MFY2025: $440M
28% YoY
Operating margin
28.7%FY2021: 16.3%FY2022: 6.7%FY2023: 21.4%FY2024: 26.9%FY2025: 28.7%
6.8% YoY
EBITDA
$135MFY2021: $67MFY2022: $51MFY2023: $82MFY2024: $110MFY2025: $135M
23% YoY
Net debt / EBITDA
2.8×
$380M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$146M$195M$260M$345M$440M 28% FY2021: $146MFY2022: $195MFY2023: $260MFY2024: $345MFY2025: $440M
Operating income$24M$13M$55M$93M$126M 36% FY2021: $24MFY2022: $13MFY2023: $55MFY2024: $93MFY2025: $126M
Net income$5M$852K−$56M−$131M$95M 172% FY2021: $5MFY2022: $852KFY2023: −$56MFY2024: −$131MFY2025: $95M
Operating cash flow$34M$51M$36M$95M$142M 49% FY2021: $34MFY2022: $51MFY2023: $36MFY2024: $95MFY2025: $142M
Capex$269K$430K$509K$945K$746K 21% FY2021: $269KFY2022: $430KFY2023: $509KFY2024: $945KFY2025: $746K
Stock-based comp$3M$28M$16M$37M$55M 46% FY2021: $3MFY2022: $28MFY2023: $16MFY2024: $37MFY2025: $55M
Buybacks——$0$0$451MFY2023: $0FY2024: $0FY2025: $451M

13D filers

FiledFilerFormStakeIntent
Aug 11, 2026Zage George Raymond IIISCHEDULE 13D/A—Passive
Jun 22, 2026Zage George Raymond IIISCHEDULE 13D/A—Passive
Apr 30, 2026Zage George Raymond IIISCHEDULE 13D/A97.9%Active
Mar 25, 2026Brest JeremySCHEDULE 13D/A6.3%Passive
Nov 26, 2025Zage George Raymond IIISCHEDULE 13D/A98.4%Active
Nov 26, 2025Lu James Fu BinSCHEDULE 13D/A12.1%Passive
Nov 6, 2025Lu James Fu BinSCHEDULE 13D/A25.6%Passive
Oct 24, 2025Lu James Fu BinSCHEDULE 13D/A12.8%Passive
Oct 24, 2025Zage George Raymond IIISCHEDULE 13D/A63.4%Passive
Oct 14, 2025Lu James Fu BinSCHEDULE 13D/A13.5%Passive

Insider trading

−$84Mnet selling by insiders, open market, last 12 months
Bought $9M · 7 tradesSold $93M · 57 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$56M$33M382244
FY2024$7M$40M384209
FY2023$6M$16M189162