Grindr Inc. (GRND) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 24, 2026
Grindr Inc. (GRND)
A forensic read on Grindr Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.8
Distress distance
Clean
Earnings quality
4
Forensic signals
28.0
P / E (ttm)
201.6%
ROE
$2.7B
Market cap
27.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Grindr Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+112.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +112.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 49% against +28% in revenue and receivables up +37% against revenue +28%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 21% of net operating assets, against an accruals ratio of 112.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+5.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
12% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 12% of revenue and 41% of free cash flow in FY2025 — about $0.28 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.0% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$439.9M
Revenue Growth YoY+27.6%
Revenue CAGR (2yr)+30.1%
Net Margin21.5%
Free Cash Flow$132.9M
Return on Equity201.6%
Debt / Equity8.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Grindr Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
339% of FCF
FY2025
Shareholder returns.Returned $451M to shareholders (buybacks + dividends) in FY2025 — 339% of free cash flow. That is $318M (239%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $105M over FY2025, while cash rose $28M — $105M of the $318M, with the rest met from lines this read does not cover. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $55M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 380%.