Forensic Analysis · Technology / Software · as of Aug 11, 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
8.3
Distress distance
Clean
Earnings quality
4
Forensic signals
31.2
P / E (ttm)
201.6%
ROE
$2.9B
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). 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 8.3, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 49% against +28% in revenue and receivables up +37% against revenue +28%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 21% of net operating assets, diverging from the balance-sheet accrual read.
+7.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +23% over the last 3 years to FY2025 (+7.0%/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 ~7.0% 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 FY2022 has been diluted ~18%.
12% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 12% of revenue and 39% of free cash flow in FY2025 — about $0.28 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 7.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
320% of FCF
FY2025
Shareholder returns.Returned $451M to shareholders (buybacks + dividends) in FY2025 — 320% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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 359%.
Key fundamentals
Latest Revenue$439.9M
Revenue Growth YoY+27.6%
Revenue CAGR (3yr)+31.1%
Net Margin21.5%
Free Cash Flow$140.8M
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?