F

Grindr Inc. — Earnings Quality Grade F

GRND · Technology

Major red flags

Revenue
$440M
2025
Net Income
$95M
2025
Gross Margin
74.4%
Free Cash Flow
$133M
01

Screening Summary

12
Passed
2
Watch
3
Failed
-2.65
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 56 days, change +4 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue 27.6%, CFFO 49.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 61.2% is >2x revenue growth 27.6%

B3SG&A Ratio

SG&A/Gross Profit = 43.8%. Normal

B4Gross Margin

Gross margin 74.4%, change -0.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.49. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 1.40

C3Accruals Ratio

Accruals ratio = -8.8%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 22% of debt $0.4B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 754% of equity. Over 50%

D2Leverage

Debt/EBITDA = 2.8x. Healthy

!
D3Soft Asset Growth

Other assets grew 151.7% vs revenue 27.6%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.65 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.65
-4.0 Clean-2.22 Grey-1.78 Danger0
1.073
DSRI
AR growing faster than revenue?
1.002
GMI
Gross margin declining?
0.907
AQI
Asset quality deteriorating?
1.276
SGI
Revenue growth rate
1.3
DEPI
Depreciation slowing?
0.978
SGAI
SG&A ratio changing?
-0.0881
TATA
Accruals level
1.211
LVGI
Leverage increasing?
05

Altman Z-Score

2.23
Grey Zone
0 Distress1.102.605.0+ Safe
0.1528
Liquidity
-0.1828
Cumulative profit
0.2566
Operating efficiency
0.0971
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25