Margin StabilityGrindr is forecasted to maintain a 40%+ Adj. EBITDA margin in the coming years, albeit with margins unlikely to remain linear as the company focuses on key growth investments.
Market CompetitionThe business model is framed against key debates including the addressable market and potential for achieving significant revenue growth.
Valuation ConcernsIn our 'blue sky' analysis, which contemplates GRND's share price reaching $35+, investors would have to be willing to pay ~37x EV/2026E EBITDA or ~16x EV/2026E revenue, which may appear more reasonable on an EV/2027E EBITDA and EV/2027E revenue basis.