Grindr Inc. (GRND): A Bull Case Theory 

We came across a bullish thesis on Grindr Inc. on Valueinvestorsclub.com by dynamicmoats. In this article, we will summarize the bulls’ thesis on GRND. Grindr Inc.’s share was trading at $12.34 as of October 9th. GRND’s trailing P/E was 134.66 according to Yahoo Finance.

Grindr (GRND) presents a compelling low-risk opportunity to double over the next two years, driven by strong advertising growth, early-stage subscription monetization, and product execution. In Q2, ad revenue grew 39% YoY despite tough comparables, now representing high teens of total revenue, outpacing direct revenue.

The company has expanded third-party advertising partnerships and adtech capabilities, enabling formats like native ads and rewarded video. Channel checks show a broader advertiser base, higher ad loads, and strong CPMs, signaling healthy market reception. With ARPU at ~$4, well below peers, there is clear upside, and ad growth is gross margin accretive due to zero third-party app store fees.

On the subscription side, GRND has steadily converted free users to paying subscribers, rising from 5.6% of MAUs in 2021 to 8% recently, with additional potential for a 10–20% lift as new features roll out. Product execution has been strong, with five out of eight features delivered 3–6 months early and five more slated for Q3 2025, including the “Right Now” feature that drives engagement and in-person meetups. Management plans to monetize this via subscription bundles or a la carte purchases, further boosting revenue potential.

Competitive concerns, such as Sniffies, are limited given app store restrictions and differentiated use cases. CEO Arison is well-incentivized to remain through late 2027, aligning management with shareholder outcomes, including multi-tiered equity awards linked to market cap and KPIs. GRND trades at 17x 2026 FCF, with a projected multi-year FCF growth above 20%, offering a favorable risk/reward profile. Given these catalysts, including continued ad and subscription monetization, product innovation, and strong management alignment, GRND is well-positioned for significant upside by 2027.

Previously we covered a bullish thesis on Grindr Inc. (GRND) by Welfare Capital in April 2025, which highlighted the company’s strong growth potential, dominant market position, high gross margins, and cash flow generation. The stock has depreciated ~35% since then due to different entry points. The thesis still stands as GRND continues monetization growth, while Dynamicmoats emphasizes recent ad acceleration, product execution, and management alignment as key catalysts.

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Disclosure: None.