Online Dating Valuations — May 2025

Online dating stocks are bleeding. Bumble has lost almost all of its value since its IPO, while Match Group is down 80% since its April 2021 peak.

While mainstream apps like Bumble Inc., Tinder, and Hinge experience user exhaustion and fatigue, niche platforms thrive.

LGBTQ-focused Grindr is performing incredibly well, having added $3.3B in market cap since its IPO and is currently valued at 10.5x NTM revenue. Outside of public markets, user loyalty is clear across niche platforms like Feeld and Pure App (hook-ups, sex-positivity) or Raya and The League (exclusive, invite-only).

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Since November 2022, online dating stocks have diverged dramatically. Grindr has been the standout performer, surging 273% in market cap, while Match Group has declined 48% and Bumble has collapsed 86%. The sector as a whole has been under severe pressure, with Grindr standing as the sole exception to a broad sell-off across the category.

The valuation multiple story mirrors the stock performance. Grindr's EV/NTM revenue multiple has expanded 58% since November 2022, while Match Group's has contracted 44% and Bumble's has cratered 74%. Investors have increasingly rewarded Grindr's growth profile while aggressively de-rating the two mainstream dating platforms.

In absolute terms, Grindr now trades at 10.5x NTM revenue — up from 6.6x at the start of the period — reflecting a premium typically reserved for high-growth SaaS companies. Match Group has compressed from 5.1x to 3.1x, and Bumble has fallen from 3.3x to just 0.9x, a level that signals deep market skepticism about the company's ability to sustain or grow its revenue base.

Since their respective IPOs, the three companies have followed entirely different trajectories. Bumble has lost a staggering 94% of its market cap, falling from $7.8B at IPO to just $0.5B today. Match Group has grown 159%, from $2.9B to $7.5B. Grindr has been the biggest winner, up 271% from a $1.2B IPO valuation to $4.6B — making it the clear value creator in the public online dating space.

The analysis is built on Multiples data, powered by FactSet consensus analyst estimates from 50+ equity research analysts and Morningstar historical data. All financials are calendarized to December year-ends and harmonized to USD for comparability.