Match Group, Inc. (MTCH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+51.1%

$63.20

vs $41.84 price

Levered DCF

$57.68

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.33

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.76×	15.43×	15.47×	32.41×	130.94×	207.11×	36.99×	12.29×
P/B	-30.91×	-133.75×	-514.92×	-32.58×	-178.48×	-23.88×	5.1×	2.71×
P/S	2.25×	2.45×	2.99×	3.68×	12.19×	14.13×	7.28×	1.81×
EV / EBITDA	10.79×	11.98×	12.47×	26.45×	92.24×	45.94×	21.06×	13.35×
Gross margin	72.8%	71.5%	71.6%	69.9%	71.9%	73.4%	74.3%	78.6%
Operating margin	25.0%	23.7%	27.3%	16.2%	28.5%	31.2%	31.5%	13.3%
Net margin	17.6%	15.8%	19.4%	11.4%	9.3%	6.8%	21.0%	14.7%
Current ratio	1.42×	2.54×	2.39×	1.59×	1.04×	2.04×	3.67×	3.13×
Debt / equity	-15.67×	-60.46×	-196.55×	-10.66×	-19.28×	-2.72×	0.99×	0.79×
Interest coverage	5.91×	5.14×	5.73×	3.54×	6.53×	5.71×	4.59×	5.17×
Dividend yield	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.2%
Payout ratio	30.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	88.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-242.0%	-866.0%	-3333.0%	-100.6%	-136.3%	-11.5%	14.7%	22.1%
Return on invested capital	18.5%	16.5%	19.3%	13.6%	21.3%	27.3%	8.5%	9.4%
Return on assets	13.8%	12.3%	14.5%	8.7%	5.5%	5.3%	5.2%	9.1%
Free cash flow yield	13.1%	10.4%	8.2%	4.1%	2.3%	2.2%	5.4%	11.7%
Earnings yield	7.8%	6.5%	6.5%	3.1%	0.8%	0.5%	2.9%	8.1%
Enterprise value	$10.8B	$11.4B	$13B	$15B	$39.5B	$36.9B	$17.4B	$7.8B
Net debt / EBITDA	2.95×	3.03×	2.85×	5.76×	7.27×	3.86×	2.96×	0.22×
Cash conversion cycle (days)	28	27	27	17	7	4	7	1