See also: Valuation Model (Sheets)

See also: Match Group Valuation Model

Related tasks: ‣ | ‣

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Company trades at below $4 as of Dec 2025. That’s below $600m market cap and an

EV of around $800 million. That’s very cheap for a dominant, network effect heavy, high margin business like Bumble with around $850m revenue and currently operating cashflows of approx. $200m a year. EV to Sales is around 1. EV to Cashflows is around 4.

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Learning: Instead of having a Notion table we will recreate a similar table in Sheets that synchs well with our other sheets content of bumble and makes sure that everything is always updated without extra work

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Key numbers and valuation (Google Sheets (Edit))

[https://docs.google.com/spreadsheets/d/11RxL0YGcwhBI-mpKCGgd1WvCX1DRzBHvBBrlcsTKca8/edit?pli=1&gid=1748209563#gid=1748209563](https://docs.google.com/spreadsheets/d/11RxL0YGcwhBI-mpKCGgd1WvCX1DRzBHvBBrlcsTKca8/preview?pli=1&gid=1748209563#gid=1748209563)

• Moritz past estimates and format

Observations:

• Revenue is very stable throughout the year. There are no larger seasonal effects.
• Adj. ebitda always significantly higher than operating cashflows because adjusted for restructuring, litigation, forex losses and includes interest, tax.
• In comparison to Match Group Bumble has approx 1/3.5 of the users (4.1M vs. 14.1M), 1/3.5 of the revenue (950M vs. 3,500M) and 1/4 of the cashflow (200M vs. 800M) but it’s EV is 8.75X lower (1.2M vs. 10.5M) it can therefore be argued that it is more than 2X lower valuated as of now. (4. Nov 2025)
• Accrued expenses and other current liabilities in Balance Sheet comprises:
• Other current assets in the Balance Sheet comprises:
• Transactions and other costs comprises:
• Employer costs related to stock-based compensation comprises:

GPT Research (might be added to moved to detailed subpage at one point)

Income Statement - All Items analyzed in Detail