BMBL
Bumble Inc. Class A Common Stock
stock NASDAQ

Bumble (BMBL) is incredibly cheap. I'm getting $297M in net debt plus a $444M market cap = $741M enterprise value. Last year's EBITDA was $313M, for an egregiously low EV/EBITDA of below 3.0.
The bottom line is stable over the first two quarters of 2026.  H1 2026 was $155.5 million versus $159.0 in H1 2025, and Free cash flow of $124.9 million and $108.6 million respectively.
The reason for the discount is that paying Bumble users is down 17% YoY. But even this has flattened out sequentially, 2.08M Bumble payers ending in March to 2.07M ending in June.
I think the other, more recent reason is that they got rid of the "women message first" rule, which is seen as the apps defining feature and now it is just Tinder, but yellow.
My counter to that is Bumble had been phasing out the women message first rule, so this feature change isn't as drastic as the headlines suggest. There was already the "opening move" question where men could answer. Plus women would just start with "hey".
I think Bumble is still differentiated by the people on the app. It seems to lean more progressive, a little more ethical than Tinder but not as serious as Hinge.
And the company is priced in such a way that if it stabilizes, it will do really well. It doesn't even need to return to growth. It's debt has an expensive interest rate but it is manageable and will be amortized going forward, so interest expenses will gradually come down.
Whitney Wolfe Herd is back as CEO and has a massive stake in the company. There's also the potential for a sale. The $3 LEAPs expiring January 2028 have expensive premium but seem like a good way to play the situation. I have a position in those and the common.
You can check the [reverse DCF here](https://dcfteacher.com/stock/bmbl/reverse-dcf?scenario=404a9febe4884255b2a23c89b1cc18e3).

Bumble (BMBL) is incredibly cheap. I'm getting $297M in net debt plus a $444M market cap = $741M enterprise value. Last year's EBITDA was $313M, for an egregiously low EV/EBITDA of below 3.0.
The bottom line is stable over the first two quarters of 2026.  H1 2026 was $155.5 million versus $159.0 in H1 2025, and Free cash flow of $124.9 million and $108.6 million respectively.
The reason for the discount is that paying Bumble users is down 17% YoY. But even this has flattened out sequentially, 2.08M Bumble payers ending in March to 2.07M ending in June.
I think the other, more recent reason is that they got rid of the "women message first" rule, which is seen as the apps defining feature and now it is just Tinder, but yellow.
My counter to that is Bumble had been phasing out the women message first rule, so this feature change isn't as drastic as the headlines suggest. There was already the "opening move" question where men could answer. Plus women would just start with "hey".
I think Bumble is still differentiated by the people on the app. It seems to lean more progressive, a little more ethical than Tinder but not as serious as Hinge.
And the company is priced in such a way that if it stabilizes, it will do really well. It doesn't even need to return to growth. It's debt has an expensive interest rate but it is manageable and will be amortized going forward, so interest expenses will gradually come down.
Whitney Wolfe Herd is back as CEO and has a massive stake in the company. There's also the potential for a sale. The $3 LEAPs expiring January 2028 have expensive premium but seem like a good way to play the situation. I have a position in those and the common.
You can check the [reverse DCF here](https://dcfteacher.com/stock/bmbl/reverse-dcf?scenario=404a9febe4884255b2a23c89b1cc18e3).