Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and by the principles of Warren Buffett and Charlie Munger. Primary sources: Match Group's Form 10-Q for the quarter ended June 30, 2026 (filed August 5, 2026), recent earnings communications, and current market data. We spent a good deal of time with Match Group's latest 10-Q, and we'll give you the conclusion up front, the way we like it given to us: this is an average business wearing the clothes of a wonderful one. It has the income statement of a franchise — 29% operating margins, 12% free cash flow yield, almost no capital requirements — and the customer trends of a business in slow retreat. Total paying users have declined for over three years running, down 6% this past quarter to 13.3 million. Revenue fell 1% year-over-year in Q2 2026 to $853 million.
Recent filings analysed: 10-Q (2026-08-05), 8-K (2026-08-04), 8-K (2026-06-18), 10-Q (2026-05-06).
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