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Peloton Interactive (PTON)

Market Price (5/23/2026): $5.65 | Market Cap: $2.4 Bil
Sector: Consumer Discretionary | Industry: Leisure Facilities

Peloton Interactive (PTON)

Market Price (5/23/2026): $5.65
Market Cap: $2.4 Bil
Sector: Consumer Discretionary
Industry: Leisure Facilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%

Attractive yield
FCF Yield is 16%

Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Streaming Fitness Content, Show more.

Weak multi-year price returns
3Y Excs Rtn is -100%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 106x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.8%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%

Short seller report

Key risks
PTON key risks include [1] significant financial distress from a heavy debt load and negative equity amid declining revenue, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
1 Attractive yield
FCF Yield is 16%
2 Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and E-commerce & Digital Retail. Themes include Streaming Fitness Content, Show more.
3 Weak multi-year price returns
3Y Excs Rtn is -100%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
5 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 106x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.8%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%
8 Short seller report
9 Key risks
PTON key risks include [1] significant financial distress from a heavy debt load and negative equity amid declining revenue, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Peloton Interactive (PTON) stock has remained largely at the same level since 1/31/2026 because of the following key factors:

1. Improved Financial Performance and Outlook Demonstrated Profitability. Peloton demonstrated a significant improvement in its financial health, swinging to a GAAP net income of $26 million in Q3 FY2026, a notable turnaround from a net loss in the prior year. Adjusted EBITDA surged by 41% year-over-year to $126 million in Q3, and free cash flow increased by 59% year-over-year to $151 million. The company also managed to reduce its net debt by 70% year-over-year to $173 million. Management further bolstered investor confidence by raising the full-year FY2026 revenue outlook to a range of $2.42 billion to $2.44 billion and increasing its free cash flow outlook to approximately $350 million.

2. Strategic Diversification into Commercial and Content Partnerships. Peloton actively pursued a diversification strategy beyond its traditional at-home fitness model. On March 16, 2026, the company launched its Commercial Series, introducing fitness equipment specifically designed for high-traffic gym environments, signaling an expansion into the business-to-business (B2B) market. This strategic pivot contributed to the Commercial Business Unit's revenue growth of 10% in Q2 and 14% year-over-year in Q3. Additionally, a significant partnership with Spotify, announced on April 27, 2026, aimed to integrate Peloton's content into Spotify's new fitness category globally, broadening its audience reach and diversifying revenue streams.

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Stock Movement Drivers

Fundamental Drivers

The 2.1% change in PTON stock from 1/31/2026 to 5/22/2026 was primarily driven by a 6.5% change in the company's P/S Multiple.
(LTM values as of)13120265222026Change
Stock Price ($)5.595.712.1%
Change Contribution By: 
Total Revenues ($ Mil)2,4562,445-0.4%
P/S Multiple0.91.06.5%
Shares Outstanding (Mil)413429-3.7%
Cumulative Contribution2.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/22/2026
ReturnCorrelation
PTON2.1% 
Market (SPY)8.1%26.3%
Sector (XLY)-1.4%22.8%

Fundamental Drivers

The -21.3% change in PTON stock from 10/31/2025 to 5/22/2026 was primarily driven by a -14.6% change in the company's P/S Multiple.
(LTM values as of)103120255222026Change
Stock Price ($)7.265.71-21.3%
Change Contribution By: 
Total Revenues ($ Mil)2,4912,445-1.8%
P/S Multiple1.21.0-14.6%
Shares Outstanding (Mil)402429-6.2%
Cumulative Contribution-21.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/22/2026
ReturnCorrelation
PTON-21.3% 
Market (SPY)9.9%31.5%
Sector (XLY)-0.3%27.9%

Fundamental Drivers

The -17.1% change in PTON stock from 4/30/2025 to 5/22/2026 was primarily driven by a -10.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020255222026Change
Stock Price ($)6.895.71-17.1%
Change Contribution By: 
Total Revenues ($ Mil)2,6212,445-6.7%
P/S Multiple1.01.0-1.2%
Shares Outstanding (Mil)386429-10.1%
Cumulative Contribution-17.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/22/2026
ReturnCorrelation
PTON-17.1% 
Market (SPY)36.0%32.6%
Sector (XLY)21.8%32.4%

Fundamental Drivers

The -35.7% change in PTON stock from 4/30/2023 to 5/22/2026 was primarily driven by a -20.3% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020235222026Change
Stock Price ($)8.885.71-35.7%
Change Contribution By: 
Total Revenues ($ Mil)3,0522,445-19.9%
P/S Multiple1.01.00.7%
Shares Outstanding (Mil)342429-20.3%
Cumulative Contribution-35.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/22/2026
ReturnCorrelation
PTON-35.7% 
Market (SPY)86.3%36.8%
Sector (XLY)65.2%37.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PTON Return-76%-78%-23%43%-29%-16%-97%
Peers Return22%-16%16%25%-11%-16%10%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
PTON Win Rate25%42%42%50%42%40% 
Peers Win Rate52%40%57%53%48%28% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
PTON Max Drawdown-79%-82%-75%-57%-51%-47% 
Peers Max Drawdown-24%-45%-39%-32%-41%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LULU, GRMN, PLNT, LTH, XPOF. See PTON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)

How Low Can It Go

EventPTONS&P 500
2024 Yen Carry Trade Unwind
  % Loss-19.1%-7.8%
  % Gain to Breakeven23.6%8.5%
  Time to Breakeven8 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.4%-9.5%
  % Gain to Breakeven97.7%10.5%
  Time to Breakeven370 days24 days
2020 COVID-19 Crash
  % Loss-28.0%-33.7%
  % Gain to Breakeven38.9%50.9%
  Time to Breakeven18 days140 days

Compare to LULU, GRMN, PLNT, LTH, XPOF

In The Past

Peloton Interactive's stock fell -19.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 23.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPTONS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.4%-9.5%
  % Gain to Breakeven97.7%10.5%
  Time to Breakeven370 days24 days
2020 COVID-19 Crash
  % Loss-28.0%-33.7%
  % Gain to Breakeven38.9%50.9%
  Time to Breakeven18 days140 days

Compare to LULU, GRMN, PLNT, LTH, XPOF

In The Past

Peloton Interactive's stock fell -19.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 23.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Peloton Interactive (PTON)

Peloton Interactive, Inc. provides interactive fitness products in North America and internationally. It offers connected fitness products with touchscreen that streams live and on-demand classes under the Peloton Bike, Peloton Bike+, Peloton Tread, and Peloton Tread+ names. The company also provides connected fitness subscriptions for various household users, and access to various live and on-demand classes, as well as Peloton Digital app for connected fitness subscribers to provide access to its classes. As of June 30, 2021, it had approximately 5.9 million members. The company markets and sells its interactive fitness products directly through its retail showrooms and at onepeloton.com. Peloton Interactive, Inc. was founded in 2012 and is headquartered in New York, New York.

AI Analysis | Feedback

1. The Apple of home fitness

2. Netflix for exercise classes

AI Analysis | Feedback

  • Peloton Bike/Bike+: Interactive fitness bikes equipped with a touchscreen for streaming live and on-demand classes.
  • Peloton Tread/Tread+: Interactive fitness treadmills equipped with a touchscreen for streaming live and on-demand classes.
  • Connected Fitness Subscriptions: Membership plans providing access to live and on-demand classes for various household users on Peloton fitness equipment.
  • Peloton Digital App: A standalone application providing access to Peloton's classes for subscribers, accessible on various devices.

AI Analysis | Feedback

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Peloton Interactive (PTON) primarily sells its connected fitness products and subscriptions directly to **individual consumers** and households, rather than to other companies. Its business model is direct-to-consumer (D2C).

Based on its product offerings and marketing, Peloton serves the following categories of individual customers:

  1. Home Fitness Enthusiasts: Individuals and households who are dedicated to fitness and prefer the convenience, variety, and structure of high-quality, interactive workouts in their own homes. They value the premium equipment, diverse class offerings (live and on-demand), and the immersive experience.
  2. Health and Wellness-Conscious Consumers: Individuals who prioritize their physical well-being and are willing to invest in a comprehensive, engaging fitness solution that helps them maintain an active lifestyle and achieve their health goals.
  3. Busy Professionals and Parents: People with demanding schedules who find it challenging to attend traditional gyms or fitness studios. They benefit from the flexibility and accessibility of working out at home at any time, fitting exercise seamlessly into their busy lives.
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AI Analysis | Feedback

  • Rexon Industrial Corp. (TPE: 1515)

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Peloton Interactive's management team includes:

Peter Stern

Chief Executive Officer and President Peter Stern was appointed CEO of Peloton in January 2025. He previously held roles in finance and technology companies. His total yearly compensation is approximately $18.24 million, comprised of salary and bonuses including company stock and options.

Elizabeth Coddington

Chief Financial Officer Elizabeth Coddington serves as Peloton's Chief Financial Officer. It was announced on February 5, 2026, that she will step down from her position effective March 27, 2026, to pursue an external opportunity. Her departure is not related to any disagreements over financial disclosures or accounting matters, and Peloton has initiated a search for her successor.

Tammy Albarrán

Chief Legal Officer Tammy Albarrán has been the Chief Legal Officer of Peloton since October 2022. In this role, she oversees the global legal, compliance, security, and policy teams. Before joining Peloton, Albarrán was the Chief Deputy General Counsel and Deputy Corporate Secretary at Uber Technologies, Inc., where she oversaw global legal teams and was instrumental in the company's cultural transformation. Prior to Uber, she was a securities litigation and investigations Partner at Covington & Burling LLP, where she co-authored a high-profile report with former U.S. Attorney General Eric Holder that led to significant changes at Uber.

Charles Kirol

Chief Operating Officer Charles Kirol was appointed Chief Operating Officer of Peloton on April 9, 2025. He has over 25 years of experience in business transformations, focusing on supply chain, cost management, information technology, and operational excellence. Before Peloton, Kirol served as Executive Vice President, Chief Global Operations and Technology Officer at iRobot Corporation. He also held positions as Senior Vice President of Global Operations for Sensata Technologies and executive roles in global operations, sourcing, and supply chain management at Stanley Black & Decker and GE Capital. Kirol is also a long-standing naval officer, currently holding the rank of Rear Admiral in the US Navy Reserves.

Nick Caldwell

Chief Product Officer Nick Caldwell serves as Peloton's Chief Product Officer.

AI Analysis | Feedback

The key risks to Peloton Interactive (PTON) are:

  1. Declining Revenue and Subscriber Base Amidst Intense Competition: Peloton faces significant challenges from a contracting connected fitness market post-pandemic, leading to declining total revenue and a shrinking subscriber base for both its connected fitness products and digital app. The company is experiencing a steady bleed of members due to pricing-related churn and struggles to sell new equipment, which is crucial for driving connected fitness subscription revenue. This decline is exacerbated by fierce competition from traditional gyms and other connected fitness companies, as well as evolving consumer preferences.
  2. Financial Health and High Debt Levels: Peloton exhibits significant financial stress, characterized by negative total equity and substantial debt levels. As of June 30, 2025, the balance sheet showed a negative total equity of $413.8 million, and total debt stood at approximately $1.499 billion. The company's Debt-to-Equity ratio is negative, indicating that liabilities exceed assets, placing it in a different risk category than its peers. High interest expenses, estimated at nearly $139 million annually, represent a considerable burden, and the company's ability to consistently generate sufficient free cash flow to cover these expenses is a major concern.
  3. Operational and Execution Challenges: Peloton's strategic pivot to a subscription-first model carries significant execution risk. The company has historically struggled to accurately forecast consumer demand, leading to inventory write-downs and lower gross margins. Furthermore, Peloton has faced substantial customer service issues in 2025, with reports of long wait times, unhelpful responses, and poor support experiences, which have seriously damaged its brand reputation and contributed to subscriber churn. Product recalls, such as a $13.5 million charge related to a bike seat issue in Q1 2026, can also erode brand trust and profitability.

AI Analysis | Feedback

The emergence of Apple Fitness+ as a comprehensive, subscription-based fitness platform directly threatens Peloton's core content offering and subscription revenue. Leveraging Apple's vast ecosystem of devices (Apple Watch, iPhone, iPad, Apple TV), Fitness+ provides studio-style workouts without requiring proprietary, high-cost fitness equipment, and can be integrated with existing third-party gym equipment. This offers a compelling, often more affordable and hardware-agnostic, alternative to Peloton's hardware-centric, premium subscription model, potentially drawing away existing or prospective Peloton subscribers.

AI Analysis | Feedback

Peloton Interactive (PTON) operates within several significant addressable markets related to interactive and connected fitness products and services. The global virtual fitness market, which includes Peloton's live and on-demand classes, was valued at approximately USD 34.25 billion in 2025 and is projected to reach USD 311.91 billion by 2034. North America accounted for 33% of this global market. Another estimate for the global online fitness market placed its valuation at USD 28.89 billion in 2024, with a projection to reach USD 263.41 billion by 2033. For the broader interactive fitness market, which encompasses both connected equipment and software systems, the global market size was valued at USD 5.69 billion in 2024 and is projected to grow to USD 11.85 billion by 2033. Another report estimates the global interactive fitness market size at USD 5.73 billion in 2024, expected to increase to approximately USD 13.09 billion by 2034. North America held the largest share of the interactive fitness market in 2024. Regarding the fitness equipment market, which includes Peloton's Bike and Tread products, the global market size was USD 17.55 billion in 2024. This market is projected to reach around USD 32.15 billion by 2035, growing from USD 18.91 billion in 2025. North America is a dominant region, contributing more than 39% of the revenue share in 2025, with a market size of USD 7.02 billion in 2024. The home consumers segment notably led the fitness equipment market in 2022, accounting for over 51% of the global revenue. More specifically, the global home fitness equipment market was valued at USD 12.88 billion in 2025 and is projected to grow to USD 22.99 billion by 2034. North America dominated this market with a share of 37.46% in 2025. The U.S. home fitness equipment market alone is anticipated to reach USD 4.07 billion in 2025. The global connected gym equipment market, directly relevant to Peloton's offerings, was valued at USD 1.22 billion in 2024 and is expected to reach USD 9.98 billion by 2033. Another estimate indicates the global connected gym equipment market size was USD 2.75 billion in 2024 and is projected to reach USD 14.03 billion by 2033. North America held a significant share of this market, accounting for over 39.8% in 2024 and 51.03% in 2024. The United States connected gym equipment market, valued at USD 315.67 million in 2024, is expected to expand to USD 3.88 billion by 2033. The broader global smart fitness market, which includes connected cardio equipment and subscription services, was calculated at USD 64.65 billion in 2024 and is predicted to increase to approximately USD 186.06 billion by 2034. North America dominated this market with the largest share of 40% in 2024.

AI Analysis | Feedback

Peloton Interactive (PTON) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, despite a challenging market environment and recent revenue declines. These anticipated growth drivers include:

  1. Expansion into the Commercial Fitness Market: Peloton is strategically expanding its presence in the commercial fitness sector, leveraging both the Peloton and Precor brands. This move is expected to capture more market share, as evidenced by the commercial business unit's strong performance with 10% year-over-year revenue growth in Q2 FY2026 across both U.S. and international markets.
  2. New Product Innovation and AI Integration: The company is emphasizing new product launches and the integration of advanced technology, including AI software, into its offerings. Q2 FY2026 marked a significant period of innovation, with plans to launch new hardware, expand wellness solutions, and introduce AI-powered coaching platforms. These innovations aim to attract a broader demographic, enhance member engagement, and encourage a shift towards premium hardware.
  3. Growth in Subscription Revenue through Enhanced Offerings and Strategic Pricing: While facing fluctuations in subscriber numbers, Peloton is focused on increasing the value and monetization of its subscription services. Recent subscription price increases have been implemented, and the company continues to add benefits like Peloton IQ, Club Peloton, and Breathwrk to its membership. The pivot towards a "subscription-first" model, which boasts high-margin recurring revenue, is a critical component of the company's long-term strategy. Improvements in subscription gross margins are also noted, contributing to overall profitability.

AI Analysis | Feedback

Share Repurchases

  • In May 2024, Peloton planned to repurchase approximately $800 million of its 0.00% convertible senior notes due 2026 as part of a global refinancing initiative.

Share Issuance

  • Peloton closed an offering of $1.0 billion of 0% convertible senior notes due 2026 in February 2021.
  • In May 2024, Peloton sold $275 million in convertible senior notes as part of a refinancing initiative.
  • The number of Class A common shares outstanding increased from 390,579,270 as of June 30, 2025, to 409,087,814 as of December 31, 2025.

Inbound Investments

  • Peloton's largest funding round was a Post IPO round for $1 billion in February 2021, corresponding to the issuance of convertible senior notes.
  • Reports from late 2025/early 2026 indicated that several private equity firms were considering a buyout of Peloton, and the company had held talks with at least one firm.

Outbound Investments

  • Peloton acquired Latitude 32 Engineering, a contract manufacturer of electronics products, in May 2021.
  • Peloton acquired Precor, a U.S.-based fitness equipment provider, for $420 million in late December 2020, to enhance market share and gain domestic manufacturing capabilities.
  • Peloton has made one investment in companies, including Weav Music, and has acquired a total of nine companies, including Aiqudo, and built on its acquisition of Breathwrk.

Capital Expenditures

  • Peloton's capital expenditures averaged $159 million for fiscal years ending June 2021 to 2025.
  • Capital expenditures peaked at $353.3 million in June 2022 and reached a five-year low of $9.3 million in June 2025.
  • In May 2021, Peloton announced a $400 million investment for a new manufacturing, office, and amenities facility in Troy Township, Ohio, aimed at expanding domestic production and equipment services.

Better Bets vs. Peloton Interactive (PTON)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Peloton Stock (-26%): Subscriber Exodus & Weak Guidance Trigger Capitulation02/06/2026
2Is Peloton Interactive Stock Built to Withstand More Downside?02/06/2026
3Peloton Interactive Earnings Notes12/28/2026
4How Does Peloton Interactive Stock Stack Up Against Its Peers?08/13/2025
5PTON Dip Buy Analysis07/10/2025
6Peloton Interactive vs. Planet Fitness: With Return Forecast Of 37%, Planet Fitness Is A Better Bet05/26/2025
7Peloton Interactive vs. Lululemon Athletica: With Return Forecast Of 64%, Lululemon Athletica Is A Better Bet05/26/2025
8Peloton Interactive (PTON) Stock: 41% of days in last 3 months had 1% or greater fluctuation05/14/2025
9Peloton Interactive vs. Verisk Analytics: With Return Forecast Of 13%, Verisk Analytics Is A Better Bet05/12/2025
10ARTICLES 
11Stocks Trading At 52-Week Low03/09/2026
12Peloton Stock (-26%): Subscriber Exodus & Weak Guidance Trigger Capitulation02/06/2026
13With Peloton Interactive Stock Sliding, Have You Assessed The Risk?02/06/2026
14What’s Behind Peloton Stock’s 30% Freefall?01/22/2026
15Peloton Stock Has More Upside Despite Struggling Equipment Business02/03/2023
Title
0DASHBOARDS
1Peloton Stock (-26%): Subscriber Exodus & Weak Guidance Trigger Capitulation
2Is Peloton Interactive Stock Built to Withstand More Downside?
3Peloton Interactive Earnings Notes
4How Does Peloton Interactive Stock Stack Up Against Its Peers?
5PTON Dip Buy Analysis
6Peloton Interactive vs. Planet Fitness: With Return Forecast Of 37%, Planet Fitness Is A Better Bet
7Peloton Interactive vs. Lululemon Athletica: With Return Forecast Of 64%, Lululemon Athletica Is A Better Bet
8Peloton Interactive (PTON) Stock: 41% of days in last 3 months had 1% or greater fluctuation
9Peloton Interactive vs. Verisk Analytics: With Return Forecast Of 13%, Verisk Analytics Is A Better Bet
10ARTICLES
11Stocks Trading At 52-Week Low
12Peloton Stock (-26%): Subscriber Exodus & Weak Guidance Trigger Capitulation
13With Peloton Interactive Stock Sliding, Have You Assessed The Risk?
14What’s Behind Peloton Stock’s 30% Freefall?
15Peloton Stock Has More Upside Despite Struggling Equipment Business

Trade Ideas

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WEN_4242026_Short_Squeeze04242026WENWendy'sSpecialShort Squeeze PotentialShort Squeeze Potential
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Buying dips for companies with high FCF yield and meaningfully high operating margin		3.1%3.1%-1.2%
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Companies with multiple insider buys in the last 45 days		-68.3%-74.1%-84.2%
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Peer Comparisons

Peers to compare with:

Financials

PTONLULUGRMNPLNTLTHXPOFMedian
NamePeloton .Lululemo.Garmin Planet F.Life TimeXponenti. 
Mkt Price5.71127.18240.7152.0532.075.7142.06
Mkt Cap2.414.946.44.17.10.25.6
Rev LTM2,44511,1037,4641,3853,0782992,762
Op Inc LTM1922,2111,97541450853461
FCF LTM4019221,452267-124-4334
FCF 3Y Avg1511,3831,341228-577190
CFO LTM4141,6021,7494328851659
CFO 3Y Avg1692,0571,56638167813529

Growth & Margins

PTONLULUGRMNPLNTLTHXPOFMedian
NamePeloton .Lululemo.Garmin Planet F.Life TimeXponenti. 
Rev Chg LTM-3.3%4.9%15.7%14.4%12.7%-5.9%8.8%
Rev Chg 3Y Avg-4.8%11.2%15.6%12.5%16.6%5.1%11.8%
Rev Chg Q1.1%0.8%14.2%21.9%11.7%-21.0%6.4%
QoQ Delta Rev Chg LTM0.3%0.3%3.0%4.6%2.8%-5.1%1.5%
Op Inc Chg LTM620.3%-11.8%21.3%22.7%29.3%535.0%26.0%
Op Inc Chg 3Y Avg259.7%9.9%25.8%21.1%40.7%156.4%33.3%
Op Mgn LTM7.9%19.9%26.5%29.9%16.5%17.6%18.7%
Op Mgn 3Y Avg-4.3%22.2%24.5%28.0%13.6%10.5%17.9%
QoQ Delta Op Mgn LTM2.4%-2.1%0.6%0.1%0.5%3.1%0.5%
CFO/Rev LTM16.9%14.4%23.4%31.2%28.8%0.3%20.2%
CFO/Rev 3Y Avg7.0%19.9%24.5%30.9%24.7%4.1%22.2%
FCF/Rev LTM16.4%8.3%19.4%19.3%-4.0%-1.4%12.4%
FCF/Rev 3Y Avg6.3%13.5%21.0%18.5%-2.4%2.1%9.9%

Valuation

PTONLULUGRMNPLNTLTHXPOFMedian
NamePeloton .Lululemo.Garmin Planet F.Life TimeXponenti. 
Mkt Cap2.414.946.44.17.10.25.6
P/S1.01.36.23.02.30.71.8
P/Op Inc12.86.723.510.014.04.111.4
P/EBIT16.26.723.59.514.0163.215.1
P/E106.09.426.718.118.5-6.418.3
P/CFO5.99.326.59.68.0262.79.4
Total Yield0.9%10.6%5.2%5.5%5.4%-15.6%5.3%
Dividend Yield0.0%0.0%1.5%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg6.5%3.2%3.6%3.6%-2.1%1.4%3.4%
D/E0.70.10.00.70.62.50.6
Net D/E0.2-0.0-0.10.60.62.40.4

Returns

PTONLULUGRMNPLNTLTHXPOFMedian
NamePeloton .Lululemo.Garmin Planet F.Life TimeXponenti. 
1M Rtn13.7%-22.2%-9.7%-26.9%15.3%-17.0%-13.4%
3M Rtn29.5%-32.1%-2.9%-42.6%10.8%-31.1%-17.0%
6M Rtn-11.5%-24.4%26.2%-52.6%24.3%-3.2%-7.3%
12M Rtn-20.8%-60.3%21.4%-50.3%11.4%-32.0%-26.4%
3Y Rtn-21.2%-64.1%144.8%-21.7%63.0%-78.5%-21.5%
1M Excs Rtn10.2%-15.4%-12.8%-29.8%12.9%-20.5%-14.1%
3M Excs Rtn29.0%-37.9%-11.5%-51.9%3.6%-39.6%-24.7%
6M Excs Rtn-29.5%-35.9%15.5%-62.5%16.6%-13.4%-21.5%
12M Excs Rtn-39.5%-87.8%-6.0%-77.9%-15.5%-58.9%-49.2%
3Y Excs Rtn-99.7%-145.5%67.7%-105.2%-17.0%-159.3%-102.5%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Subscription1,7091,6701,395872364
Connected Fitness Products9921,1302,1883,1501,462
Total2,7002,8003,5824,0221,826


Price Behavior

Price Behavior
Market Price$5.71 
Market Cap ($ Bil)2.4 
First Trading Date09/26/2019 
Distance from 52W High-36.6% 
   50 Days200 Days
DMA Price$4.83$6.21
DMA Trenddownup
Distance from DMA18.2%-8.0%
 3M1YR
Volatility59.8%67.4%
Downside Capture66.59228.35
Upside Capture141.89132.17
Correlation (SPY)17.7%32.6%
PTON Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta0.710.861.691.801.911.98
Up Beta-0.57-0.210.490.501.131.54
Down Beta3.90-0.861.402.463.071.89
Up Capture279%270%226%181%176%1427%
Bmk +ve Days15223166141428
Stock +ve Days16253254110349
Down Capture443%110%230%204%172%113%
Bmk -ve Days4183056108321
Stock -ve Days6173167135390

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PTON
PTON-9.2%68.3%0.14-
Sector ETF (XLY)13.6%18.2%0.5632.2%
Equity (SPY)29.5%12.0%1.8632.5%
Gold (GLD)35.5%26.8%1.11-0.9%
Commodities (DBC)42.9%18.7%1.77-4.8%
Real Estate (VNQ)15.2%13.1%0.8213.1%
Bitcoin (BTCUSD)-29.5%41.7%-0.7330.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PTON
PTON-42.4%86.1%-0.25-
Sector ETF (XLY)7.8%23.7%0.2943.8%
Equity (SPY)14.0%17.0%0.6440.1%
Gold (GLD)18.8%18.0%0.853.5%
Commodities (DBC)10.4%19.4%0.425.2%
Real Estate (VNQ)3.8%18.8%0.1033.8%
Bitcoin (BTCUSD)12.2%55.3%0.4221.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with PTON
PTON-13.8%83.2%0.11-
Sector ETF (XLY)13.0%22.0%0.5436.3%
Equity (SPY)15.7%17.9%0.7530.5%
Gold (GLD)13.0%16.0%0.676.7%
Commodities (DBC)7.8%17.9%0.354.1%
Real Estate (VNQ)5.5%20.7%0.2321.4%
Bitcoin (BTCUSD)67.2%66.9%1.0618.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity54.5 Mil
Short Interest: % Change Since 4152026-0.2%
Average Daily Volume11.4 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity428.9 Mil
Short % of Basic Shares12.7%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/20268.8%1.2% 
2/5/2026-25.7%-26.9%-35.2%
11/6/202514.2%8.9%0.9%
8/7/20250.6%23.3%13.4%
5/8/2025-6.7%-5.2%4.6%
2/6/202512.0%21.1%-18.1%
10/31/202427.8%19.2%55.5%
8/22/202435.4%34.8%45.8%
...
SUMMARY STATS   
# Positive121012
# Negative111310
Median Positive12.4%20.2%25.0%
Median Negative-13.5%-11.5%-27.2%
Max Positive35.4%34.8%55.5%
Max Negative-35.3%-41.3%-50.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202508/07/202510-K
03/31/202505/08/202510-Q
12/31/202402/06/202510-Q
09/30/202410/31/202410-Q
06/30/202408/22/202410-K
03/31/202405/02/202410-Q
12/31/202302/01/202410-Q
09/30/202311/02/202310-Q
06/30/202308/23/202310-K
03/31/202305/04/202310-Q
12/31/202202/01/202310-Q
09/30/202211/03/202210-Q
06/30/202209/07/202210-K

Recent Forward Guidance [BETA]

Latest: Q3 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total Revenue2.42 Bil2.43 Bil2.44 Bil0.4% RaisedGuidance: 2.42 Bil for 2026
2026 Total Gross Margin 52.5% -0.9%-0.5%LoweredGuidance: 53.0% for 2026
2026 Adjusted EBITDA470.00 Mil475.00 Mil480.00 Mil0 AffirmedGuidance: 475.00 Mil for 2026
2026 Free Cash Flow 350.00 Mil 27.3% RaisedGuidance: 275.00 Mil for 2026
2026 Ending Paid Connected Fitness Subscriptions2.55 Mil2.56 Mil2.57 Mil   

Prior: Q2 2026 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Ending Paid Connected Fitness Subscriptions2.65 Mil2.66 Mil2.67 Mil0.3% Higher NewGuidance: 2.65 Mil for Q2 2026
Q3 2026 Revenue605.00 Mil615.00 Mil625.00 Mil-8.9% Lower NewGuidance: 675.00 Mil for Q2 2026
Q3 2026 Total Gross Margin 54.0% 10.2%5.0%Higher NewGuidance: 49.0% for Q2 2026
Q3 2026 Adjusted EBITDA120.00 Mil127.50 Mil135.00 Mil96.2% Higher NewGuidance: 65.00 Mil for Q2 2026
2026 Revenue2.40 Bil2.42 Bil2.44 Bil-1.2% LoweredGuidance: 2.45 Bil for 2026
2026 Total Gross Margin 53.0% 1.9%1.0%RaisedGuidance: 52.0% for 2026
2026 Adjusted EBITDA450.00 Mil475.00 Mil500.00 Mil5.6% RaisedGuidance: 450.00 Mil for 2026
2026 Free Cash Flow 275.00 Mil 10.0% RaisedGuidance: 250.00 Mil for 2026

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Baig, SaqibInterim CFO, CAODirectSell52120265.195,97330,9811,265,845Form
2Sanders, Dion CChief Commercial OfficerDirectSell52120265.19112,523  Form
3Baig, SaqibInterim CFO, CAODirectSell51920265.2729,075153,3531,318,703Form
4Baig, SaqibInterim CFO, CAODirectSell42920265.5015,00082,5001,094,827Form
5Kirol, Charles PeterChief Operating OfficerDirectSell42220265.163,67018,948627,005Form

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