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Peloton Interactive

PTON on Nasdaq. Peloton sells exercise bikes and online workout classes to subscribers. Market value $2.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to June 2026.

Capital spending looks too small to be complete, so we leave free cash flow out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to June 2026
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
14.0×fair

You pay 14.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to June 2026
n/a

The filings do not give us enough to work this out.

Quality score: 10 of 100. Price score: 62 of 100. Our list needs 70 on quality and 60 on price.

$4.87 a share, 33% above its 1-year low

Over the past year the price has ranged from $3.65 to $8.28.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-2.4
-0.5
-0.1
n/a
n/a
20222023202420252026
Revenue
$3.6bn$2.8bn$2.7bn$2.5bn$2.4bn
Operating margin
-76.3%-42.8%-19.6%-1.5%6.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.32bn0.35bn0.37bn0.39bn0.44bn

Health checks

  • Free cash flow positive0 of 3 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)8 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 9.5% a year
  • Buying back its own sharesNo, 35% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $608 million last quarter, about the same as a year ago.
  • Profit: $62 million, up 185% on a year ago.
  • It keeps 7 cents of each $1 of sales as operating profit, after losing 1 cents a year earlier.
  • Debt is $123 million more than cash, down from $500 million a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$586m
December 2024$674m
March 2025$624m
June 2025$607m
September 2025$551m
December 2025$657m
March 2026$631m
June 2026$608m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$900,000
December 2024-$92m
March 2025-$48m
June 2025$22m
September 2025$14m
December 2025-$39m
March 2026$26m
June 2026$62m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
6 August 2026
Next quarterly (estimated, 10-Q)
6 August 2026

Who owns it

5 long-term investors we follow own it, up from 4 last quarter. 463 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $15m, $9m of it under preset trading plans.

  • Baig Saqib
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    4,912
    Price
    $5.45
    Value
    $26,780
  • Sanders Dion C.
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    19 August 2026
    Shares
    112,512
    Price
    $5.45
    Value
    $613,427
  • Baig Saqib
    Chief Accounting Officer
    Sold
    Date
    17 August 2026
    Shares
    36,439
    Price
    $5.36
    Value
    $195,437
  • Boone Karen
    Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    25,000
    Price
    $5.35
    Value
    $133,665
  • Kirol Charles Peter
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    20 July 2026
    Shares
    3,198
    Price
    $6.49
    Value
    $20,753
  • Baig Saqib
    Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    14 July 2026
    Shares
    5,000
    Price
    $6.12
    Value
    $30,589
  • Baig Saqib
    Interim CFO, CAO
    Sold
    under a preset trading plan
    Date
    9 June 2026
    Shares
    5,000
    Price
    $5.66
    Value
    $28,300
  • Baig Saqib
    Interim CFO, CAO
    Sold
    under a preset trading plan
    Date
    22 May 2026
    Shares
    5,000
    Price
    $5.45
    Value
    $27,250
  • Baig Saqib
    Interim CFO, CAO
    Sold
    under a preset trading plan
    Date
    20 May 2026
    Shares
    5,973
    Price
    $5.19
    Value
    $31,000
  • Sanders Dion C.
    Chief Commercial Officer
    Sold
    under a preset trading plan
    Date
    20 May 2026
    Shares
    112,523
    Price
    $5.19
    Value
    $583,994

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Aug 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 9.5% a year.
  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.