PTONPELOTON INTERACTIVE, INC.

Sporting & Athletic Goods, NEC

Revenue: $2.4B; 1.8% YoY
Operating margin: 6.6%; 552% YoY
EBITDA: $218M; 307% YoY
Market cap: $2.2B
Employees: —
Net debt / EBITDA: 0.6×; $123M net debt
AI in 10-K: 4.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
613% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$15M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.6B	$2.8B	$2.7B	$2.5B	$2.4B	1.8%
Operating income	−$2.7B	−$1.2B	−$529M	−$36M	$161M	544%
Net income	−$2.8B	−$1.3B	−$552M	−$119M	$63M	153%
Operating cash flow	−$2.0B	−$388M	−$66M	$333M	$388M	16%
Capex	$337M	$82M	$20M	$9M	$10M	6.5%
Stock-based comp	$328M	$405M	$312M	$230M	$199M	14%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $15M · 49
Net: −$15M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	5	260
FY2025	—	—	6	184
FY2024	—	—	3	162
FY2023	—	—	6	112
FY2022	—	—	7	82