PTON · Consumer discretionary(sporting & athletic goods, nec) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-06-30
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Peloton Interactive, Inc. reported revenue of $2.4 billion in fiscal 2026. On the accounting screens, it passes 8 of 9 Piotroski tests, its Altman Z'' of -5.25 is in the distress zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 20262.4B
Operating margin6.6%gross margin 52.6%
Return on invested capital13.4%-16.3% on average over 5 years
Free cash flow after stock pay179.1M7.3% of revenue
Net debt ÷ EBITDA0.6×net debt 133.4M
Piotroski F-score8/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
10-for-1 before fiscal 2020.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-4.0B-2.0B02.0B4.0B6.0B
2017
2018Revenue 435.0MOperating income -47.5M
2019Revenue 915.0MOperating income -202.3M
2020Revenue 1.8BOperating income -80.7M
2021Revenue 4.0BOperating income -187.8M
2022Revenue 3.6BOperating income -2.7B
2023Revenue 2.8BOperating income -1.2B
2024Revenue 2.7BOperating income -529.0M
2025Revenue 2.5BOperating income -36.2M
2026Revenue 2.4BOperating income 160.7M
2017201820192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-4.4%
-9.5%
—
Shares
+8.0%
+8.2%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
3.1%
Asset turnover
1.19×
Research & development
9.9% of revenue
Overheads (SG&A)
17.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-3.0B-2.0B-1.0B01.0B
2017
2018Net income -47.9MFree cash flow 21.7MAfter stock-based pay 13.2M
2019Net income -195.6MFree cash flow -191.6MAfter stock-based pay -281.1M
2020Net income -71.6MFree cash flow 223.4MAfter stock-based pay 134.6M
2021Net income -189.0MFree cash flow -480.7MAfter stock-based pay -674.7M
2022Net income -2.8BFree cash flow -2.4BAfter stock-based pay -2.7B
2023Net income -1.3BFree cash flow -470.0MAfter stock-based pay -875.0M
2024Net income -551.9MFree cash flow -85.8MAfter stock-based pay -397.5M
2025Net income -118.9MFree cash flow 323.7MAfter stock-based pay 94.1M
2026Net income 63.2MFree cash flow 377.7MAfter stock-based pay 179.1M
2017201820192020202120222023202420252026
Per share
Earnings per shareFree cash flow per shareDividend per share
$-10.00$-7.50$-5.00$-2.50$0.00$2.50
2017
2018
2019Earnings per share $-0.85Free cash flow per share $-0.84
2020Earnings per share $-0.32Free cash flow per share $1.01
2021Earnings per share $-0.64Free cash flow per share $-1.64
2022Earnings per share $-8.77Free cash flow per share $-7.31
2023Earnings per share $-3.64Free cash flow per share $-1.36
2024Earnings per share $-1.51Free cash flow per share $-0.23
2025Earnings per share $-0.30Free cash flow per share $0.83
2026Earnings per share $0.14Free cash flow per share $0.87
2017201820192020202120222023202420252026
Shares outstanding
Diluted shares
200.0M300.0M400.0M500.0M
2017
2018
2019Diluted shares 229.1M
2020Diluted shares 221.0M
2021Diluted shares 293.9M
2022Diluted shares 322.4M
2023Diluted shares 346.7M
2024Diluted shares 365.5M
2025Diluted shares 390.0M
2026Diluted shares 436.2M
2017201820192020202120222023202420252026
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-2.0B-1.0B01.0B
2017
2018
2019
2020
2021Net debt -1.1B
2022Net debt -1.2B
2023Net debt -806.4M
2024Net debt 861.4M
2025Net debt 708.0M
2026Net debt 133.4M
2017201820192020202120222023202420252026
Net debt ÷ EBITDA
0.6×
Interest coverage
1× operating income ÷ interest
Current ratio
2.84 current assets ÷ current liabilities
Cash conversion cycle
38 days collects in 12d, stock 43d, pays in 17d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
8of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-5.25distress zone
1.12.6
Working capital ÷ assets 0.47 × 6.56+3.08
Retained earnings ÷ assets -2.69 × 3.26-8.78
Operating income ÷ assets 0.08 × 6.72+0.53
Equity ÷ liabilities -0.06 × 1.05-0.07
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-3.34below the -1.78 line
-1.78
Receivables vs sales 0.83+0.76
Gross margin slipping 0.97+0.51
Soft assets 0.93+0.37
Sales growth 0.98+0.88
Slower depreciation 1.06+0.12
Overheads vs sales 0.83-0.14
Profit not in cash -0.16-0.74
Leverage rising 0.82-0.27
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (10M) is well below depreciation (57M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
The effective tax rate is 0.2%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
