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PTON, Peloton Interactive Inc.

Leisure Products consumer brand Distress / turnaround

Peloton is a leading global fitness and wellness company that empowers its Members to live fit, strong, long, and happy by providing fitness and wellness products and services they can use anytime, anywhere.

As a category innovator at the nexus of fitness and wellness, technology, and media, we deliver experiences through our world-renowned Instructors, premium hardware and innovative software, personalization, and extensive modalities and content formats.

We define a "Paid Connected Fitness Subscription" as a person, household, or commercial property, such as a hotel or residential building, that has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers).

Latest annual: FY2025 10-K

PTON · Peloton Interactive Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.5B

−7.8% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.4B 5-yr avg $3.1B

Gross margin 52% 5-yr avg 37%

Operating margin 4.5% 5-yr avg −29.0%

Owner-earnings margin 16% 5-yr avg −15%

Free cash flow margin 16% 5-yr avg −17%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Subscription (67%) and Connected Fitness Products (33%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −20% through the cycle on a 42% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −10%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Subscription is 67% of revenue, with Connected Fitness Products the other meaningful segment at 33%.

Revenue by reportable segment, FY2025

Subscription67%$1.7B
Connected Fitness Products33%$817M

By geographyNorth America91%International9%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$435M	$915M	$1.8B	$4.0B	$3.6B	$2.8B	$2.7B	$2.5B	$2.4B	RevenueRevenue
44%	42%	46%	36%	19%	33%	45%	51%	52%	Gross marginGross mgn
14%	23%	19%	16%	27%	29%	24%	21%	18%	SG&A / revenueSG&A/rev
5%	6%	5%	6%	10%	11%	11%	9%	10%	R&D / revenueR&D/rev
($48M)	($202M)	($81M)	($188M)	($2.7B)	($1.2B)	($529M)	($36M)	$109M	Operating incomeOp. inc.
−10.9%	−22.1%	−4.4%	−4.7%	−76.3%	−42.8%	−19.6%	−1.5%	4.5%	Operating marginOp. mgn
($48M)	($196M)	($72M)	($189M)	($2.8B)	($1.3B)	($552M)	($119M)	$23M	Net incomeNet inc.
									Cash flow & returns
$50M	($109M)	$376M	($240M)	($2.0B)	($388M)	($66M)	$333M	$414M	Operating cash flowOp. cash
$7M	$22M	$40M	$64M	$143M	$124M	$109M	$90M	$67M	DepreciationDeprec.
$83M	($24M)	$319M	($309M)	$337M	$345M	$65M	$133M	$115M	Working capital & otherWC & other
$28M	$83M	$153M	$241M	$337M	$82M	$20M	$9M	$12M	CapexCapex
6.4%	9.1%	8.4%	6.0%	9.4%	2.9%	0.7%	0.4%	0.5%	Capex / revenueCapex/rev
$43M	($130M)	$336M	($304M)	($2.2B)	($470M)	($86M)	$324M	$401M	Owner earningsOwner earn.
9.9%	−14.2%	18.4%	−7.5%	−60.4%	−16.8%	−3.2%	13.0%	16.4%	Owner earnings marginOE mgn
$22M	($192M)	$223M	($481M)	($2.4B)	($470M)	($86M)	$324M	$401M	Free cash flowFCF
5.0%	−20.9%	12.2%	−12.0%	−65.8%	−16.8%	−3.2%	13.0%	16.4%	Free cash flow marginFCF mgn
$29M	$100K	$45M	$478M	$11M	$0	$0	—	$0	AcquisitionsAcquis.
—	—	-10%	-10%	-1064%	—	-122%	-10%	—	ROICROIC
—	—	-4%	-11%	-477%	—	—	—	—	Return on equityROE
—	—	−4%	−11%	−477%	—	—	—	—	Retained to equityRetained/eq
									Balance sheet
$152M	$162M	$1.0B	$1.1B	$1.3B	$814M	$698M	$1.0B	$1.1B	Cash & investmentsCash+inv
—	$19M	$35M	$71M	$84M	$97M	$104M	$101M	$79M	ReceivablesReceiv.
—	$137M	$245M	$937M	$1.1B	$523M	$330M	$206M	$176M	InventoryInvent.
—	$92M	$136M	$364M	$93M	$77M	$85M	$67M	$351M	Accounts payablePayables
—	$63M	$143M	$644M	$1.1B	$543M	$348M	$240M	($97M)	Operating working capitalOper. WC
—	$582M	$2.2B	$2.8B	$2.6B	$1.6B	$1.3B	$1.4B	$1.4B	Current assetsCur. assets
—	$291M	$772M	$1.2B	$1.1B	$761M	$685M	$804M	$578M	Current liabilitiesCur. liab.
—	2.0×	2.8×	2.3×	2.4×	2.2×	1.8×	1.8×	2.5×	Current ratioCurr. ratio
$4M	$4M	$39M	$210M	$41M	$41M	$41M	$41M	$44M	GoodwillGoodwill
—	$865M	$3.0B	$4.5B	$4.0B	$2.8B	$2.2B	$2.1B	$2.0B	Total assetsAssets
—	—	$0	$830M	$864M	$988M	$1.6B	$1.7B	$1.3B	Total debtDebt
—	—	($1.0B)	($305M)	($390M)	$174M	$861M	$708M	$216M	Net debt / (cash)Net debt
—	-119.0×	-40.4×	-12.7×	-63.6×	-12.3×	-4.7×	-0.3×	0.9×	Interest coverageInt. cov.
($316M)	($539M)	$1.7B	$1.8B	$593M	($295M)	($519M)	($414M)	($242M)	Shareholders’ equityEquity
2.0%	9.8%	4.9%	4.8%	9.2%	14.5%	11.5%	9.2%	8.5%	Stock comp / revenueSBC/rev
									Per share
219M	229M	221M	294M	322M	347M	366M	390M	433M	Shares out (diluted)Shares
$1.98	$3.99	$8.26	$13.68	$11.11	$8.08	$7.39	$6.39	$5.64	Revenue / shareRev/sh
$-0.22	$-0.85	$-0.32	$-0.64	$-8.77	$-3.64	$-1.51	$-0.30	$0.05	EPS (diluted)EPS
$0.20	$-0.57	$1.52	$-1.03	$-6.71	$-1.36	$-0.23	$0.83	$0.93	Owner earnings / shareOE/sh
$0.10	$-0.84	$1.01	$-1.64	$-7.31	$-1.36	$-0.23	$0.83	$0.93	Free cash flow / shareFCF/sh
$0.13	$0.36	$0.69	$0.82	$1.05	$0.24	$0.05	$0.02	$0.03	Cap. spending / shareCapex/sh
$-1.44	$-2.35	$7.59	$5.97	$1.84	$-0.85	$-1.42	$-1.06	$-0.56	Book value / shareBVPS

Share counts before 2020 are restated ×10 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+18.2%/yr	−5.0%/yr
Owner earnings / share	+22.9%/yr	−11.4%/yr
Capital spending / share	−21.3%/yr	−49.0%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Subscription-2.0%
“Subscription Cost of revenue for the fiscal year ended June 30, 2025 decreased $34.4 million, or 6.2%, compared to the fiscal year ended June 30, 2024. This decrease was primarily attributable to lower costs associated with content production and music royalties, lower personnel-related expenses, inclusive of stock-based compensation expense, due to decreased average headcount, and a reduction in depreciation and amortization expense.”
✓ figure matches the filed record

The record, charted

FY2018–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

390Mpeak FY2025

ROIC

−10%low FY2022

Gross margin

51%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$324Mowner earningsvs.($119M)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $119M loss into $324M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($119M)	($552M)	($1.3B)	($2.8B)	($189M)
Depreciation & amortizationnon-cash charge added back	+$90M	+$109M	+$124M	+$143M	+$64M
Stock-based compensationreal costnon-cash, but a real cost	+$230M	+$312M	+$405M	+$328M	+$194M
Working capital & othertiming of cash in and out, other non-cash items	+$133M	+$65M	+$345M	+$337M	−$309M
Cash from operations	$333M	($66M)	($388M)	($2.0B)	($240M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$9M	−$20M	−$82M	−$143M	−$64M
Owner earnings	$324M	($86M)	($470M)	($2.2B)	($304M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	−$195M	−$177M
Free cash flow	$324M	($86M)	($470M)	($2.4B)	($481M)
Owner-earnings marginowner earnings ÷ revenue	13%	-3%	-17%	-60%	-8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $230M), owner earnings is nearer $94M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Material weakness in financial controls

“In the course of preparing our financial statements for fiscal 2021, fiscal 2022, fiscal 2023, and fiscal 2024, we identified the following material weaknesses in our internal control over financial reporting.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? -0.3×

Does not cover its interest

Operating income ($36M) ÷ interest expense $135M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $708M

Net debt against an operating loss

Cash $1.0B − debt $1.7B

What this means
Netting $1.0B of cash and short-term investments against $1.7B of debt leaves $708M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 56d

Tight

DSO 15 + DIO 61 − DPO 20 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -10%

Below average through the cycle

5-yr median, range -1064%–-10%; -10% latest = NOPAT ($29M) ÷ invested capital $294M

Industry peers: median 12%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran -10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 13%

Positive this year, negative across the cycle

latest $324M = operating cash $333M − maintenance capex $9M (positive this year), after an earlier loss stretch (8-yr median -8%)

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a -8% median across 8 years. Treating stock comp as the real expense it is (less $230M of SBC) leaves $94M.
Are earnings backed by cash? $333M

Loss, but cash-generative

Net income ($119M) · cash from operations $333M

In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.10×

Harvesting

Capex $9M ÷ depreciation $90M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.79×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.7B vs $634M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (8-yr record) · 8 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.53/share (latest year $-0.28), the averaged base the calculator's gate runs on, and book value is $-0.98/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 8

What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −12% → −21% (3-yr avg ends)

What this means
The recent-years average (−21%) sits below the early years (−12%), but the latest year (−1%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −20% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2022 · −76.3% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our growing use of artificial intelligence and machine learning technologies may present additional risks and challenges, which could result in reputational and competitive harm, legal liability and adversely affect our results of operations.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.4B

Cash & short-term investments$1.1B
Receivables$79M
Inventory$176M
Other current assets$58M

Current liabilities$578M

Debt due within a year$10M
Accounts payable$351M
Other current liabilities$217M

Current ratio2.49×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.18×stricter: inventory excluded

Cash ratio1.95×strictest: cash alone against what's due

Working capital$861Mthe cushion left after near-term bills

Debt due this year vs. cash$10M due · $1.1B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+1.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.8× → 2.5×

Deeper floors

Tangible book value($286M)equity stripped of goodwill & intangibles

Net current asset value($821M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.8B$430M of it operating leases; with finance leases, “total fixed claims” below reaches $2.2B (annual-report basis)

Deferred revenue$151Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, and what it adds to the debt on the page above.

'26$93M

'27$82M

'28$67M

'29$58M

'30$47M

later$269M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$93Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$616Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$478Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$1.7B

Lease obligations (present value)$478M

Total fixed claims on the business$2.2B

Counting the leases the way Buffett does, the fixed claims on this business come to $2.2B, of which the leases are 21%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Jun 30, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$47M2% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$563Mover 8 years buying other businesses, against $954M of capital spent building

$182M written down across 1 year (2022): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 32% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio107:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$230M
The slice of the business handed to employees in shares this year, 9% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Inventory, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Leisure Products

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MATMattel	$5.3B	47%	9.9%	11%	7%
HASHasbro Inc.	$4.7B	67%	10.5%	12%	12%
GOLFAcushnet Holdings Corp.	$2.6B	51%	11.4%	12%	7%
PTONPeloton Interactive Inc.	$2.5B	43%	-15.3%	-10%	-5%
CALYCallaway Golf Company	$2.1B	44%	6.9%	7%	8%
YETIYETI Holdings	$1.9B	54%	11.4%	30%	12%
FNKOFunko Inc.	$908M	36%	4.7%	6%	5%
JOUTJohnson Outdoors Inc.	$592M	42%	9.1%	16%	6%
Group median	—	45%	9.5%	11%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Peloton Interactive Inc. has delivered.

Today’s price $

Base Normalize · through-cycle (($77M)) Net of stock comp (−$209M) Steady-state · maintenance capex ($404M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $401M on 421M shares outstanding (a weighted basic average, the only count this filer tags); net debt $216M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($12M) runs well above depreciation ($67M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $404M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PTON against another business →

Cite: Owner Scorecard, "Peloton Interactive Inc. (PTON), the owner's record," https://ownerscorecard.com/c/PTON, data as of 2026-07-09.

Manual order: ← PTLO its page in the Manual PTRN →

Industry order: ← PII the Leisure Products chapter THO →