Forensic Analysis · General / Diversified · as of Aug 11, 2026
Peloton Interactive, Inc. (PTON)
A forensic read on Peloton Interactive, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.0
Distress distance
Clean
Earnings quality
4
Forensic signals
105.6
P / E (ttm)
$2.4B
Market cap
-1.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Peloton Interactive, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -4.0, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+8.0%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +26% over the last 3 years to FY2026 (+8.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~21%.
8% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 8% of revenue and 53% of free cash flow in FY2026 — about $0.46 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 8.0% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
n/m (sign flip)
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2025→FY2026 (FY2025 $+294.2M to FY2026 $-6.3M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
$182M
FY2022–FY2022
Goodwill impairments.Took $182M of goodwill writedowns across 1 year (FY2022 ($182M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.45B
Revenue Growth YoY-1.8%
Net Margin2.6%
Free Cash Flow$377.7M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Peloton Interactive, Inc.'s actual 10-K/10-Q/8-K filings?