Note: Review all prior PTON research and trades on the TSOH website.
From “Peloton: Clipping In” (February 2026):
“While the road to improved connected fitness (CF) subscriber trends is uncertain, we now have a much better balance sheet and an attractive valuation. In my mind, now is the time to take action on Peloton.”
Over the ensuing nine months, CF subscriber trends have continued to disappoint. The latest addition to the data set was a ~9% YoY decline in Q1 FY27, to ~2.475 million subscribers. In addition, management expects another high-single digit decline in the holiday quarter. (“There is arguably no time of the year more relevant to Peloton than the first week of January.”)
The question is whether those trends will change – and I believe that day will come. If it does, and with some help on a few additional levers that are critical to growth in revenues and profitability - more on those in a moment - I think that the stock can continue climbing higher (at ~$5.7 per share, it’s up >50% from the March 2026 lows). If management executes against their strategic vision, Peloton shares can still generate compelling returns from here.