Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 12.8x · ROE N/A. (2017–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $3.1B | $2.7B | $1.2B | $2.7B | $3.0B | $36.4B | $12.8B | — | — | — |
| Enterprise Value | $4.0B | $4.7B | $3.6B | $2.6B | $4.2B | $4.1B | $36.8B | $12.3B | — | — | — |
| P/E Ratio → | 20.26 | 45.46 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.95 | 1.26 | 1.09 | 0.46 | 0.95 | 0.83 | 9.06 | 6.99 | — | — | — |
| P/B Ratio | — | — | — | — | — | 4.99 | 20.78 | 7.61 | — | — | — |
| P/FCF | 4.97 | 8.15 | 8.36 | — | — | — | — | 58.02 | — | — | — |
| P/OCF | 6.04 | 7.95 | 8.13 | — | — | — | — | 33.91 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.94 | 1.46 | 0.97 | 1.51 | 1.14 | 9.16 | 6.72 | — | — | — |
| EV / EBITDA | 12.78 | 19.47 | 68.11 | — | — | — | — | — | — | — | — |
| EV / EBIT | 21.48 | 25.36 | 192.80 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 12.55 | 11.26 | — | — | — | — | 55.79 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.6% | 52.6% | 50.9% | 44.7% | 33.1% | 19.5% | 36.2% | 45.9% | 41.9% | 43.6% | 33.8% |
| Operating Margin | 7.6% | 7.6% | -1.5% | -19.6% | -42.8% | -76.3% | -4.7% | -4.4% | -22.1% | -10.9% | -32.3% |
| Net Profit Margin | 2.6% | 2.6% | -4.8% | -20.4% | -45.1% | -78.9% | -4.7% | -3.9% | -21.4% | -11.0% | -32.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -847.6% | -241.0% | -11.0% | -6.9% | -449.9% | — | -57.1% |
| ROA | 3.0% | 3.0% | -5.5% | -22.3% | -37.1% | -66.4% | -5.1% | -3.7% | -34.4% | -20.4% | -35.8% |
| ROIC | 13.7% | 13.7% | -3.9% | -37.5% | -60.5% | -106.7% | -8.5% | -7.7% | -39.1% | — | — |
| ROCE | 13.1% | 13.1% | -2.6% | -30.2% | -48.6% | -88.7% | -6.9% | -5.8% | -59.9% | -40.2% | -52.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 4.00 | 0.86 | 0.32 | 0.37 | — | 0.02 |
| Debt / EBITDA | 7.02 | 7.02 | 36.95 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | 1.89 | 0.22 | -0.29 | -0.04 | — | -1.22 |
| Net Debt / EBITDA | 6.82 | 6.82 | 17.52 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 4.39 | 2.89 | — | — | — | — | -2.23 | — | -6.94 | — |
| Interest Coverage | 1.51 | 1.51 | 0.14 | -3.52 | -7.57 | -64.30 | -12.39 | -33.20 | -114.06 | -158.33 | -235.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.84 | 2.84 | 1.79 | 1.85 | 2.15 | 2.38 | 2.27 | 2.80 | 2.00 | 1.20 | 2.85 |
| Quick Ratio | 2.68 | 2.68 | 1.53 | 1.37 | 1.47 | 1.38 | 1.51 | 2.48 | 1.53 | 1.05 | 2.60 |
| Cash Ratio | 0.09 | 0.09 | 1.29 | 1.02 | 1.07 | 1.13 | 1.29 | 2.27 | 1.30 | 0.88 | 2.44 |
| Asset Turnover | — | 1.19 | 1.17 | 1.24 | 1.01 | 0.89 | 0.90 | 0.61 | 1.06 | 1.60 | 1.10 |
| Inventory Turnover | 14.26 | 14.26 | 5.95 | 4.53 | 3.58 | 2.61 | 2.74 | 4.04 | 3.89 | 9.70 | 9.22 |
| Days Sales Outstanding | — | 12.31 | 14.83 | 14.00 | 12.67 | 8.52 | 6.48 | 6.92 | 7.38 | 7.89 | 6.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 2.2% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 20.1% | 12.3% | 12.0% | — | — | — | — | 1.7% | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — | — |
| Shares Outstanding | — | $521M | $390M | $366M | $347M | $322M | $294M | $221M | $278M | $234M | $234M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying PTON stock.
Peloton Interactive, Inc.'s current P/E ratio is 20.3x. The historical average is 45.5x.
Peloton Interactive, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.8x.
Based on historical data, Peloton Interactive, Inc. is trading at a P/E of 20.3x. Compare with industry peers and growth rates for a complete picture.
Peloton Interactive, Inc. has 52.6% gross margin and 7.6% operating margin.
Peloton Interactive, Inc.'s Debt/EBITDA ratio is 7.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Revenue stagnation and demand softness
Metrics are mathematically derived from official filings.
Margin Recovery Driven by Cost Discipline
Gross margin expanded to 56.7% in 2026Q4 from 43.2% in 2024Q3, while operating margin swung from -20.4% to +13.3%, according to recent financial statements, signaling a structural shift toward profitability.
The margin expansion is primarily attributable to a favorable mix shift toward higher-margin subscription revenue and aggressive cost reductions, with SG&A down 38% from 2024Q3 to 2026Q4. However, the sustainability of these margins is questionable given the -1.8% revenue growth and mixed guidance, suggesting that the profitability inflection may be more cost-driven than demand-driven. Investors should monitor whether gross margin can hold above 50% as hardware discounting pressures persist.
ROIC Inflects Positive After Prolonged Negative
ROIC improved from -10.8% in 2024Q3 to 11.1% in 2026Q4, as per reported figures, marking a significant turnaround from negative territory and indicating that capital efficiency is recovering.
The ROIC recovery is driven by both margin expansion and a shrinking capital base, as net PPE declined from $852.4M to $577.9M over the same period, reflecting the asset-light pivot. However, the negative equity of -$139.7M complicates the interpretation of ROE, which remains unavailable, and suggests that the return on capital is still fragile. The improvement is encouraging but must be sustained over multiple quarters to confirm a durable compounding trend.
Working Capital Efficiency Improves with Inventory Discipline
Cash conversion cycle improved to 45 days in 2026Q4 from 85 days in 2024Q3, as reported in financial statements, driven by a reduction in days inventory outstanding from 94 to 50 days.
The sharp reduction in DIO indicates better inventory management, likely due to reduced hardware production and clearance of excess stock. However, DPO remains low at 18 days, suggesting limited supplier leverage, and the negative CCC in 2026Q2 (-24 days) highlights volatility in working capital. Asset turnover has remained stable around 0.29, indicating that efficiency gains are primarily from working capital management rather than fixed asset utilization.
Debt Service Comfortable but Leverage Elevated
Interest coverage improved to 3.02x in 2026Q4 from -5.02x in 2024Q3, as per reported data, while D/EBITDA remains high at 20.23x, indicating that debt service is now manageable but leverage is still substantial.
The improvement in interest coverage reflects the swing to operating profitability, but the D/EBITDA ratio is distorted by the low EBITDA base; on a forward basis, EV/EBITDA of 1.61x suggests the market expects significant EBITDA growth. Total debt of $1.7B against a market cap of roughly $1.5B implies a leveraged balance sheet, though the cash position of $1.0B provides a buffer. Investors should monitor refinancing risk, especially if interest rates remain elevated.
Liquidity Buffer Strengthens with Cash Build
Current ratio improved to 2.84 in 2026Q4 from 1.91 in 2024Q3, with cash increasing to $1.0B, according to balance sheet data, indicating a solid liquidity position to weather demand softness.
The quick ratio of 2.68 suggests that inventory is not a significant liquidity concern, and the company has ample short-term assets to cover liabilities. However, the negative equity of -$139.7M indicates that the balance sheet is still repairing from accumulated losses, and the reliance on cash reserves to service debt may limit flexibility. Under a severe stress scenario, the liquidity position appears adequate, but the sustainability of cash generation is key.
Misapplied EV/EBITDA in Asset-Light Transition
EV/EBITDA of 9.77x understates Peloton's true valuation because EBITDA excludes stock-based compensation and restructuring costs, which are material, as per reported figures, making P/FCF of 5.78x a more reliable metric.
The market often applies EV/EBITDA to Peloton as a hardware-software hybrid, but the company's heavy use of SBC ($43.0M in 2026Q4) and one-time restructuring charges inflate EBITDA, making the multiple appear artificially low. Additionally, the negative equity and volatile EBITDA render EV/EBITDA less meaningful. Investors should focus on P/FCF and EV/EBITDAR (adding back rent) to capture the true cash-generating potential of the subscription model.