Interactive Strength Inc.(TRNR)Earnings, Financials & Key Ratios
TRNR•NASDAQ
$0.96
$2M mkt cap·Price updated May 6, 2026
AboutInteractive Strength Inc., doing business as FORME, operates digital fitness platform that provides connected fitness hardware products and related accessories in the United States. The company offers the Forme Studio, a fitness mirror with touchscreen display; and the Forme Studio Lift, a fitness mirror and cable-based digital resistance. It also provides video on-demand classes, and personal training and expert health coaching services. The company sells its products through retail stores, as well as online. Interactive Strength Inc. was incorporated in 2017 and is headquartered in Austin, Texas.Show more
- Revenue$5M+459.3%
- EBITDA-$23M+51.8%
- Net Income-$35M+32.0%
- EPS (Diluted)-1632.80+1.7%
- Gross Margin-51.64%+91.0%
- EBITDA Margin-428.61%+91.4%
- Operating Margin-542.47%+90.4%
- Net Margin-649.33%+87.8%
- ROE-4470.12%
- ROIC-188.18%+70.8%
- Debt/Equity1.65
- Interest Coverage-3.78+89.0%
TRNR Key Insights
Interactive Strength Inc. (TRNR) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 7/9
- ✓Share count reduced 30.8% through buybacks
- ✓Trading at only 0.0x book value
✗Weaknesses
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 2 (bottom 2%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TRNR Price & Volume
Interactive Strength Inc. (TRNR) stock price & volume — 10-year historical chart
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TRNR Growth Metrics
Interactive Strength Inc. (TRNR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years155.38%
TTM207.23%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM51.26%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM83.85%
Return on Capital
10 Years-2002.39%
5 Years-2002.39%
3 Years-1309.2%
Last Year-2282.75%
TRNR Peer Comparison
Interactive Strength Inc. (TRNR) competitors in Health, Fitness and Wellness Services — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 PTON | 2.21B | 5.20 | -17.33 | -7.77% | -2.09% | |||
 HIMS | 6.94B | 26.88 | 52.71 | 59% | 5.47% | 23.73% | 2.07 | |
 VNET | 2.62B | 9.01 | 93.06 | 11.41% | -5.98% | -7.63% | 2.67 | |
 LULU | 14.71B | 132.04 | 9.96 | 4.86% | 14.22% | 34.71% | 0.36 | |
 PLNT | 5.31B | 63.96 | 31.98 | 10.3% | 15.97% | |||
 XPOF | 247.38M | 6.63 | -4.51 | -1.71% | -11.08% | |||
 GFAI | 10.88M | 0.50 | -0.94 | 0.18% | -32.94% | -69.69% | 0.08 | |
 AAPL | 4.22T | 287.46 | 38.53 | 6.43% | 27.15% | 146.69% | 1.52 |
Compare TRNR vs Peers
Interactive Strength Inc. (TRNR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TRNR Income Statement
Interactive Strength Inc. (TRNR) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 323K | 681K | 962K | 5.38M | 9.77M |
| Revenue Growth % | - | - | 110.84% | 41.26% | 459.25% | 207.23% |
| Cost of Goods Sold | 495K | 5.17M | 9.55M | 6.49M | 8.16M | 9.86M |
| COGS % of Revenue | - | 1599.07% | 1402.2% | 674.64% | 151.64% | - |
| Gross Profit | -495K▲ 0% | -4.84M▼ 878.2% | -8.87M▼ 83.1% | -5.53M▲ 37.7% | -2.78M▲ 49.7% | -83K▲ 0% |
| Gross Margin % | - | -1499.07% | -1302.2% | -574.64% | -51.64% | -0.85% |
| Gross Profit Growth % | - | -878.18% | -83.15% | 37.66% | 49.75% | - |
| Operating Expenses | 16.04M | 32.3M | 45.48M | 48.95M | 26.41M | 22.2M |
| OpEx % of Revenue | - | 10001.24% | 6677.97% | 5088.57% | 490.84% | - |
| Selling, General & Admin | 8M | 16M | 25.52M | 38.91M | 19.42M | 19.46M |
| SG&A % of Revenue | - | 4954.8% | 3746.99% | 4044.49% | 360.95% | - |
| Research & Development | 8.04M | 16.3M | 19.96M | 10.04M | 6.99M | 2.73M |
| R&D % of Revenue | - | 5046.44% | 2930.98% | 1044.07% | 129.89% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -16.54M▲ 0% | -37.15M▼ 124.6% | -54.34M▼ 46.3% | -54.48M▼ 0.2% | -29.18M▲ 46.4% | -22.28M▲ 0% |
| Operating Margin % | - | -11500.31% | -7980.18% | -5663.2% | -542.47% | -227.95% |
| Operating Income Growth % | - | -124.62% | -46.3% | -0.25% | 46.43% | - |
| EBITDA | -16.4M | -34.95M | -48.2M | -47.88M | -23.06M | -16.4M |
| EBITDA Margin % | - | -10821.98% | -7078.27% | -4976.61% | -428.61% | -167.83% |
| EBITDA Growth % | - | -113.14% | -37.9% | 0.68% | 51.84% | 44.75% |
| D&A (Non-Cash Add-back) | 137K | 2.19M | 6.14M | 6.61M | 6.13M | 5.88M |
| EBIT | -12.45M | -31.9M | -57.27M | -49.78M | -27.21M | -8.53M |
| Net Interest Income | -257K | -935K | -952K | -1.59M | -7.73M | -10.19M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 1.06M |
| Interest Expense | 257K | 935K | 952K | 1.59M | 7.73M | 11.25M |
| Other Income/Expense | 3.83M | 4.31M | -3.88M | 3.11M | -5.75M | 2.5M |
| Pretax Income | -12.71M▲ 0% | -32.84M▼ 158.4% | -58.23M▼ 77.3% | -51.37M▲ 11.8% | -34.93M▲ 32.0% | -19.78M▲ 0% |
| Pretax Margin % | - | -10165.94% | -8549.93% | -5340.23% | -649.33% | -202.35% |
| Income Tax | -1.53M | 4K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 12.01% | -0.01% | 0% | 0% | 0% | 0% |
| Net Income | -11.18M▲ 0% | -32.84M▼ 193.7% | -58.23M▼ 77.3% | -51.37M▲ 11.8% | -34.93M▲ 32.0% | -19.78M▲ 0% |
| Net Margin % | - | -10167.18% | -8549.93% | -5340.23% | -649.33% | -202.35% |
| Net Income Growth % | - | -193.66% | -77.3% | 11.77% | 32% | 51.26% |
| Net Income (Continuing) | -11.18M | -32.84M | -58.23M | -51.37M | -34.93M | -19.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -312220.00▲ 0% | -916.90▲ 99.7% | -1625.60▼ 77.3% | -1661.50▼ 2.2% | -1632.80▲ 1.7% | -117.53▲ 0% |
| EPS Growth % | - | 99.71% | -77.29% | -2.21% | 1.73% | 83.85% |
| EPS (Basic) | -312220.00 | -916.90 | -1625.60 | -1661.50 | -1632.80 | - |
| Diluted Shares Outstanding | 36 | 35.82K | 35.82K | 30.92K | 21.39K | 168.27K |
| Basic Shares Outstanding | 36 | 35.82K | 35.82K | 30.92K | 21.39K | 168.27K |
| Dividend Payout Ratio | - | - | - | - | - | - |
TRNR Balance Sheet
Interactive Strength Inc. (TRNR) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 2.1M | 8.86M | 9.82M | 5.36M | 8.22M | 17.37M |
| Cash & Short-Term Investments | 11K | 1.7M | 226K | 0 | 138K | 845K |
| Cash Only | 11K | 1.7M | 226K | 0 | 138K | 845K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | -2K | -7K | 750K | 537K | 1.86M | 9.24M |
| Days Sales Outstanding | - | - | 401.98 | 203.75 | 126.53 | 217.77 |
| Inventory | 44K | 2.06M | 4.57M | 2.61M | 3.87M | 6.17M |
| Days Inventory Outstanding | 32.44 | 145.29 | 174.57 | 146.62 | 173.06 | 146.16 |
| Other Current Assets | 1.89M | 0 | 0 | 246K | 0 | 204K |
| Total Non-Current Assets | 3.76M | 13.21M | 14.63M | 11.45M | 25.95M | 68.07M |
| Property, Plant & Equipment | 674K | 2.19M | 1.44M | 727K | 531K | 697K |
| Fixed Asset Turnover | - | 0.15x | 0.47x | 1.32x | 10.13x | 19.82x |
| Goodwill | 0 | 0 | 0 | 0 | 13.22M | 15.14M |
| Intangible Assets | 3.02M | 11.01M | 10.84M | 5.15M | 6.11M | 11.09M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 81.89M |
| Other Non-Current Assets | 63K | 9K | 2.35M | 5.57M | 6.09M | -25.06M |
| Total Assets | 5.86M▲ 0% | 22.07M▲ 276.9% | 24.45M▲ 10.8% | 16.8M▼ 31.3% | 34.17M▲ 103.4% | 85.44M▲ 0% |
| Asset Turnover | - | 0.01x | 0.03x | 0.06x | 0.16x | 0.16x |
| Asset Growth % | - | 276.87% | 10.79% | -31.27% | 103.37% | 353.62% |
| Total Current Liabilities | 14.63M | 11.48M | 24.17M | 21.53M | 26.88M | 30.81M |
| Accounts Payable | 4.14M | 2.11M | 7.74M | 10.56M | 11.17M | 8.94M |
| Days Payables Outstanding | 3.05K | 149.39 | 295.97 | 594.01 | 499.72 | 300.69 |
| Short-Term Debt | 9.3M | 6.93M | 10.98M | 9.81M | 11.32M | 12.62M |
| Deferred Revenue (Current) | 0 | 15K | 29K | 123K | 77K | 884K |
| Other Current Liabilities | 1.18M | 518K | 4.77M | 147K | 933K | 8.26M |
| Current Ratio | 0.14x | 0.77x | 0.41x | 0.25x | 0.31x | 0.31x |
| Quick Ratio | 0.14x | 0.59x | 0.22x | 0.13x | 0.16x | 0.16x |
| Cash Conversion Cycle | - | - | 280.58 | -243.64 | -200.13 | 63.24 |
| Total Non-Current Liabilities | 4.66M | 30.25M | 3.01M | 820K | 174K | 37.17M |
| Long-Term Debt | 0 | 520K | 0 | 0 | 0 | 34.01M |
| Capital Lease Obligations | 0 | 0 | 9K | 229K | 170K | 650K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.66M | 29.73M | 3M | 591K | 4K | 6.22M |
| Total Liabilities | 19.28M | 41.73M | 27.18M | 22.35M | 27.05M | 67.98M |
| Total Debt | 9.3M | 7.45M | 11.09M | 10.09M | 11.75M | 46.81M |
| Net Debt | 9.29M | 5.75M | 10.87M | 10.09M | 11.61M | 45.97M |
| Debt / Equity | - | - | - | - | 1.65x | 1.65x |
| Debt / EBITDA | - | - | - | - | - | -2.85x |
| Net Debt / EBITDA | - | - | - | - | - | -2.80x |
| Interest Coverage | -64.35x | -39.73x | -57.09x | -34.31x | -3.78x | -0.76x |
| Total Equity | -13.43M▲ 0% | -19.66M▼ 46.5% | -2.73M▲ 86.1% | -5.55M▼ 103.1% | 7.12M▲ 228.2% | 17.46M▲ 0% |
| Equity Growth % | - | -46.47% | 86.1% | -103.15% | 228.15% | 4837.56% |
| Book Value per Share | -372916.67 | -548.97 | -76.30 | -179.56 | 332.55 | 103.75 |
| Total Shareholders' Equity | -13.43M | -19.66M | -2.73M | -5.55M | 7.12M | 17.46M |
| Common Stock | 1K | 3K | 4K | 7K | 8K | 10K |
| Retained Earnings | -24.47M | -57.31M | -115.54M | -166.91M | -202.59M | -217.19M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 20K | -159K | 365K | 100K | 183K | 247K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
TRNR Cash Flow Statement
Interactive Strength Inc. (TRNR) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | -13.42M | -38.26M | -35.55M | -15.43M | -14.81M | -14.81M |
| Operating CF Margin % | - | -11843.96% | -5219.53% | -1603.64% | -275.32% | - |
| Operating CF Growth % | - | -185% | 7.09% | 56.6% | 3.99% | -192.44% |
| Net Income | -11.18M | -32.84M | -58.23M | -51.37M | -34.93M | -19.78M |
| Depreciation & Amortization | 137K | 2.19M | 6.73M | 6.53M | 6.13M | 3.51M |
| Stock-Based Compensation | 68K | 1.16M | 6.35M | 29.94M | 10.25M | 4.89M |
| Deferred Taxes | 0 | -54K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.81M | -2.59M | 7.11M | -1.22M | 5.26M | -3M |
| Working Capital Changes | 1.36M | -6.12M | 2.49M | 699K | -1.52M | 403K |
| Change in Receivables | 0 | -1.55M | 0 | -1K | -2.05M | -952K |
| Change in Inventory | -44K | -3.41M | -2.44M | -1.79M | 1.57M | 1.79M |
| Change in Payables | 430K | -1.18M | 3.93M | 2.08M | -973K | 1.04M |
| Cash from Investing | -3.31M | -12.36M | -7.61M | -1.42M | -1.68M | -53.76M |
| Capital Expenditures | -286K | -12.36M | -577K | -1.42M | -212K | -45.9M |
| CapEx % of Revenue | - | 3826.32% | 84.73% | 147.71% | 3.94% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -1.46M | -464K |
| Investments | - | - | - | - | - | - |
| Other Investing | -3.02M | 0 | -7.03M | 0 | 0 | -3.54M |
| Cash from Financing | 17.15M | 52.45M | 41.77M | 17.11M | 16.34M | 65.55M |
| Debt Issued (Net) | 8.61M | 14.35M | 9.14M | 4.39M | 3.22M | 105.23M |
| Equity Issued (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -225K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.54M | 3.53M | 12K | -2.35M | -158K | -46.88M |
| Net Change in Cash | 8K▲ 0% | 1.69M▲ 20975.0% | -1.47M▼ 187.2% | -226K▲ 84.6% | 138K▲ 161.1% | -1.42M▲ 0% |
| Free Cash Flow | -16.73M▲ 0% | -50.62M▼ 202.5% | -43.15M▲ 14.7% | -16.85M▲ 61.0% | -15.02M▲ 10.8% | -59.42M▲ 0% |
| FCF Margin % | - | -15670.28% | -6336.56% | -1751.35% | -279.26% | -607.96% |
| FCF Growth % | - | -202.52% | 14.74% | 60.96% | 10.83% | -421.79% |
| FCF per Share | -464750.00 | -1413.12 | -1204.76 | -544.89 | -702.22 | -702.22 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.16x | 0.61x | 0.30x | 0.42x | 3.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 1.45M | 88K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
TRNR Key Ratios
Interactive Strength Inc. (TRNR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | - | -4470.12% | -144.87% |
| Return on Invested Capital (ROIC) | - | - | -644.94% | -188.18% | -188.18% |
| Gross Margin | -1499.07% | -1302.2% | -574.64% | -51.64% | -0.85% |
| Net Margin | -10167.18% | -8549.93% | -5340.23% | -649.33% | -202.35% |
| Debt / Equity | - | - | - | 1.65x | 1.65x |
| Interest Coverage | -39.73x | -57.09x | -34.31x | -3.78x | -0.76x |
| FCF Conversion | 1.16x | 0.61x | 0.30x | 0.42x | 3.00x |
| Revenue Growth | - | 110.84% | 41.26% | 459.25% | 207.23% |
TRNR Frequently Asked Questions
Interactive Strength Inc. (TRNR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Interactive Strength Inc. (TRNR) reported $9.8M in revenue for fiscal year 2024.
Interactive Strength Inc. (TRNR) grew revenue by 459.3% over the past year. This is strong growth.
Interactive Strength Inc. (TRNR) reported a net loss of $19.8M for fiscal year 2024.
Dividend & Returns
Interactive Strength Inc. (TRNR) has a return on equity (ROE) of -4470.1%. Negative ROE indicates the company is unprofitable.
Interactive Strength Inc. (TRNR) had negative free cash flow of $59.4M in fiscal year 2024, likely due to heavy capital investments.
Explore More TRNR
Interactive Strength Inc. (TRNR) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
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Dividend History
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Earnings History
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Price History
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Revenue History
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Financial Ratios
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Valuation
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