Financial ChallengesPeloton will need to refinance at least half of its $1B debt by CY4Q25, posing a potential free cash flow headwind.
Management InstabilityIncreased uncertainty in the company following the departure of CEO Barry McCarthy.
Strategic ConcernsWith a weak US consumer, a $1000+ priced product, multiple changes in management, and no clear growth plan or timeline, an inflection in earnings trajectory or valuation is not expected anytime soon.