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Peloton Still Won’t Sell Itself—And That’s Honestly Hilarious
From Fitness Unicorn to Unicycle
Peloton (PTON) was the pandemic-era dream stock: sleek bikes, celebrity instructors, and cult-like loyalty. In 2021, it peaked near a $50 billion valuation.
Today?
- Market cap: ~$2.5 billion
- Subscribers: Down to ~5.8 million
- Hardware sales: Falling fast (declined ~27% YoY (e.g., Q3 FY25 hardware revenue ~$205 M vs total ~$624 M)
- Cultural cachet: Mostly a punchline–much more miss than hit—still memes, still hardware glut, still cancelled streak drama.
- CEO strategy: Stay independent
It’s no longer riding high—it’s pedaling in circles.
They Keep Saying “No” to a Sale
Even after being approached (reportedly) by the likes of Amazon, Apple, and Nike over the last few years, Peloton refuses to entertain the idea of selling.
The current CEO—Peter Stern, an Apple and Ford veteran—has been brought in for a turnaround. But this “go-it-alone” mindset feels less like confidence and more like sunk cost denial.
“We believe Peloton is best positioned as a standalone connected fitness company.”
—Every Peloton earnings call, basically
The Cold, Hard Numbers
| Metric | 2021 Peak | Q3 FY2025 (Latest) |
| Market Cap | ~$50 billion | ~$2.5 billion |
| Paid Subscribers | ~6.9 million | ~5.8 million |
| Hardware Revenue | Booming | -27% YoY |
| Free Cash Flow | Deep red | +$95 million |
| FCF Margin | N/A | ~15% |
There’s improvement, sure—but it’s hardly a thriving turnaround story.
Why Someone Should Just Buy Peloton Already
It’s time for a bigger, better-capitalized company to step in and make the most of what’s left: the brand, the platform, the user data, and the instructors.
Peloton has real value—but only in someone else’s hands, in my opinion.
The 5 Most Logical Companies to Acquire Peloton—And What They’d Actually Do With It
1. Apple (AAPL)
Why it makes sense: CEO Peter Stern was previously at Apple overseeing services and Fitness+. A Peloton buyout = instant vertical integration.
What they’d do:
- Bundle Peloton into Apple One
- Use bikes/treads to drive Apple Watch engagement
- Tighten the Apple Health ecosystem
2. Amazon (AMZN)
Why it makes sense: Logistics master, consumer product king, and quietly building a healthcare empire.
What they’d do:
- Ship bikes via Prime
- Wrap classes into Amazon Prime Video
- Integrate fitness into One Medical offerings
3. Netflix (NFLX)
Why it makes sense: Netflix wants to diversify. Fitness = sticky, low-cost content.
What they’d do:
- Launch “Netflix Fit” as a new category
- Gamify workouts
- Turn instructors into interactive entertainment stars
4. UnitedHealth Group (UNH) or CVS Health (CVS)
Why it makes sense: Preventative care is the future of cost control. Fitness is the front line.
What they’d do:
- Subsidize bikes for Medicare Advantage members
- Offer Peloton programs in Aetna wellness plans
- Use data to encourage healthy habits (and reduce claims)
5. Nike (NKE)
Why it makes sense: Already tried with fitness apps. Peloton = the infrastructure they lack.
What they’d do:
- Brand all hardware with the Nike swoosh
- Blend Peloton and Nike Training Club
- Turn instructors into sponsored athletes
Final Take: Peloton Should Sell Before It Becomes a Museum Piece
There’s still a brand here. There’s still a loyal—yet shrinking—user base. And there’s still real tech and content infrastructure.
But Peloton’s best days as a standalone company are behind it. The upside now? Getting acquired by someone with a broader platform and deeper pockets.
Peloton can still be a winner—just not on its own.
DISCLAIMER: This analysis of the aforementioned stock security is in no way to be construed, understood, or seen as formal, professional, or any other form of investment advice. We are simply expressing our opinions regarding a publicly traded entity.
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