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The Moat Index

Peloton Interactive, Inc.

PTON · Consumer Discretionary · $2.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

20/ 100
No moat

The four filters

Pricing power49

Median gross margin 42.8% over 8y, variable.

Returns on capital0

Median ROIC -28.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 9.3x, interest coverage -0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$6.12
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Peloton Interactive, Inc. booked $2.5B of revenue in FY2025 in the Consumer Discretionary sector and kept 50.9% of it as gross profit — a solid-margin business by that measure. After every other cost, −4.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $435.0M (FY2018) to $2.5B (FY2025) — about 28.3% a year compounded over 7 years.

It earned −33.4% on invested capital in FY2025, with a median of −28.7% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.5B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 1602.3% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (49/100) and Returns on Capital the weakest (0/100), which is how PTON lands at 20/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from PTON’s SEC filings

RevenueSales, as filed$2.5B FY2025
$0$2B$4B2017202020232025
Gross marginRevenue kept after cost of goods50.9% FY2025
0%20%40%2017202020232025
Return on invested capitalOperating profit on the capital employed−33.4% FY2025
−100%−50%0%2017202020232025
Owner earningsCash an owner could take out−$38.5M FY2025
−$2B$02017202020232025

Gaps in a line mean that item isn’t in PTON’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale19.5 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PTON has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#302 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #300XOS Xos, Inc.19.8No moat
  2. #301CENN CENNTRO INC.19.7No moat
  3. #303FFAI FARADAY FUTURE INTELLIGENT ELECTRIC INC.19.5No moat
  4. #304CVEO Civeo Corp19.4No moat

Compare PTON with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about PTON

Does Peloton Interactive, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Peloton Interactive, Inc. (PTON) 19.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has PTON's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 19.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PTON. See the disclaimer.

Peloton Interactive, Inc. (PTON) Moat Score — The Moat Index · Buy Like Buffett