One-glance verdict
Undervalued
$68.45 our estimate vs market $5.02
Wall Street consensus: $17.00 (-75.2% lower than our fair-value estimate)
93% below our estimate, below the bear case
Fundamentals snapshot
The Beachbody Company, Inc.
BODI · NCM · Communication Services · Internet Content & Information
Current price
$5.02
52-week range
$4.05 - $16.87
Market cap
$36.57M
Balance sheet
Healthy
1.61x Concerning
Net cash $6.72M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Returns 43.4% on equity, ahead of 75% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Reward Trades at 2.9x P/E vs peer median 15.0x (80.8% cheaper).
What this company does
The Beachbody Company, Inc.
The Beachbody Company offers at-home fitness programs, like the famous P90X, and nutritional products such as Shakeology shakes. Most of its money comes from digital subscriptions to its workout library, which generates recurring revenue (income that's predictable because customers pay regularly), making its business less dependent on one-time product sales.
How the company got here
The Beachbody Company was founded in 1998 by Carl Daikeler and Jon Congdon, starting with popular at-home workout DVDs like P90X and Insanity sold through TV infomercials. For many years, it relied on a multi-level marketing (MLM) sales model, where a network of 'coaches' sold products and recruited other sellers. The company saw a surge in subscribers during the COVID-19 pandemic as people exercised at home. In 2021, it became a publicly traded company and recently made a major strategic shift, moving away from the MLM structure to sell directly to customers and through affiliate partners (people who earn a commission for selling products).
What it actually does
The company, which now primarily uses the brand name BODi, is a digital fitness and nutrition business. It sells online subscriptions that give customers access to a large library of streaming workout videos and health-related content. Alongside its digital fitness programs, the company also develops and sells its own branded nutritional products, including protein shakes and supplements, designed to be used with its workout plans. Essentially, it provides the workouts and the nutrition products to help people with their health and fitness goals at home.
Digital Subscriptions
This is the company's largest source of revenue (the money it makes from sales), making up about 61% of its business in 2025. Customers pay a recurring subscription fee for access to the BODi streaming platform, which is like a Netflix for fitness. This platform contains thousands of on-demand workout videos, including famous programs like P90X and Insanity, as well as nutrition guides and mindset content. The company earns money through these monthly or annual membership payments.
Nutrition Products
This part of the business involves the sale of physical products and accounts for a significant portion of revenue (the money the company earns), around 39% in 2025. The most well-known product is Shakeology, a line of superfood nutrition shakes. The company also sells a range of performance supplements, such as pre-workout and post-workout formulas, under the Beachbody Performance brand. Customers buy these items directly from the company to complement their fitness routines.
What management is betting on now
Management is currently focused on a major turnaround plan they call the "Pivot." This involves moving away from its old multi-level marketing sales network to an omnichannel (selling through multiple channels) approach. The new strategy focuses on selling directly to consumers online, through Amazon, and via a simpler affiliate program. A key part of this plan is expanding into physical retail stores for the first time, with plans to sell its Shakeology and other new nutrition products in stores during 2026.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$53.00K
FY2024 Q4
$-7.30M
FY2025 Q1
$1.65M
FY2025 Q2
$2.42M
FY2025 Q3
$9.00M
FY2025 Q4
$4.28M
FY2026 Q1
$-1.72M
FY2026 Q2
$-4.00M
Revenue
$49.61M
Net income
$1.38M
Diluted EPS
0.11
Operating cash flow
$-3.24M
Free cash flow
$-4.00M
Fetching…
Sources
Revenue
$54.28M
Net income
$2.29M
Diluted EPS
0.30
Operating cash flow
$-1.04M
Free cash flow
$-1.72M
Fetching…
Sources
Revenue
$55.54M
Net income
$5.22M
Diluted EPS
0.77
Operating cash flow
$4.98M
Free cash flow
$4.28M
Fetching…
Sources
Revenue
$59.89M
Net income
$3.57M
Diluted EPS
0.51
Operating cash flow
$10.19M
Free cash flow
$9.00M
Fetching…
Sources
Revenue
$63.94M
Net income
$-5.90M
Diluted EPS
-0.85
Operating cash flow
$4.24M
Free cash flow
$2.42M
Fetching…
Sources
Revenue
$72.36M
Net income
$-5.75M
Diluted EPS
-0.84
Operating cash flow
$2.34M
Free cash flow
$1.65M
Fetching…
Sources
Revenue
$86.37M
Net income
$-34.56M
Diluted EPS
-5.07
Operating cash flow
$-6.73M
Free cash flow
$-7.30M
Fetching…
Sources
Revenue
$102.19M
Net income
$-12.00M
Diluted EPS
-1.75
Operating cash flow
$1.08M
Free cash flow
$53.00K
Fetching…
Sources
Is it cheap or expensive?
Fair value $68.45 vs current price $5.02
Wall Street consensus is the average analyst price target: $17.00 (-75.2% lower than our fair-value estimate).
Our most-likely fair value is $68.45 a share — about 1,263.6% above today's price of $5.02, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $6.7M - more cash than debt. Interest coverage 1.6x.
Net debt
$-6.72M
Interest coverage
1.61x
The Beachbody Company, Inc.'s profit covers its interest bill about 1.6 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
BODI
BASELINE
The Beachbody Company, Inc.
Total debt $25.57M Interest coverage 1.61x This is the baseline the peer rows are being compared against.
Total debt $1.71B Interest coverage 1.72x +7% vs BODI Has roughly the same debt cushion as BODI.
Total debt $426.31M Interest coverage 0.73x -54% vs BODI Carries about 2.2x less debt cushion than BODI.
Total debt $31.17M Interest coverage -1.69x -100% vs BODI This peer has almost no interest-payment cushion compared with BODI.
Total debt $38.41M Interest coverage 6.51x +305% vs BODI Carries about 4.0x more debt cushion than BODI.
What you should know
The case for and against BODI
3 Rewards
0 Risks
Rewards
-
Returns 43.4% on equity, ahead of 75% of its peers.
-
Free cash flow was positive in 3/10 years.
-
Trades at 2.9x P/E vs peer median 15.0x (80.8% cheaper).
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
2.89x
Forward P/E
-1.00x
P/B
0.97x
P/S
0.17x
EV/EBITDA
0.91x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
73.3%
Operating margin
3.4%
Net margin
5.7%
ROE
43.4%
ROA
7.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.69x
Current ratio
0.79x
Quick ratio
0.46x
Total debt
$25.57M
Total cash
$32.29M
Growth
How the business has been compounding
Revenue TTM
$219.32M
Revenue 5Y CAGR
-26.7%
EPS TTM
1.74
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$10.89M
Free CF TTM
$17.35M
FCF margin
7.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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