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what it is
Beachbody sells digital fitness, nutrition, and connected-home workout subscriptions.
how it gets paid
Last year The Beachbody made $252M in revenue.
why growth slowed
Revenue fell 39.9% last year. 72.6% gross margin means Beachbody kept about 73 cents of each dollar before overhead.
what just happened
Revenue hit $196M and gross margin stayed at 72.6%, but EPS was still -$1.16.
At a glance
C balance sheet — red flag territory — real financial stress
-$10.51 fy2024 eps est
$419M fy2024 rev est
0.1% operating margin
1.8 beta
xvary composite: 31/100 — weak
What they do
Beachbody sells digital fitness, nutrition, and connected-home workout subscriptions.
It has 1.1 million digital subscribers and 0.1 million nutrition subscribers. That is recurring billing, not one-time hope. Your workouts, tracking, and habit loops sit in one app, so leaving is annoying.
How they make money
$252M
annual revenue · revenue declined -39.9% last year
total revenue
$252M
39.9%
The products that matter
digital fitness subscriptions
BODi Digital Subscriptions
~$151M · down 40%
This is the pivot. It generated about $151M in revenue, but that bucket also fell 40% from a year ago. If digital is supposed to be the save, it has not looked like one yet.
turnaround hinge
nutrition and supplements
Nutrition & Supplements
~$101M · down 40%
This business brought in about $101M. Management is launching lower-priced products in 2026. In human-speak: volume needs help, because pricing power does not look strong.
pricing pressure
legacy branded workout catalog
P90X, Insanity and legacy programs
brand recognition, weak protection
These names still help awareness. They do not stop substitution. When free alternatives are one search away, brand nostalgia is marketing support, not a barrier.
low switching costs
Key numbers
$252M
annual sales
You are looking at a company that still sold $252M, but that is 39.9% below last year.
$419M
sales estimate
The gap to the $419M estimate is $167M, which is huge for a company this small.
39.9%
sales drop
A 39.9% decline means the business is losing revenue faster than fixed costs can shrink.
1.1M
digital subs
1.1M digital subscriptions are the core engine, and the engine is smaller than the brand sounds.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $24M (24% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BODI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $196M and gross margin stayed at 72.6%, but EPS was still -$1.16.
The quarter showed a sharp sales rebound versus last year, but losses stayed deep red. Gross margin stayed high because digital subscriptions keep more of each dollar than physical goods.
$196M
revenue
-$1.16
eps
72.6%
gross margin
gross margin
72.6% gross margin means Beachbody kept about 73 cents of each dollar before overhead, but that still did not save EPS from -$1.16.
source: company earnings report, 2026
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What could go wrong
The main risk is simple: revenue never stabilizes. BODI already stepped down from $528M last year to a $419M full-year estimate, and the latest quarter still showed a 40% drop from a year ago. If that pace keeps up, cost cuts stop mattering fast.
high
revenue keeps falling faster than costs can follow
The latest quarter was down 40% from last year, and the FY2024 estimate is $419M versus $528M last year. That is not a dip. That is a shrinking base problem.
If sales keep falling near that pace, the turnaround story stops being about efficiency and starts being about whether demand exists at all.
high
liquidity gets tight again
The June 2025 Tiger Finance facility provided $35M. Against a $76M market cap, that is substantial. Against a weak balance sheet and ongoing losses, it is time, not safety.
If cash burn stays elevated, the financing line moves from support act to main event.
med
the digital pivot still fails to become sticky
Digital & Subscriptions generated about $151M and still fell 40% from a year ago. Subscription revenue is supposed to stabilize the business. Here it is shrinking with the rest of it.
If the subscription side cannot flatten out, the bull case loses its cleanest recovery path.
med
profitability stays too thin to absorb mistakes
Operating margin is 0.1%, and management's Q1 2026 adjusted net income guide is only $1M–$2M. That is positive, but barely. Thin profit offers almost no protection if revenue disappoints again.
When the earnings cushion is that small, even minor demand weakness can turn a "stable" quarter into another reset quarter.
The risk picture is not complicated. A shrinking revenue base plus a $35M financing backstop is what you own. If sales do not stabilize soon, the capital structure becomes part of the operating story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key metric
revenue decline versus cost cuts
The recent quarter showed $0.51 in EPS on $59.89M of revenue. If revenue is still falling 40% from last year, expense control is buying time, not fixing the business.
calendar
q1 2026 earnings call
Scheduled for mar 10, 2026. Management guided to $1M–$2M in adjusted net income. You want to hear whether that comes with revenue stabilization, not just another round of cuts.
product trend
lower-priced nutrition launches
New 2026 products are coming at more affordable price points. Watch what that does to volume versus margin. Cheaper product can help demand or confirm weak pricing power.
balance sheet
cash position versus the $35M facility
The Tiger Finance line matters because BODI's equity value is only about $76M. If financing becomes the headline again next quarter, the turnaround is still on life support.
Analyst rankings
coverage depth
thin
Coverage appears limited. in human-speak, there is not much sell-side conviction here, which is common when a small-cap turnaround loses scale.
what the estimates say
cautious
The available numbers point to $419M of revenue and -$10.51 in EPS for FY2024. That is a market waiting for proof, not projecting a clean comeback.
source: institutional data
Institutional activity
institutional ownership data for BODI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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