Demand UncertaintyThere is uncertainty about what steady state demand is for Peloton post-COVID, which prevents a double-digit forward EBITDA multiple upgrade.
Marketing SpendMarketing efficiency is key to growth, and there is concern that marketing spend will take another step down as the company targets a higher LTV-to-CAC ratio.
Subscriber GrowthFY25 subscriber growth is impacted by multiple business changes, such as reduced incentives and increased hardware prices, which are expected to normalize next year.