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Beachbody Company (BODI)
NYSE:BODI
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Beachbody Company
(NYSE:BODI)
Rating:42Neutral
Price Target:
$4.00
▼(-5.21%Downside)
Positive Factors
Business Model Transition
The shift from an MLM model to an omnichannel and affiliate model is seen as a positive change for reducing operating costs.
Earnings
BODI reported first-quarter results ahead of guidance with sales surpassing estimates.
Financial Strategy
BODI de-risked its balance sheet by refinancing its term loan, extending the maturity and reducing the interest rate.
Negative Factors
Digital Subscriptions
Active digital subscriptions were down 16.4% year-over-year, indicating challenges in retaining subscribers.
Nutrition Business
Nutrition subscriptions saw a significant decline of 46.7% year-over-year, highlighting pressure on this segment.
Sales Transition Impact
The switch from an MLM model may initially lead to sales deleverage as sellers leave the platform.
Beachbody Company (BODI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.56M
Dividend YieldN/A
Average Volume (3M)71.52K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-26.11%
EPS Growth57.68%
CountryUS
Employees355
SectorCommunication Services
Sector Strength84
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-0.84
Shares Outstanding4,276,212
10 Day Avg. Volume28,866
30 Day Avg. Volume71,521
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.76
Price to Sales (P/S)0.00
P/FCF Ratio-2.20
Enterprise Value/Market Cap96.64
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit11.09
Enterprise Value/Ebitda-19.18
Forecast
1Y Price Target
$13.00Price Target Upside208.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Beachbody Company Business Overview & Revenue Model
Company DescriptionThe Beachbody Company, Inc. operates as a subscription health and wellness company that provides fitness, nutrition, and stress-reducing programs in the United States and internationally. The company operates Beachbody on Demand, a digital subscription platform that provides access to a library of live and on-demand fitness and nutrition content; and Beachbody on Demand Interactive (BODi) for live fitness and nutrition programs. It also offers nutritional products, such as Shakeology, a nutrition shake; Beachbody Performance supplements comprising pre-workout energize, hydrate, post-workout recover, and protein supplement recharge products; BEACHBAR, a low-sugar snack bar; supplements under the LADDER brand; connected fitness products; and BODi Bike Studio, a package subscription to BODi with a bike and accessories. The Beachbody Company, Inc. was founded in 1998 and is headquartered in El Segundo, California.
How the Company Makes MoneyBeachbody Company generates revenue primarily through its subscription services, which include Beachbody On Demand and BODi, offering customers access to a vast library of fitness content and live classes. These services operate on a recurring subscription model, providing a steady income stream. Additionally, Beachbody earns revenue from the sale of nutritional supplements and performance products, which complement its fitness programs. The company also benefits from partnerships with fitness influencers and trainers who promote its products and services, further driving customer acquisition and retention.
Beachbody Company Earnings Call Summary
Earnings Call Date:May 14, 2025
(Q1-2025)
| % Change Since: -10.40%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. The company achieved positive adjusted EBITDA for the sixth consecutive quarter and made significant debt reductions, alongside plans for retail expansion and a transition to a new business model. However, there were notable challenges, including a significant revenue decline, subscriber decreases, and continued net losses. The transition away from MLM is causing short-term financial impacts, but management remains optimistic about long-term growth prospects.Q1-2025 Updates
Positive Updates
Positive Adjusted EBITDA
The company reported positive adjusted EBITDA for the sixth consecutive quarter, delivering $3.7 million in Q1 2025, exceeding guidance and bringing the cumulative total to $34.8 million.
Debt Reduction
The company has successfully reduced its debt by more than 50% from $50 million to $18 million.
New Lending Agreement
BODi entered into a new $25 million loan facility with Tiger Finance, retiring existing debt and providing approximately $5 million of additional capital.
Gross Margin Improvement
Consolidated gross margins were 71.2%, an increase from previous levels and exceeding the long-term target of 65% to 70%.
Retail Expansion Plans
The company plans to roll out major retail distribution strategies, launching Shakeology and other products into retail channels starting late Q4 2025.
Affiliate Model Transition
Transitioned from MLM to a direct-to-consumer and affiliate model, which is expected to improve profitability and broaden the customer base.
Negative Updates
Revenue Decline
Q1 2025 revenue was $72.4 million, declining 16.2% sequentially and 39.7% year-over-year due to the transition away from MLM.
Digital Subscriber Decrease
Digital subscribers decreased by 5.1% sequentially to 1.02 million and declined 16.6% year-over-year.
Nutrition Revenue and Subscription Decline
Nutrition revenue decreased 48.4% year-over-year, with nutrition subscriptions declining 47.7%.
Net Loss
The company reported a net loss of $5.7 million for Q1 2025, although this was an improvement from the previous year.
Connected Fitness Revenue Decline
Connected fitness revenue fell 74% year-over-year, with a strategic shift away from producing new equipment.
Temporary Revenue Reduction
The company anticipates a temporary reduction in revenue in 2025 due to the dismantling of the MLM model.
Company Guidance
In the earnings call for BODi's first quarter of fiscal year 2025, numerous metrics were highlighted to illustrate the company's financial turnaround and future strategies. The company reported a positive adjusted EBITDA of $3.7 million, marking the sixth consecutive quarter of positive adjusted EBITDA and bringing the cumulative total for these quarters to $34.8 million. The debt was reduced by more than 50% to $18 million, and the cash breakeven level lowered significantly from over $900 million in 2022 to just under $225 million in 2025. Revenue for Q1 was $72.4 million, exceeding the guidance range of $60 million to $70 million, while consolidated gross margins were at 71.2%. Digital revenue saw a decline with a subscriber base of 1.02 million, and nutrition subscriptions fell to 80,000. The company anticipates a temporary revenue reduction due to the dismantling of the MLM model but expects growth through new retail distribution strategies and a revamped affiliate model. BODi also secured a new $25 million loan facility with Tiger Finance, adding approximately $5 million to the balance sheet after retiring previous debt.Beachbody Company Financial Statement Overview
Summary
Beachbody Company is facing significant financial challenges with declining revenues, negative EBIT, high leverage, and poor cash flow management. The overall financial health is concerning, indicating a need for strategic realignments to stabilize and improve performance.Income Statement
The Beachbody Company has demonstrated a consistent decline in total revenue from $873.6M in 2021 to $371.1M in TTM 2025. Gross profit margins have decreased over this period, and the company has been experiencing negative EBIT and net income, indicating ongoing operational challenges and profitability issues. Despite some cost reductions, the persistent net losses highlight the need for further strategic adjustments.45
Neutral
Balance Sheet
The balance sheet reflects high leverage with liabilities significantly outweighing equity; the debt-to-equity ratio has been increasing. The equity ratio has declined, indicating reduced financial stability. Total assets and cash reserves have diminished over time, pointing to potential liquidity challenges. The reduction in stockholders' equity also suggests weakened investor confidence.40
Negative
Cash Flow
Cash flow analysis reveals negative free cash flow trends, with operating cash flow consistently below net income, signaling inefficiencies in cash management. The company has managed to reduce capital expenditures, but the overall cash flow position remains weak, constraining investment capacity and potentially affecting future growth opportunities.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.11M | 418.80M | 527.11M | 692.20M | 873.64M | 863.58M |
| Gross Profit | 257.61M | 287.34M | 323.09M | 369.57M | 544.98M | 613.88M |
| EBITDA | -18.73M | -38.36M | -80.40M | -94.75M | -168.92M | 46.08M |
| Net Income | -63.17M | -71.64M | -152.64M | -194.19M | -228.38M | -21.43M |
Balance Sheet | ||||||
| Total Assets | 152.54M | 174.56M | 276.84M | 443.39M | 637.61M | 356.25M |
| Cash, Cash Equivalents and Short-Term Investments | 18.13M | 20.19M | 40.10M | 80.09M | 104.05M | 56.83M |
| Total Debt | 19.45M | 22.48M | 32.82M | 46.45M | 7.13M | 41.62M |
| Total Liabilities | 128.50M | 146.39M | 194.08M | 231.85M | 252.23M | 257.00M |
| Stockholders Equity | 24.04M | 28.17M | 82.76M | 211.54M | 385.38M | 99.26M |
Cash Flow | ||||||
| Free Cash Flow | -7.77M | -1.98M | -29.11M | -73.67M | -293.16M | 23.50M |
| Operating Cash Flow | -4.23M | 2.56M | -22.54M | -47.17M | -215.25M | 61.43M |
| Investing Cash Flow | -3.54M | 1.06M | -10.83M | -26.49M | -125.19M | -46.69M |
| Financing Cash Flow | -12.38M | -15.87M | -13.72M | 47.56M | 390.65M | 165.00K |
Beachbody Company Technical Analysis
Positive
4.22
Price Trends
4.06
Positive
5.36
Negative
5.93
Negative
Market Momentum
0.01
Negative
56.69
Neutral
79.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BODI, the sentiment is Positive. The current price of 4.22 is above the 20-day moving average (MA) of 3.89, above the 50-day MA of 4.06, and below the 200-day MA of 5.93, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 56.69 is Neutral, neither overbought nor oversold. The STOCH value of 79.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BODI.
Beachbody Company Risk Analysis
Beachbody Company disclosed 76 risk factors in its most recent earnings report. Beachbody Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Beachbody Company Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $41.24B | -0.79 | -14.21% | 3.80% | 2.39% | -73.52% | |
58 Neutral | $106.31M | ― | -6.03% | ― | 12.18% | 5.88% | |
58 Neutral | $85.00M | ― | 154.70% | ― | 11.43% | 26.78% | |
56 Neutral | $46.23M | ― | -48.12% | ― | 345.36% | -650.95% | |
54 Neutral | $79.75M | ― | -28.67% | ― | -36.56% | 72.58% | |
52 Neutral | $14.30M | ― | -98.74% | ― | 0.31% | 27.47% | |
42 Neutral | $29.56M | ― | -130.56% | ― | -26.11% | 57.68% |
* Communication Services Sector Average
Performance Comparison
BODI
Beachbody Company
4.22
-4.34
-50.70%
GAIA
Gaia
4.24
-0.42
-9.01%
LVO
LiveOne
0.88
-0.50
-36.23%
DLPN
Dolphin Entertainment
1.28
-0.30
-18.99%
MNY
MoneyHero Limited
1.07
-0.78
-42.16%
BZFD
BuzzFeed
2.07
-0.74
-26.33%
Beachbody Company Corporate Events
Executive/Board ChangesShareholder Meetings
Beachbody Company Elects Directors at Annual Meeting
Neutral
Jun 6, 2025
On June 4, 2025, Beachbody Company held its annual stockholders meeting where nine directors were elected to the board for a one-year term, and Deloitte & Touche LLP was ratified as the independent accounting firm for the fiscal year ending December 31, 2025. Additionally, the company’s executive compensation was approved, reflecting shareholder support for the current management and strategic direction, which may impact the company’s governance and operational strategies moving forward.
The most recent analyst rating on (BODI) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Beachbody Company stock, see the BODI Stock Forecast page.
Delistings and Listing ChangesRegulatory Filings and Compliance
Beachbody Faces NYSE Non-Compliance Notice
Negative
Apr 11, 2025
On April 10, 2025, The Beachbody Company, Inc. received a notice from the New York Stock Exchange indicating non-compliance with the requirement to maintain an average market capitalization and stockholders’ equity of at least $50 million over a consecutive 30 trading-day period. The company is required to submit a business plan within 45 days to demonstrate how it will return to compliance within 18 months. This notice does not currently affect the listing of the company’s securities, as long as other listing requirements are met, and the company plans to submit a compliance plan as required.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.