MeritValue

Beachbody Company, Inc.

BODIdata completeness 100%7 fiscal years on file
The thesis, from the filings

Beachbody Company, Inc. earns about -67% on invested capital, and has bought back 97% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$873.6M1$692.2M2$527.1M3$418.8M4$251.7M4
Net income−$228.4M5−$194.2M6−$152.6M7−$71.6M8−$2.86M8
Operating cash flow−$215.2M9−$47.2M10−$22.5M11$2.56M12$21.8M12
Capital expenditure$77.9M13$26.5M14$6.58M15$4.54M16$4.4M16
Free cash flow (derived)−$293.2M9−$73.7M10−$29.1M11−$1.98M12$17.4M12
Total debt—$90.4M17$64.7M18$40.8M19$48.6M19
Cash & equivalents$104.1M20$80.1M21$33.4M22$20.2M23$39M23
Diluted shares275.4M6.1M6.2M6.8M7.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$44.93
your share of equity
Profit it earned you last year
−$4.1
Free cash flow it threw off
$24.89
Debt you’d be carrying
$69.75

10 shares is a claim on $44.93 of net worth that earned you −$4.1 and generated $24.89 of cash last year, against $69.75 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-67% avg · 5y
FY21 -68%FY22 -69%FY23 -100%FY24 -105%FY25 4%

It earned an average -67% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 46% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-008487 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008487 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008487 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008487 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0000950170-23-008487 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000950170-24-029409 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0000950170-25-046760 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001193125-26-100284 (CashAndCashEquivalentsAtCarryingValue)