MeritValue

Interactive Strength, Inc.

TRNRdata completeness 88%4 fiscal years on file
The thesis, from the filings

Interactive Strength, Inc. earns about -477% on invested capital, and has bought back 71% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$681,0001$962,0002$5.38M3$11.5M3
Net income−$58.2M4−$51.4M5−$34.9M6−$24M6
Operating cash flow−$35.5M7−$15.4M8−$14.8M9−$10.4M9
Capital expenditure$577,00010$010$011$94,00011
Free cash flow (derived)−$36.1M7−$15.4M8−$14.8M9−$10.5M9
Total debt—$9.81M12$11.3M12—
Cash & equivalents$226,00013$014$138,00015$512,00015
Diluted shares487,2763,0922,139139,536

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
$457.95
your share of equity
Profit it earned you last year
−$1,717.69
Free cash flow it threw off
−$752.71
Debt you’d be carrying
—

10 shares is a claim on $457.95 of net worth that earned you −$1,717.69 and generated −$752.71 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-477% avg · 4y
FY22 —FY23 -958%FY24 -151%FY25 -322%

It earned an average -477% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−71% shares · 4y

Share count is down 71% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 15% over the same window.

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 2022-12-31 · accession 0000950170-24-039531 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-047848 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-134836 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-039531 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-047848 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-134836 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-039531 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-047848 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-134836 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-039531 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-134836 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-047848 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-039531 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-047848 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-134836 (CashAndCashEquivalentsAtCarryingValue)