"The Peloton story of late has been dominated by the bad news. It’s a long list which includes stalled CF subscriber growth, significant losses in the hardware business (FY23 product sales of ~$1.1 billion, down ~$2 billion from FY21), excess inventories, the Bike seat post recall (which has led to customer replacement requests on ~750,000 bikes), an unproven digital app strategy, and financial leverage. All-in, Mr. Market has clearly had enough: at $5.1 per share, the stock price has declined ~97% from where it traded at the end of 2020. The company’s current market cap is equal to ~1x sales for the subscription business (which has ~67% gross margins). Amidst significant uncertainty, is Peloton an attractive risk / reward here for long-term investors?"