The FRX and Beachbody merge valued the combined company at a pro forma EV (enterprise value) of $ 2.9 billion, an EV-to-sales multiple of 2.2x in 2022. Beachbody expects sales to increase by 30 percent between 2020 and 2025. The forecasts do not include the international expansion of MYX Fitness and Openfit.

Looking at Peloton, it has an EV of nearly $ 23 billion after the crash. The company is projected to have sales of $ 6.5 billion in 2022, which would be a multiple of the 2022 EV-to-sales value of 3.5x. Peloton’s revenues are projected to grow 35 percent year over year in 2022, while Beachbody predicts that revenues will grow 33 percent over the course of the year.