Image Source: PixabayPeloton Interactive Inc. (PTON) was a massive stock during the pandemic, when everybody was stuck at home and exercise equipment and access to social networks beyond the walls of homebase was hugely important. But it has mostly been a disaster since the pandemic ended.Revenue has been shrinking over the last three fiscal years (which end in June), first by -11% (2022), then -22% (2023) then by -3.6% (2024), when revenue was only $2.59 billion. That’s a far cry from the $4 billion-plus of 2021.Still, Peloton operates the world’s largest immersive and interactive fitness platform, connecting 3.7 million subscribers with instructors from a wide variety of disciplines. The company’s Bike, Tread, and Rower make fitness approachable, entertaining, convenient, and social. Activities range from indoor cycling, running, walking, hiking, rowing, and yoga to bootcamp, stretching, strength, meditation, and more.That said, Peloton’s subscriber growth has stalled. As the turnaround story unfolds, we’ll be looking for two things: (1) Can the company get subscriber growth going again, and/or (2) Can they monetize the existing sub base better? There are a number of potential catalysts that could juice growth, and the stock.First is a new CEO, Peter Stern, who started on Jan. 1. He has extensive experience in the health and wellness space (he co-founded Apple Fitness Plus), with consumer hardware, software, and subscription services, and is a big fan and user of Peloton’s products.Second is renewed focus on the Tread market, which management believes is twice the size of the Bike market.Third is a renewed focus on men. Two-thirds of current users are women. Seems like room for improvement on the guy side of the equation.Current consensus estimates suggest a fiscal 2025 revenue decline of -8.6% to $2.48 billion, then modest revenue growth in the low single digits in fiscal 2026. Adjusted EPS could be in the $0.20 range in both fiscal 2025 and 2026, though there are a lot of inputs that can skew the eventual figure higher or lower.Bottom line: PTON feels like a fairly obvious turnaround play that’s still in the early innings and still has plenty of skeptics. That should translate into a very nice run in the stock, provided reasonable execution by the management team.More By This Author:Top Picks For 2025: Green Thumb IndustriesTop Picks For 2025: Vertiv HoldingsTop Picks For 2025: Peloton Interactive