The Beachbody Company Stock (US07358Y1091): valuation and fundamentals in focus after reverse split and delisting from NYSE

Responsible: ad hoc news Markets & Valuation Desk. Reviewed prior to publication on June 12, 2026 at 9:26 PM ET. Details in the imprint.

The Beachbody Company stock has undergone a dramatic transformation since late 2024, moving from a New York Stock Exchange listing to over-the-counter trading after a 1-for-80 reverse stock split and subsequent delisting, a sequence that continues to shape how US retail investors look at its valuation and fundamentals today.

Reverse split, NYSE delisting and shift to OTC trading

On November 20, 2024, The Beachbody Company announced that it would effect a 1-for-80 reverse stock split of its Class A and Class X common stock, with the split becoming effective at 5:01 p.m. Eastern Time on November 21, 2024. The company stated that every 80 shares of issued and outstanding common stock would automatically be combined into one share, with no change to the par value.

According to the same announcement, Beachbody's common stock began trading on a reverse-split-adjusted basis at the market open on November 22, 2024, under its then ticker "BODY" on the New York Stock Exchange. The reverse split was positioned as a corporate action intended to regain compliance with the NYSE's minimum share price requirements and to make the stock more attractive to certain institutional investors.

Despite the reverse split, The Beachbody Company later chose to voluntarily delist from the NYSE. In a press release dated December 23, 2024, the company said it had notified the NYSE of its intention to voluntarily delist shares of its Class A common stock from the exchange and deregister its common stock under the Securities Exchange Act of 1934. Beachbody explained that delisting and deregistration were expected to reduce costs associated with public company reporting and compliance obligations.

The company stated it intended to file a Form 25 with the Securities and Exchange Commission, with the delisting expected to become effective on or about January 3, 2025, and that it would then file a Form 15 to suspend its reporting obligations under the Exchange Act. Following these steps, Beachbody said it expected its common stock to be quoted on an over-the-counter market, and subsequent trading has in fact shifted to the OTC marketplace rather than a major US exchange.

As a result of the reverse split and delisting, Beachbody today is no longer part of major US equity indices such as the S&P 500, Dow Jones Industrial Average or Nasdaq Composite, and its shares now trade over the counter in US dollars, typically under the ticker symbol "BODY" or an OTC variant as quoted by market data providers. For investors, this change generally implies lower trading liquidity, wider bid-ask spreads and less analyst coverage compared with NYSE- or Nasdaq-listed peers.

Recent operating performance and strategic focus

Prior to the delisting, The Beachbody Company had already been working through a multi-year turnaround as demand normalized from pandemic-era highs in at-home fitness and digital subscriptions. The company offers subscription-based digital fitness content, connected fitness hardware such as the MYX exercise bike, and nutrition and supplement products under brands including Beachbody, Openfit and Shakeology.

In its third quarter 2024 earnings release, Beachbody reported total revenue of approximately $104 million, down year-over-year as the company continued to rationalize marketing spend and focus on higher-margin, more engaged customers. Management noted that digital subscriptions declined versus the prior year but that average revenue per digital customer showed improvement as the mix shifted toward more committed users.

The company also highlighted ongoing cost-cutting and restructuring efforts aimed at improving profitability. Beachbody had previously reduced headcount and marketing expenses and sought to streamline its content and product portfolio, with the goal of driving a clearer path toward positive adjusted EBITDA. Despite these initiatives, the company remained loss-making at the net income level in 2024, reflecting continued pressure on scale and customer acquisition costs.

Beachbody's strategic emphasis has been on leveraging its library of fitness content, its network of independent "partners" or coaches, and its nutrition brands to stabilize revenue and rebuild growth in a more normalized post-pandemic environment. Management has communicated a focus on digital engagement, retention and profitability rather than pure top-line expansion, a shift that aligns with broader trends in the digital fitness and subscription streaming sectors.

In addition, the company has pointed to the potential to monetize its brand equity and community-driven model through new product launches and partnerships. However, the transition away from a high-growth story to a turnaround and efficiency narrative has been accompanied by substantial volatility in the share price and a compression in valuation multiples relative to earlier stages of its public life.

Capital structure, liquidity and reverse split implications

The 1-for-80 reverse split materially reduced the number of Beachbody shares outstanding, raising the per-share trading price while leaving the company's overall market capitalization largely unchanged on an economic basis. Reverse splits are often used by companies whose shares have fallen below minimum exchange listing thresholds or into low single-digit price territory, and they can sometimes signal financial stress or a challenging outlook, although they are not inherently dilutive in themselves.

Beachbody indicated that no fractional shares would be issued in the reverse split; instead, stockholders entitled to fractional shares would receive a cash payment in lieu of such fractional shares, based on the closing price of the common stock on the NYSE on November 21, 2024, as adjusted for the reverse split. This is a common mechanic designed to simplify the post-split share count and reduce administrative complexity.

At the time of the reverse split and subsequent delisting, the company also referenced its efforts to manage liquidity and reduce costs associated with being a fully reporting public company. By deregistering its common stock and moving to the OTC market, Beachbody aimed to cut expenses related to regulatory filings, compliance, investor relations infrastructure and certain listing fees. For a smaller-cap company with a pressured share price, such cost savings can be meaningful when measured relative to total operating expenses.

However, the move also typically narrows the investor base, as many institutional investors and some retail brokerage platforms restrict or prohibit investments in OTC securities. That can further impact trading volumes and may contribute to higher volatility in the stock price over time.

Public filings from 2024 reflected a capital structure that included both Class A and Class X common stock, with Class X primarily held by insiders and carrying higher voting power. After the reverse split, the relative economic interests did not change, but the share counts in each class were reduced by the same 1-for-80 ratio.

Valuation context versus fitness and streaming peers

Because The Beachbody Company no longer trades on a major US exchange and has limited current analyst coverage, up-to-the-minute consensus valuation metrics are harder to track than for larger, exchange-listed peers. That said, the business model offers some points of comparison with companies in digital fitness, connected hardware and subscription streaming.

Compared with larger fitness names such as Peloton and connected-device makers whose shares also experienced sharp re-rating after the pandemic, Beachbody operates at a smaller scale and with a different mix of digital content, community selling and nutrition products. While Peloton, for example, has historically generated higher revenue per subscriber but carries substantial hardware exposure, Beachbody's mix is more balanced between digital subscriptions and nutritional consumables, potentially offering a different margin profile.

On the streaming side, Beachbody competes with generalist platforms hosting fitness content as well as specialist fitness apps. Unlike mass-market streaming services that monetize primarily through large subscriber bases and global scale, Beachbody leans on its direct-response marketing history and a network of coaches to acquire and retain customers. This approach can be effective in targeted niches but has faced headwinds as digital advertising costs have risen and consumer behavior has shifted to broader platforms.

Valuation for smaller, loss-making digital fitness firms has generally compressed since the peak of pandemic optimism, with the market placing a greater emphasis on sustainable unit economics, path to profitability and balance sheet resilience. For Beachbody, the combination of lower revenue, ongoing net losses and reduced public visibility following its delisting contributes to a more cautious market stance, reflected in a significantly lower market capitalization compared with earlier in its public life.

Given the limited availability of timely valuation multiples and the OTC trading venue, investors who follow the name typically focus on company-issued updates, historical financials through 2024 and any indications about liquidity, debt covenants and operating trends to gauge whether the business can stabilize and grow again. In this context, the reverse split and delisting are seen less as value drivers in themselves and more as symptoms of the underlying challenges the company has been working to address.

What the delisting means for US retail investors

The move from the NYSE to the OTC market after the reverse split changed the mechanics of how many US retail investors can access The Beachbody Company stock. Some mainstream brokerages continue to support OTC trading, while others apply tighter restrictions or do not offer OTC securities at all, which can limit potential demand.

OTC-listed names often report less frequently and may provide fewer public disclosures than fully SEC-reporting issuers, although companies can choose to continue issuing press releases and financial updates at their discretion. Beachbody signaled that it expected to suspend certain Exchange Act reporting requirements after filing Form 15, a step that reduces compliance costs but also reduces the flow of mandated financial information.

For investors who held shares through the reverse split, share counts in their brokerage accounts would have declined by a factor of 80, while the per-share price would have risen accordingly, aside from market-driven price moves. Those with fractional entitlements around the split date would have received cash instead of fractional post-split shares.

In addition, lower liquidity typically associated with OTC trading can result in wider bid-ask spreads and increased price swings, particularly for larger order sizes. These factors tend to make position sizing, order types and time horizons more important considerations when trading smaller OTC names compared to highly liquid large-cap stocks.

Against this backdrop, any assessment of The Beachbody Company today tends to revolve around the underlying business fundamentals, the effectiveness of cost controls and restructuring, and the company's ability to communicate its strategy and performance to a now smaller, more specialized investor base. Company-specific announcements, if and when they are released, are likely to have an outsized effect on trading given the stock's more limited liquidity and visibility.

This article was created with a.i. assistance and editorially reviewed. Not investment advice, not a buy or sell recommendation. Trading in securities carries risks up to the total loss of capital.

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