Peloton ($PRIVATE:PELOTON) has a problem. Ok, it's actually got a few. But, here's the lastest one. 

Peloton workforce morale seems to be dimming - at least, via the workplace review data tracked via Staff sentiment has declined since 2018 - although it is noteworthy that Overall Ratings from employees have improved since the IPO. Still, looking back to 2018, it is down. Making matters worse, Peloton employees even as happy as staffers who work at Wall Street banks, for comparison. 

What Peloton does have going in its favor is a nearly-psychotically-devoted user base. That's critical to support ongoing revenue, which the company generates through its software business, which delivers new classes to bike and treadmill users through their screens as they work out. This chart, above, tracks Peloton's Apple ($AAPL) Store Ratings Count - and it began to shoot up earlier this year. It's a key metric because this tracks when a Peloton app user submits a rating - growth in ratings reflects a likely increase in users. 

This coincided with Peloton increasing its number of showrooms, as well as more staffers who made sure bikes were delivered - and delivered to customers' satisfaction. 

Peloton's IPO debut suffered from a poor timing factor - it made its market debut in the wake of WeWork's attempted ($PRIVATE:WEWORK) IPO fiasco, and appears to have run into demand issues for its stock despite putting together a business that has a far-more engaged (and, happy) user base than the property sharing company. 

Still, as the chart above reflects, the company has grown - and grown substantially in recent years, which is what makes a declining workforce review rating that much more troubling. But even as Peloton is growing, employee sentiment shows that people are less happy.

About the Data: 

Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales. 

Further Reading: 

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