Evaluating a turnaround story requires looking past transient headlines to examine underlying fundamentals, capital allocation, and recurring revenue durability. Peloton Interactive (NASDAQ:PTON) has spent the past several periods addressing its post-pandemic cost structure, shifting its focus from top-line expansion to margin discipline and free cash flow generation. While the company has made measurable progress in strengthening its balance sheet and achieving profitability, its long-term equity value ul ...