May 2026
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 | Garmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach. The company’s product lines include smartwatches, fitness trackers, communication equipment, and a comprehensive suite of systems for marine and aviation navigation. Garmin operates globally, with its business focused primarily on North America and Europe. | $241 | +19% | $46B | $44B | 6.1x | 21.3x | ||
 | Technogym SpA is a fitness equipment manufacturer. The company offers integrated solutions for personal wellness consisting of equipment, services, and digital solutions that can be personalized and adapted to specific needs of end users and professional operators. The company offers a range of wellness, physical exercise, and rehabilitation solutions to the segments of the fitness equipment market and the overall wellness industry. Its geographical segments are Europe (except Italy), APAC, Americas, MEIA, and Italy. | $23 | +70% | $5B | $4B | 3.8x | 17.9x | ||
 | Topgolf Callaway Brands Corp is a modern golf and active lifestyle company that provides world-class golf entertainment experiences, designs and manufactures premium golf equipment, and sells golf and active lifestyle apparel and other accessories through brands such as, Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO and Toptracer. The company's reportable segments are; Topgolf, Golf Equipment and Active Lifestyle. Majority of the revenue is generated from its Topgolf segment which is predominantly comprised of service revenues and expenses from the company operated Topgolf venues, Toptracer ball-flight tracking technology, and WGT digital golf game. Geographically, majority of the revenue for the company is derived from United States. | -- | -- | $3B | $5B | - | - | ||
| Peloton Interactive Inc operates an interactive fitness platform. It operates its business in two reportable segments: Connected Fitness Products and Subscription. Connected Fitness Product derives revenue from the portfolio of Connected Fitness Products and related accessories, as well as Precor-branded fitness products, delivery and installation services, Peloton Bike portfolio rental products, extended warranty agreements, branded apparel, and commercial service contracts. Subscription revenue is derived from monthly Subscription fees. The company generates maximum revenue from the Subscription segment. Geographically, the company derives a majority of its revenue from North America and the rest from International markets. | $6 | -20% | $2B | $3B | 1.2x | 7.6x | ||
| Herbalife Ltd is a health and wellness company. It provides health and wellness products in 95 markets through a direct-selling business model. Its product categories include Weight Management, Targeted Nutrition, Energy, Sports and Fitness, Outer Nutrition, and Literature, Promotional, and Other. Weight Management generates the majority of revenue, with products such as meal replacements, protein shakes, drink mixes, weight loss enhancers, and healthy snacks. Products are manufactured at facilities in Changsha and Suzhou, China; Lake Forest, California; and Winston-Salem, North Carolina, as well as by third-party providers. Revenues reflect sales to Members across North America, Latin America, EMEA, Asia Pacific, and China. | $12 | +59% | $1B | $3B | 0.6x | 4.6x | ||
 | Johnson Health Tech Co Ltd is a producer of fitness equipment. The main activities of the company is manufacturing and selling sports equipment, cardio equipment, weight training equipment, and related electronic components. | $4 | -19% | $1B | $2B | 1.0x | 8.8x | ||
 | Shuhua Sports Co Ltd is a provider of fitness equipment and health solutions in China. It has four production bases and two operation centers in China. The company offers home fitness, commercial fitness, physical training, campus sports and various others. Its global business covers more than 60 countries and regions, including Europe and the United States, the Middle East and Southeast Asia. | $3 | +101% | $1B | $990M | 4.3x | 36.8x | ||
| Sportsoul Co Ltd is engaged in the research and development, design, production, and sales of leisure sports and fitness equipment series products. It has also expanded into light commercial and healthcare equipment. The company's product portfolio comprises various trampolines and other leisure sports equipment, as well as aerobic and strength-training equipment, including treadmills, elliptical trainers, exercise bikes, cross trainers, and weight racks. It owns domestic and international brands such as Skywalker, Sportsoul, and Techplus, and also manufactures leisure sports and fitness equipment for international companies such as Decathlon and Leidun through ODM/OEM models. | $2 | +17% | $595M | $502M | 7.5x | (207.0x) | ||
| Escalade Inc manufactures and distributes sporting goods for a varied range of activities. These sports include archery, table tennis, basketball goals, trampoline, play systems, fitness, game tables like hockey and soccer, billiards, darting and other outdoor games. These products are sold under the brand names like Goalrilla, Goalsetter, Woodplay, Silverback, Nodor, Rage, Child Life, among others. The geographic segments in which the company operates are North America, Europe and others out of which a substantial part of the revenue is generated from North America region. | $19 | +26% | $258M | $263M | 1.1x | 11.0x | ||
| Keep Inc is a growing and result-oriented platform that provides users with a comprehensive fitness solution to help them achieve their fitness goals. It offers extensive and professional fitness content with AI-assisted personalized curriculums, encompassing interactive live-streaming classes and recorded fitness courses, that dynamically adjust course content and workout intensity based on users’ athletic levels, fitness goals, daily workout patterns, and diet. The company's operating segment includes Self-branded fitness products, Online membership and paid content, and Advertising and others. The company generates the majority of its revenue from Self-branded fitness products. | $0 | -44% | $179M | $56M | 0.2x | (8.7x) | ||
| WW International Inc specializes in weight management and providing clinical solutions in the United States. it also operates its proprietary digital platform that provides members with access to science-backed behavioral weight loss and weight management programs. The company's primary sources of revenue are subscriptions for digital, workshop, and clinical offerings. The Digital business refers to providing subscriptions to digital product offerings. Workshops + Digital business provides subscriptions for unlimited access to workshops combined with digital subscription product offerings. The Clinical business provides subscriptions to clinical product offerings combined with digital subscription product offerings and unlimited access to workshops. | $13 | -- | $128M | $476M | 0.6x | (2.4x) | ||
 | Zepp Health Corp is engaged in the business of manufacturing smart health wearable products. The company operates in one segment which is Amazfit-branded products. The product portfolio includes smartwatches and fitness bands. | $9 | +240% | $126M | $298M | 1.2x | (11.8x) | ||
 | Grupo Sports World SAB de CV is an operator of family sports clubs in Mexico and the only public company in the Wellness industry in Latin America. The company offers a wide range of activities and sports programs focused on the specific needs and demands of clients, as well as training, health and nutrition services in accordance with the latest international trends in the industry. | $1 | +39% | $126M | $129M | 1.0x | 5.6x | ||
 | Viva Leisure Ltd is an Australia-based company engaged in operating health clubs within the health and leisure industry. It offers customers several different membership options and a range of different types of facilities, from box fitness facilities to boutique fitness facilities. The company brands include Clublime, Ladies Only, Psyclelife, Hiit Republic, Swim School, GymmyPT, and others. The group operates in one segment, health club operations. Geographically, it operates only in Australia. | $1 | +7% | $100M | $351M | 2.3x | 6.2x | ||
 | Sleep Cycle AB is a sleep tracker application. It helps people understand their sleep habits and improve their sleep. The mobile application helps users fall asleep more easily, tracks sleep patterns through the night and wakes up users in the light-sleep phase, providing valuable insights designed to improve sleep quality. Geographically group operates in Sweden and other countries in which key revenue is generated from Sweden. | $3 | -20% | $53M | $42M | 1.5x | 5.1x | ||
| H100 Group AB is focused on building a comprehensive digital health ecosystem through strategic acquisitions and AI-driven automation. Its platform integrates with existing health providers, allowing them to enhance service delivery, increase efficiency, and scale operations. | $0 | -- | $51M | $57M | (62.4x) | (34.1x) | ||
| Kvix AB is engaged in providing a platform for well-being through exercise - from yoga to strength training, breathing and mindfulness. It assists in finding balance in live workouts with others and monitoring the training journey. It also allows to interact with instructors and get live feedback if the users choose to share their camera image. | $0 | -- | $6M | $6M | 4.4x | 41.9x | ||
 | Binovi Technologies Corp is engaged in the development and commercialization of visual and neuro-cognitive processing products and manufacturing hardware and software for diagnosing and remediating visual perception disorders. The company has three geographical segments; the United States, Canada, and Other. it derives a majority of its revenue from the United States. | $0 | -- | $3K | $38K | - | - | ||
| Median | $3 | +19% | $218M | $413M | 1.2x | 5.9x |
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