But the most exciting thing about Peloton is the company is meaningfully expanding the market. In the year ending March 2019, 4 out of 5 buyers of Peloton Bikes were not previously in the market for home fitness equipment. In other words, people who never previously would have considered buying home fitness equipment are joining the Peloton ecosystem. Investors should be excited by what that means for the company's addressable market -- and the stock's prospects -- over the next decade.