How Much Did Garmin Pay for TrainingPeaks?

Garmin didn’t disclose what it paid to acquire TrainingPeaks and TrainHeroic on 22 July 2026. It never discloses acquisition prices, but we can work it out. Let’s go.

What facts are on the record

There are around 120 combined staff moving across to Garmin, which covers the whole of both acquired businesses.

Published pricing, taken from the TrainingPeaks help centre and pricing pages, shows some base data for revenue estimates, namely:

• Coach Edition costs 21.99 dollars a month.
• Coach Edition Unlimited costs 54.99 dollars a month.
• Coach-paid Premium athletes start at 9 dollars a month and fall to 4.50 above a thousand athletes.
• Athlete-paid Premium costs 19.95 dollars a month or 124.99 a year.

Everything from here on is modelling. The subscriber counts, the athletes-per-coach ratio, and the marketplace figure are my assumptions, not published numbers. If you have any other valuation calculations, please share!

The revenue build

1. TrainHeroic has claimed 10,000 coaches. Assume 20,000 paying coach accounts across the larger TrainingPeaks side, at an average of 30 dollars a month across the two tiers, and coach base revenue is 7.2m a year. Then assume six coach-paid Premium athletes per coach at an average of $8.50, and that adds $12.2m. The coach side therefore runs near $19m.
2. Athletes who pay directly are the second line of revenue. At 100,000 paying subscribers on an average of $130 a year, that is $13m. Sensor Tower estimates roughly 400,000 dollars a month of US iOS revenue, which is consistent with that once web checkout and the non-US share are allowed for, though it rests on two stacked multipliers and so is a sense check rather than evidence.
3. Marketplace commission and Coach Match add perhaps 3m.
4. WKO, a one-off desktop licence with no meaningful release in two years, adds another 1.5m and is declining.

Those four lines give annual revenue of 36.5m, which is the input to the valuation.

Why one multiple will not do

Each revenue line has different economics, and a buyer prices them separately.

• Coach subscriptions renew annually, churn slowly and carry the coach’s own business on top, so they price at the top of the range.
• Direct athlete Premium is only a consumer subscription with consumer churn.
• Marketplace commission is transactional, seasonal against the race calendar, and the line most exposed to language models writing training plans for nothing.
• And a one-off licence on a stalled product barely carries a multiple at all.

These are the multiples that convert revenue to value.

Stream	Annual revenue	Multiple	Value
Coach subscriptions and coach-paid Premium	19m	4.0x	76m
Direct athlete Premium	13m	2.5x	32.5m
Marketplace and Coach Match	3m	1.5x	4.5m
WKO licences	1.5m	1.0x	1.5m
Total	36.5m	3.1x blended	114.5m

The cross-check that disagrees

Payroll sets a hard constraint. Fully loaded employment cost in Colorado for a mostly engineering and support headcount runs 130,000 to 160,000 dollars a head, so 120 staff cost 16m to 19m a year before hosting, payment processing, marketing or management. On 36.5m of revenue, that leaves a profit margin of 15 to 25 per cent, where a healthier software business would show 20 to 30. In money terms, that is EBITDA of 5.5m to 9.1m.

A valuation multiple for a low-growth software business comes in at 8x to 12x EBITDA. That gives a 44m to 109m valuation, with a midpoint near 73m, not 114.5m.

The two methods disagree because they measure different things. The profit method values TrainingPeaks as a business that makes money. The revenue method values what Garmin actually wanted, which was the coaches, the trademarks and the federation contracts. None of those shows up in a profit figure.

Sanity checks

Two checks say the revenue figure is about right.

Software companies of this size and age usually earn between $180,000 and $300,000 a year for every person they employ. Multiply that by 120 staff, and you get $21.6m to $36m. My build came to $36.5m, so it sits at the top of that range and a fraction above it. If one of my assumptions is too generous, it is the six paying athletes per coach.

Aventis Advisors says the average private software company sold for 3.1 times its annual revenue in March 2026, down from 3.8 times a year before. Buyers cut what they would pay for older software early this year because they think AI will take its customers. By coincidence, my four streams work out at 3.1 times overall.

I tried four other ways of doing this and dropped them all. Comparing this deal to similar ones fails, because nobody ever published a price for Final Surge, Today’s Plan, TrainerRoad or Peaksware. Pricing each subscriber gives back the revenue multiple once you know what a subscriber pays. Discounted cash flow and the Rule of 40 both need a profit margin, and the profit method above has already used it.

The valuation range

An earnout would be part of that price. Share awards for the staff who joined would not. Garmin has to keep those people, and money paid to keep someone is wages rather than part of the purchase price, so it never shows up in the figure.

For scale, Strava filed for its IPO in January at a reported $3bn, and Zwift bought Rouvy and FulGaz in April without saying what it paid. Endurance software changes hands quietly.

When the real number appears

The deal closed in Garmin’s third quarter. Garmin publishes its accounts for that quarter around late October, and the cash it spent on acquisitions appears there as a single line. If Garmin buys nothing else in those three months, that line is what it paid in cash for TrainingPeaks.

The fuller answer comes in the annual report around late February. Companies have to say what an acquisition cost in total, and how they split that cost between the assets they can name and the goodwill they cannot. The named assets are the interesting part, because they include the trademarks. Both documents will appear on Garmin’s SEC filings page.

Garmin can avoid all of this by lumping TrainingPeaks in with any other deals it does this year and never giving a figure at all.

Quick answers

How much did Garmin pay for TrainingPeaks?
Garmin did not disclose the price. Valuing the coach subscriptions, direct athlete subscriptions, plan marketplace and WKO licences separately, on revenue of roughly 36.5 million dollars, gives about 115 million. An earnings-based cross-check gives about 73 million. The likely price sits between 75 and 130 million dollars, with a central estimate near 100 million.

Why did Garmin not disclose the price?
Garmin does not disclose acquisition terms as a matter of practice, so the silence is not a signal about the size of the deal. A deal of this size is also far below the threshold that would require separate audited financials for the acquired business.

How much revenue does TrainingPeaks make?
TrainingPeaks has never published a revenue figure and third-party estimates range from 7.7 million dollars to 100 million, which is wide enough to be useless. Building the number from published prices and plausible subscriber counts gives roughly 36.5 million dollars a year across TrainingPeaks and TrainHeroic combined.

Does the price include TrainHeroic and TrainingPeaks Virtual?
Yes. Garmin acquired both TrainingPeaks and TrainHeroic, and TrainingPeaks Virtual came with TrainingPeaks after the indieVelo purchase in October 2024. Peaksware Holdings kept its music education businesses.

What multiple do software companies sell for in 2026?
Aventis Advisors put the median private software EV/Revenue multiple at 3.1x in March 2026, down from 3.8x a year earlier. Low-growth businesses without an AI product sit below that median, and profitable ones are often valued on earnings instead, at 8x to 12x EBITDA.

When will the actual price be published?
The cash component should appear in Garmin’s Q3 10-Q around late October 2026. The full consideration and the purchase price allocation appear in the business combinations note of the 10-K, filed around late February 2027. If Garmin judges the acquisition individually immaterial it can aggregate it with others and never state the figure.

Last Updated on 22 July 2026 by the5krunner