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Ever wonder how much money bike companies actually make? In this episode, Josh breaks down the real financials behind the mountain bike industry — and the numbers might surprise you. Using publicly available data from Giant, Merida, and Shimano, plus a detailed cost breakdown of a $5,000 acoustic mountain bike and a $15,000 e-MTB, we dig into what bike brands actually pocket after all the bills are paid. Spoiler: it's a lot less than you think.

We also go deep on Shimano — why they financially outperform the other public bike companies, and what four Japanese business philosophies (Kaizen, Monozukuri, Keiretsu, and Genchi Genbutsu) have to do with their margins. Dane and Josh debate whether the bike industry needs to slow its product release cycle, and whether a more Shimano-style approach could actually make bikes more affordable in the long run. If you've ever complained about bike prices — or defended them — this one's required listening.

**EPISODE CORRECTION**: Merida reportedly acquired somewhere between 19%-49% stake in Specialized in 2001 (not in 2022 which we suggested in this episode). Also, it's been reported that the their stake is ~35% today and that Merida agreed not to sell Merida bikes in the U.S. as a term of the deal.

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