Gary E. Stevenson’s exact net worth in 2026 is not publicly verifiable. The most important publicly documented asset is his former beneficial ownership of 43,424,608 iFIT shares, disclosed in the company’s 2021 SEC filing. At iFIT’s proposed 2021 IPO price range of $18–$21 per share, those shares represented a hypothetical value of about $782 million to $912 million, but iFIT withdrew the IPO in April 2022, so that valuation should not be described as Stevenson’s actual net worth or cash proceeds.
Introduction
Gary E. Stevenson net worth is a difficult figure to establish because Stevenson is not a publicly traded-company executive whose current stock holdings and compensation can be tracked through regular market disclosures.
Stevenson is better known today as a member of the Quorum of the Twelve Apostles of The Church of Jesus Christ of Latter-day Saints, but his financial background comes from a long business career in the fitness-equipment industry.
In 1977, Stevenson co-founded Weslo, Inc. with Scott R. Watterson. The business later became part of what developed into ICON Health & Fitness, which was renamed iFIT Health & Fitness in 2021. Stevenson eventually served as the company’s president and chief operating officer before leaving his executive role in 2008 for full-time Church service.
The biggest clue to his potential wealth appeared in iFIT’s 2021 SEC registration statement. The filing reported that Stevenson beneficially owned 43,424,608 shares, representing significant ownership in the company.
That disclosure generated headlines because iFIT was preparing for a proposed Nasdaq IPO. But the IPO never happened.
As a result, calculating Gary E. Stevenson net worth in 2026 requires separating verified ownership information from hypothetical valuations.
What Happened to Gary E. Stevenson’s Potential iFIT Fortune?
The key financial event was iFIT’s attempted public offering in 2021.
iFIT filed registration documents with the U.S. Securities and Exchange Commission as it prepared to sell shares to public investors. The company’s SEC filing identified Stevenson as a major beneficial owner and described his history with the company.
The proposed IPO contemplated a price range of approximately $18 to $21 per share.
Using Stevenson’s disclosed 43,424,608 shares, the mathematical value of that stake at those prices would have been:
- At $18 per share: approximately $781.6 million
- At $21 per share: approximately $911.9 million
That is where claims that Stevenson had a potential near-billion-dollar fortune originated.
However, this distinction is critical: those figures represented a hypothetical valuation of shares in a planned IPO, not money Stevenson actually received.
On April 6, 2022, iFIT formally asked the SEC to withdraw its registration statement. The company said it had decided not to pursue the contemplated offering at that time.
Therefore, the proposed $911.9 million figure cannot responsibly be presented as Stevenson’s current net worth.
Key Details About Gary E. Stevenson Net Worth
The most important verified financial facts are:
- Name: Gary E. Stevenson
- Born: August 6, 1955
- Education: Utah State University
- Degree: Bachelor’s degree in business administration
- Business founded: Weslo, Inc., in 1977
- Former executive role: President and COO of iFIT/ICON
- iFIT shares disclosed in 2021: 43,424,608
- Potential value at proposed $18 IPO price: about $781.6 million
- Potential value at proposed $21 IPO price: about $911.9 million
- iFIT IPO: Withdrawn April 6, 2022
- Current public role: Member of the Quorum of the Twelve Apostles
- Exact current net worth: Not publicly verified
The SEC filing is particularly valuable because it provides actual ownership data rather than relying on a celebrity-net-worth website’s estimate.
How Gary E. Stevenson Built His Wealth
Starting Weslo in 1977
Stevenson’s business career began while he was a student at Utah State University.
The university’s historical account says Stevenson and Scott Watterson began developing business ideas while they were students. Their early activities eventually led to the creation of Weslo and the company’s expansion into the fitness-equipment market.
The SEC’s iFIT filing confirms that Scott R. Watterson and Gary E. Stevenson founded Weslo in 1977. They later acquired ProForm Fitness in 1987.
This was the foundation of the business that eventually became associated with major fitness brands.
Growth Into ICON Health & Fitness
Weslo and ProForm became part of the business that was renamed ICON Health & Fitness in 1994 following a transaction involving Bain Capital.
Historical business records identify Stevenson as the company’s president and chief operating officer, while Watterson became chairman and CEO.
The company expanded considerably over the following decades, building brands and products in the home fitness market.
Stevenson Served as President and COO
The SEC’s 2021 iFIT filing provides a particularly useful timeline.
It says Stevenson served as president and chief operating officer from 1988 through 2008.
In 2008, he resigned as an employee and officer after accepting a full-time assignment from The Church of Jesus Christ of Latter-day Saints.
This is important when discussing his wealth because it shows that his business career and accumulation of company ownership occurred largely before his current religious leadership role.
The 43.4 Million iFIT Shares
The strongest publicly available evidence about Stevenson’s financial position comes from the company’s SEC registration statement.
As of August 31, 2021, the filing listed 43,424,608 shares beneficially owned by Gary E. Stevenson.
The filing also explained that the ownership figure represented shares held directly as well as indirect interests involving Stevenson and GS ICON LLC in HF Investment Holdings.
The SEC filing listed the holding at approximately 16.7% of the company’s outstanding common stock under the ownership calculation used in the document. After the proposed offering and related transactions, the filing projected different ownership percentages because the company’s capital structure would change.
This is much stronger evidence than simply repeating an online estimate of Stevenson’s wealth.
But ownership of private-company stock still does not equal cash.
Was Gary E. Stevenson Almost a Billionaire?
This requires a careful answer.
On paper, under the proposed 2021 IPO valuation, his disclosed stake could have been worth as much as approximately $912 million.
But saying Stevenson was a billionaire or even had a $912 million net worth would be misleading.
The calculation was based on a proposed public offering price of $21 per share. The IPO never closed.
iFIT withdrew its SEC registration statement on April 6, 2022, stating that it was no longer pursuing the contemplated offering at that time.
That means there was never a public market in which Stevenson’s entire disclosed stake could simply be sold at the proposed IPO price.
There are several additional reasons why an IPO valuation should not be treated as personal net worth:
- Private-company shares may be subject to restrictions.
- The proposed IPO price was not necessarily the eventual market price.
- Taxes and transaction costs would affect proceeds.
- The company had debt and other financial obligations.
- A large shareholder cannot necessarily sell an entire position immediately at the headline price.
- The IPO was ultimately abandoned.
For these reasons, the $911.9 million figure is best described as a hypothetical value at the proposed IPO price, not a confirmed fortune.
What Happened to the iFIT IPO?
iFIT initially prepared to become a publicly traded company.
Its SEC registration documents contemplated an offering of Class A common stock and a Nasdaq listing under the symbol IFIT.
The proposed offering was later postponed.
On April 6, 2022, iFIT filed a withdrawal request with the SEC. The company explicitly stated that it had determined not to pursue the contemplated offering at that time.
The withdrawal is a crucial part of Stevenson’s financial story because it eliminated the clearest possible public-market method for determining the value of his large equity position.
iFIT subsequently remained a private company.
In early 2022, the company also announced a $355 million capital investment from L Catterton, according to industry reporting.
A private financing transaction can provide useful valuation information, but it still does not give the public a continuously updated market price for every shareholder’s holdings.
Gary E. Stevenson and Church Service
Stevenson’s professional life changed significantly in 2008.
The official Church biography says he resigned from his corporate position after accepting a full-time Church assignment. He later served as the Church’s Presiding Bishop from 2012 to 2015.
On October 3, 2015, he was called to the Quorum of the Twelve Apostles. Church sources continue to identify him in that role in 2026.
His business background remains an important part of his biography because it explains how he accumulated significant private-company interests before moving into full-time religious service.
Did Stevenson Still Have an Interest in iFIT?
The answer requires a distinction between historical and current information.
The SEC filing confirms a substantial beneficial ownership position in 2021.
It also shows that Stevenson was a director at the time of the planned offering.
However, because iFIT is private and the public does not have an updated stock-market ownership database comparable to that of a publicly traded corporation, it is difficult to establish from current public information exactly how much of that position Stevenson still owns in 2026.
Therefore, articles that simply carry forward the 43.4 million-share figure as his current 2026 holding should be treated cautiously.
The figure is definitively documented for the 2021 SEC filing. A current ownership figure would require newer authoritative disclosure.
What Officials and Organizations Have Confirmed
The most authoritative information comes from the organizations involved.
The Church of Jesus Christ of Latter-day Saints
The Church’s official biography confirms Stevenson’s business background, education, Church assignments and appointment to the Quorum of the Twelve Apostles. It states that he co-founded the exercise-equipment company and served as its president and COO until 2008.
U.S. Securities and Exchange Commission
The SEC filing provides the most important financial evidence. It identifies Stevenson as a major iFIT shareholder and reports 43,424,608 beneficially owned shares as of August 31, 2021.
iFIT Health & Fitness
iFIT’s own SEC withdrawal filing confirms that the company withdrew its registration statement on April 6, 2022, because it decided not to pursue the contemplated offering at that time.
These primary sources are more reliable for establishing Stevenson’s business history and historical ownership than websites that simply publish a single net-worth number.
Why Gary E. Stevenson’s Net Worth Is Difficult to Calculate
Net worth is normally calculated by subtracting liabilities from assets.
For a person whose largest potential asset is stock in a publicly traded company, the calculation can be relatively straightforward because the stock has a daily market price.
Stevenson’s situation is different.
His most significant publicly documented business interest was connected to a private company.
That creates uncertainty.
For example, suppose someone owns 43 million shares of a private company. If a financing round values the company at a certain amount, that does not necessarily mean the shareholder could sell all of those shares for the same price.
Private-company shares can also be affected by:
- Restrictions on transfers
- Different classes of stock
- Investor rights
- Company debt
- Future dilution
- Preferred-stock structures
- Taxes
- Liquidity discounts
- Changing private valuations
This is why the most responsible answer to Gary E. Stevenson net worth is a range or an explanation of uncertainty rather than an unsupported single number.
Why the $911 Million Figure Still Matters
Although the $911.9 million figure was never realized through the IPO, it remains useful because it demonstrates the scale of Stevenson’s historical ownership.
The SEC filing provides the share count, while the proposed IPO provided a potential market valuation.
At $21 per share:
43,424,608 × $21 = approximately $911.9 million.
At $18 per share:
43,424,608 × $18 = approximately $781.6 million.
Those calculations show why Stevenson attracted attention when iFIT attempted to go public.
But the numbers should always be described as hypothetical IPO valuations.
They do not establish that Stevenson had $911.9 million in cash, that he sold shares for that amount, or that his current net worth is $911.9 million.
What Happens Next?
There is no confirmed public event that would allow a precise 2026 calculation of Stevenson’s personal wealth.
The most significant potential change would be a future liquidity event involving iFIT.
That could theoretically include:
- A new IPO
- A company sale
- A major private financing round
- A secondary transaction
- Another event that establishes a market-based valuation
Until such an event occurs, Stevenson’s private-company interests remain difficult for the public to value precisely.
His current professional focus is religious service. Church sources continue to identify him as a member of the Quorum of the Twelve Apostles.
The Bottom Line
The most accurate answer to Gary E. Stevenson net worth in 2026 is that there is no publicly verified single figure.
What can be established is much more interesting.
Stevenson co-founded the business that developed into ICON Health & Fitness and later iFIT. He served as its president and COO until 2008. A 2021 SEC filing disclosed 43,424,608 shares beneficially owned by him.
At the proposed iFIT IPO price of $18–$21 per share, those shares would have had a theoretical value of roughly $781.6 million to $911.9 million.
But iFIT never completed the IPO.
The company withdrew its registration statement in April 2022, meaning there was no public-market transaction that converted that theoretical valuation into a confirmed personal fortune.
So while some websites currently publish estimates ranging from several million dollars to tens of millions, and some online articles have described a potential fortune approaching $1 billion, none of those numbers should be presented as an independently verified 2026 net worth.
The strongest factual conclusion is that Gary E. Stevenson built substantial wealth through a private fitness-equipment business and held a very large iFIT stake, but the exact value of his current personal fortune remains unknown.
FAQs
What is Gary E. Stevenson net worth in 2026?
There is no independently verified public figure for Gary E. Stevenson’s 2026 net worth. His wealth is difficult to calculate because a major part of his documented business interests has been associated with privately held iFIT.
How much was Gary E. Stevenson’s iFIT stake worth?
In iFIT’s 2021 SEC filing, Stevenson was listed as beneficially owning 43,424,608 shares. At the proposed IPO price range of $18–$21, the stake would have had a theoretical value of approximately $781.6 million to $911.9 million.
Was Gary E. Stevenson a billionaire?
There is no reliable evidence establishing Stevenson as a billionaire. His potential iFIT stake was valued at approximately $912 million at the high end of the company’s proposed 2021 IPO price range, but the IPO never occurred.
Did Gary E. Stevenson sell his iFIT shares?
Public information does not provide a sufficiently current and complete ownership record to establish that he sold all or a particular portion of his iFIT interests. The SEC’s 2021 filing documented his beneficial ownership at that time.
How did Gary E. Stevenson make his money?
Stevenson built his business wealth through the fitness-equipment company he co-founded with Scott Watterson in 1977. The business developed into ICON Health & Fitness and later iFIT. Stevenson served as president and COO until 2008.
What is iFIT Health & Fitness?
iFIT Health & Fitness is a fitness-equipment and connected-fitness company associated with brands including NordicTrack and ProForm. Its corporate predecessor was founded in 1977, and the company changed its name from ICON Health & Fitness to iFIT Health & Fitness in 2021.
Why did iFIT cancel its IPO?
iFIT withdrew its SEC registration statement on April 6, 2022, stating that it had decided not to pursue the contemplated offering at that time. The IPO had previously been postponed amid unfavorable market conditions.
What does Gary E. Stevenson do now?
Stevenson is a member of the Quorum of the Twelve Apostles of The Church of Jesus Christ of Latter-day Saints. He was called to the Quorum in October 2015 after previously serving as the Church’s Presiding Bishop.