A Business at a Glance
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Planet Fitness, Inc.
PLNT
$9.1B
Mkt Cap
$53.48
-1.38%
Planet Fitness, Inc. (PLNT) has a current P/E ratio of 20.4, compared to its historical median P/E of 47.6. The stock is currently considered Cheap based on its historical valuation range.
Planet Fitness, Inc. (PLNT) has a 5-year average return on invested capital (ROIC) of 16.4%. This indicates strong capital allocation and a potential competitive advantage.
Planet Fitness, Inc. (PLNT) does not currently pay a regular dividend.
Based on historical P/E analysis, Planet Fitness, Inc. (PLNT) appears cheap. The current P/E of 20.4 is 57% below its historical median of 47.6. The estimated fair value CAGR (P/E method) is 30.2%.
Planet Fitness, Inc. (PLNT) operates in the Services-Membership Sports & Recreation Clubs industry, within the Consumer Cyclical sector.
Planet Fitness, Inc. (PLNT) reported annual revenue of $1.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Planet Fitness, Inc. (PLNT) has a net profit margin of 16.5%. This is a healthy margin.
Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers globally, operating a highly asset-light franchise model with approximately 2,896 clubs (2,604 franchisee-owned and 292 corporate-owned) across all 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain, serving approximately 20.8 million members. The company generates revenue through monthly membership dues and annual fees from both corporate-owned and franchisee-operated clubs, with franchisee clubs contributing the majority of system-wide sales from which Planet Fitness earns royalty revenue; corporate-owned clubs achieved a Segment Adjusted EBITDA margin of 37.8% in 2025 with average unit volumes of approximately $2.0 million and four-wall Adjusted EBITDA margins of approximately 42.7%. The company's differentiated value proposition centers on the "Judgement Free Zone" concept—a welcoming, non-intimidating fitness environment designed for all fitness levels—offered at an entry price of $15 per month for the Classic Card membership and $24.99 per month for the PF Black Card, which includes system-wide access and premium amenities. Planet Fitness differentiates through its 20,000-square-foot club format focused on cardio and strength equipment without non-essential amenities, unlimited free group fitness instruction, and a strong community atmosphere, targeting a broad population segment previously underserved by traditional fitness brands. The company's competitive strengths include its nationally recognized brand, market leadership position, scale advantages in equipment procurement and marketing, and a proven resilience of its asset-light business model that enables rapid expansion with limited capital requirements.
【Member growth reinvigoration underway】 Management is implementing targeted strategic adjustments to address softer-than-expected member acquisition in early 2026, including refined marketing messaging to better reach fitness beginners and casual gym-goers, selection of a new creative agency with a new campaign expected before year-end, and investment in advanced data-driven marketing tools for improved targeting agility. The company is pausing its planned national Black Card price increase to support member growth momentum, while continuing to invest in long-term initiatives outlined at Investor Day that are progressing on track. Management acknowledges the operating environment has evolved and requires sharpened execution focus on core target demographics, with confidence that identified headwinds—including elevated attrition from online member management implementation and higher Gen Z penetration—are addressable through strategic refinements. The fitness industry continues to benefit from long-term tailwinds as consumers increasingly recognize the critical role of movement in physical and mental well-being, positioning Planet Fitness to leverage its industry-leading scale and value proposition for future growth.
| Metric | Target | Period |
|---|---|---|
| System-wide same club sales growth | approximately 1% | FY2026 |
| Revenue growth | approximately 7% | FY2026 |
| Adjusted EBITDA growth | approximately 6% | FY2026 |
| Net interest expense | approximately $111 million | FY2026 |
| Adjusted net income | decrease approximately 2% | FY2026 |
| Adjusted net income per diluted share | grow approximately 4% | FY2026 |
| New clubs system-wide | between 180 and 190 | FY2026 |
| Equipment placements | 150 to 160 | FY2026 |
| Re-equipment sales as percentage of total equipment segment revenue | approximately 70% | FY2026 |
| Equipment margin rate | approximately 30% | FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q1 FY2025 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.3B | 1.2B | 1.1B | 937M | 587M |
| Net Income | 229M | 219M | 172M | 138M | 99M | 43M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 266M | 255M | 189M | 194M | 140M | 135M |
| ROIC | 19.6% | 18.4% | 15.3% | 13.5% | 15.6% | 19.1% |
| Gross Margin | - | 60.1% | 60.4% | 59.2% | 65.2% | 71.6% |
| Debt/Equity | 0.00 | -5.14 | -10.08 | -17.15 | -10.04 | -2.84 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 414M | 395M | 324M | 273M | 230M | 143M |
| Operating Margin | 29.9% | 29.8% | 27.4% | 25.5% | 24.6% | 24.4% |
| ROE | 0.0% | -62.8% | -103.9% | -87.9% | -23.5% | -6.3% |
| Shares Outstanding | 0M | - | - | - | - | - |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 280M | 331M | 378M | 430M | 573M | 689M | 407M | 587M | 937M | 1.1B | 1.2B | 1.3B | 1.4B |
| Gross Margin | 64.1% | 65.7% | 67.7% | 69.9% | 71.6% | 71.8% | 69.2% | 71.6% | 65.2% | 59.2% | 60.4% | 60.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 35M | 56M | 50M | 60M | 72M | 79M | 69M | 95M | 115M | 125M | 129M | 138M | 137M |
| EBIT | 62M | 72M | 116M | 148M | 184M | 233M | 60M | 143M | 230M | 273M | 324M | 395M | 414M |
| Op. Margin | 22.0% | 21.8% | 30.6% | 34.3% | 32.1% | 33.8% | 14.7% | 24.4% | 24.6% | 25.5% | 27.4% | 29.8% | 29.9% |
| Net Income | 37M | 19M | 22M | 33M | 88M | 118M | -15M | 43M | 99M | 138M | 172M | 219M | 229M |
| Net Margin | 13.2% | 5.6% | 5.7% | 7.7% | 15.4% | 17.1% | -3.7% | 7.3% | 10.6% | 12.9% | 14.6% | 16.5% | 16.5% |
| Non-Recurring | 545K | 273K | 514K | 159K | -462K | 159K | 0 | 0 | 1.3M | 0 | 0 | 6.4M | 6.4M |
| Returns on Capital | |||||||||||||
| ROIC | 15.1% | 12.6% | 18.8% | 17.5% | 29.4% | 34.1% | 9.5% | 19.1% | 15.6% | 13.5% | 15.3% | 18.4% | 19.6% |
| ROE | 15.5% | 27.2% | -29.4% | -26.5% | -35.6% | -21.8% | 2.1% | -6.3% | -23.5% | -87.9% | -103.9% | -62.8% | 0.0% |
| ROA | 11.8% | 2.8% | 2.5% | 3.2% | 7.2% | 7.7% | -0.8% | 2.2% | 4.1% | 4.7% | 5.7% | 7.1% | 7.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 79M | 82M | 109M | 131M | 184M | 204M | 31M | 189M | 240M | 330M | 344M | 418M | 432M |
| Free Cash Flow | 63M | 62M | 93M | 93M | 144M | 146M | -21M | 135M | 140M | 194M | 189M | 255M | 266M |
| Owner Earnings | 64M | 53M | 76M | 92M | 144M | 155M | -45M | 79M | 55M | 173M | 175M | 250M | 262M |
| CapEx | 17M | 19M | 15M | 38M | 41M | 58M | 53M | 54M | 100M | 136M | 155M | 164M | 166M |
| Maint. CapEx | 16M | 24M | 31M | 36M | 35M | 44M | 71M | 101M | 177M | 149M | 160M | 156M | 158M |
| Growth CapEx | 922K | 0 | 0 | 1.5M | 5.6M | 14M | 0 | 0 | 0 | 0 | 0 | 7.9M | 8.4M |
| D&A | 16M | 24M | 31M | 36M | 35M | 44M | 71M | 101M | 177M | 149M | 160M | 156M | 158M |
| CapEx/OCF | N/A | 23.9% | 14.1% | 28.8% | 22.2% | 28.3% | 168.8% | 28.6% | 41.7% | 41.2% | 45.1% | 39.1% | 38.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 169M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 1.6M | 0 | 342M | 458M | 0 | 0 | 94M | 125M | 300M | 500M | 501M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.5% | 2.0% | 3.5% | 5.5% | 0.0% |
| Stock-Based Comp | N/A | 4.9M | 1.7M | 2.5M | 5.5M | 4.8M | 4.8M | 8.8M | 8.1M | 7.9M | 8.9M | 12M | 13M |
| Debt Repayment | 186M | 15M | 5.6M | 7.2M | 712M | 12M | 18M | 18M | 725M | 21M | 609M | 432M | 432M |
| Balance Sheet | |||||||||||||
| Net Debt | 336M | 453M | 669M | 591M | 883M | 1.3B | 1.4B | 1.3B | 1.6B | 1.6B | 1.8B | 2.0B | 2.0B |
| Cash & Equiv. | 43M | 31M | 40M | 113M | 289M | 436M | 439M | 546M | 410M | 276M | 293M | 346M | 474M |
| Long-Term Debt | 376M | 480M | 702M | 697M | 1.2B | 1.7B | 1.8B | 1.7B | 2.0B | 2.0B | 2.1B | 2.5B | 2.5B |
| Debt/Equity | 2.50 | -31.53 | -5.42 | -5.89 | -3.13 | -2.41 | -2.61 | -2.84 | -10.04 | -17.15 | -10.08 | -5.14 | 0.00 |
| Interest Coverage | 8.4 | N/A | 4.3 | 4.2 | 3.6 | 3.8 | 0.7 | 1.8 | 2.6 | 3.2 | 3.2 | 3.6 | 3.6 |
| Equity | 152M | -15M | -131M | -119M | -375M | -706M | -706M | -645M | -199M | -116M | -215M | -483M | -482M |
| Total Assets | 602M | 699M | 1.0B | 1.1B | 1.4B | 1.7B | 1.8B | 2.0B | 2.9B | 3.0B | 3.1B | 3.1B | 3.1B |
| Total Liabilities | 276M | 700M | 1.2B | 1.2B | 1.7B | 2.4B | 2.6B | 2.7B | 3.1B | 3.1B | 3.3B | 3.6B | -12M |
| Intangibles | 295M | 274M | 254M | 236M | 234M | 234M | 217M | 201M | 417M | 373M | 323M | 286M | 278M |
| Retained Earnings | N/A | -14M | -164M | -131M | -394M | -737M | -752M | -709M | -704M | -691M | -822M | -1.1B | -1.1B |
| Working Capital | 14M | 6.7M | 8.0M | 65M | 257M | 395M | 455M | 486M | 311M | 220M | 306M | 346M | 355M |
| Current Assets | 75M | 73M | 91M | 177M | 389M | 540M | 567M | 662M | 556M | 472M | 588M | 658M | 687M |
| Current Liabilities | 61M | 66M | 83M | 112M | 131M | 145M | 112M | 177M | 245M | 251M | 282M | 312M | 332M |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Book Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 65.3 | 45.4 | 49.9 | 41.6 | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26.7 | 21.9 | 25.4 | 22.1 | 4.8 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.8 | 5.5 | 5.5 | 6.5 | N/A |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.2% | 3.1% | 2.2% | 2.8% | N/A |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.5B | 6.3B | 8.6B | 9.1B | 0 |
| Avg. Price | N/A | 14.62 | 16.29 | 23.80 | 44.20 | 68.34 | 64.20 | 79.90 | 75.79 | 68.42 | 75.28 | 102.45 | 53.48 |
| Year-End Price | N/A | 13.85 | 19.76 | 34.82 | 52.58 | 75.49 | 76.63 | 91.32 | 77.08 | 73.50 | 99.76 | 109.07 | 53.48 |
Planet Fitness, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Planet Fitness, Inc. trades at 20.4x trailing earnings, compared to its 15-year median P/E of 47.6x, suggesting it is currently Cheap relative to its historical range. The company's 5-year average ROIC is 16.4% with a gross margin of 63.3%. At current prices, the estimated annualized return to fair value is +30.2%.
Planet Fitness, Inc. (PLNT) generated $255 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Planet Fitness, Inc. (PLNT) has a return on equity (ROE) of -62.8%. A negative ROE may indicate losses or negative equity.
Planet Fitness, Inc. (PLNT) has a 5-year average gross margin of 63.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for Planet Fitness, Inc. (PLNT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Based on recent SEC filings and earnings disclosures, Management is implementing targeted strategic adjustments to address softer-than-expected member acquisition in early 2026, including refined marketing messaging to better reach fitness beginners and casual gym-goers, selection of a new creative agency with a new campaign expected before year-end, and investment in advanced data-driven marketing tools for improved targeting agility. The company is pausing its planned national Black Card price increase to support member growth momentum, while continuing to invest in long-term initiatives outlined at Investor Day that are progressing on track. Management acknowledges the operating environment has evolved and requires sharpened execution focus on core target demographics, with confidence that identified headwinds—including elevated attrition from online member management implementation and higher Gen Z penetration—are addressable through strategic refinements. The fitness industry continues to benefit from long-term tailwinds as consumers increasingly recognize the critical role of movement in physical and mental well-being, positioning Planet Fitness to leverage its industry-leading scale and value proposition for future growth.
Based on recent SEC filings and earnings calls, Planet Fitness, Inc. (PLNT) has provided the following forward guidance: System-wide same club sales growth: approximately 1% (FY2026); Revenue growth: approximately 7% (FY2026); Adjusted EBITDA growth: approximately 6% (FY2026); Net interest expense: approximately $111 million (FY2026); Adjusted net income: decrease approximately 2% (FY2026), plus 7 additional metrics.
| Capital expenditures |
| up 10%-15% |
| FY2026 |
| Depreciation and amortization | up approximately 10% | FY2026 |
System-wide same club sales growth (FY2026): “We now expect system-wide same club sales growth to be approximately 1%”
Revenue growth (FY2026): “revenue to grow approximately 7%”
Adjusted EBITDA growth (FY2026): “adjusted EBITDA to grow approximately 6%”
Net interest expense (FY2026): “net interest expense to be approximately $111 million”
Adjusted net income (FY2026): “adjusted net income to decrease approximately 2%”
Adjusted net income per diluted share (FY2026): “adjusted net income per diluted share to grow approximately 4%”
New clubs system-wide (FY2026): “We still expect between 180 and 190 new clubs system-wide”
Equipment placements (FY2026): “the related 150 to 160 equipment placements”