Basic Fit N.V. (BFIT) AI Stock Analysis

• Market Cap: €1.99B
• Dividend Yield: N/A
• Average Volume (3M): 104.77K
• Price to Earnings (P/E): 133.2
• Beta (1Y): 1.09
• Revenue Growth: 15.57%
• EPS Growth: -154.03%
• Country: NL
• Employees: 8,937
• Sector: General
• Sector Strength: N/A
• Industry: Leisure
• EPS (TTM): 0.35
• Shares Outstanding: 66,000,000
• 10 Day Avg. Volume: 154,141
• 30 Day Avg. Volume: 104,769
• PEG Ratio: 1.60
• Price to Book (P/B): 5.51
• Price to Sales (P/S): 1.36
• P/FCF Ratio: 5.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €35.60
• Price Target Upside: 17.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.42
• Revenue Forecast (FY): €1.62B

• Rating: 51 Neutral
• Price Target: €30.00 ▼(-0.66% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held up by strong revenue growth, improving operating profitability, and solid cash generation, but is meaningfully constrained by very high and rising leverage, thin net margins, weak near-term technical momentum, and an expensive valuation (high P/E) with no dividend support.

Positive Factors

Recurring membership model

A subscription-based, low-cost membership model yields predictable, recurring revenue and high operating leverage. Over 2–6 months this durable cash flow supports planning, retention-focused investments and margin stability as member growth scales fixed-cost club economics.

Strong revenue growth and margin improvement

Accelerating top-line and rising operating margins indicate effective member recruitment and club-level profitability. Improved EBIT and stable EBITDA margins create room for reinvestment, support incremental returns on new clubs and strengthen the operating backbone over the medium term.

Solid cash generation

Robust operating cash flow and growing FCF provide internal funding for expansion and service costs, improving the company's ability to finance capex and some debt servicing without immediate external raises, a durable advantage for multi-period growth execution.

Negative Factors

Very high leverage

Extremely elevated leverage materially reduces financial flexibility and heightens refinancing risk. Large debt stock amplifies interest exposure and constrains strategic choices, making the business vulnerable to rate moves or a downturn that weakens membership trends over the medium term.

Thin net profitability

Despite healthy operating margins, low net margin shows below-the-line costs (interest, depreciation) erode earnings. With narrow net profitability, small adverse swings in revenue or higher financing costs can quickly eliminate net income and hinder retained-earnings funded growth.

Inconsistent cash conversion

Lower and variable cash conversion increases reliance on external funding for capex or debt service. Declining operating-cash coverage signals higher working-capital or capex demands as the business scales, which can pressure liquidity and strategic investments over several quarters.

Basic Fit N.V. Business Overview & Revenue Model

Company Description

Basic-Fit N.V. operates fitness clubs. As of March 9, 2022, it operated 223 clubs in the Netherlands, 207 clubs in Belgium, 10 clubs in Luxembourg, 578 clubs in France, and 63 clubs in Spain. The company was founded in 1984 and is headquartered in Hoofddorp, the Netherlands.

How the Company Makes Money

Basic-Fit primarily makes money through recurring membership fees paid by individuals who subscribe to use its gyms. These subscriptions typically include different tiers (e.g., single-club access vs. broader access and added benefits), generating predictable, repeat revenue as long as members remain subscribed. In addition to core memberships, the company earns revenue from ancillary products and services sold to members at or through clubs, such as vending and in-club consumables, and other add-ons tied to the member experience. A further revenue component can come from corporate or group arrangements (where employers or organizations facilitate access for employees or members) when offered. Overall, Basic-Fit’s earnings are driven by growing the member base, retaining members to sustain recurring subscription income, and increasing revenue per member via add-on sales and premium membership options. Specific partnership details: null.

Basic Fit N.V. Financial Statement Overview

Summary

Strong multi-year revenue growth and improving operating margins, with solid and growing operating/free cash flow. Offsetting this, the balance sheet is highly leveraged (debt-to-equity ~9.17x and rising) and net profitability remains thin (~1% net margin), increasing sensitivity to financing conditions.

Income Statement

Revenue growth is strong over the last three years (2023–2025), accelerating to ~46.6% in 2025, showing solid demand momentum. Operating profitability looks healthy for a fitness operator, with EBIT margin improving from ~8.0% (2023) to ~10.3% (2025) and EBITDA margin staying robust (~45–49%). The key weakness is that bottom-line profitability remains thin: net margin is only ~1.0% in 2025 and was negative in 2022–2023, suggesting high interest, depreciation, or other below-the-line costs are still weighing on earnings quality.

Balance Sheet

Leverage is the main issue: total debt rises to ~3.21B in 2025 while equity is only ~0.35B, driving a very high debt-to-equity of ~9.17x (up from ~6.86x in 2024). This capital structure reduces flexibility and increases sensitivity to refinancing and rate/credit conditions. Returns on equity have improved into positive territory (~4.1% in 2025), but they remain modest and are achieved with significant leverage, which elevates risk if operating conditions soften.

Cash Flow

Cash generation is a relative strength: operating cash flow is strong and growing (to ~605M in 2025), and free cash flow is solid at ~333M in 2025 with ~39.9% growth. This supports ongoing expansion and debt service capacity. The main watch-out is conversion versus earnings: free cash flow is not consistently high relative to net income (e.g., ~0.55x in 2025), and operating cash flow coverage trends down in 2025 versus 2024 (0.66 vs 1.02), implying higher cash demands (capex/working capital/other) as the business scales.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.42B	1.22B	1.05B	794.57M	340.75M
Gross Profit	563.70M	1.18B	413.76M	624.39M	-82.02M
EBITDA	632.50M	562.70M	473.84M	390.59M	140.97M
Net Income	14.50M	8.00M	-2.68M	-3.69M	-150.05M
Balance Sheet
Total Assets	3.91B	3.54B	3.23B	2.85B	2.55B
Cash, Cash Equivalents and Short-Term Investments	115.00M	56.10M	70.73M	45.55M	69.90M
Total Debt	3.21B	2.82B	2.53B	2.22B	1.92B
Total Liabilities	3.56B	3.13B	2.83B	2.45B	2.14B
Stockholders Equity	350.10M	411.50M	355.26M	405.39M	410.58M
Cash Flow
Free Cash Flow	333.10M	246.90M	157.80M	93.47M	-97.64M
Operating Cash Flow	604.60M	581.80M	490.40M	372.64M	74.47M
Investing Cash Flow	-412.70M	-358.50M	-330.50M	-286.18M	-178.11M
Financing Cash Flow	-133.60M	-237.50M	-132.50M	-113.06M	103.34M

Basic Fit N.V. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 30.20
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:BFIT, the sentiment is Positive. The current price of 30.2 is below the 20-day moving average (MA) of 30.61, below the 50-day MA of 30.93, and above the 200-day MA of 26.98, indicating a neutral trend. The MACD of -0.41 indicates Positive momentum. The RSI at 48.08 is Neutral, neither overbought nor oversold. The STOCH value of 54.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:BFIT.

Basic Fit N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HAVAS	71 Outperform	€1.58B	5.21	―	5.07%	-0.51%	-56.03%
LIGHT	64 Neutral	€2.21B	10.16	11.48%	7.57%	-4.73%	17.93%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NSI	55 Neutral	€364.41M	-38.35	0.32%	12.07%	2.36%	―
BFIT	51 Neutral	€1.99B	133.15	-1.16%	―	15.57%	-154.03%
BRNL	51 Neutral	€333.15M	128.24	5.36%	7.15%	-7.16%	-50.45%
PNL	50 Neutral	€565.14M	-31.57	-12.23%	6.72%	2.44%	-179.02%