Playboy (PLBY) AI Stock Analysis

• Market Cap: $201.51M
• Dividend Yield: N/A
• Average Volume (3M): 1.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: 60.60%
• EPS Growth: 66.17%
• Country: US
• Employees: 615
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.00
• Shares Outstanding: 107,757,370
• 10 Day Avg. Volume: 808,360
• 30 Day Avg. Volume: 1,494,307
• PEG Ratio: 0.02
• Price to Book (P/B): -14.36
• Price to Sales (P/S): 0.96
• P/FCF Ratio: -5.19
• Enterprise Value/Market Cap: 1.69
• Enterprise Value/Revenue: 2.01
• Enterprise Value/Gross Profit: 3.07
• Enterprise Value/Ebitda: -82.86
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): $129.53M

• Rating: 47 Neutral
• Price Target: $1.50 ▼(-35.06% Downside)
• Action: Reiterated Date: 12/20/25
• Date: Action: Reiterated 12/20/25

PLBY Group's overall stock score reflects significant financial challenges, including high leverage and negative cash flows, which weigh heavily on the score. Technical analysis provides mixed signals, with potential for a rebound. Valuation remains a concern due to negative earnings. The earnings call offers some optimism with positive net income and strategic growth plans, but corporate governance issues add uncertainty. Overall, the stock faces substantial risks, but there are areas of potential improvement.

Positive Factors

Licensing revenue growth

61% YoY licensing growth and six new deals demonstrate a durable, scalable revenue engine tied to brand IP. Licensing is capital-light, produces recurring royalty streams and minimums, and can compound as partners expand distribution, supporting steady high-margin revenue over time.

High gross profit margin

A 63.95% gross margin reflects structurally attractive unit economics from licensing and product mix. High gross margins provide room to absorb SG&A, invest in marketing or content, and improve operating leverage as revenue scales, aiding sustainable path to positive operating profits.

Improved liquidity and extended debt maturity

A $32M cash balance plus extended debt maturity to 2028 materially reduces near-term refinancing pressure and gives management runway to execute licensing, media and hospitality initiatives. This structural liquidity relief supports strategic investments without immediate leverage-driven constraints.

Negative Factors

Very high leverage

A 122.39 debt-to-equity ratio indicates exceptionally high leverage and a thin equity base. This elevates refinancing, covenant and interest-rate risk, limits financial flexibility, and can force prioritization of debt servicing over reinvestment or opportunistic licensing expansion.

Weak cash generation

Persistent negative operating cash flow and an 85% drop in free cash flow growth show weak core cash conversion despite revenue. Poor cash generation constrains reinvestment, increases dependency on external financing, and heightens vulnerability if licensing or DTC revenue underperforms.

Board independence / governance risk

Loss of board independence triggered a Nasdaq deficiency notice, creating governance risk until a new independent director is appointed. That gap can erode investor confidence, complicate strategic oversight, and distract management during a period when financial discipline is critical.

Playboy Business Overview & Revenue Model

Company Description

Playboy, Inc. operates as a media and lifestyle company. It connects consumers around the world with products, services, and experiences to help them look good, feel good, and have fun. The firm serves consumers in the following categories: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming. Its flagship consumer brand, Playboy, publishes a magazine for men that focus primarily on photography, entertainment, humor, and cartoons as well as articles on current issues and trends. The company was founded in 1953 and is headquartered in Los Angeles, CA.

How the Company Makes Money

PLBY Group generates revenue through multiple streams, including subscription services, digital content sales, and licensing agreements. The company's subscription services, such as Playboy's digital platform, provide exclusive content to subscribers, contributing a consistent revenue base. Licensing agreements allow PLBY to earn royalties from the use of its brand on various products, including apparel, accessories, and lifestyle goods. Additionally, the company engages in partnerships with other brands for co-branded products and experiences, further expanding its revenue potential. The strategic focus on expanding its digital footprint and enhancing consumer engagement through various media channels plays a crucial role in its overall earnings.

Playboy Financial Statement Overview

Summary

PLBY Group faces significant financial challenges. While there is some revenue growth, profitability remains a concern due to negative margins. High leverage and declining cash flows pose risks to financial stability. The company needs to address operational inefficiencies and improve cash flow management to enhance its financial health.

Income Statement

PLBY Group's income statement shows a mixed performance. The TTM data indicates a gross profit margin of 63.95%, which is strong, but the net profit margin is significantly negative at -41.14%, indicating substantial losses. Revenue growth is positive at 10.53% TTM, showing some recovery from previous declines. However, negative EBIT and EBITDA margins highlight ongoing operational challenges.

Balance Sheet

The balance sheet reveals high leverage with a debt-to-equity ratio of 122.39 TTM, indicating significant financial risk. Return on equity is positive at 16.98% TTM, but this is due to a very low equity base. The equity ratio is low, suggesting limited asset backing by equity, which could be concerning for long-term stability.

Cash Flow

Cash flow analysis shows negative operating cash flow and free cash flow TTM, with a significant decline in free cash flow growth at -85.16%. The operating cash flow to net income ratio is negative, indicating cash flow issues relative to earnings. The free cash flow to net income ratio is slightly positive, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	169.33M	116.14M	142.95M	185.54M	246.59M	147.66M
Gross Profit	110.97M	74.36M	88.17M	102.59M	137.92M	74.48M
EBITDA	-4.12M	-38.52M	-164.08M	-34.74M	-40.96M	15.87M
Net Income	-28.80M	-79.40M	-180.42M	-277.70M	-77.68M	-5.27M
Balance Sheet
Total Assets	278.31M	284.70M	334.25M	587.66M	935.41M	412.13M
Cash, Cash Equivalents and Short-Term Investments	27.56M	30.90M	28.12M	31.82M	69.25M	13.43M
Total Debt	199.64M	202.04M	222.00M	265.25M	274.08M	164.93M
Total Liabilities	274.75M	292.64M	288.57M	432.62M	513.12M	329.32M
Stockholders Equity	3.77M	-7.73M	45.89M	155.25M	422.49M	83.02M
Cash Flow
Free Cash Flow	-2.87M	-21.40M	-46.84M	-66.86M	-54.25M	-71.00K
Operating Cash Flow	-1.06M	-19.14M	-43.29M	-59.43M	-36.74M	813.00K
Investing Cash Flow	71.00K	-318.00K	12.95M	8.75M	-273.18M	-5.47M
Financing Cash Flow	22.05M	21.59M	26.18M	11.56M	370.47M	-8.49M

Playboy Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.31
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLBY, the sentiment is Neutral. The current price of 2.31 is above the 20-day moving average (MA) of 1.98, above the 50-day MA of 1.87, and above the 200-day MA of 1.69, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 11.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PLBY.

Playboy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESCA	72 Outperform	$201.20M	14.57	7.42%	4.71%	-4.56%	-2.85%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JAKK	52 Neutral	$236.66M	25.42	4.03%	5.97%	-16.49%	-81.62%
FNKO	50 Neutral	$259.78M	-3.69	-32.77%	―	-11.32%	-165.08%
AOUT	49 Neutral	$113.28M	-20.41	-3.19%	―	2.85%	24.82%
PLBY	47 Neutral	$201.51M	-5.76	―	―	60.60%	66.17%
CLAR	45 Neutral	$125.19M	-1.54	-33.17%	2.93%	30.34%	-1749.06%

Playboy Corporate Events

Playboy Faces Nasdaq Board Independence Compliance Challenge

On December 15, 2025, Playboy, Inc. director Natalia Premovic resigned from the company’s board effective immediately, citing personal reasons and no disagreements over the company’s operations, policies or practices. Her departure left the board with three independent directors, three non-independent directors and one vacant seat, leading to temporary noncompliance with Nasdaq Listing Rule 5605(b) on December 16, 2025 because the board no longer had a majority of independent directors; Nasdaq formally notified the company of this deficiency on December 18, 2025. Playboy plans to use the available cure period, which runs until its 2026 annual meeting of stockholders, to appoint a new independent director to fill the vacancy, and emphasized that all board committees remain fully independent and that the Nasdaq deficiency notice does not immediately affect the listing or trading of its PLBY shares.

The most recent analyst rating on (PLBY) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Playboy stock, see the PLBY Stock Forecast page.

Playboy Releases Investor Presentation Highlighting Future Outlook

On November 20, 2025, Playboy, Inc. released an investor presentation on its website to be used in future investor communications and conferences. The presentation includes forward-looking statements reflecting management’s expectations and assumptions about future performance, subject to various risks and uncertainties. The company acknowledges potential impacts on its operations and industry positioning, emphasizing the need for caution in relying on these statements due to possible material differences in actual results.

The most recent analyst rating on (PLBY) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Playboy stock, see the PLBY Stock Forecast page.

PLBY Group Achieves First Net Income in Q3 2025

On November 12, 2025, Playboy, Inc. reported its financial results for the third quarter of 2025, showing a revenue of $29.0 million and a net income of $0.5 million, marking an improvement from a net loss in the previous year. The company highlighted significant growth in licensing revenue, which increased by 61% year-over-year, and emphasized its strategy to focus on high-potential verticals such as licensing, media and experiences, and hospitality to expand its global reach and generate high-margin revenue. Despite litigation costs impacting adjusted EBITDA, Playboy achieved its first net income since going public, reflecting the company’s efforts to stabilize and grow its business.

The most recent analyst rating on (PLBY) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on PLBY Group stock, see the PLBY Stock Forecast page.