Playboy (PLBY)
NASDAQ:PLBY
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Playboy
(NASDAQ:PLBY)
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Rating:46Neutral
Price Target:
$1.50
▼(-13.79% Downside)
Action:ReiteratedDate:04/11/26
Overall score is held back primarily by weak financial performance (shrinking revenue, negative free cash flow, and still-meaningful leverage) and bearish technicals (below key moving averages with negative MACD). Offsetting factors include constructive earnings-call momentum, highlighting sustained positive Adjusted EBITDA and additional contracted cash expected to support further debt reduction.
Positive Factors
High‑margin licensing
Playboy's licensing business delivers very high gross margins and contractually guaranteed flows, creating durable, low‑capital revenue. The large unrecognized licensing backlog (> $343M) provides multi‑year visibility and supports margin stability while reducing inventory and working capital needs.
Negative Factors
Weak cash generation
Persistent negative free cash flow means the company cannot reliably self‑fund growth or capital needs. Even with improved operating performance, ongoing FCF deficits force dependence on external financing or asset sales, constraining strategic optionality and making multi‑year investments riskier.
Read all positive and negative factors
Positive Factors
Negative Factors
High‑margin licensing
Playboy's licensing business delivers very high gross margins and contractually guaranteed flows, creating durable, low‑capital revenue. The large unrecognized licensing backlog (> $343M) provides multi‑year visibility and supports margin stability while reducing inventory and working capital needs.
Read all positive factors
Playboy (PLBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$199.86M
Dividend YieldN/A
Average Volume (3M)817.55K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth60.60%
EPS Growth66.17%
CountryUS
Employees615
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.03
Shares Outstanding114,859,726
10 Day Avg. Volume616,006
30 Day Avg. Volume817,550
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)10.26
Price to Sales (P/S)1.56
P/FCF Ratio-187.37
Enterprise Value/Market Cap1.61
Enterprise Value/Revenue2.65
Enterprise Value/Gross Profit3.74
Enterprise Value/Ebitda62.66
Forecast
1Y Price Target
$3.00Price Target Upside72.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.07
Revenue Forecast (FY)$131.40M
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...
How the Company Makes Money
PLBY primarily makes money by monetizing the Playboy brand and its intellectual property through (1) licensing and brand partnerships and (2) direct product and digital sales where it operates businesses directly.
1) Licensing & brand partnership...
Playboy Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call highlighted a clear and tangible improvement in profitability and balance sheet progress—four consecutive quarters of positive Adjusted EBITDA, a return to net income, and a $58 million year-over-year debt reduction—alongside strong, margin-accretive licensing and notable operational improvements at Honey Birdette (higher full-price sales, margin expansion, and loyalty growth). Management also announced strategic leadership hires, a digital and magazine relaunch, and an accretive China licensing partnership (UTG) that, once closed, would further accelerate deleveraging. Key risks and watch items include modest overall revenue growth (~4.2% YoY), remaining leverage (~$160M), dependence on licensing concentration, certain one-time transaction/marketing/litigation costs, and the fact the UTG transaction had not yet closed at the time of the call. On balance, the positive operational and financial momentum outweighs the identified risks.Positive Updates
Sustained Profitability (Adjusted EBITDA)
Adjusted EBITDA of $7.1 million in Q4, representing the company's fourth consecutive quarter of positive Adjusted EBITDA (compared to an Adjusted EBITDA loss of $0.1 million in 2024). Excluding litigation expenses, Q4 Adjusted EBITDA would have been $8.0 million.
Negative Updates
Modest Top-Line Growth
Total revenue growth was modest at ~4.2% YoY ($34.9M vs $33.5M), indicating limited near-term top-line acceleration despite improved profitability and other operational gains.
Read all updates
Q4-2025 Updates
Positive
Negative
Sustained Profitability (Adjusted EBITDA)
Adjusted EBITDA of $7.1 million in Q4, representing the company's fourth consecutive quarter of positive Adjusted EBITDA (compared to an Adjusted EBITDA loss of $0.1 million in 2024). Excluding litigation expenses, Q4 Adjusted EBITDA would have been $8.0 million.
Read all positive updates
Company Guidance
Management guided that the UTG China transaction—expected to close as soon as this week—will deliver $122 million in contracted cash (a $45M purchase price, $67M of guaranteed minimum distributions over eight years and $10M in brand support), with almost $52M earmarked to further reduce senior debt (the company has already cut debt by ~$58M to ~ $160M) and is expected to be immediately accretive to earnings and reduce interest expense; they reiterated plans to scale recurring revenue via a rebuilt digital hub and membership/subscription model (priced at $79 digital and $149 digital+print), paid voting with multimillion‑dollar potential, and continued investment across media, licensing, hospitality and Honey Birdette. Key metrics cited to support the outlook included FY25 revenue of $34.9M (vs $33.5M in 2024), Adjusted EBITDA of $7.1M (fourth consecutive positive quarter; $8.0M excluding litigation), licensing revenue >$46M (>38% of total revenue, ~90% gross margin, 90% guaranteed, >$343M unrecognized future revenue and a $20M/year Borg minimum), and strong Honey Birdette Q4 performance—sales +9% YoY, full‑price +21%, gross product margin 77.8% (+140 bps), retail LFL +17% (UK +36%, US +21%), digital +7% (US +16%), AOV +7% and ~80,000 loyalty members.Playboy Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
44
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 120.93M | 116.14M | 142.95M | 185.54M | 246.59M |
| Gross Profit | 85.85M | 74.36M | 88.17M | 102.59M | 137.92M |
| EBITDA | 5.12M | -38.52M | -164.08M | -34.74M | -40.96M |
| Net Income | -12.67M | -79.40M | -180.42M | -277.70M | -77.68M |
Balance Sheet | |||||
| Total Assets | 292.37M | 284.70M | 334.25M | 587.66M | 935.41M |
| Cash, Cash Equivalents and Short-Term Investments | 37.80M | 30.90M | 28.12M | 31.82M | 69.25M |
| Total Debt | 196.34M | 202.04M | 222.00M | 265.25M | 274.08M |
| Total Liabilities | 274.20M | 292.64M | 288.57M | 432.62M | 513.12M |
| Stockholders Equity | 18.38M | -7.73M | 45.89M | 155.25M | 422.49M |
Cash Flow | |||||
| Free Cash Flow | -1.01M | -21.40M | -46.84M | -66.86M | -54.25M |
| Operating Cash Flow | 18.00K | -19.14M | -43.29M | -59.43M | -36.74M |
| Investing Cash Flow | 550.00K | -318.00K | 12.95M | 8.75M | -273.18M |
| Financing Cash Flow | 8.59M | 21.59M | 26.18M | 11.56M | 370.47M |
Playboy Technical Analysis
Neutral
1.74
Price Trends
1.79
Negative
1.82
Negative
1.72
Negative
Market Momentum
-0.06
Negative
48.44
Neutral
60.40
Neutral
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 1.74 is above the 20-day moving average (MA) of 1.63, below the 50-day MA of 1.79, and above the 200-day MA of 1.72, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 48.44 is Neutral, neither overbought nor oversold. The STOCH value of 60.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PLBY.
Playboy Risk Analysis
Playboy disclosed 73 risk factors in its most recent earnings report. Playboy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Playboy Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $248.73M | 13.56 | 8.03% | 4.71% | -4.56% | -2.85% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $248.34M | -8.87 | 4.05% | 5.97% | -16.49% | -81.62% | |
49 Neutral | $220.48M | -2.75 | -35.34% | ― | -11.32% | -165.08% | |
48 Neutral | $104.45M | -2.76 | -21.24% | 2.93% | 30.34% | -1749.06% | |
47 Neutral | $117.27M | -6.98 | -3.19% | ― | 2.85% | 24.82% | |
46 Neutral | $199.86M | -14.88 | 754.17% | ― | 60.60% | 66.17% |
* Consumer Cyclical Sector Average
PLBY
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1.74
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Playboy Corporate Events
Business Operations and StrategyExecutive/Board Changes
Playboy Implements Multi‑Year Executive Retention Equity Program
Positive
Apr 10, 2026
On April 10, 2026, Playboy, Inc. entered into retention agreements with its top executives, including CEO Ben Kohn and CFO Marc Crossman, to recognize their contributions and incentivize continued service while managing equity usage under its 2021...
Business Operations and StrategyM&A Transactions
Playboy Sells China JV Stake, Adopts Asset-Light Strategy
Positive
Mar 24, 2026
On March 20, 2026, Playboy completed the initial closing of its transaction to ultimately sell 50% of its China joint venture to United Trademark Group, with UTG now managing all operational aspects of Playboy’s business in China, Hong Kong ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Playboy Updates Investor Presentation, Highlights Elevated Risk Factors
Negative
Mar 24, 2026
On March 23, 2026, Playboy, Inc. posted a new investor presentation on its website for use in ongoing investor communications and conference appearances, outlining information about its business and financial outlook. The materials are positioned ...
Executive/Board Changes
Playboy Appoints David Miller to Lead Media Brand
Positive
Feb 24, 2026
On February 22, 2026, Playboy, Inc. appointed David Miller as President, Playboy, Media Brand, effective February 23, 2026, adding him to the company’s executive leadership team. Miller brings media and digital advertising experience from s...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Playboy Forms China Joint Venture to Cut Debt
Positive
Feb 9, 2026
On February 9, 2026, Playboy agreed to sell a 50% stake in its China, Hong Kong and Macau licensing business to UTG Brands Management Group via a joint venture, with UTG taking over operational management in the region. The deal will deliver $45 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.