Playboy (PLBY) AI Stock Analysis

• Market Cap: $205.60M
• Dividend Yield: N/A
• Average Volume (3M): 1.85M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• Revenue Growth: 60.60%
• EPS Growth: 66.17%
• Country: US
• Employees: 615
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.03
• Shares Outstanding: 114,859,726
• 10 Day Avg. Volume: 1,227,429
• 30 Day Avg. Volume: 1,847,547
• PEG Ratio: 0.17
• Price to Book (P/B): 10.26
• Price to Sales (P/S): 1.56
• P/FCF Ratio: -187.37
• Enterprise Value/Market Cap: 1.58
• Enterprise Value/Revenue: 2.69
• Enterprise Value/Gross Profit: 3.79
• Enterprise Value/Ebitda: 63.57
• 1Y Price Target: $3.00
• Price Target Upside: 67.60% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): $129.53M

• Rating: 48 Neutral
• Price Target: $2.00 ▲(11.73% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

Overall score is held down primarily by weak financial performance (shrinking revenue, negative free cash flow, and still-meaningful leverage) and a soft technical picture, with some support from a positive earnings narrative (profitability and deleveraging momentum, UTG cash proceeds) but limited valuation support due to the high P/E.

Positive Factors

High‑margin licensing

Playboy's licensing engine generates highly margin‑accretive, largely contracted revenue. With >$46M in licensing, ~90% gross margins and $343M of unrecognized future revenue, the model is asset‑light and supports durable cash flows and scalable margin economics over time.

Deleveraging via China JV proceeds

Material cash from the UTG China transaction and prior year debt cuts (≈$58M) meaningfully improve leverage. Earmarked proceeds to pay down senior debt reduce interest expense and increase balance sheet flexibility, lowering structural refinancing and solvency risk.

Strategic leadership and brand relaunch

Senior hires and a concerted brand relaunch target sustained relevance and diversified revenue (media, subscriptions, paid voting). Strengthened brand stewardship and digital product strategy increase the odds of longer‑term recurring revenue and licensing uplift.

Negative Factors

Weak free cash flow

Persistent negative free cash flow leaves the company dependent on transactions or external capital to fund operations and growth. Even with breakeven operating cash in 2025, absent sustained positive FCF the firm faces ongoing liquidity and capital allocation constraints.

Modest top‑line growth

Revenue expansion remains limited, constraining operating leverage and long‑term margin expansion. Modest top‑line growth reduces the margin impact of fixed costs and raises the burden on licensing and Honey Birdette execution to deliver sustained profit improvements.

Concentration & partner execution risk

High dependence on licensing (large share of revenue) and the partial sale of China shifts operational control and future upside to a partner. This concentrates revenue sources and creates execution and timing risks tied to JV performance and deal closing milestones.

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 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 partnerships (brand/IP monetization): A core revenue stream is licensing the Playboy name, trademarks (e.g., Rabbit Head logo), and related IP to third-party partners that manufacture, market, and sell products under the Playboy brand. In these arrangements, PLBY typically earns royalties based on licensee sales (and may also receive minimum guaranteed payments and/or other contractual fees, depending on the agreement terms). Licensing spans multiple consumer categories—commonly including apparel, accessories, and other lifestyle products—and allows PLBY to generate revenue without bearing the full manufacturing and inventory risk of those products. 2) Direct-to-consumer (DTC) and owned product businesses: PLBY also generates revenue by selling products and services directly where it owns and operates businesses rather than only licensing the brand. This has included sexual wellness products and other Playboy-branded merchandise sold through company-controlled channels. In these cases, revenue comes from product sales, while profitability depends on pricing, volume, product costs, marketing spend, and fulfillment. 3) Digital and content-led monetization: The company has pursued digital initiatives associated with the Playboy brand, including creator/community platforms and other online experiences. Where operated, these can generate revenue through subscriptions, platform fees, advertising, and/or revenue shares with creators. Specific monetization mechanics and the relative contribution can vary by product and period. Key factors influencing earnings: PLBY’s revenue is driven by the strength and global recognition of the Playboy brand, the breadth and performance of its licensing partners (including their retail distribution and sell-through), and the company’s ability to successfully operate and market any owned DTC or digital offerings. Details of any particular partnership economics not publicly disclosed are null.

Playboy Financial Statement Overview

Summary

Financials reflect a turnaround-in-progress but still pressured fundamentals: revenue has contracted materially, profitability remains weak (losses persist despite strong gross margin), leverage is improved but still meaningful, and free cash flow remains negative with only near-breakeven operating cash flow.

Income Statement

Revenue has contracted materially over time (down ~29% in 2025 vs. 2024, following declines in prior years), signaling a challenged top-line trajectory. Profitability is weak despite solid gross margins (~71% in 2025): operating results remain negative (EBITDA and net income losses in 2025), though losses improved substantially versus 2023–2024. Overall, the business shows some stabilization in earnings versus the worst years, but it is still not operating at sustainable profitability.

Balance Sheet

Leverage improved meaningfully in 2025 with total debt down sharply versus 2023–2024 and equity turning positive again (after negative equity in 2024). Debt remains elevated relative to equity (debt-to-equity ~1.29 in 2025), and returns on equity are still negative in 2025 due to ongoing losses. The balance sheet looks less stressed than 2024, but it remains a key risk area given limited profitability and still-meaningful leverage.

Cash Flow

Cash generation is weak: operating cash flow is essentially breakeven in 2025 while free cash flow remains negative. Cash flow has been consistently negative in prior years (notably 2021–2024), indicating the company has not yet demonstrated durable cash self-funding. While the scale of operating cash burn improved versus 2023–2024, the ongoing negative free cash flow suggests continued reliance on external funding or further cost/actions to stabilize liquidity.

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

• Technical Analysis Sentiment: Positive
• Last Price: 1.79
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLBY, the sentiment is Positive. The current price of 1.79 is below the 20-day moving average (MA) of 1.83, below the 50-day MA of 1.85, and above the 200-day MA of 1.71, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 48.37 is Neutral, neither overbought nor oversold. The STOCH value of 43.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLBY.

Playboy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ESCA	72 Outperform	$253.11M	13.56	8.03%	4.71%	-4.56%	-2.85%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JAKK	52 Neutral	$228.66M	-8.87	4.05%	5.97%	-16.49%	-81.62%
FNKO	49 Neutral	$187.53M	-2.75	-35.34%	―	-11.32%	-165.08%
PLBY	48 Neutral	$205.60M	-14.88	754.17%	―	60.60%	66.17%
CLAR	48 Neutral	$104.84M	-2.76	-33.17%	2.93%	30.34%	-1749.06%
AOUT	47 Neutral	$107.06M	-6.98	-3.19%	―	2.85%	24.82%

Playboy Corporate Events

Playboy Appoints David Miller to Lead Media Brand

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 senior roles at National Geographic Media and AOL, where he oversaw global media operations and ad product strategy.

Under an employment agreement with Playboy Enterprises International, Miller will receive a $400,000 base salary, an annual bonus targeted at 80% of salary, and recurring annual equity awards with a $700,000 target value. He is also granted 248,869 restricted stock units vesting over three years, along with severance protections, COBRA coverage, partial equity acceleration, and post-employment restrictive covenants if he is terminated without cause or resigns for good reason.

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 Playboy stock, see the PLBY Stock Forecast page.

Playboy Forms China Joint Venture to Cut Debt

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 million over two years for the equity stake, plus $67 million in guaranteed minimum distributions through 2033 and $10 million in brand support payments over three years, for a total of $122 million in contracted cash flows.

The transaction, funded in part by an initial $9 million deposit and structured over three closings by early 2028, is expressly tied to debt reduction, with at least $50 million of proceeds earmarked to de‑leverage Playboy’s balance sheet and all share-sale proceeds designated for debt repayment. Concurrently, Playboy amended its existing credit agreement to permit the joint venture, require mandatory prepayments of the full $45 million purchase price plus an additional $6.666 million, and embed new covenants around the transaction, positioning the company for lower interest expense, a simplified operating model and continued upside from its remaining 50% stake in a key growth market.

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 Playboy stock, see the PLBY Stock Forecast page.