Playboy, Inc. (PLBY)
NASDAQ:PLBY
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Playboy
(NASDAQ:PLBY)
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Rating:49Neutral
Price Target:
$1.50
▼(-17.13% Downside)
Action:Reiterated
Date:06/17/26
The score is held back primarily by weak balance-sheet and cash-flow quality (high leverage, negative free cash flow, ongoing losses) despite improving operating performance. Technicals are mixed and valuation support is limited due to negative earnings and no dividend, while the latest earnings call and recent corporate actions add some credit for momentum and a deleveraging path.
Positive Factors
High gross margin & positive EBITDA
A ~71% gross margin and return to positive EBITDA indicate the brand and product mix support strong unit economics. Durable high gross margins provide buffer for marketing and R&D spend, enabling scalable profitability if revenue growth sustains and operating leverage continues to improve.
Negative Factors
Elevated leverage
Very high debt relative to equity leaves limited capital cushion and increases sensitivity to revenue or margin setbacks. Persistent leverage constrains strategic flexibility, raises refinancing risk during stressed markets, and forces management to prioritize debt paydown over growth investments until deleveraging is substantial.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin & positive EBITDA
A ~71% gross margin and return to positive EBITDA indicate the brand and product mix support strong unit economics. Durable high gross margins provide buffer for marketing and R&D spend, enabling scalable profitability if revenue growth sustains and operating leverage continues to improve.
Read all positive factors
Playboy (PLBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$168.15M
Dividend YieldN/A
Average Volume (3M)967.77K
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth-18.44%
EPS Growth91.45%
CountryUS
Employees615
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)-0.07
Shares Outstanding115,967,064
10 Day Avg. Volume520,506
30 Day Avg. Volume967,774
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 Cap1.67
Enterprise Value/Revenue2.30
Enterprise Value/Gross Profit3.24
Enterprise Value/Ebitda34.01
Forecast
1Y Price Target
$3.00Price Target Upside65.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.07
Revenue Forecast (FY)$127.36M
Playboy Business Overview & Revenue Model
Company Description
Playboy, Inc. operates as a leading media and lifestyle enterprise. It engages consumers globally, providing an array of products, services, and experiences aimed at enhancing their appearance, fostering well-being, and promoting enjoyment. The fi...
How the Company Makes Money
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Playboy Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call highlighted clear operational and financial momentum: revenue growth (+5%), a substantial rebound in adjusted EBITDA (+111%), strong Honey Birdette performance (+15.4% revenue, +23% full-price sales) and concrete deleveraging actions (initial $15M paydown and expected further ~$37M). Brand and media initiatives showed meaningful engagement (Karol G cover, subscription launch, paid voting traction) and management described cost reductions and store economics that support near-term expansion. Offsetting items include a GAAP net loss of $4M (partly from $3.5M transaction costs), deliberate near-term licensing revenue trade-offs as legacy deals are not renewed, ongoing litigation-related costs, and remaining material debt. Overall, positives around margin improvement, recurring adjusted EBITDA, Honey Birdette momentum, cultural relevancy and a clear deleveraging path outweigh the listed challenges and execution risks.Positive Updates
Consolidated Revenue Growth
Consolidated revenue rose to $30.2 million in Q1 2026, up $1.4 million or +5% year-over-year (from $28.9 million).
Negative Updates
Net Loss and Transaction Costs
Net loss was $4.0 million (loss of $0.03 per share) for the quarter, which included ~$3.5 million of transaction expenses related to the UTG deal. While improved versus a $9.0 million loss a year ago, the company remained GAAP-loss making in the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated revenue rose to $30.2 million in Q1 2026, up $1.4 million or +5% year-over-year (from $28.9 million).
Read all positive updates
Company Guidance
Management offered directional (not formal) guidance tied to specific plans and KPIs: Q1 established the baseline—consolidated revenue ~$30.2M, adjusted EBITDA ~$5.0M (up 111% YoY; $5.8M excl. litigation), net loss $4.0M ($0.03/share), cash ~$34.7M and total debt $144.9M (down $15M from $159.9M after UTG) with a plan to delever ~ $37M more from future UTG payments to get net debt well below $100M. They expect continued momentum at Honey Birdette (Q1 net revenue $18.8M, +15.4% YoY; full-price sales +23% YoY; six consecutive quarters of double‑digit brick‑and‑mortar comps and four consecutive quarters of consolidated comps; loyalty >110k members), call out U.S. 4‑wall adjusted EBITDA margins of ~40%, U.S. productivity ~ $1,500/sqft in ~800 sq ft stores, a reduced build‑out cost of ~$500k (down from ~$900k) with $30–40k preopening and ~$35k inventory, and a plan to open five new U.S. stores in the next 12 months. On media/monetization they highlighted the Karol G Spring issue (>3 billion impressions, >40M video views, earned media in the tens of millions, print sold out day one), expansion of a subscription/paywall strategy, and paid‑voting as a revenue lever (prior contest: 1.7M votes from >17k contestants and 500k registered users; new contest on track for >30k entrants and early economics showing multiple seven‑figure annualized revenue). Other near‑term metrics: licensing revenue $10.9M (Byborg $5M), corporate adjusted OpEx ~ $7.1M (ex‑brand ~$6.2M; brand investment ~$0.9M); management reiterated they won’t provide formal forward guidance but expects results “not far off” current trends as they scale subscriptions, contests, licensing and Honey Birdette.Playboy Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 122.29M | 120.93M | 116.14M | 142.95M | 185.54M | 246.59M |
| Gross Profit | 86.72M | 85.85M | 74.36M | 88.17M | 102.59M | 137.92M |
| EBITDA | 8.27M | 2.68M | -38.52M | -164.08M | -34.74M | -40.96M |
| Net Income | -7.59M | -12.67M | -79.40M | -180.42M | -277.70M | -77.68M |
Balance Sheet | ||||||
| Total Assets | 285.78M | 292.37M | 284.70M | 334.25M | 587.66M | 935.41M |
| Cash, Cash Equivalents and Short-Term Investments | 30.27M | 37.80M | 30.90M | 28.12M | 31.82M | 69.25M |
| Total Debt | 177.97M | 196.34M | 202.04M | 222.00M | 265.25M | 274.08M |
| Total Liabilities | 251.70M | 274.20M | 292.64M | 288.57M | 432.62M | 513.12M |
| Stockholders Equity | 33.49M | 18.38M | -7.73M | 45.89M | 155.25M | 422.49M |
Cash Flow | ||||||
| Free Cash Flow | -2.25M | -1.01M | -21.40M | -46.84M | -66.86M | -54.25M |
| Operating Cash Flow | -625.00K | 18.00K | -19.14M | -43.29M | -59.43M | -36.74M |
| Investing Cash Flow | 14.96M | 550.00K | -318.00K | 12.95M | 8.75M | -273.18M |
| Financing Cash Flow | -5.67M | 8.59M | 21.59M | 26.18M | 11.56M | 370.47M |
Playboy Technical Analysis
Neutral
1.81
Price Trends
1.54
Negative
1.66
Negative
1.66
Negative
Market Momentum
-0.01
Negative
51.51
Neutral
74.58
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 1.81 is above the 20-day moving average (MA) of 1.37, above the 50-day MA of 1.54, and above the 200-day MA of 1.66, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 51.51 is Neutral, neither overbought nor oversold. The STOCH value of 74.58 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $257.46M | 16.61 | 8.97% | 4.71% | -3.69% | 12.42% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $253.49M | 31.79 | 3.24% | 5.97% | -21.02% | -82.84% | |
55 Neutral | $306.50M | -5.25 | -32.19% | ― | -10.39% | -191.24% | |
51 Neutral | $120.32M | -2.70 | -21.22% | 2.93% | -0.50% | 44.02% | |
49 Neutral | $168.15M | -21.80 | -79.63% | ― | -18.44% | 91.45% | |
47 Neutral | $127.60M | -12.95 | -5.76% | ― | -0.61% | -126.06% |
* Consumer Cyclical Sector Average
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Playboy Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresShareholder Meetings
Playboy Updates Investors Following 2026 Annual Shareholder Meeting
Positive
Jun 17, 2026
On June 16, 2026, Playboy, Inc. held its 2026 Annual Meeting of Stockholders, where shareholders elected Class III directors Tracey Edmonds and James Yaffe, approved an increase of 10 million shares under the company’s equity incentive plan,...
Executive/Board ChangesRegulatory Filings and Compliance
Playboy Adds Independent Director, Regains Nasdaq Compliance
Positive
Jun 4, 2026
On June 3, 2026, Playboy, Inc. appointed veteran finance executive Jennifer Cabalquinto as an independent Class I director, filling a vacant board seat and bringing the board to seven members, four of whom are independent. Cabalquinto’s init...
Business Operations and Strategy
Playboy Commits to Long-Term Miami Beach Office Lease
Positive
May 15, 2026
On May 14, 2026, Playboy Enterprises, Inc. amended its existing Miami Beach office lease, shifting the delivery and commencement dates to January 1, 2027 and extending the term to November 30, 2037, while securing rent, tax and operating expense a...
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 ...
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.