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PLBY Group (PLBY)
NASDAQ:PLBY
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PLBY Group (PLBY) AI Stock Analysis

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PLBY

PLBY Group

(NASDAQ:PLBY)

Rating:48Neutral
Price Target:
$2.00
▲(9.89% Upside)
PLBY Group's overall stock score is primarily impacted by its challenging financial performance, characterized by high leverage and negative cash flows. While technical indicators and valuation are moderate, recent earnings call highlights and corporate events provide some optimism for future growth.
Positive Factors
Debt Management
PLBY Group has reached an agreement with senior lenders to repay its senior debt at a significant discount, aiming to reduce total leverage and future interest payments.
Licensing Agreement
A new 7-year licensing agreement with Sunny Cusco grants exclusive rights to develop and sell apparel and other products on the shop.playboy.com website.
Strategic Business Development
Management is focusing on license-first strategy by selling non-core businesses, raising capital, rationalizing costs, and developing new license revenue streams.
Negative Factors
Business Strategy Concerns
Concerns have been raised about PLBY’s business level performance, strategy, and balance sheet, affecting market perception and confidence.
Financial Performance
PLBY Group reported soft Q2 results with both revenue and adjusted EBITDA falling well below expectations due to the gradual recovery of the licensing business.
Revenue Decline
Reduced promotions drove a ~29% year-over-year decline in Honey Birdette's total revenue, which came in at $24.9 million for Q2, significantly below expectations.

PLBY Group (PLBY) vs. SPDR S&P 500 ETF (SPY)

PLBY Group Business Overview & Revenue Model

Company DescriptionPLBY Group (PLBY) is a global lifestyle and entertainment company known primarily for its iconic Playboy brand. The company operates in various sectors including consumer products, digital media, and licensing. PLBY Group aims to deliver a diverse range of content and experiences that resonate with its global audience, leveraging its rich heritage in publishing, media, and brand licensing.
How the Company Makes MoneyPLBY Group generates revenue through a multi-faceted business model that includes consumer products, media and content, and brand licensing. The consumer products segment is a significant revenue stream, offering a wide array of branded merchandise such as apparel, accessories, and home goods. The media and content segment focuses on digital subscriptions, advertising, and partnerships in the entertainment industry. Licensing agreements, allowing other companies to produce and sell products using the Playboy brand, also contribute substantially to the company's earnings. Strategic partnerships and collaborations further enhance its revenue-generating capabilities by expanding its reach and product offerings.

PLBY Group Earnings Call Summary

Earnings Call Date:Aug 12, 2025
(Q2-2025)
|
% Change Since: 10.30%|
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant revenue and licensing growth, a positive shift in EBITDA, and strong financial positioning. Despite challenges such as impairment charges and legal expenses, the company's strategic initiatives in licensing, content, and brand expansion suggest a positive outlook.
Q2-2025 Updates
Positive Updates
Revenue and Licensing Surge
Revenue increased by 13% year-over-year, with Licensing revenue experiencing a significant surge of 105%.
Positive EBITDA Shift
Adjusted EBITDA was $3.5 million, a positive swing of $6.4 million compared to a loss of $2.9 million in last year's second quarter.
Strong Financial Position
Playboy is now in a strong financial position with over $30 million in cash on hand and a clear plan to reduce debt and lower cost of capital.
Expansion in Licensing Agreements
New licensing agreements were signed in gaming, beauty and grooming, energy drinks, and fashion, with significant expected revenues.
Honey Birdette Growth
Honey Birdette's Q2 revenues rose 14%, with gross margins expanding due to new collections and improved customer experience.
Content and Brand Initiatives
The relaunch of Playboy Magazine and the introduction of a new contest are expected to drive brand relevance and engagement.
Negative Updates
Net Loss with Impairment Charges
The net loss included $1.9 million in impairment charges related to the sublease of the Los Angeles office and $2.1 million related to a onetime settlement of licensing agent commissions.
Incremental Legal Expenses
The quarter's results included $1.3 million in additional legal expenses due to litigation with former licensees.
Company Guidance
During the Playboy Second Quarter 2025 Earnings Conference Call, the company highlighted a strong financial performance, showcasing a 13% year-over-year revenue increase and a remarkable 105% surge in Licensing revenue. Adjusted EBITDA improved to $3.5 million, marking a $6.4 million positive shift from a $2.9 million loss in the previous year's second quarter. The net loss was impacted by $1.9 million in impairment charges and $2.1 million for a onetime licensing agent commission settlement. Excluding these charges, the net loss would have been approximately $3.7 million, with earnings per share at negative $0.04. The quarter also included $1.3 million in legal expenses. Despite these charges, adjusted EBITDA could have been $4.8 million, representing a year-over-year swing of more than $7.7 million. With over $30 million in cash, Playboy plans to reduce debt and invest in brand growth, including reviving the magazine and launching new experiences and partnerships, such as a Playboy Club in Miami Beach.

PLBY Group Financial Statement Overview

Summary
PLBY Group faces significant financial challenges with consistent losses and high leverage. Despite a strong gross profit margin and positive return on equity, high debt levels and negative cash flows present substantial risks.
Income Statement
35
Negative
PLBY Group's income statement shows a challenging financial position with negative net profit margins and EBIT margins over the TTM period. Despite a slight revenue growth of 2.18% in the TTM, the company has consistently reported negative net income, indicating ongoing profitability issues. The gross profit margin remains relatively strong at 63.95%, suggesting efficient cost management at the gross level, but the negative EBIT and net profit margins highlight significant operational and financial challenges.
Balance Sheet
40
Negative
The balance sheet reveals a high debt-to-equity ratio of 17.04 in the TTM, indicating significant leverage and potential financial risk. The return on equity is positive at 16.75% in the TTM, which is a positive sign, but the high leverage could pose risks if not managed properly. The equity ratio is low, suggesting a heavy reliance on debt financing, which could impact financial stability.
Cash Flow
30
Negative
Cash flow analysis shows negative operating and free cash flows in the TTM, with a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is somewhat aligned with net income, but overall cash flow performance remains weak.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue153.20M116.14M142.95M185.54M246.57M147.66M
Gross Profit97.98M74.36M88.17M137.29M131.72M74.48M
EBITDA-34.43M-38.52M-164.08M-270.52M-53.38M15.87M
Net Income-63.02M-79.40M-180.42M-277.70M-77.68M-5.27M
Balance Sheet
Total Assets264.06M284.70M334.25M552.46M935.41M412.13M
Cash, Cash Equivalents and Short-Term Investments19.72M30.90M28.12M31.82M69.25M13.43M
Total Debt200.72M202.04M222.00M265.25M274.08M164.93M
Total Liabilities262.63M292.64M288.57M397.42M513.12M329.11M
Stockholders Equity1.64M16.13M45.89M155.25M422.49M83.02M
Cash Flow
Free Cash Flow-19.31M-21.40M-46.84M-66.86M-54.25M-71.00K
Operating Cash Flow-17.87M-19.14M-43.29M-59.43M-36.74M813.00K
Investing Cash Flow-823.00K-318.00K12.95M8.75M-273.18M-5.47M
Financing Cash Flow21.70M21.59M26.18M11.56M370.47M-8.49M

PLBY Group Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price1.82
Price Trends
50DMA
1.70
Positive
100DMA
1.44
Positive
200DMA
1.46
Positive
Market Momentum
MACD
>-0.01
Positive
RSI
48.03
Neutral
STOCH
35.08
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 1.82 is above the 20-day moving average (MA) of 1.81, above the 50-day MA of 1.70, and above the 200-day MA of 1.46, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.03 is Neutral, neither overbought nor oversold. The STOCH value of 35.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PLBY.

PLBY Group Risk Analysis

PLBY Group disclosed 74 risk factors in its most recent earnings report. PLBY Group 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

PLBY Group Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
$178.21M14.137.66%4.90%-6.65%8.79%
62
Neutral
$191.17M5.0617.82%2.83%1.31%23.14%
61
Neutral
$17.22B11.49-5.97%3.08%1.37%-15.54%
59
Neutral
$124.65M-0.04%10.55%99.28%
51
Neutral
$130.18M33.59-33.87%2.95%10.53%-1318.01%
48
Neutral
$155.01M-749.38%21.73%-29.67%
40
Neutral
$150.59M-32.24%-9.07%-38.09%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
PLBY
PLBY Group
1.73
1.06
158.21%
CLAR
Clarus
3.39
-0.95
-21.89%
ESCA
Escalade
12.44
-0.91
-6.82%
JAKK
Jakks Pacific
17.06
-4.82
-22.03%
FNKO
Funko
2.65
-7.22
-73.15%
AOUT
American Outdoor Brands
9.77
1.31
15.48%

PLBY Group Corporate Events

Business Operations and StrategyFinancial Disclosures
PLBY Group Reports Q2 2025 Financial Results
Positive
Aug 12, 2025

On August 12, 2025, Playboy, Inc. reported its financial results for the second quarter of 2025, showing a 13% increase in revenue to $28.1 million compared to the previous year. The company reduced its net loss by $9 million, achieving a net loss of $7.7 million, and improved its adjusted EBITDA to $3.5 million. The growth was driven by a 105% increase in licensing revenue and a 14% rise in Honey Birdette’s revenue. The company is focusing on an asset-light business model and exploring new growth opportunities in content and hospitality, including a new hospitality venue in Miami Beach and a fan-voting contest for a Playmate of the Month.

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 PLBY Group stock, see the PLBY Stock Forecast page.

Executive/Board ChangesBusiness Operations and StrategyRegulatory Filings and Compliance
PLBY Group Appoints Natalia Premovic to Board
Positive
Aug 7, 2025

On August 4, 2025, Playboy, Inc. appointed Natalia Premovic as an independent director to its Board, restoring the majority of independent directors and filling a vacancy created by the board’s expansion earlier in the year. Ms. Premovic, with extensive experience in retail, marketing, and branding from her roles at Netflix and Disney, is expected to contribute significantly to Playboy’s digital-focused, asset-light business model, and her appointment ensures compliance with Nasdaq’s listing rules.

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 PLBY Group stock, see the PLBY Stock Forecast page.

Shareholder MeetingsBusiness Operations and Strategy
PLBY Group Rebrands to Playboy, Inc. on June 25
Neutral
Jun 25, 2025

On June 24, 2025, PLBY Group, Inc. officially changed its name to Playboy, Inc., aligning its corporate identity with its flagship brand. This change, effective June 25, 2025, was approved by stockholders and included an increase in authorized common stock from 150 million to 400 million shares. The company’s common stock continues to trade under the symbol ‘PLBY’ on Nasdaq, and the name change does not affect stockholder rights or require any action from them.

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 PLBY Group stock, see the PLBY Stock Forecast page.

Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
PLBY Group Rebrands to Playboy, Inc. at Annual Meeting
Neutral
Jun 16, 2025

On June 16, 2025, PLBY Group held its Annual Meeting of Stockholders where several proposals were voted on. The stockholders elected two directors to the board, approved the increase of authorized shares, and ratified the appointment of the company’s auditor. However, the proposal for a second tranche of investment by Byborg Enterprises was not approved. The company also decided to change its name to Playboy, Inc., reflecting its commitment to the brand and its global licensing business. Despite the rejection of the Byborg investment proposal, PLBY Group remains focused on strengthening its financial position and values its partnership with Byborg.

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 PLBY Group stock, see the PLBY Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
PLBY Group Implements Executive Retention Agreements
Neutral
Jun 6, 2025

On June 4, 2025, PLBY Group, Inc. entered into retention agreements with its key executives to incentivize their continued employment and manage equity grants under the 2021 Equity and Incentive Compensation Plan. These agreements include restricted stock units for the executives, with vesting schedules extending to 2027, and provisions for conversion to cash under certain conditions, highlighting the company’s strategic focus on retaining leadership talent.

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 PLBY Group stock, see the PLBY Stock Forecast page.

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.Date of analysis: Aug 14, 2025