Planet Fitness (PLNT) AI Stock Analysis

• Market Cap: $5.89B
• Dividend Yield: N/A
• Average Volume (3M): 2.00M
• Price to Earnings (P/E): 41.3
• Beta (1Y): 0.67
• Revenue Growth: 14.39%
• EPS Growth: 31.64%
• Country: US
• Employees: 4,173
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.83
• Shares Outstanding: 79,697,890
• 10 Day Avg. Volume: 2,339,442
• 30 Day Avg. Volume: 1,997,337
• PEG Ratio: 1.36
• Price to Book (P/B): -18.74
• Price to Sales (P/S): 6.84
• P/FCF Ratio: 35.56
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 4.70
• Enterprise Value/Gross Profit: 10.24
• Enterprise Value/Ebitda: 10.90
• 1Y Price Target: $113.49
• Price Target Upside: 51.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 16
• EPS Forecast (FY): 3.39
• Revenue Forecast (FY): $1.45B

• Rating: 61 Neutral
• Price Target: $82.00 ▲(9.68% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score reflects strong profitability and cash flow plus constructive 2026 guidance, offset by a major balance-sheet risk (persistent negative equity) and weak technicals (price well below major moving averages with bearish momentum). Valuation further limits upside given the high P/E and no stated dividend yield.

Positive Factors

High margins & cash generation

Sustained high margins and growing operating/free cash flow create durable internal funding for unit growth, remodels, equipment programs and share repurchases. Robust cash generation supports franchisee support and reinvestment even if external capital becomes costlier.

Scalable franchise growth & unit expansion

A capital-light franchised model and record club openings underpin recurring royalty streams and system scalability. Rapid unit growth and a large member base diversify revenue, improve brand scale economics and provide a steady platform for international expansion.

Strong brand & digital product momentum

High-paid-product penetration and improved digital conversion show durable mix uplift and retention levers. Brand recognition plus app-led acquisition/retention reduce marketing unit costs and support sustainable membership monetization and lifetime value growth.

Negative Factors

Persistent negative shareholders' equity

Negative equity weakens financial flexibility and complicates leverage metrics, potentially tightening covenant headroom and raising refinancing or capital-raising costs in stress. It makes the company more reliant on cash generation rather than balance-sheet strength for strategic moves.

Re-equipment cycle drags equipment segment

A pulled-forward or extended equipment cadence creates lumpy, lower-margin revenue that can depress segment profitability and near-term EBITDA. Reliance on re-equipment timing introduces unpredictability to revenue and margins over the next several quarters.

Higher interest expense after refinancing/ASR

Materially higher interest expense reduces free cash flow available for growth and makes capital allocation choices tighter. Combined with negative equity, higher fixed financing costs increase sensitivity to slower growth or margin pressure over the medium term.

Planet Fitness Business Overview & Revenue Model

Company Description

Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment segments. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Stores segment operates corporate-owned stores in the United States and Canada. The Equipment segment engages in the sale of fitness equipment to franchisee-owned stores in the United States and Canada. As of December 31,2021, the company had 2,254 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia. Planet Fitness, Inc. was founded in 1992 and is headquartered in Hampton, New Hampshire.

How the Company Makes Money

Planet Fitness generates revenue primarily through its membership fees, which are structured as low monthly payments, often supplemented by annual fees. The company operates a franchise model, allowing it to expand its reach while generating franchise fees and ongoing royalties from franchisee operations. Additional revenue comes from the sale of fitness-related products and services, such as personal training sessions and branded merchandise. The brand also benefits from partnerships with various health and wellness organizations, which can enhance its market presence and attract new members. Seasonal promotions and referral programs further contribute to its earnings by incentivizing current members to bring in new clientele.

Planet Fitness Financial Statement Overview

Summary

Operating results are strong with high margins and improving cash generation (TTM gross margin ~48.9%, operating margin ~31.3%, net margin ~16.0%; TTM operating cash flow ~$418M; TTM free cash flow ~$255M). However, the balance sheet is a major overhang due to persistently negative equity (TTM about -$483M), and recent top-line growth has slowed (TTM revenue growth ~2.8%).

Income Statement

PLNT shows strong profitability and a solid post-2020 recovery. Revenue rose from $587M (2021) to $1.18B (2024) and $1.32B in TTM (Trailing-Twelve-Months), while margins remain high (TTM gross margin ~48.9%, operating margin ~31.3%, net margin ~16.0%). A key weakness is that the latest top-line growth rate is very modest (TTM revenue growth ~2.8%), suggesting growth is slowing versus prior years.

Balance Sheet

The balance sheet is the main concern: stockholders’ equity is negative in every period shown (TTM about -$483M), which weakens financial flexibility and makes leverage metrics less meaningful (debt-to-equity is negative due to negative equity). Total debt improved materially versus 2024 (TTM ~$443M vs. $2.58B in 2024), but with negative equity still in place, the capital structure remains a notable risk despite a large asset base (TTM total assets ~$3.10B).

Cash Flow

Cash generation is consistently positive and improving, supporting the business despite balance sheet constraints. Operating cash flow increased from $240M (2022) to $344M (2024) and $418M in TTM (Trailing-Twelve-Months), and free cash flow rose to $255M in TTM with strong recent growth (TTM free cash flow growth ~25.6%). A weaker point is that free cash flow trails accounting earnings (TTM free cash flow is ~56.6% of net income), indicating conversion to cash is good but not exceptional.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.32B	1.18B	1.07B	936.77M	587.02M
Gross Profit	1.09B	615.02M	557.59M	474.03M	315.87M
EBITDA	570.17M	507.11M	443.53M	374.09M	195.97M
Net Income	219.10M	172.04M	138.31M	99.40M	42.77M
Balance Sheet
Total Assets	3.10B	3.07B	2.97B	2.85B	2.02B
Cash, Cash Equivalents and Short-Term Investments	452.41M	407.31M	350.74M	409.84M	545.91M
Total Debt	443.00M	2.58B	2.37B	2.34B	1.96B
Total Liabilities	3.59B	3.29B	3.09B	3.07B	2.66B
Stockholders Equity	-483.38M	-215.38M	-115.65M	-199.01M	-645.36M
Cash Flow
Free Cash Flow	254.75M	188.81M	194.27M	140.15M	135.22M
Operating Cash Flow	418.42M	343.87M	330.25M	240.21M	189.29M
Investing Cash Flow	-160.16M	-208.71M	-339.99M	-506.57M	-90.92M
Financing Cash Flow	-198.09M	-105.00M	-141.42M	135.72M	-10.25M

Planet Fitness Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 74.76
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLNT, the sentiment is Negative. The current price of 74.76 is below the 20-day moving average (MA) of 83.92, below the 50-day MA of 92.21, and below the 200-day MA of 101.53, indicating a bearish trend. The MACD of -4.63 indicates Positive momentum. The RSI at 27.29 is Positive, neither overbought nor oversold. The STOCH value of 29.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLNT.

Planet Fitness Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LTH	65 Neutral	$5.71B	15.51	12.76%	―	15.77%	86.16%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PLNT	61 Neutral	$5.89B	41.35	-82.94%	―	14.39%	31.64%
PTON	52 Neutral	$1.58B	-16.60	12.90%	―	-8.74%	74.66%
XPOF	47 Neutral	$281.61M	-2.45	―	―	-3.55%	-111.90%

Planet Fitness Corporate Events

Planet Fitness Names Interim CFO Amid Finance Transition

On March 9, 2026, Planet Fitness announced that Chief Financial Officer Jay Stasz departed the company, with the departure stated not to stem from any disagreement over financial reporting, and that former CFO Tom Fitzgerald was appointed interim CFO effective the same day under a six‑month employment agreement. Fitzgerald, who previously guided Planet Fitness through significant growth and the COVID‑19 period, returns with deep institutional and multi‑unit retail experience as the board launches an executive search for a permanent finance chief, while the company reaffirmed its 2026 financial guidance in a signal of continuity and stability for investors and franchise stakeholders.

Under the new arrangement, Fitzgerald will receive a monthly salary of $250,000, will not participate in the executive severance and change‑in‑control policy, and has agreed to non‑competition and non‑solicitation covenants during his tenure and for one year afterward. The company emphasized that there were no special arrangements behind his appointment and no related‑party transactions requiring disclosure, while outgoing CFO Stasz will be eligible for severance under the existing executive policy, collectively framing the transition as orderly and designed to maintain financial discipline during a critical strategic phase.

The most recent analyst rating on (PLNT) stock is a Buy with a $126.00 price target. To see the full list of analyst forecasts on Planet Fitness stock, see the PLNT Stock Forecast page.

Planet Fitness Adds Stephen Beard to Expanded Board

On February 9, 2026, Planet Fitness announced that it expanded its board of directors from eight to nine members and appointed Stephen “Steve” Beard as a Class II independent director, effective the same day. Beard, Chairman and CEO of Covista Inc., brings a background in transforming a large education company into America’s largest healthcare educator, along with prior leadership roles in executive search, corporate governance and regulated-industry transactions.

Beard will receive standard non-employee director compensation, including a pro-rated equity award of 368 restricted stock units that will vest by the next annual meeting or on the one-year anniversary of the grant. Planet Fitness leadership highlighted his experience in strategy, healthcare, talent development and M&A as complementary to the company’s focus on health and wellness, signaling an effort to bolster board expertise and support long-term growth and value creation for shareholders.

The most recent analyst rating on (PLNT) stock is a Buy with a $115.00 price target. To see the full list of analyst forecasts on Planet Fitness stock, see the PLNT Stock Forecast page.

Planet Fitness highlights strong 2025 growth and expansion

Planet Fitness reported strong operational results for 2025, announcing on January 12, 2026 that year-end membership reached roughly 20.8 million and system-wide same club sales grew 6.7%. Over the year, the chain opened 181 new clubs, including 23 corporate-owned locations, and supplied equipment to 152 new franchised sites, underscoring continued expansion of its footprint to 2,896 locations worldwide. Management highlighted that franchisees boosted strength equipment to improve the member experience, the company signed a record number of participants to its High School Summer Pass Program, and it reached an agreement with franchisees to reallocate a portion of local advertising contributions to the national advertising fund for 2026, a move aimed at sharpening marketing leverage and supporting future membership growth. Planet Fitness plans to release detailed full-year 2025 financial results and its 2026 outlook on February 24, 2026, while using a January 13, 2026 fireside chat at the ICR Conference to discuss the operating metrics, reinforcing its message of solid performance and efforts to consolidate its leadership in the global fitness market.

The most recent analyst rating on (PLNT) stock is a Buy with a $125.00 price target. To see the full list of analyst forecasts on Planet Fitness stock, see the PLNT Stock Forecast page.

Planet Fitness Completes $750M Refinancing Transaction

On December 15, 2025, Planet Fitness completed a refinancing transaction involving the issuance of $750 million in senior secured notes, which includes $400 million in Class A-2-I Notes and $350 million in Class A-2-II Notes, to refinance existing debt and fund general corporate purposes, including share repurchases. Additionally, the company entered into a $350 million accelerated share repurchase agreement with Citibank, N.A., as part of a $500 million share repurchase authorization, which will initially provide approximately 2.5 million shares of Class A common stock, with final settlement expected in the first quarter of 2026.

The most recent analyst rating on (PLNT) stock is a Buy with a $135.00 price target. To see the full list of analyst forecasts on Planet Fitness stock, see the PLNT Stock Forecast page.