Planet Fitness (PLNT)
NYSE:PLNT
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Planet Fitness
(NYSE:PLNT)
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Rating:62Neutral
Price Target:
$80.00
▲(8.87% Upside)
Action:ReiteratedDate:03/17/26
PLNT’s score is anchored by strong profitability and cash generation, plus constructive 2026 guidance and continued buybacks. Offsetting these positives are a high-risk balance sheet profile (negative equity), a clearly weak technical setup (downtrend and negative momentum), and a relatively rich valuation multiple.
Positive Factors
High, durable profitability margins
Planet Fitness exhibits consistently high margins across the income statement, reflecting a low-cost, scalable operating model and strong unit economics. Durable margins support reinvestment, franchise support, and shareholder returns even if revenue growth moderates, sustaining long-term cash generation.
Negative Factors
Persistently negative shareholders' equity
Negative equity is a structural capital-structure weakness that reduces financial flexibility, complicates leverage metrics and may constrain strategic options. It increases reliance on cash flow and debt markets and raises the risk of covenant or refinancing stress during adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High, durable profitability margins
Planet Fitness exhibits consistently high margins across the income statement, reflecting a low-cost, scalable operating model and strong unit economics. Durable margins support reinvestment, franchise support, and shareholder returns even if revenue growth moderates, sustaining long-term cash generation.
Read all positive factors
Planet Fitness (PLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.94B
Dividend YieldN/A
Average Volume (3M)1.98M
Price to Earnings (P/E)41.3
Beta (1Y)0.64
Revenue Growth14.39%
EPS Growth31.64%
CountryUS
Employees4,173
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.83
Shares Outstanding79,697,890
10 Day Avg. Volume1,425,635
30 Day Avg. Volume1,979,045
Financial Highlights & Ratios
PEG Ratio1.36
Price to Book (P/B)-18.74
Price to Sales (P/S)6.84
P/FCF Ratio35.56
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue4.56
Enterprise Value/Gross Profit9.92
Enterprise Value/Ebitda10.56
Forecast
1Y Price Target
$113.49Price Target Upside54.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)3.38
Revenue Forecast (FY)$1.45B
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 franc...
How the Company Makes Money
Planet Fitness primarily makes money through a franchised gym model supplemented by corporate-owned stores. Key revenue streams include: (1) Franchise-related revenue: ongoing royalties paid by franchisees based on gym membership revenue, along wi...
Planet Fitness Key Performance Indicators (KPIs)
Any
Store Count by Type
Shows the number of different types of fitness centers, highlighting expansion strategy and market penetration, which are crucial for understanding growth potential and competitive positioning.
Shows the number of different types of fitness centers, highlighting expansion strategy and market penetration, which are crucial for understanding growth potential and competitive positioning.
Data provided by:
The Fly
The FlyPlanet Fitness Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
Overall the call conveyed strong operating and financial performance in 2025 with clear momentum across membership growth, product optimization, digital engagement, and international expansion. Management acknowledged near-term headwinds and conservative 2026 guidance driven by known structural items (equipment replacement cadence and the sale of corporate clubs) and transitory factors (January weather, brief attrition uptick). The company still projects positive growth in revenue, EBITDA and EPS for 2026, maintains a strong balance sheet, continues buybacks, and is investing in AI-enabled marketing and retention tools—indicating confidence in medium-term growth while managing a planned, lower-growth year.Positive Updates
Strong Full-Year Financial Performance
2025 full-year results: same-club sales +6.7% YoY, revenue +12% YoY, adjusted EBITDA +13% YoY, and adjusted diluted EPS +19% YoY. Added ~1,100,000 net new members, opened 181 new clubs, finished the year with ~20.8M members and a global footprint of nearly 2,900 clubs.
Negative Updates
Lower Near-Term Growth Guidance (2026)
Company expects 2026 to be the lowest growth year in its three-year algorithm. 2026 guidance: system-wide same-club sales +4% to +5%; total revenue growth ≈+9%; adjusted EBITDA growth ≈+10%; adjusted net income +4% to +5%; adjusted diluted EPS +9% to +10%. Management cites this moderation as largely driven by known structural items rather than demand weakness.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Financial Performance
2025 full-year results: same-club sales +6.7% YoY, revenue +12% YoY, adjusted EBITDA +13% YoY, and adjusted diluted EPS +19% YoY. Added ~1,100,000 net new members, opened 181 new clubs, finished the year with ~20.8M members and a global footprint of nearly 2,900 clubs.
Read all positive updates
Company Guidance
Planet Fitness guided 2026 system‑wide same‑club sales growth of 4–5% and 180–190 new club openings (with 150–160 equipment placements, weighted to the back half of the year and especially Q4); they expect re‑equipment sales to be ~70% of equipment segment revenue with an equipment margin of ~30%. The company projects total revenue growth of ~9%, adjusted EBITDA growth of ~10% (with adjusted EBITDA margin roughly flat year‑over‑year), adjusted net income up ~4–5%, and adjusted diluted EPS up ~9–10% based on ~80 million adjusted diluted weighted average shares outstanding (including the ASR) and a planned ~$150 million of share repurchases in 2026. They expect net interest expense of about $114 million, capital expenditures to increase 10–15%, and depreciation & amortization to rise ~10%; guidance assumes comps are roughly 75% rate / 25% volume, embeds a Black Card price increase taken after peak season, is weighted to the back half (lower comps in 1H, stronger in 2H), and reflects known near‑term headwinds (about a 300 bps top‑line and ~200 bps EBITDA drag from the re‑equip cycle and the sale of eight California corporate clubs).Planet Fitness Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
32
Negative
Cash Flow
76
Positive
| 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
Negative
73.48
Price Trends
83.12
Negative
94.88
Negative
99.18
Negative
Market Momentum
-2.89
Negative
36.60
Neutral
40.29
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 73.48 is below the 20-day moving average (MA) of 74.82, below the 50-day MA of 83.12, and below the 200-day MA of 99.18, indicating a bearish trend. The MACD of -2.89 indicates Negative momentum. The RSI at 36.60 is Neutral, neither overbought nor oversold. The STOCH value of 40.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLNT.
Planet Fitness Risk Analysis
Planet Fitness disclosed 50 risk factors in its most recent earnings report. Planet Fitness 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
Planet Fitness Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $6.25B | 15.51 | 12.76% | ― | 15.77% | 86.16% | |
62 Neutral | $5.94B | 41.35 | -82.94% | ― | 14.39% | 31.64% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $2.05B | -16.60 | 12.90% | ― | -8.74% | 74.66% | |
47 Neutral | $355.07M | -2.45 | ― | ― | -3.55% | -111.90% |
* Consumer Cyclical Sector Average
PLNT
Planet Fitness
74.24
-16.34
-18.04%
PTON
Peloton Interactive
4.81
-0.19
-3.80%
XPOF
Xponential Fitness
7.25
0.10
1.40%
LTH
Life Time Group Holdings
28.20
0.47
1.69%
Planet Fitness Corporate Events
Business Operations and StrategyExecutive/Board Changes
Planet Fitness Adds Harmit Singh to Board of Directors
Positive
Mar 16, 2026
On March 16, 2026, Planet Fitness announced it had expanded its board of directors from nine to ten members and appointed Harmit Singh, the executive vice president and chief financial and growth officer of Levi Strauss Co., as a Class III direct...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Planet Fitness Names Interim CFO Amid Finance Transition
Positive
Mar 9, 2026
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 ...
Executive/Board Changes
Planet Fitness Adds Stephen Beard to Expanded Board
Positive
Feb 9, 2026
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...
Business Operations and StrategyFinancial Disclosures
Planet Fitness highlights strong 2025 growth and expansion
Positive
Jan 12, 2026
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 2...
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.