Planet Fitness Inc (PLNT)
NYSE:PLNT
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Planet Fitness
(NYSE:PLNT)
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Rating:54Neutral
Price Target:
$47.00
▼(-35.41% Downside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by very weak technicals (sharp downtrend and bearish momentum) and balance-sheet risk (negative equity), despite strong margins and solid cash generation. Valuation is only middling at a ~28.7 P/E with no dividend support, and the latest earnings call was mixed due to lowered 2026 guidance and slower membership momentum.
Positive Factors
Cash Generation
Strong and consistent operating cash flow (~$432M TTM) and healthy free cash flow (~$267M TTM) provide durable internal funding for unit development, equipment placements, and investments in marketing/tech. Robust cash generation supports franchisee funding, working capital and strategic flexibility over multiple quarters.
Negative Factors
Weak Balance Sheet
Persistently negative stockholders' equity constrains financial flexibility and complicates conventional leverage metrics. This aggressive capitalization increases refinancing and covenant risk, reduces shock-absorbing capacity during downturns, and can limit ability to fund opportunistic investments or weather prolonged membership weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Strong and consistent operating cash flow (~$432M TTM) and healthy free cash flow (~$267M TTM) provide durable internal funding for unit development, equipment placements, and investments in marketing/tech. Robust cash generation supports franchisee funding, working capital and strategic flexibility over multiple quarters.
Read all positive factors
Planet Fitness Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down income from various business segments, such as membership fees and franchise operations, illustrating how each contributes to overall financial health and growth opportunities.
Breaks down income from various business segments, such as membership fees and franchise operations, illustrating how each contributes to overall financial health and growth opportunities.
Data provided by:
The Fly
The FlyPlanet Fitness (PLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.30B
Dividend YieldN/A
Average Volume (3M)2.82M
Price to Earnings (P/E)28.7
Beta (1Y)0.40
Revenue Growth14.41%
EPS Growth31.33%
CountryUS
Employees4,173
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)2.77
Shares Outstanding79,084,170
10 Day Avg. Volume5,659,610
30 Day Avg. Volume2,821,837
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 Cap0.97
Enterprise Value/Revenue3.00
Enterprise Value/Gross Profit7.06
Enterprise Value/Ebitda7.08
Forecast
1Y Price Target
$74.34Price Target Upside2.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)3.2
Revenue Forecast (FY)$1.42B
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 Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
Mixed. The company delivered strong top-line growth (22% revenue increase), materially improved adjusted EBITDA (~20% YoY), significant equipment revenue upside (+123%), a healthy cash position and executed share repurchases. However, a meaningful shortfall in net member growth during the critical Q1 join period, elevated churn, a marketing misstep that missed the company’s core beginner demographic, regional competitive pressure, the decision to pause a Black Card price increase (reducing same-club sales outlook by ~150 bps), and the withdrawal of the multi-year algorithm tempered the upbeat financial results and led to a lowered 2026 outlook. Management has concrete corrective actions underway (creative agency change, data/AI investments, targeted marketing tests) but recovery in membership momentum is expected to take time.Positive Updates
Robust Revenue Growth
Total revenue of $337 million in Q1 2026, up 22% year-over-year from $277 million, driven by growth across franchise, corporate-owned club and equipment segments.
Negative Updates
Net Member Growth Shortfall
Net new members in Q1 exceeded 700,000 but fell short of expectations and materially below the ~1.0M+ net adds in the comparable prior period, prompting strategy changes and guidance revisions.
Read all updates
Q1-2026 Updates
Positive
Negative
Robust Revenue Growth
Total revenue of $337 million in Q1 2026, up 22% year-over-year from $277 million, driven by growth across franchise, corporate-owned club and equipment segments.
Read all positive updates
Company Guidance
Planet Fitness updated its 2026 outlook, now forecasting system‑wide same‑club sales growth of approximately 1%, revenue growth of ~7% and adjusted EBITDA growth of ~6%, while expecting net interest expense of about $111 million; adjusted net income is expected to decrease ~2% but adjusted net income per diluted share to grow ~4% on roughly 79 million adjusted diluted weighted average shares outstanding. Management said the pause of the planned national Black Card price increase accounts for roughly 150 basis points of the same‑club sales revision and that the guidance change is also driven by a Q1 net‑member growth shortfall (~700k net adds in Q1) and elevated churn earlier in the year. Unit growth guidance is unchanged at 180–190 new clubs system‑wide with roughly 150–160 equipment placements; they expect re‑equip sales to be ~70% of equipment revenue with an equipment margin of ~30%, replacement equipment revenue split ~30% in Q2, ~30% in Q3 and ~15% in Q4, and capital expenditures and depreciation & amortization to be up roughly 10–15% and ~10%, respectively; the company also withdrew its prior 3‑year algorithm.Planet Fitness Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
34
Negative
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.38B | 1.32B | 1.18B | 1.07B | 936.77M | 587.02M |
| Gross Profit | 589.31M | 1.09B | 615.02M | 557.59M | 474.03M | 315.87M |
| EBITDA | 587.44M | 570.17M | 507.11M | 443.53M | 374.09M | 195.97M |
| Net Income | 228.79M | 219.10M | 172.04M | 138.31M | 99.40M | 42.77M |
Balance Sheet | ||||||
| Total Assets | 3.10B | 3.10B | 3.07B | 2.97B | 2.85B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 473.81M | 452.41M | 407.31M | 350.74M | 409.84M | 545.91M |
| Total Debt | 432.73M | 443.00M | 2.58B | 2.37B | 2.34B | 1.96B |
| Total Liabilities | 3.59B | 3.59B | 3.29B | 3.09B | 3.07B | 2.66B |
| Stockholders Equity | -482.79M | -483.38M | -215.38M | -115.65M | -199.01M | -645.36M |
Cash Flow | ||||||
| Free Cash Flow | 267.38M | 254.75M | 188.81M | 194.27M | 140.15M | 135.22M |
| Operating Cash Flow | 432.01M | 418.42M | 343.87M | 330.25M | 240.21M | 189.29M |
| Investing Cash Flow | -179.27M | -160.16M | -208.71M | -339.99M | -506.57M | -90.92M |
| Financing Cash Flow | -198.34M | -198.09M | -105.00M | -141.42M | 135.72M | -10.25M |
Planet Fitness Technical Analysis
Negative
72.77
Price Trends
67.81
Negative
81.01
Negative
92.12
Negative
Market Momentum
-5.55
Positive
34.60
Neutral
65.74
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 72.77 is above the 20-day moving average (MA) of 58.85, above the 50-day MA of 67.81, and below the 200-day MA of 92.12, indicating a bearish trend. The MACD of -5.55 indicates Positive momentum. The RSI at 34.60 is Neutral, neither overbought nor oversold. The STOCH value of 65.74 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $7.51B | 16.96 | 12.64% | ― | 12.73% | 73.50% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $2.26B | 17.11 | -6.18% | ― | -3.26% | ― | |
54 Neutral | $4.30B | 28.70 | -69.35% | ― | 14.41% | 31.33% | |
43 Neutral | $203.21M | -77.46 | 14.36% | ― | -5.80% | 32.11% |
* Consumer Cyclical Sector Average
PLNT
Planet Fitness
51.65
-51.76
-50.05%
PTON
Peloton Interactive
5.23
-1.49
-22.17%
XPOF
Xponential Fitness
4.83
-3.80
-44.03%
LTH
Life Time Group Holdings
32.78
3.48
11.88%
Planet Fitness Corporate Events
Executive/Board ChangesShareholder Meetings
Planet Fitness Shareholders Back Board, Auditor and Pay
Positive
May 11, 2026
Planet Fitness held its annual meeting of stockholders on May 5, 2026, with approximately 93.19% of eligible shares represented, underscoring strong shareholder engagement. Investors elected four directors—Stephen Spinelli Jr., Colleen Keati...
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 ...
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.