Planet Fitness (PLNT) AI Stock Analysis

• Market Cap: $6.88B
• Dividend Yield: N/A
• Average Volume (3M): 1.74M
• Price to Earnings (P/E): 30.6
• Beta (1Y): 0.59
• 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: 82,983,160
• 10 Day Avg. Volume: 2,168,518
• 30 Day Avg. Volume: 1,737,507
• 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: 0.99
• Enterprise Value/Revenue: 5.17
• Enterprise Value/Gross Profit: 11.24
• Enterprise Value/Ebitda: 12.44
• 1Y Price Target: $119.38
• Price Target Upside: 44.51% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 3.43
• Revenue Forecast (FY): $1.45B

• Rating: 64 Neutral
• Price Target: $88.00 ▲(6.52% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven primarily by strong margins and solid, improving cash generation, partially offset by significant balance sheet risk from persistently negative equity. Technicals are a notable drag with the stock in a clear downtrend below major moving averages. Valuation (P/E ~31.6) is not especially supportive, while the earnings call outlook is constructive but acknowledges meaningful, near-term headwinds.

Positive Factors

Franchise scale & unit growth

Rapid unit growth and a nearly 2,900-club footprint reflect a durable, asset-light franchise model that drives recurring royalty and membership revenue. Scale supports network effects, local marketing leverage, and predictable cash flows that underpin multi-year expansion and margin stability.

High margins and strong cash generation

Sustained high margins and improving operating plus free cash flow provide capacity for reinvestment, franchise support, buybacks, and weathering cyclical softness. Consistent cash generation enhances strategic flexibility despite capital-structure constraints and supports long-term shareholder returns.

Product, membership and digital momentum

Rising Black Card mix, successful youth-to-member conversion initiatives and stronger digital flows indicate durable product-market fit and higher rate mix. Improved membership economics + digital retention tools increase lifetime value, recurring revenue, and margins over the medium term.

Negative Factors

Negative shareholders' equity

Persistently negative equity weakens apparent capital cushions and complicates leverage metrics, increasing refinancing and covenant risk. Even with strong assets and cash flow, negative equity can limit financing optionality and raise stakeholder scrutiny over long-term capital structure.

Equipment re‑fit cycle drag

A stretched re‑equipment cadence shifts and compresses equipment revenue and margins, creating a structural drag on top-line and segment profitability. Because equipment contributed meaningfully to recent growth, slower replacement timing can depress revenue and EBITDA for multiple quarters.

Higher interest expense from refinancing and ASR

Materially higher interest costs reduce free cash flow available for growth or buybacks and increase earnings sensitivity to rates. The combination of securitized notes at a higher blended coupon and ASR-driven funding raises structural financing costs 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

Strong profitability and cash generation (TTM gross margin ~48.9%, operating margin ~31.3%; TTM operating cash flow ~$418M and free cash flow ~$255M). However, persistently negative equity (TTM about -$483M) is a major capital-structure risk, and the latest revenue growth is modest (TTM ~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	550.08M	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: 82.61
• 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 82.61 is below the 20-day moving average (MA) of 90.43, below the 50-day MA of 98.88, and below the 200-day MA of 102.63, indicating a bearish trend. The MACD of -3.38 indicates Positive momentum. The RSI at 24.19 is Positive, neither overbought nor oversold. The STOCH value of 22.93 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	$6.14B	15.98	13.03%	―	15.77%	86.16%
PLNT	64 Neutral	$6.88B	30.58	―	―	14.39%	31.64%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PTON	52 Neutral	$1.72B	-32.26	―	―	-8.74%	74.66%
XPOF	52 Neutral	$401.27M	-5.00	―	―	-3.55%	-111.90%

Planet Fitness Corporate Events

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.

Planet Fitness Prices $750M Senior Secured Notes

On December 5, 2025, Planet Fitness, Inc. announced the pricing of $750 million in Series 2025-1 Class A-2 Fixed Rate Senior Secured Notes, consisting of two tranches with repayment terms of five and seven years. The proceeds from this securitized debt will be used to repay existing notes, cover transaction costs, and for general corporate purposes, including potential share repurchases, with the transaction expected to close around December 15, 2025.

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.

Planet Fitness Announces Major Refinancing Plan

On December 1, 2025, Planet Fitness announced plans for a refinancing transaction involving the issuance of a new series of securitized notes and repayment of existing notes. The company intends to issue $750 million in new notes, potentially increasing to $850 million, and will use the proceeds to repay existing debt, cover transaction costs, and for general corporate purposes. This move is expected to impact the company’s financial operations and market positioning, although the completion of the transaction is subject to market conditions.

The most recent analyst rating on (PLNT) stock is a Buy with a $139.00 price target. To see the full list of analyst forecasts on Planet Fitness stock, see the PLNT Stock Forecast page.