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Planet Fitness
(NYSE:PLNT)
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Rating:60Neutral
Price Target:
$57.00
▼(-21.67% Downside)
Action:Reiterated
Date:06/25/26
PLNT scores at 60 primarily because strong profitability and cash generation are meaningfully offset by balance-sheet risk (negative equity/aggressive capitalization). The latest earnings call adds caution via reduced guidance and weaker membership momentum/churn, while technicals remain mixed with the stock below key longer-term moving averages. Valuation is reasonable on P/E but lacks dividend support.
Positive Factors
Asset-light franchise model
Planet Fitness’s asset-light, franchise-centered model creates durable, recurring royalty streams and equipment sales that scale with new openings. This lowers capital intensity, supports attractive unit economics, and provides predictable cash flow that sustains expansion and margins over multiple years.
Negative Factors
Negative stockholders’ equity
Persistently negative equity signals historical losses or aggressive capital structure that constrain financial flexibility. It complicates leverage assessment, may limit borrowing capacity or strategic M&A, and raises vulnerability to macro stress; addressing this requires sustained earnings or capital actions over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light franchise model
Planet Fitness’s asset-light, franchise-centered model creates durable, recurring royalty streams and equipment sales that scale with new openings. This lowers capital intensity, supports attractive unit economics, and provides predictable cash flow that sustains expansion and margins over multiple years.
Read all positive factors
Planet Fitness Key Performance Indicators (KPIs)
Planet Fitness (PLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.25B
Dividend YieldN/A
Average Volume (3M)3.23M
Price to Earnings (P/E)19.3
Beta (1Y)0.42
Revenue Growth14.41%
EPS Growth31.33%
CountryUS
Employees4,173
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)2.77
Shares Outstanding79,126,650
10 Day Avg. Volume2,045,991
30 Day Avg. Volume3,229,897
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 Cap1.53
Enterprise Value/Revenue4.69
Enterprise Value/Gross Profit11.03
Enterprise Value/Ebitda10.97
Forecast
1Y Price Target
$71.86Price Target Upside-1.25% Downside
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., encompassing its various holdings, develops and oversees fitness facilities operating under the Planet Fitness brand. The company's business model is organized into three distinct divisions: Franchising, Corporate-Owned Locat...
How the Company Makes Money
Planet Fitness generates revenue primarily through (1) franchise-related income and (2) sales from company-owned stores. Franchise-related revenue includes recurring royalties paid by franchisees (typically based on a percentage of franchisees’ mo...
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 | 592.35M | 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 | 2.89B | 2.90B | 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
Neutral
72.77
Price Trends
54.60
Negative
66.70
Negative
84.08
Negative
Market Momentum
-0.49
Negative
52.16
Neutral
66.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLNT, the sentiment is Neutral. The current price of 72.77 is above the 20-day moving average (MA) of 51.58, above the 50-day MA of 54.60, and below the 200-day MA of 84.08, indicating a neutral trend. The MACD of -0.49 indicates Negative momentum. The RSI at 52.16 is Neutral, neither overbought nor oversold. The STOCH value of 66.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $9.08B | 23.19 | 12.64% | ― | 12.73% | 73.50% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $2.49B | 101.23 | -6.18% | ― | -3.26% | ― | |
60 Neutral | $4.25B | 19.30 | -69.35% | ― | 14.41% | 31.33% | |
44 Neutral | $301.47M | -4.91 | 14.36% | ― | -5.80% | 32.11% |
* Consumer Cyclical Sector Average
PLNT
Planet Fitness
53.45
-54.30
-50.39%
PTON
Peloton Interactive
5.75
-0.89
-13.40%
XPOF
Xponential Fitness
6.78
-2.65
-28.10%
LTH
Life Time Group Holdings
40.81
11.61
39.76%
Planet Fitness Corporate Events
Business Operations and StrategyExecutive/Board Changes
Planet Fitness Names New CFO and International President
Positive
Jun 25, 2026
On June 25, 2026, Planet Fitness appointed Sudhanshu Priyadarshi as Chief Financial Officer and President, International, effective immediately, replacing interim CFO Tom Fitzgerald, who will remain as an adviser through mid-September 2026. Priyad...
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...
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.