Want to see PLNT full AI Analyst Report?
Top Page
Planet Fitness
(NYSE:PLNT)
Select Model
Select Model
Rating:56Neutral
Price Target:
$53.00
▼(-0.54% Downside)
Action:Reiterated
Date:09/23/26
The score is driven primarily by solid profitability and cash generation but is meaningfully weighed down by high balance-sheet risk (negative equity) and very weak technicals (price below all major moving averages with bearish momentum). Valuation is reasonable on P/E, and the latest earnings call was mixed—EPS outlook improved largely from buybacks, while margins and interest expense remain near-term headwinds.
Positive Factors
Asset-light franchise model
The franchise structure supports expansion without requiring Planet Fitness to fund most new-club construction or local operating costs. Recurring royalties can scale with system sales, while equipment and development fees add revenue as the network grows, supporting durable operating leverage.
Negative Factors
Structurally aggressive balance sheet
Persistently negative equity reduces financial flexibility and makes leverage appear structurally elevated, limiting the company’s ability to absorb operating setbacks. An aggressive capital structure can also constrain future investment and increase dependence on sustained cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light franchise model
The franchise structure supports expansion without requiring Planet Fitness to fund most new-club construction or local operating costs. Recurring royalties can scale with system sales, while equipment and development fees add revenue as the network grows, supporting durable operating leverage.
Read all positive factors
Planet Fitness Key Performance Indicators (KPIs)
Any
EBITDA by Segment
Breaks down profitability across franchising versus company-owned clubs and other business lines, highlighting which parts of Planet Fitness generate the most cash and which carry higher operating costs — a key signal of sustainable margins and where future profit growth will come from.
Breaks down profitability across franchising versus company-owned clubs and other business lines, highlighting which parts of Planet Fitness generate the most cash and which carry higher operating costs — a key signal of sustainable margins and where future profit growth will come from.
Data provided by:
The Fly
The FlyPlanet Fitness (PLNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.00B
Dividend Yield13.89%
Average Volume (3M)2.63M
Price to Earnings (P/E)17.5
Beta (1Y)0.29
Revenue Growth12.70%
EPS Growth31.61%
CountryUS
Employees4,393
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)2.95
Shares Outstanding75,216,965
10 Day Avg. Volume2,174,232
30 Day Avg. Volume2,632,449
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 Cap1.64
Enterprise Value/Revenue4.66
Enterprise Value/Gross Profit9.20
Enterprise Value/Ebitda10.70
Forecast
1Y Price Target
$67.08Price Target Upside25.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)3.25
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 primarily makes money through a combination of franchising income and revenue from company-owned stores. Its key revenue streams include: (1) Franchise segment revenue: recurring royalty fees paid by franchisees (generally based on ...
Planet Fitness Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlighted several concrete operational and financial positives — membership growth (+3.6% YoY), revenue growth (+7% YoY), adjusted EBITDA increase (+3.5%), rising Black Card penetration, continued unit openings, active capital allocation (share repurchases) and product/marketing investments (app redesign, spa modality tests, DCO engine). Offsetting these positives are margin compressions (overall and equipment), higher interest expense and cash drawdown due to buybacks, modest same-club sales improvement with expected sequential moderation, and early-stage marketing and pricing tests that carry execution risk. On balance, achievements and growth levers appear to modestly outweigh the challenges, but the company faces clear near-term margin and execution headwinds that management is actively addressing.Positive Updates
Membership Growth
Finished Q2 with 21.5 million members, up 3.6% year-over-year and flat sequentially to Q1 2026, reflecting initial progress on reigniting sustainable member growth.
Negative Updates
Modest Same-Club Sales and Guidance Moderation
Q2 comp growth was modest at 1.7% and management expects same-club sales to moderate sequentially through the year, with full-year expectation around ~1% comp growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Membership Growth
Finished Q2 with 21.5 million members, up 3.6% year-over-year and flat sequentially to Q1 2026, reflecting initial progress on reigniting sustainable member growth.
Read all positive updates
Company Guidance
Guidance for 2026: adjusted net income per diluted share is now expected to grow ~6% (up from ~4%) based on ~77M adjusted diluted weighted average shares (vs prior ~79M), while adjusted net income (total) is now expected to be down ~3% (vs down ~2%) as higher interest expense following a $75M VFN drawdown increases interest expense to ~ $115M (up $4M); other guidance remains: system‑wide same‑club sales ~+1%, revenue ~+7%, adjusted EBITDA ~+6%, openings 180–190 new clubs with 150–160 equipment placements (cadence weighted to Q4), replacement equipment ~70% of Equipment revenue, full‑year Equipment margin ~30%, capex +10–15% and depreciation & amortization +~10%; company plans to repay the $75M VFN by year‑end, has repurchased ~$250M YTD (Q2: ~4M shares at $50.44 for ~$200M) with ~$250M remaining on the $500M program, and held cash, cash equivalents and marketable securities of ~$544M at June 30.Planet Fitness Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
28
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.41B | 1.32B | 1.18B | 1.07B | 936.77M | 587.02M |
| Gross Profit | 713.51M | 687.71M | 615.02M | 557.59M | 474.03M | 315.87M |
| EBITDA | 613.34M | 570.17M | 507.11M | 443.53M | 374.09M | 195.97M |
| Net Income | 237.85M | 219.10M | 172.04M | 138.31M | 99.40M | 42.77M |
Balance Sheet | ||||||
| Total Assets | 3.00B | 3.10B | 3.07B | 2.97B | 2.85B | 2.02B |
| Cash, Cash Equivalents and Short-Term Investments | 400.76M | 452.41M | 407.31M | 350.74M | 409.84M | 545.91M |
| Total Debt | 2.96B | 2.90B | 2.58B | 2.37B | 2.34B | 1.96B |
| Total Liabilities | 3.62B | 3.59B | 3.29B | 3.09B | 3.07B | 2.66B |
| Stockholders Equity | -614.74M | -483.38M | -215.38M | -115.65M | -199.01M | -645.36M |
Cash Flow | ||||||
| Free Cash Flow | 261.68M | 254.75M | 188.81M | 194.27M | 140.15M | 135.22M |
| Operating Cash Flow | 433.98M | 418.42M | 343.87M | 330.25M | 240.21M | 189.29M |
| Investing Cash Flow | -131.79M | -160.16M | -208.71M | -339.99M | -506.57M | -90.92M |
| Financing Cash Flow | -323.46M | -198.09M | -105.00M | -141.42M | 135.72M | -10.25M |
Planet Fitness Technical Analysis
Positive
53.29
Price Trends
48.64
Positive
50.52
Positive
63.51
Negative
Market Momentum
1.45
Negative
66.88
Neutral
85.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLNT, the sentiment is Positive. The current price of 53.29 is above the 20-day moving average (MA) of 46.16, above the 50-day MA of 48.64, and below the 200-day MA of 63.51, indicating a neutral trend. The MACD of 1.45 indicates Negative momentum. The RSI at 66.88 is Neutral, neither overbought nor oversold. The STOCH value of 85.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $9.20B | 21.68 | 13.14% | ― | 12.69% | 75.05% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $2.30B | 36.62 | -20.60% | ― | -1.80% | ― | |
56 Neutral | $4.00B | 17.52 | -53.58% | 13.89% | 12.70% | 31.61% | |
43 Neutral | $216.20M | -2.92 | 15.21% | ― | -8.94% | 16.41% |
* Consumer Cyclical Sector Average
PLNT
Planet Fitness
53.27
-42.69
-44.49%
PTON
Peloton Interactive
5.46
-2.04
-27.20%
XPOF
Xponential Fitness
4.20
-2.81
-40.09%
LTH
Life Time Group Holdings
41.99
16.12
62.31%
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.