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PLBY Group (PLBY)
NASDAQ:PLBY
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PLBY Group
(NASDAQ:PLBY)
47Neutral
Positive Factors
Debt Management
PLBY Group has reached an agreement with senior lenders to repay its senior debt at a significant discount, aiming to reduce total leverage and future interest payments.
Licensing Agreement
A new 7-year licensing agreement with Sunny Cusco grants exclusive rights to develop and sell apparel and other products on the shop.playboy.com website.
Strategic Business Development
Management is focusing on license-first strategy by selling non-core businesses, raising capital, rationalizing costs, and developing new license revenue streams.
Negative Factors
Business Strategy Concerns
Concerns have been raised about PLBY’s business level performance, strategy, and balance sheet, affecting market perception and confidence.
Financial Performance
PLBY Group reported soft Q2 results with both revenue and adjusted EBITDA falling well below expectations due to the gradual recovery of the licensing business.
Revenue Decline
Reduced promotions drove a ~29% year-over-year decline in Honey Birdette's total revenue, which came in at $24.9 million for Q2, significantly below expectations.
PLBY Group (PLBY) vs. S&P 500 (SPY)
Market Cap
$112.73M
Dividend YieldN/A
Average Volume (3M)413.17K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-6.16%
EPS Growth57.51%
CountryUS
Employees249
SectorConsumer Cyclical
Sector Strength77
IndustryLeisure
Share Statistics
EPS (TTM)-0.10
Shares Outstanding93,940,960
10 Day Avg. Volume397,603
30 Day Avg. Volume413,174
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)-11.94
Price to Sales (P/S)0.00
P/FCF Ratio-4.83
Enterprise Value/Market Cap2.43
Enterprise Value/Revenue0.53
Enterprise Value/Gross Profit2.97
Enterprise Value/Ebitda-1.21
Forecast
1Y Price Target
$2.05Price Target Upside75.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
PLBY Group Business Overview & Revenue Model
Company DescriptionPLBY Group, Inc., commonly known as Playboy, is a global lifestyle and entertainment company. It operates across several sectors, including digital content, licensing, and consumer products. The company is well-known for its iconic Playboy magazine, which has evolved from print to a digital-focused platform. In addition to media, PLBY Group manages a diverse portfolio of consumer products including apparel, accessories, and sexual wellness items, leveraging the Playboy brand's cultural influence and recognition worldwide.
How the Company Makes MoneyPLBY Group generates revenue through multiple streams. A significant portion comes from licensing agreements, where the company allows third parties to use the Playboy brand on various products, ranging from apparel to home goods. The digital content segment, which includes subscriptions to Playboy's online content and other digital media initiatives, also contributes to the revenue. Additionally, the company earns from direct-to-consumer sales of Playboy-branded merchandise and sexual wellness products. Strategic partnerships and collaborations, particularly in expanding market presence and brand visibility, play a crucial role in driving PLBY Group's earnings.
PLBY Group Financial Statement Overview
Summary
PLBY Group's financial performance is weak, marked by negative revenue growth, declining profitability, and high leverage. The income statement, balance sheet, and cash flow statements all indicate significant financial challenges, including negative equity and ongoing cash burn.Income Statement
PLBY Group's income statement reflects a challenging financial situation with declining revenues and significant negative net income over the past years. The gross profit margin decreased from 59.9% in 2020 to 64.0% in 2024. Revenue growth is negative, indicating a contraction. Additionally, EBIT and EBITDA margins are negative, highlighting operational inefficiencies.35
Negative
Balance Sheet
The balance sheet shows high leverage with a negative stockholders' equity in 2024, indicative of financial distress. The debt-to-equity ratio is not calculable for 2024 due to negative equity, and the equity ratio is negative, signaling potential solvency issues. Despite a reduction in total liabilities, the continuous net losses have eroded equity.40
Negative
Cash Flow
PLBY's cash flow statements reveal a consistent negative free cash flow, worsening from -$71,000 in 2020 to -$21.4 million in 2024. Operating cash flow is also negative, reflecting ongoing cash burn without sufficient inflow from operations. The free cash flow to net income ratio and operating cash flow to net income ratio are unfavorable, indicating inefficiency in cash generation relative to net income.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 116.14M | 142.95M | 266.93M | 246.57M | 147.66M | Gross Profit |
| 74.36M | 88.17M | 137.29M | 131.72M | 74.48M | EBIT |
| -50.84M | -190.37M | -23.21M | -69.62M | 13.61M | EBITDA |
| -38.52M | -164.08M | -270.52M | -53.38M | 15.87M | Net Income Common Stockholders |
| -79.40M | -180.42M | -277.70M | -79.72M | -5.27M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 30.90M | 28.12M | 31.64M | 69.25M | 13.43M | Total Assets |
| 284.70M | 334.25M | 552.46M | 935.41M | 412.13M | Total Debt |
| 202.04M | 222.00M | 239.83M | 274.08M | 164.93M | Net Debt |
| 171.14M | 193.88M | 208.19M | 204.84M | 151.50M | Total Liabilities |
| 292.64M | 288.57M | 397.42M | 513.12M | 329.11M | Stockholders Equity |
| -7.73M | 45.89M | 155.25M | 422.49M | 83.02M |
| Cash Flow | Free Cash Flow | |||
| -21.40M | -46.84M | -67.66M | -54.25M | -71.00K | Operating Cash Flow |
| -19.14M | -43.29M | -59.61M | -36.74M | 813.00K | Investing Cash Flow |
| -318.00K | 12.95M | 8.75M | -273.18M | -5.47M | Financing Cash Flow |
| 21.59M | 26.18M | 11.56M | 370.47M | -8.49M |
PLBY Group Technical Analysis
Positive
1.17
Price Trends
1.09
Positive
1.40
Negative
1.15
Positive
Market Momentum
0.02
Negative
57.35
Neutral
80.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLBY, the sentiment is Positive. The current price of 1.17 is above the 20-day moving average (MA) of 1.07, above the 50-day MA of 1.09, and above the 200-day MA of 1.15, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.35 is Neutral, neither overbought nor oversold. The STOCH value of 80.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLBY.
PLBY Group Risk Analysis
PLBY Group disclosed 73 risk factors in its most recent earnings report. PLBY Group 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
PLBY Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $6.98B | 11.29 | 2.93% | 3.90% | 2.60% | -21.72% | |
47 Neutral | $112.73M | ― | -262.14% | ― | -6.16% | 57.51% | |
47 Neutral | $87.43M | ― | -17.72% | ― | 4.93% | -22.08% | |
43 Neutral | $144.56M | ― | -521.67% | ― | -13.49% | 63.10% | |
42 Neutral | $102.79M | ― | ― | -7.66% | -735.19% | ||
41 Neutral | $58.35M | ― | -28.34% | ― | -20.99% | -976.24% | |
27 Underperform | $112.27M | ― | -186.28% | ― | 8.52% | 98.75% |
* Consumer Cyclical Sector Average
Performance Comparison
PLBY
PLBY Group
1.17
0.27
30.00%
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FFAI
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DIBS
1stdibs.com
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PLBY Group Earnings Call Summary
Earnings Call Date:May 15, 2025
(Q1-2025)
| % Change Since: 0.00%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Positive
The earnings call presented a largely positive outlook with strong licensing revenue growth, a return to positive EBITDA, and successful new ventures. However, there are some concerns about potential tariff impacts and the longer timeline for new ventures to materialize.Q1-2025 Updates
Positive Updates
Positive EBITDA Achievement
Q1 2025 marked the first positive EBITDA quarter since 2023, with an adjusted EBITDA of $2.4 million. This was further improved by $1 million in cost reductions at the end of the quarter, potentially making it $3.4 million.
Significant Licensing Revenue Increase
Licensing revenue was up 175% year-over-year, driven primarily by the Byborg deal and rebuilding the China licensing business.
Honey Birdette Sales Growth
Honey Birdette is ahead of plan in Q2 and is expected to face easy comparables, indicating positive sales growth.
Successful Magazine Launch
The magazine sold out online and had an impressive sell-through at Barnes & Noble, leading to plans for additional issues.
Negative Updates
Potential Tariff Impact
Tariffs could impact future quarters with an estimated $1 million effect. However, price increases have been implemented to mitigate this.
Uncertain Timeline for New Ventures
While there is enthusiasm around new licensing categories like gaming and hospitality, these are projected as longer-term opportunities with uncertain immediate financial impact.
Company Guidance
During the PLBY Group's First Quarter 2025 Earnings Conference Call, the company outlined several key metrics and expectations for upcoming quarters. Honey Birdette is anticipated to perform well against an easy comparable in the second quarter, with a projected $1 million impact from Chinese tariffs in the latter half of the year. To mitigate this, a 10% price increase has been implemented in the U.S. market, which represents $35 million of their business. The Byborg partnership guarantees a $20 million annual minimum, with additional payments expected. Licensing revenue increased by 175% year-over-year, driven by the Byborg deal and a recovery in the China licensing business. The company achieved an adjusted EBITDA of $2.4 million, with potential future growth from gaming and hospitality licensing deals. The call also highlighted plans to expand content offerings, including magazines and potential paid voting campaigns, aiming for significant growth in 2026 and beyond.PLBY Group Corporate Events
Business Operations and Strategy
PLBY Group Releases Investor Presentation for 2025
Neutral
Mar 17, 2025
On March 17, 2025, PLBY Group, Inc. announced the availability of an investor presentation on its website, intended for use in investor communications and conferences. The presentation, while not filed under the United States Securities Exchange Act of 1934, includes forward-looking statements reflecting management’s expectations and assumptions about future performance, subject to various risks and uncertainties.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.