Planet Fitness Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Stockholders' equity of minus $483.4 million looks like a red light, but it is not a substance finding here: it stems from share buybacks charged against the accumulated deficit, not from losses. The company has been profitable for years, covers its interest 3.6 times, met every covenant as of March 31, 2026, has both credit facilities undrawn and sits at 3.64 on the Altman Z-score, inside the safe zone. There is no going-concern flag and no accounting breach. Green it is not, either: with no equity cushion, every year has to be financed out of the operating business, the income streams are pledged to creditors, and the decisive operating question is open — same club sales growth halved from 6.1 to 3.5 percent in the first quarter of 2026 while the revenue jump came from an equipment replacement cycle. Hence yellow: proven earnings power, open growth question, no buffer. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Planet Fitness is a highly profitable franchise business with no balance-sheet cushion. In its favor: a 29.8 percent operating margin, $220.3 million of net income and $418.4 million of operating cash flow in 2025, interest covered 3.6 times, and about 750 committed new clubs. Against it: stockholders' equity of minus $483.4 million, $2,514.2 million of securitized debt backed by the income streams themselves, $415.8 million of obligations under the tax benefit arrangements, and core growth that halved from 6.1 to 3.5 percent in the first quarter of 2026. Buying here means buying a cash stream, not substance. Not investment advice.
Business model
Of 2,909 clubs as of March 31, 2026, 2,617 belong to franchisees — construction, rent and payroll are somebody else's problem. That produced a 29.8 percent operating margin in 2025 ($394.7 million of $1,324.1 million) and recurring royalties of $314.6 million. At $15 and $24.99 per month against an industry average of $69 (2024), the brand sits at the bottom of the price range, where consumer slowdowns hurt least.
Earnings power and cash flow
Net income rose three years running: $147.0 million (2023), $174.2 million (2024), $220.3 million (2025). Operating cash flow reached $418.4 million in 2025 against $163.7 million of capital expenditures, and $147.5 million in the first quarter of 2026. Interest of $108.2 million is covered 3.6 times by income from operations.
Balance sheet and capital structure
As of December 31, 2025, the balance sheet showed stockholders' equity of minus $483.4 million (12/31/2024: minus $215.4 million), and minus $482.8 million as of March 31, 2026. The cause is not losses but buybacks: $630.0 million from two accelerated programs alone ($280.0 million in 2024, $350.0 million in 2025) were charged against the accumulated deficit of $1,107.4 million. There is no substance buffer for a weak year.
Debt and pledged assets
$2,514.2 million of notes run through a securitization into which, per the annual report, most domestic income streams were transferred and pledged to bankruptcy-remote subsidiaries. All covenants were met as of March 31, 2026, and both $75 million facilities were undrawn — but the refinancing dates from December 2029 onward are not automatic.
Capital allocation
Roughly $925 million went into own shares in three years: $125.0 million (2023), $300.0 million (2024), $500.0 million (2025), plus $50.0 million in the first quarter of 2026. The December program averaged $108.76 per share, while market value as of July 24, 2026, equated to about $52 per share. $450.0 million of the program remained open as of March 31, 2026.
Quality of growth
The first quarter of 2026 delivered 21.9 percent revenue growth — but $34.3 million of the $60.6 million increase came from equipment sales to franchisees, a replacement cycle. Same club sales growth fell system-wide from 6.1 to 3.5 percent. Against that stand about 750 contractually committed new clubs as of March 31, 2026, and a Black Card share of 66.5 percent.
Worth Noting
The hook was our in-house stock scanner: Planet Fitness appears in the U.S. selection of the "Piotroski F-Score (7–9)" screen with a score of 7 of 9 (16 U.S. hits as of July 26, 2026). On the same day the stock also sat on eight further lists — Quality Growth, EPS Acceleration and the price-to-cash-flow ranking on the fundamental side, Bullish Reversal Bar and Oops Reversal on the price side. These lists are recomputed daily.
All valuation figures carry a data cut-off of July 24, 2026, and should be read as orders of magnitude; analyses are evergreen and daily prices are not a buy argument. The $108.76 anchor is not a market price but the volume-weighted average repurchase price of the December 2025 program as documented in the annual report.
Metric trap: the price-to-book ratio of 139 (data as of July 24, 2026) is meaningless with negative equity, as is return on equity. Only earnings, cash flow and enterprise-value measures carry information here.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PLNT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 44.00 $ to 112.00 $ · Last price: 49.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Leisure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Planet Fitness Inc PLNT | 3.9 | 18.6 | 10.4 | 58.5 | 32.5 | 12.1 | -49.4 |
| Amer Sports, Inc. AS | 15.9 | 33.5 | 12.3 | 59.8 | 16.5 | 26.7 | -29.2 |
| Hasbro Inc HAS | 12.8 | – | 11.1 | 63.8 | 27.6 | 13.7 | 24.0 |
| Life Time Group Holdings Inc LTH | 9.0 | 24.2 | 15.4 | 48.0 | 17.1 | 14.3 | 47.0 |
| Acushnet Holdings Corp GOLF | 4.7 | 29.2 | 14.3 | 47.5 | 17.5 | 4.1 | 11.6 |
| Mattel Inc MAT | 3.9 | 8.7 | 7.4 | 47.6 | -9.2 | -0.6 | -22.8 |
| YETI Holdings Inc YETI | 3.1 | 21.5 | 10.3 | 59.2 | 3.3 | 2.1 | 16.5 |
| Callaway Golf Company CALY | 2.7 | 60.0 | 11.3 | 44.3 | 20.1 | -51.4 | 68.6 |
| OneSpaWorld Holdings Ltd OSW | 2.2 | 30.4 | 19.2 | 13.4 | 9.2 | 7.4 | 0.6 |
| Median of companies shown | 3.9 | 26.7 | 11.3 | 48.0 | 17.1 | 7.4 | 11.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 378 | 116 | 22 | 0.50 | 109 | -131 | 1,001 |
| 2017 | 430 | 148 | 33 | 0.42 | 131 | -119 | 1,092 |
| 2018 | 573 | 184 | 88 | 1.00 | 184 | -375 | 1,353 |
| 2019 | 689 | 233 | 118 | 1.41 | 204 | -706 | 1,717 |
| 2020 | 407 | 60 | -15 | -0.19 | 31 | -706 | 1,850 |
| 2021 | 587 | 143 | 43 | 0.51 | 189 | -645 | 2,016 |
| 2022 | 937 | 230 | 99 | 1.18 | 240 | -199 | 2,855 |
| 2023 | 1,071 | 273 | 138 | 1.62 | 330 | -116 | 2,970 |
| 2024 | 1,182 | 324 | 172 | 2.00 | 344 | -215 | 3,070 |
| 2025 | 1,324 | 395 | 219 | 2.62 | 418 | -483 | 3,103 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.56 | 36.00 | 340 | 19.40 | 13.80 | 49 | 7 |
| 2025: Q1 | 0.50 | 26.10 | 277 | 11.50 | 15.10 | 134 | 109 |
| 2025: Q2 | 0.69 | 23.10 | 341 | 13.30 | 17.00 | 44 | 10 |
| 2025: Q3 | 0.70 | 41.70 | 330 | 13.00 | 17.80 | 132 | 77 |
| 2025: Q4 | 0.72 | 29.40 | 376 | 10.50 | 16.00 | 109 | 59 |
| 2026: Q1 | 0.65 | 30.30 | 337 | 21.90 | 15.30 | 148 | 122 |
| 2026: Q2 | – | – | 365 | 7.10 | 18.40 | 46 | 4 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.26 | 3.20 – 3.36 | 1,424 | 6.3% | 16 |
| 12/31/2027 | 3.66 | 3.20 – 4.10 | 1,524 | 12.3% | 17 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $261.7M |
|---|---|
| Market cap | $3.92B |
| Free cash flow in year ten | $378.5M |
| Terminal value as a share of market value | 50.9% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Künstliche Intelligenz kommt in den sechs geprüften Berichten ausschließlich als allgemeiner Risikohinweis vor („Übernahme oder Nichtübernahme“) — kein KI-Produkt, keine KI-Umsatzquelle und kein belegter operativer Einsatz im Franchise-, Club- oder Gerätegeschäft.
View the full file — quotes, sources, reviewed filings
„Our adoption or non-adoption of artificial intelligence could result in an adverse impact on our performance or reputation or otherwise result in liability."
Unsere Übernahme oder Nichtübernahme künstlicher Intelligenz könnte sich nachteilig auf unsere Leistung oder unseren Ruf auswirken oder anderweitig zu einer Haftung führen.
10-K · 2026-02-25 · View SEC filing
„In light of the increased public interest and technological advancements in artificial intelligence and other similar technologies, our failure to efficiently incorporate such technologies into our business may result in the deterioration of our financial performance."
Angesichts des gestiegenen öffentlichen Interesses und der technologischen Fortschritte bei künstlicher Intelligenz und ähnlichen Technologien kann ein Versäumnis, solche Technologien wirksam in unser Geschäft einzubinden, zu einer Verschlechterung unserer Finanzlage führen.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-02-25 · 10-Q 2025-11-07 · 10-Q 2025-08-07 · 10-Q 2025-05-09 · 10-K 2025-02-25
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.2%
- More than 10% revenue growth is expected for the coming year 8.0%
- Share count grows by less than 3% a year -0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 31.3%
- Gross margin at 40% or higher and without meaningful erosion 82.6%
- Goodwill from acquisitions does not grow faster than revenue 23.0%
- Net debt below twice EBITDA 4.3 x EBITDA
- Operating cash flow covers the profits of the last three years 563 m
- Return on capital at 15% or higher, or up versus two years ago 14.1%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 14.9%
- Exp. sales growth 3Y > 5% 7.3%
- EBIT growth 10Y > 5% 14.6%
- Exp. EBIT growth 3Y > 5% 18.3%
- Net debt < 4x EBIT 6.2x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 74.4%
- Return on equity > 15% –
- ROCE > 15% 14.1%
- Expected return > 10% 26.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Tanco Christopher | Director | Buy | 2,328 | 51.23 | 119,259 |
| Sep 14, 2026 | Bode William | Chief Operating Officer | Sell | 7,000 | 51.22 | 358,540 |
| Sep 14, 2026 | Bode William | Chief Operating Officer | Other | 9,863 | 19.81 | 195,386 |
| Aug 10, 2026 | Spinelli Stephen JR | Director | Buy | 10,000 | 49.28 | 492,800 |
The company
About the Company
Planet Fitness, Inc. vergibt gemeinsam mit ihren Tochtergesellschaften Franchiselizenzen und betreibt Fitnesscenter unter der Marke Planet Fitness.
- Employees
- 4,393
- Headquarters
- Hampton, NH
- Address
- 4 Liberty Lane West, 03842 Hampton, United States
- Phone
- 603 750 0001
- Website
- planetfitness.com
- IPO Date
- 08/06/2015
- ISIN
- US72703H1014
Management
| Name | Title | Birth Year |
|---|---|---|
| Colleen Keating | CEO & Director | 1969 |
| William Bode | Chief Operating Officer | 1961 |
| Brian Povinelli | Chief Marketing Officer | 1970 |
| Jennifer Simmons | Chief Strategy Officer | 1970 |
| Sudhanshu Shekhar Priyadarshi | CFO & President of International | 1977 |
| Brian M. O'Donnell CPA | Senior VP & Chief Accounting Officer | 1979 |
| Paul Barber | Chief Information Officer | – |
| Stacey Caravella | Vice President of Investor Relations | – |
| Sarah E. Powell Esq. | General Counsel & Secretary | 1967 |
| McCall Gosselin | Chief Corporate Affairs Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Planet Fitness, Inc. (PLNT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.