Planet Fitness Inc PLNT

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 53.58 USD on Nov 1, 2026, −50.6% year to date

Quant rating

Quant rating C Rank 141 of 344 in Consumer Discretionary

Growth B 74 of 344
Valuation B 111 of 344
Quality C 158 of 344
Revisions C 140 of 344
Momentum C 216 of 344

Wall Street consensus Buy (2.11)Average target 67.14 USD +25.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 6.2B
52-week range: 37.03 – 113.76
3-year range: 37.03 – 113.76
Dividend yield: –
Beta (5 years): 1.07
Shares outstanding: 75.5M
Next earnings: Nov 5, 2026

About the company

Planet Fitness, Inc. is a franchisor and operator of fitness centers in the world. The Company's segments are Franchise, Corporate-owned clubs, and Equipment. The Franchise segment includes operations related to the Company's franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia. The Corporate-owned clubs segment includes operations with respect to all Corporate-owned clubs throughout the United States, Canada, and Spain. The Equipment segment includes the sale of equipment to franchisee-owned clubs. The Company's subsidiaries operate three lines of business, which include licensing and selling franchises under the Planet Fitness trade name, owning, and operating fitness centers, and selling fitness-related equipment to franchisee-owned clubs. It operates approximately 2,909 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,324	1,182	1,071	937	587	–
Revenue growth	12.1%	10.3%	14.4%	59.6%	44.4%	26.6%
EPS (basic, normalized)	3.07	2.59	2.24	1.64	0.82	–
EPS growth	18.5%	15.6%	36.6%	100.0%	–	–
Gross margin	51.9%	52.0%	52.0%	50.6%	53.8%	52.1%
Net margin	16.5%	14.6%	12.9%	10.6%	7.3%	12.4%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	401
Current ratio	1.58x
Long-term debt (mil)	2,449
Net debt (mil)	2,147
Total equity (mil)	−613
Net debt / equity	−3.50x
Net debt / EBITDA	3.89x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,324	+12.1%	4.7x	552	+15.1%	11.2x	3.07	+18.5%	17.5x
2026	1,424	+7.5%	4.4x	586	+6.3%	10.6x	3.26	+6.3%	16.4x
2027	1,523	+7.0%	4.1x	628	+7.2%	9.9x	3.66	+12.3%	14.6x
2028	1,645	+7.9%	3.8x	685	+9.0%	9.0x	4.26	+16.2%	12.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,424	0.0%	+0.4%	−1.5%	3.26	+0.1%	+2.1%	−3.1%
2027	1,523	+0.1%	−0.3%	−5.5%	3.66	−0.1%	+2.0%	−9.4%
2028	1,645	−0.3%	−0.5%	−6.8%	4.26	−0.4%	+3.0%	−11.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	248	301	292	340	277	341	330	376	337	365
Sales mean (mil)	249	288	285	325	279	330	323	368	299	355
Surprise	−0.6%	+4.4%	+2.5%	+4.8%	−0.9%	+3.3%	+2.1%	+2.3%	+12.7%	+2.8%
EPS reported	0.53	0.71	0.64	0.70	0.59	0.86	0.80	0.83	0.74	0.88
EPS mean	0.50	0.66	0.58	0.62	0.62	0.79	0.74	0.79	0.63	0.84
Surprise	+5.3%	+7.9%	+10.9%	+13.4%	−4.1%	+8.6%	+8.2%	+4.8%	+17.1%	+4.3%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PLNT Planet Fitness Inc	4.0B	3.89x	16.5%	−6.60x	16.4x	14.6x	10.6x	9.9x
SBUX Starbucks Corp	118.2B	1.58x	5.0%	−15.40x	32.6x	27.8x	19.2x	17.2x
RCL Royal Caribbean Cruises Ltd.	82.2B	3.09x	23.8%	7.01x	17.2x	15.1x	13.4x	12.2x
VIK Viking Holdings Ltd	39.1B	1.19x	17.7%	23.64x	26.8x	19.9x	19.8x	15.7x
CMG Chipotle Mexican Grill, Inc.	40.3B	−0.39x	12.9%	16.43x	29.0x	24.0x	17.6x	15.2x
CCL Carnival Corporation Ltd	38.8B	3.16x	10.4%	2.75x	12.8x	11.1x	8.6x	8.1x
Mean		2.09x	14.4%	4.64x	22.5x	18.8x	14.9x	13.0x
Median		2.34x	14.7%	4.88x	22.0x	17.5x	15.5x	13.7x

Technical analysis

1M+32.3%
3M−4.2%
1Y−42.8%
3Y−1.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Planet Fitness Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,324	1,182	1,071	937	587	407
Cost of revenue	636	567	514	463	271	220
Gross profit	688	615	558	474	316	187
Selling, general & administrative expenses	138	129	125	115	94.5	68.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	156	160	149	124	62.8	53.8
Interest expense (income), operating	−0.4	1.3	–	–	–	4.4
Unusual expense (income)	–	–	0.1	−1.1	−2.5	–
Other operating expenses	0	0	10.3	6.2	17.6	0
Operating income	395	324	273	230	143	59.8
Net interest income (expense)	−85.2	−76.9	−68.8	−83.6	−80.3	−79.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.5	−0.5	3.5	15.0	−11.1	4.9
Net income before taxes	309	247	208	161	52.0	−14.5
Provision for taxes	85.9	68.4	58.5	50.5	5.7	0.7
Minority interest	−1.2	−2.2	−8.7	−11.1	−3.3	0.2
Equity in affiliates	−2.8	−4.0	−2.0	−0.5	−0.2	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	219	172	138	99.4	42.8	−15.0
Extraordinary items	–	–	–	–	–	–
Net income	219	172	138	99.4	42.8	−15.0
EBIT, normalized	399	335	285	248	142	63.9
EBITDA, normalized	555	495	435	372	205	118
Basic EPS, normalized	3.07	2.59	2.24	1.64	0.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Planet Fitness Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	452	407	351	410	546	439
Receivables	107	96.5	56.3	66.7	44.4	38.7
Total inventory	7.6	6.1	4.7	5.3	1.2	0.5
Prepaid expenses	24.6	21.5	13.8	11.1	12.9	11.9
Other current assets	66.3	56.5	46.3	62.7	58.0	76.3
Total current assets	658	588	472	556	662	567
Property, plant & equipment	876	819	771	696	364	325
Goodwill	712	721	718	703	229	228
Intangibles	286	323	373	417	201	217
Long-term investments	158	141	128	25.1	18.8	–
Note receivable	–	–	–	–	–	–
Other long-term assets	412	477	508	458	541	513
Total assets	3,103	3,070	2,970	2,855	2,016	1,850
Liabilities
Accounts payable	39.7	32.9	23.8	20.6	27.9	19.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	120	105	100	100	74.2	41.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	24.1	22.6	20.8	20.8	17.5	17.5
Other current liabilities	129	122	107	103	57.0	33.4
Total current liabilities	312	282	251	245	177	112
Long-term debt	2,459	2,148	1,963	1,979	1,741	1,752
Minority interest	−0.6	0	−3.3	−12.5	2.5	0.2
Other liabilities	815	855	874	843	742	692
Total liabilities	3,586	3,285	3,085	3,054	2,661	2,556
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	623	609	576	505	63.4	45.7
Retained earnings (accumulated deficit)	−1,107	−822	−691	−704	−709	−752
Treasury stock	–	–	–	–	–	–
Other equity	1.3	−2.3	0.2	−0.4	0	0
Total equity	−483	−215	−116	−199	−645	−706
Total liabilities & shareholders' equity	3,103	3,070	2,970	2,855	2,016	1,850

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Planet Fitness Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	220	174	147	110	46.1	−15.2
Depreciation, depletion & amortization	156	160	149	124	62.8	53.8
Deferred taxes	63.9	55.7	51.2	48.6	1.5	7.2
Non-cash items	18.9	18.2	10.5	−2.5	43.1	4.6
Changes in working capital	−40.4	−64.6	−27.9	−40.4	35.7	−19.3
Cash from operations	418	344	330	240	189	31.1
Investing activities
Capital expenditures	−164	−155	−136	−100	−54.1	−52.6
Other investing cash flows	3.5	−53.7	−204	−407	−36.8	0.3
Cash from investing	−160	−209	−340	−507	−90.9	−52.3
Financing activities
Financing cash flow items	−17.9	−17.9	−4.6	−20.8	−0.8	−2.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−180	−87.1	−137	157	−9.5	59.9
Cash from financing	−198	−105	−141	136	−10.2	57.9
Foreign exchange effects	2.1	−2.6	0.8	−0.8	0	0.3
Net change in cash	62.3	27.6	−150	−131	88.1	37.0
Free cash flow	255	189	194	140	135	−21.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.