Planet Fitness (PLNT)
Market Price (8/6/2026): $56.3 | Market Cap: $4.5 BilSector: Consumer Discretionary | Industry: Leisure Facilities
Planet Fitness (PLNT)
Market Price (8/6/2026): $56.3Market Cap: $4.5 BilSector: Consumer DiscretionaryIndustry: Leisure Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 5.9% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Experiential Retail, and Accessible Fitness & Wellness Services. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -85% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Key risksPLNT key risks include [1] its limited service model's vulnerability to evolving consumer preferences for more specialized training, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, FCF Yield is 5.9% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Health & Wellness Trends. Themes include Experiential Retail, and Accessible Fitness & Wellness Services. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -85% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Key risksPLNT key risks include [1] its limited service model's vulnerability to evolving consumer preferences for more specialized training, Show more. |
Qualitative Assessment
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Planet Fitness (PLNT) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Significant Reduction in Fiscal Year 2026 Guidance Following Q1 2026 Earnings.
On May 7, 2026, Planet Fitness reported its fiscal Q1 2026 results and dramatically lowered its full-year outlook. The company slashed its expected system-wide same-club sales growth from a prior guidance of 4% to 5% down to approximately 1%. Similarly, revenue growth projections were reduced from around 9% to approximately 7%, and adjusted EBITDA growth expectations were cut from about 10% to approximately 6%. This guidance revision also projected adjusted net income to decrease by approximately 2%, a significant downturn from its previous forecast of 4% to 5% growth. This news led to a substantial decline in the stock price, which fell by $19.95 per share, or 31.19%, to close at $44.01 on May 7, 2026.
2. Marketing Misstep and Slower-Than-Expected Member Growth.
A core reason cited for the lowered guidance was a "slower than expected start from a net member growth perspective" during the critical fiscal Q1 2026 peak sign-up period. Planet Fitness acknowledged that its national marketing campaign had "pivoted too far" and failed to resonate with its core demographic of fitness beginners and casual gym-goers, leading to internal and external headwinds in net member acquisitions.
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Planet Fitness (PLNT) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Significant Reduction in Fiscal Year 2026 Guidance Following Q1 2026 Earnings.
On May 7, 2026, Planet Fitness reported its fiscal Q1 2026 results and dramatically lowered its full-year outlook. The company slashed its expected system-wide same-club sales growth from a prior guidance of 4% to 5% down to approximately 1%. Similarly, revenue growth projections were reduced from around 9% to approximately 7%, and adjusted EBITDA growth expectations were cut from about 10% to approximately 6%. This guidance revision also projected adjusted net income to decrease by approximately 2%, a significant downturn from its previous forecast of 4% to 5% growth. This news led to a substantial decline in the stock price, which fell by $19.95 per share, or 31.19%, to close at $44.01 on May 7, 2026.
2. Marketing Misstep and Slower-Than-Expected Member Growth.
A core reason cited for the lowered guidance was a "slower than expected start from a net member growth perspective" during the critical fiscal Q1 2026 peak sign-up period. Planet Fitness acknowledged that its national marketing campaign had "pivoted too far" and failed to resonate with its core demographic of fitness beginners and casual gym-goers, leading to internal and external headwinds in net member acquisitions.
3. Pause of Black Card Price Increase and Withdrawal of Long-Term Growth Algorithm.
In conjunction with efforts to revitalize membership growth, Planet Fitness announced a pause on its planned national rollout of the Black Card price increase. This decision impacted the company's financial outlook, as its long-term growth algorithm was reportedly reliant on this pricing initiative. Additionally, the company entirely withdrew its previously introduced long-term three-year growth algorithm.
4. Multiple Analyst Downgrades and Price Target Cuts.
Following the disappointing Q1 2026 earnings report and revised guidance, several Wall Street analysts downgraded Planet Fitness's stock and significantly reduced their price targets. For example, TD Cowen downgraded the stock from "Buy" to "Hold" and lowered its price target from $90 to $50. Macquarie also reduced its price target from $90 to $45, and UBS cut its target from $120 to $79. These widespread revisions in analyst sentiment contributed to the negative trend in the stock's performance.
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Stock Movement Drivers
Fundamental Drivers
The -15.1% change in PLNT stock from 4/30/2026 to 8/5/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.67 | 56.59 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,324 | 1,385 | 4.6% |
| Net Income Margin (%) | 16.5% | 16.5% | -0.1% |
| P/E Multiple | 25.1 | 19.7 | -21.6% |
| Shares Outstanding (Mil) | 83 | 80 | 3.7% |
| Cumulative Contribution | -15.1% |
Market Drivers
4/30/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLNT | -15.1% | |
| Market (SPY) | 7.1% | 8.5% |
| Sector (XLY) | 0.2% | 6.9% |
Fundamental Drivers
The -37.8% change in PLNT stock from 1/31/2026 to 8/5/2026 was primarily driven by a -46.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.04 | 56.59 | -37.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,288 | 1,385 | 7.5% |
| Net Income Margin (%) | 16.0% | 16.5% | 3.4% |
| P/E Multiple | 36.9 | 19.7 | -46.7% |
| Shares Outstanding (Mil) | 84 | 80 | 5.0% |
| Cumulative Contribution | -37.8% |
Market Drivers
1/31/2026 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLNT | -37.8% | |
| Market (SPY) | 11.5% | 11.7% |
| Sector (XLY) | -1.9% | 10.0% |
Fundamental Drivers
The -48.2% change in PLNT stock from 7/31/2025 to 8/5/2026 was primarily driven by a -61.5% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.19 | 56.59 | -48.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,210 | 1,385 | 14.4% |
| Net Income Margin (%) | 14.8% | 16.5% | 11.3% |
| P/E Multiple | 51.2 | 19.7 | -61.5% |
| Shares Outstanding (Mil) | 84 | 80 | 5.8% |
| Cumulative Contribution | -48.2% |
Market Drivers
7/31/2025 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLNT | -48.2% | |
| Market (SPY) | 22.8% | 9.2% |
| Sector (XLY) | 7.8% | 8.1% |
Fundamental Drivers
The -16.2% change in PLNT stock from 7/31/2023 to 8/5/2026 was primarily driven by a -63.5% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8052026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.54 | 56.59 | -16.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 972 | 1,385 | 42.4% |
| Net Income Margin (%) | 10.9% | 16.5% | 52.1% |
| P/E Multiple | 54.0 | 19.7 | -63.5% |
| Shares Outstanding (Mil) | 84 | 80 | 6.1% |
| Cumulative Contribution | -16.2% |
Market Drivers
7/31/2023 to 8/5/2026| Return | Correlation | |
|---|---|---|
| PLNT | -16.2% | |
| Market (SPY) | 74.1% | 25.5% |
| Sector (XLY) | 39.7% | 24.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLNT Return | 17% | -13% | -7% | 35% | 10% | -48% | -28% |
| Peers Return | 23% | -22% | 9% | 26% | -21% | 4% | 8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PLNT Win Rate | 50% | 33% | 58% | 58% | 50% | 25% | |
| Peers Win Rate | 48% | 45% | 52% | 53% | 42% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PLNT Max Drawdown | -22% | -42% | -48% | -25% | -21% | -60% | |
| Peers Max Drawdown | -43% | -53% | -49% | -40% | -48% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LTH, XPOF, PTON, LULU, DKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/5/2026 (YTD)
How Low Can It Go
| Event | PLNT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.7% | -9.5% |
| % Gain to Breakeven | 50.9% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.4% | -6.7% |
| % Gain to Breakeven | 30.6% | 7.1% |
| Time to Breakeven | 473 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.3% | -24.5% |
| % Gain to Breakeven | 64.7% | 32.4% |
| Time to Breakeven | 776 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.7% | -33.7% |
| % Gain to Breakeven | 219.0% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.1% | -19.2% |
| % Gain to Breakeven | 11.3% | 23.8% |
| Time to Breakeven | 27 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.6% | -12.2% |
| % Gain to Breakeven | 44.0% | 13.9% |
| Time to Breakeven | 130 days | 62 days |
In The Past
Planet Fitness's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.
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| Event | PLNT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.7% | -9.5% |
| % Gain to Breakeven | 50.9% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.4% | -6.7% |
| % Gain to Breakeven | 30.6% | 7.1% |
| Time to Breakeven | 473 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.3% | -24.5% |
| % Gain to Breakeven | 64.7% | 32.4% |
| Time to Breakeven | 776 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.7% | -33.7% |
| % Gain to Breakeven | 219.0% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.6% | -12.2% |
| % Gain to Breakeven | 44.0% | 13.9% |
| Time to Breakeven | 130 days | 62 days |
In The Past
Planet Fitness's stock fell -10.0% during the 2025 US Tariff Shock. Such a loss loss requires a 11.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Planet Fitness (PLNT)
Planet Fitness, Inc. (PLNT) operates as a prominent franchisor and operator of fitness centers under the "Planet Fitness" brand. The company primarily offers gym memberships, providing access to fitness equipment and facilities across its network of locations. Its business model is diversified, involving the direct operation of corporate-owned stores in the U.S. and Canada, alongside an extensive franchising program.
A significant portion of Planet Fitness's revenue is generated through its franchising segment, where it grants licenses to franchisees to operate fitness centers using its brand and operational model. Beyond membership fees and franchise royalties, the company also engages in the sale of fitness equipment directly to its franchisee-owned stores in the United States and Canada, ensuring brand consistency and potentially streamlining equipment procurement for its partners.
Planet Fitness primarily targets a broad customer base seeking affordable and accessible fitness solutions, often distinguished by its "Judgment Free Zone" philosophy. Its market reach extends across the United States, including all 50 states, the District of Columbia, and Puerto Rico, and internationally into Canada, Panama, Mexico, and Australia, serving a diverse demographic of individuals looking for a welcoming gym environment.
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Here are a few analogies for Planet Fitness:
- Planet Fitness is like the Walmart for gyms.
- Planet Fitness is like the McDonald's for gyms.
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- Fitness Center Memberships: Provides access to fitness facilities, equipment, and services at corporate-owned and franchised locations.
- Franchising Services: Grants the rights and support for independent operators to establish and run Planet Fitness branded gyms.
- Fitness Equipment Sales: Sells various fitness equipment directly to its franchisee-owned stores.
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Planet Fitness (PLNT) primarily serves individuals who become members of its fitness centers. While the company operates through a significant franchising model, its ultimate goal and the core service provided under the Planet Fitness brand are directed towards the end-user, the individual gym-goer.
Categories of Individual Customers:
- First-Time or Casual Gym-Goers: Planet Fitness's "Judgement Free Zone®" and inviting atmosphere are designed to appeal to individuals who are new to fitness, may feel intimidated by traditional gyms, or prefer a non-competitive and straightforward workout environment.
- Budget-Conscious Individuals: The company's highly affordable membership plans (often as low as $10 per month for basic access) attract customers seeking a cost-effective solution for their fitness needs without requiring a significant financial commitment.
- Convenience-Seeking Individuals: With its extensive network of locations across the United States and internationally, often operating 24/7, Planet Fitness caters to members who value easy accessibility, proximity to their homes or workplaces, and flexibility in their workout schedules.
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- Life Fitness
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Colleen Keating, Chief Executive Officer
Colleen Keating joined Planet Fitness in 2024 as the Chief Executive Officer. She brings over 30 years of leadership experience spanning hospitality, real estate, operations, and franchise management. Keating most recently served as CEO of FirstKey Homes LLC from 2020 to 2024, where she was responsible for the strategic direction, increasing operational efficiency, and driving scalable growth. Before FirstKey Homes, she was the Chief Operating Officer of the Americas at InterContinental Hotels Group (IHG) from 2018 to 2020, overseeing operations for over 4,000 hotels. Earlier in her career, she spent 16 years at Starwood Hotels & Resorts Worldwide, Inc., holding various leadership roles including Senior Vice President of Franchise Operations and Compliance, North America.
Tom Fitzgerald, Interim Chief Financial Officer
Tom Fitzgerald was appointed Interim Chief Financial Officer in March 2026, a role he previously held from 2020 through 2024. He possesses over four decades of experience in senior finance and operating leadership across multi-unit, consumer-facing businesses. During his prior tenure at Planet Fitness, he played a key role in the acquisition of one of the company's largest franchisees. Prior to joining Planet Fitness, Fitzgerald served as Chief Financial Officer and Senior Vice President of Potbelly Sandwich Works. His extensive background also includes multiple leadership roles at Charming Charlie, including President and CFO, and Chief Administrative Officer, as well as Chief Administrative Officer of Sears Canada. Additionally, he held senior positions at Liz Claiborne (Chief Operating Officer), Burlington Coat Factory (Chief Financial Officer), and Bath & Body Works (Chief Operating Officer), and began his career at PepsiCo.
Paul Barber, Chief Information Officer
Paul Barber joined Planet Fitness in October 2022 as Chief Information Officer, leading the company's technology evolution and strategy. He has over 20 years of leadership experience across various industries. Prior to Planet Fitness, he served as Senior Vice President of Information Technology at United Natural Foods Inc. Barber was also the Chief Technology Officer at Airline Report Corporation, where he modernized technology for annual payments in the billions of dollars. He was part of the technology team at Dunkin' Brands that successfully rolled out mobile ordering across 9,000 locations and supported the transformation of technology and data systems for KFC and Pizza Hut at Yum! Brands.
Bill Bode, Chief Operating Officer
Bill Bode serves as the Chief Operating Officer for Planet Fitness.
Chip Ohlsson, Chief Development Officer
Chip Ohlsson is the Chief Development Officer at Planet Fitness. He is an accomplished development executive with extensive experience in the hospitality industry, specializing in launching hotel brands and accelerating growth. Prior to joining Planet Fitness, Ohlsson served as Executive Vice President and Chief Development Officer at Wyndham Hotels & Resorts from 2015 to 2024, where he led the development of 24 hotel brands across North America. During his time at Wyndham, he achieved 16 consecutive quarters of growth, restructured sales teams, strengthened relationships with key ownership groups, and managed a significant annual budget.
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Key Risks to Planet Fitness (PLNT)
- Intensifying Competition and Market Saturation: Planet Fitness operates in a highly competitive and fragmented fitness industry, facing challenges from traditional gyms, boutique studios, and online fitness platforms. As the company continues its expansion, there is an increasing risk of market saturation and the potential for cannibalization of revenues from existing clubs. Competitors are also replicating the "high-value, low-price" model, pressuring Planet Fitness to innovate and differentiate to maintain its market position.
- Dependence on Franchisee Performance and Expansion: A substantial portion of Planet Fitness's business model and growth trajectory relies on the operational performance and financial health of its franchisees. Risks include potential downturns in franchisee performance, delays in new club development, and slower equipment purchases by franchisees due to factors such as higher financing costs or weaker unit economics. Challenges in securing suitable retail space and extended timelines for store openings also pose significant hurdles to the company's expansion plans.
- Economic Sensitivity, Consumer Spending Fluctuations, and Member Churn: Gym memberships are often considered discretionary expenses, making Planet Fitness vulnerable to macroeconomic factors like recessions or changes in consumer spending habits. Economic uncertainties can lead to decreased membership sign-ups and higher cancellation rates. The company also faces challenges with member churn, particularly with the implementation of easier cancellation features like "click-to-cancel," which can elevate turnover and potentially slow net member growth if rejoining rates decline.
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Planet Fitness (symbol: PLNT) operates in the health and fitness industry, primarily through franchising and operating fitness centers and selling fitness equipment to its franchisees. The addressable markets for these main products and services vary by region:
Health and Fitness Clubs (Franchising and Operating Fitness Centers)
- Global Market: The global health and fitness club market was valued at approximately USD 121.19 billion in 2024 and is projected to reach USD 244.70 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.30% during the forecast period. Another estimate places the global market at USD 102.3 billion in 2024, with a projection to reach USD 234.8 billion by 2034, growing at a CAGR of 8.8%. The fitness industry globally is also reported to be worth $257 billion in 2024, growing at 5.6% annually.
- U.S. Market: The market size of health and fitness clubs within the U.S. is estimated to be USD 45.8 billion in 2025 and is expected to grow to between USD 48.2 billion in 2026 and USD 71.5 billion in 2035, with a CAGR of 5.2% from 2026 to 2035. Other estimates include USD 35.21 billion in 2024 and approximately USD 45.7 billion in 2025.
- Canadian Market: Canada's fitness and recreational sports centers generated an operating revenue of $5.8 billion in 2024. The market size for Gym, Health & Fitness Clubs in Canada was $6.0 billion in 2025 and is projected to be $6.3 billion in 2026.
Fitness Equipment (Sale of Fitness Equipment to Franchisees)
- Global Market: The global fitness equipment market size was approximately USD 17.55 billion (USD 17548.2 million) in 2024 and is projected to expand at a CAGR of 6.00% from 2024 to 2031. Another source estimates the global market at USD 18.91 billion in 2025, anticipated to reach USD 32.15 billion by 2035, growing at a CAGR of 5.45%.
- U.S. Market: The U.S. fitness equipment market size was estimated at USD 5.54 billion (USD 5538.21 million) in 2024. Another report valued the U.S. fitness equipment market at USD 4.5 billion in 2024, with an expected increase to USD 6.8 billion by 2032, advancing at a CAGR of 5.5% from 2025 to 2032.
- Canadian Market: The Canada fitness equipment market was valued at USD 479.82 million in 2024 and is expected to grow to USD 780.06 million by 2032, with a CAGR of 8.36% from 2025 to 2032. Other estimates for 2024 include USD 842.31 million and approximately USD 357.9 million.
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Planet Fitness (PLNT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and ongoing trends:
- Accelerated New Club Expansion: The company plans to accelerate its global club growth, targeting new club unit expansion of 6% to 7% annually for fiscal years 2026-2028. This follows a strong performance in 2025 with 181 new clubs opened, including a record 104 in the fourth quarter. Planet Fitness anticipates opening between 180 and 190 new clubs in 2026.
- Membership Growth and Enhanced Member Experience: Planet Fitness aims to enhance the member experience to foster brand loyalty, connection, and long-term member growth. The company's high-value, low-price offering and "Judgement Free Zone®" concept continue to attract new members, contributing to overall membership expansion. For example, the Q4 2025 same-club sales increase was partly driven by net membership growth.
- System-Wide Same Club Sales Growth: The company projects mid-single-digit system-wide same club sales growth through 2028, with a specific forecast of 4% to 5% growth for 2026. This growth is anticipated to be driven by a combination of rate increases (price increases) and continued net membership growth, further supported by the increasing penetration of Black Card memberships, which reached a record 66.5% at the end of Q4 2025.
- Increased Equipment Sales to Franchisees: The Equipment segment's revenue growth is expected to continue as Planet Fitness sells fitness equipment to its expanding base of franchisee-owned stores. In Q4 2025, equipment segment revenue increased by 15.3%, with replacement equipment accounting for approximately 60% of total equipment revenue, indicating consistent demand from both new and existing clubs.
- Brand Modernization and Optimized Club Formats: Planet Fitness is focused on evolving and modernizing its brand while refining club floorplans and amenities. These strategic imperatives are designed to enhance the economic value proposition for franchisees, making the franchise model more attractive and thereby contributing indirectly to new club development and overall system growth.
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Share Repurchases
- In 2023, Planet Fitness returned $125 million to shareholders through share repurchases.
- As of December 15, 2025, Planet Fitness entered into a $350 million accelerated share repurchase agreement, which was part of a previously announced $500 million share repurchase authorization from June 2024.
- Upon completion of the $350 million accelerated share repurchase, a new $500 million share repurchase program was authorized to replace the existing 2024 program.
Outbound Investments
- In the first quarter of 2022, Planet Fitness acquired Sunshine Fitness, a high-performing operator of over 100 Planet Fitness locations.
Capital Expenditures
- Planet Fitness's capital expenditures increased from $54.074 million in 2021 to $163.7 million in 2025, with an average of $121.8 million annually over that period.
- For 2026, capital expenditures are projected to increase by approximately 10% to 15%, primarily driven by the addition of more corporate-owned clubs.
- The primary focus of these capital expenditures is on new club development, with 181 new clubs opened in 2025 (including 23 corporate-owned) and 180-190 new club openings forecast for 2026.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.95 |
| Mkt Cap | 7.3 |
| Rev LTM | 2,814 |
| Op Inc LTM | 482 |
| FCF LTM | 334 |
| FCF 3Y Avg | 190 |
| CFO LTM | 666 |
| CFO 3Y Avg | 540 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 11.1% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 30.6% |
| Op Inc Chg 3Y Avg | 28.4% |
| Op Mgn LTM | 17.4% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 17.1% |
| CFO/Rev 3Y Avg | 15.3% |
| FCF/Rev LTM | 6.8% |
| FCF/Rev 3Y Avg | 5.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate-owned clubs | 546 | 502 | 449 | 379 | 167 |
| Franchise | 468 | 423 | 388 | 330 | 291 |
| Equipment | 310 | 256 | 234 | 228 | 129 |
| Total | 1,324 | 1,182 | 1,071 | 937 | 587 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Franchise | 267 | 217 | 194 | 115 | 192 |
| Corporate-owned clubs | 172 | 142 | 49 | 24 | 66 |
| Equipment | 56 | 59 | 30 | 13 | 60 |
| Losses from equity-method investments, net of tax | 2 | 0 | 0 | ||
| Other income (expense) | -4 | -15 | 11 | -5 | 6 |
| Corporate and other unallocated expenses, net | -70 | -49 | -78 | -33 | -46 |
| Depreciation and amortization | -149 | -124 | -63 | -54 | -44 |
| Total | 273 | 230 | 143 | 60 | 233 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Corporate-owned clubs | 1,637 | 1,560 | 517 | 469 | 471 |
| Unallocated | 986 | 933 | 1,132 | 1,035 | 855 |
| Equipment | 176 | 200 | 194 | 171 | 198 |
| Franchise | 170 | 161 | 173 | 175 | 194 |
| Total | 2,970 | 2,855 | 2,016 | 1,850 | 1,717 |
Price Behavior
| Market Price | $56.59 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 08/06/2015 | |
| Distance from 52W High | -49.5% | |
| 50 Days | 200 Days | |
| DMA Price | $53.76 | $79.08 |
| DMA Trend | down | down |
| Distance from DMA | 5.3% | -28.4% |
| 3M | 1YR | |
| Volatility | 72.4% | 45.8% |
| Downside Capture | 172.56 | 104.11 |
| Upside Capture | 85.43 | 4.44 |
| Correlation (SPY) | 7.7% | 8.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.11 | 0.07 | 0.47 | 0.47 | 0.33 | 0.64 |
| Up Beta | -1.41 | -0.48 | -0.83 | -0.14 | 0.24 | 0.51 |
| Down Beta | 0.95 | 0.75 | -0.52 | 0.13 | -0.07 | 0.46 |
| Up Capture | 46% | 11% | 82% | 20% | 5% | 41% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 33 | 61 | 121 | 372 |
| Down Capture | -64% | -18% | 179% | 139% | 105% | 99% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 30 | 65 | 131 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLNT | |
|---|---|---|---|---|
| PLNT | -48.8% | 45.7% | -1.30 | - |
| Sector ETF (XLY) | 9.2% | 19.4% | 0.33 | 7.5% |
| Equity (SPY) | 23.1% | 12.9% | 1.34 | 8.3% |
| Gold (GLD) | 25.4% | 28.3% | 0.79 | 0.2% |
| Commodities (DBC) | 29.5% | 19.8% | 1.19 | -10.2% |
| Real Estate (VNQ) | 14.4% | 13.7% | 0.74 | 17.7% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 1.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLNT | |
|---|---|---|---|---|
| PLNT | -5.7% | 38.7% | -0.05 | - |
| Sector ETF (XLY) | 6.3% | 24.1% | 0.22 | 39.6% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 38.7% |
| Gold (GLD) | 18.2% | 18.6% | 0.79 | 5.1% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 5.5% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 33.4% |
| Bitcoin (BTCUSD) | 9.9% | 53.0% | 0.37 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLNT | |
|---|---|---|---|---|
| PLNT | 12.3% | 43.6% | 0.42 | - |
| Sector ETF (XLY) | 12.4% | 22.2% | 0.51 | 49.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 49.3% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 2.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 15.8% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 45.5% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -31.2% | -20.9% | -20.8% |
| 2/24/2026 | -9.0% | -9.8% | -17.1% |
| 11/6/2025 | 12.6% | 13.2% | 19.0% |
| 8/6/2025 | -2.9% | -2.8% | -5.8% |
| 5/8/2025 | -4.6% | -3.7% | 3.8% |
| 2/25/2025 | -9.2% | -6.2% | 0.6% |
| 11/7/2024 | 11.2% | 14.4% | 18.0% |
| 8/6/2024 | 6.1% | 9.2% | 9.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 7.3% | 9.9% | 12.3% |
| Median Negative | -5.7% | -5.2% | -7.7% |
| Max Positive | 13.4% | 16.9% | 24.3% |
| Max Negative | -31.2% | -20.9% | -21.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -31.2% | -20.9% | -20.8% |
| 2/24/2026 | -9.0% | -9.8% | -17.1% |
| 11/6/2025 | 12.6% | 13.2% | 19.0% |
| 8/6/2025 | -2.9% | -2.8% | -5.8% |
| 5/8/2025 | -4.6% | -3.7% | 3.8% |
| 2/25/2025 | -9.2% | -6.2% | 0.6% |
| 11/7/2024 | 11.2% | 14.4% | 18.0% |
| 8/6/2024 | 6.1% | 9.2% | 9.7% |
| 5/9/2024 | 5.6% | 8.8% | 10.1% |
| 2/22/2024 | -5.3% | -4.7% | -10.6% |
| 11/7/2023 | 13.4% | 15.7% | 24.3% |
| 8/3/2023 | -6.1% | -8.2% | -8.2% |
| 5/4/2023 | -16.3% | -15.3% | -21.9% |
| 2/23/2023 | 5.3% | 0.9% | -5.6% |
| 11/8/2022 | 8.6% | 16.9% | 23.3% |
| 8/9/2022 | -5.7% | -3.5% | -16.4% |
| 2/24/2022 | -0.4% | -5.2% | -6.1% |
| 11/4/2021 | 11.7% | 10.6% | -2.4% |
| 8/9/2021 | 1.1% | 1.9% | 3.7% |
| 5/6/2021 | -4.3% | -5.0% | -7.2% |
| 2/18/2021 | -1.6% | 11.1% | -1.8% |
| 11/5/2020 | 0.9% | 7.7% | 12.3% |
| 8/4/2020 | -6.8% | 5.0% | 15.6% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 7.3% | 9.9% | 12.3% |
| Median Negative | -5.7% | -5.2% | -7.7% |
| Max Positive | 13.4% | 16.9% | 24.3% |
| Max Negative | -31.2% | -20.9% | -21.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New Equipment Placements | 150 | 155 | 160 | 0 | Affirmed | Guidance: 155 for 2026 | |
| 2026 System-wide New Club Openings | 180 | 185 | 190 | 0 | Affirmed | Guidance: 185 for 2026 | |
| 2026 System-wide Same Club Sales Growth | 1.0% | -3.5% | Lowered | Guidance: 4.5% for 2026 | |||
| 2026 Revenue Growth | 7.0% | -2.0% | Lowered | Guidance: 9.0% for 2026 | |||
| 2026 Adjusted EBITDA Growth | 6.0% | -4.0% | Lowered | Guidance: 10.0% for 2026 | |||
| 2026 Adjusted Net Income Growth | -2.0% | -6.5% | Lowered | Guidance: 4.5% for 2026 | |||
| 2026 Adjusted EPS Growth | 4.0% | -5.5% | Lowered | Guidance: 9.5% for 2026 | |||
| 2026 Net Interest Expense | 111.00 Mil | -2.6% | Lowered | Guidance: 114.00 Mil for 2026 | |||
| 2026 Capital Expenditures Growth | 10.0% | 12.5% | 15.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
Prior: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New equipment placements | 150 | 155 | 160 | 14.8% | Higher New | Actual: 135 for 2025 | |
| 2026 System-wide new club openings | 180 | 185 | 190 | 12.1% | Higher New | Actual: 165 for 2025 | |
| 2026 System-wide same club sales growth | 4.0% | 4.5% | 5.0% | -2.0% | Lower New | Actual: 6.5% for 2025 | |
| 2026 Revenue Growth | 9.0% | -2.0% | Lower New | Actual: 11.0% for 2025 | |||
| 2026 Adjusted EBITDA Growth | 10.0% | -2.0% | Lower New | Actual: 12.0% for 2025 | |||
| 2026 Adjusted net income growth | 4.0% | 4.5% | 5.0% | -9.0% | Lower New | Actual: 13.5% for 2025 | |
| 2026 EPS Growth | 9.0% | 9.5% | 10.0% | -7.0% | Lower New | Actual: 16.5% for 2025 | |
| 2026 Net interest expense | 114.00 Mil | 32.6% | Higher New | Actual: 86.00 Mil for 2025 | |||
| 2026 Capital Expenditures Growth | 10.0% | 12.5% | 15.0% | -7.5% | Lower New | Actual: 20.0% for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 New equipment placements | 130 | 135 | 140 | Affirmed | Guidance: 135 for 2025 | ||
| 2025 System-wide new club openings | 160 | 165 | 170 | Affirmed | Guidance: 165 for 2025 | ||
| 2025 System-wide same club sales growth | 6.5% | 0.5% | Raised | Guidance: 6.0% for 2025 | |||
| 2025 Revenue Growth | 11.0% | 1.0% | Raised | Guidance: 10.0% for 2025 | |||
| 2025 Adjusted EBITDA Growth | 12.0% | 2.0% | Raised | Guidance: 10.0% for 2025 | |||
| 2025 Adjusted net income growth | 13.0% | 13.5% | 14.0% | 5.0% | Raised | Guidance: 8.5% for 2025 | |
| 2025 Adjusted net income per share growth | 16.0% | 16.5% | 17.0% | 5.0% | Raised | Guidance: 11.5% for 2025 | |
| 2025 Net interest expense | 86.00 Mil | 0 | Affirmed | Guidance: 86.00 Mil for 2025 | |||
| 2025 Capital expenditures growth | 20.0% | 0 | Affirmed | Guidance: 20.0% for 2025 | |||
| 2025 Depreciation and amortization | 155.00 Mil | ||||||
Investor Activity (13F)
Updated Aug 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dorsal Capital Management, LP | $187.8 Mil | 7.5% | 25 | TRIM -8.2% | 13F |
| Two Creeks Capital Management, LP | $44.9 Mil | 4.7% | 21 | ADD +30.9% | 13F |
| SRS Investment Management, LLC | $363.5 Mil | 3.8% | 29 | Hold | 13F |
| Cadian Capital Management, LP | $26.4 Mil | 3.2% | 23 | New | 13F |
| Triodos Investment Management BV | $27.5 Mil | 2.1% | 49 | ADD +34.1% | 13F |
| 2Xideas AG | $5.2 Mil | 2.0% | 47 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SRS Investment Management, LLC | $363.5 Mil | 3.8% | 29 | Hold | 13F |
| Dorsal Capital Management, LP | $187.8 Mil | 7.5% | 25 | TRIM -8.2% | 13F |
| Two Creeks Capital Management, LP | $44.9 Mil | 4.7% | 21 | ADD +30.9% | 13F |
| Triodos Investment Management BV | $27.5 Mil | 2.1% | 49 | ADD +34.1% | 13F |
| Cadian Capital Management, LP | $26.4 Mil | 3.2% | 23 | New | 13F |
| 2Xideas AG | $5.2 Mil | 2.0% | 47 | Hold | 13F |
PLNT Trade Sentinel
Neutral / Watch
CONVICTION RATIONALE
The company's core engine—new member growth—has stalled due to a marketing misstep, leading to a sharp guidance cut and loss of management credibility. While a recovery plan is in place, its success is uncertain. The investment outlook depends entirely on whether the company can prove this slowdown is a temporary, fixable issue.
STOCK ARCHETYPE
Hybrid: Recurring Subscription + Transactional Product SalesTotal Members x Average Revenue Per Member (for recurring revenue) + Number of New/Refreshed Franchisee Clubs (for equipment revenue). Growth in the high-margin Franchise segment, driven by franchisee same-club sales growth and new unit openings.
INVESTMENT THESIS
The investment case hinges on the belief that a recent, sharp slowdown in member acquisition is a fixable marketing error, not a structural decline. Evidence of stabilization could lead to a significant re-rating.
- Franchisees are contractually obligated to open approximately 750 additional clubs.
- The high-margin Franchise segment generated $267 million in operating income in 2023.
- The company maintains its guidance for 180 to 190 new club openings in 2026.
- PF Black Card penetration increased to 67% in Q1 2026, up 240 basis points.
- Franchisees voted to increase National Advertising Fund contributions to 3% for 2026.
PRIMARY RISK
The risk is that the member growth slowdown, with Q1 net adds falling to 700,000 from 1 million a year prior, reflects market saturation and rising competition. This would mean the company's historical growth algorithm is permanently broken, justifying the current valuation and limiting future upside.
- Net new member additions in Q1 2026 fell to 700,000 from 1 million in Q1 2025.
- Full-year 2026 same-club sales guidance was cut from 4% to 5% to approximately 1%.
- The company withdrew its three-year growth framework in May 2026.
- Management paused a planned national price increase for its Black Card membership.
- Management cited 'higher-than-expected attrition' and 'competitive impacts' in Q1 2026.
| KPI | Status | Rationale |
|---|---|---|
| System-wide Same Club Sales Growth | 3.5% in Q1 2026. - Decelerating | System-wide same club sales growth has shown a clear and consistent deceleration over the past three quarters, falling from 6.9% to 3.5%. This slowdown prompted the company to significantly lower its full-year guidance for the metric to approximately 1%. |
| Net Member Growth | Over 700,000 net new members in Q1 2026. - Decelerating | Management expressed dissatisfaction with the Q1 member growth, which fell short of the prior year's key sign-up period and internal plans. The company attributed the weakness to a marketing pivot that failed to resonate with its core customer, as well as competitive, weather, and macroeconomic headwinds. |
| PF Black Card Penetration | 67% (End of Q1 2026) | Represents the percentage of members enrolled in the higher-priced premium membership tier. Growth in this metric drives higher average revenue per member and overall rate growth. |
| Total Members | approximately 21.5 million (As of March 31, 2026) | The total number of paying members across the entire system, which is the fundamental driver of recurring dues and royalty revenue. |
| Total Clubs | 2,909 (As of March 31, 2026) | The total number of locations, which is the primary driver of system-wide sales capacity and future equipment sales. |
Marketing Misstep vs. Market Saturation
BULL VIEW
Bulls believe the member growth slowdown is a temporary, self-inflicted wound from a flawed marketing campaign. A pivot back to the core 'fitness beginner' message will reignite growth, proving the brand and long-term unit expansion story remain intact.
CORE TENSION
Can the 750-club franchisee backlog drive growth if Q1 net member additions fell from 1 million to 700,000 year-over-year?
PREVAILING SENTIMENT
The latest evidence—a drastic cut in 2026 same-club sales guidance to 1% and the withdrawal of long-term targets—favors the bear case until new data emerges.
BEAR VIEW
Bears argue the slowdown is a sign of market saturation and increased competition. The marketing fumble was merely the catalyst that exposed a structurally weaker growth outlook, evidenced by management withdrawing its three-year financial targets.
| Timeline | Event & Metric To Watch |
|---|---|
9/2/2026 | Peer Weakness Contagion Watch: Lululemon's commentary on consumer health and demand, particularly in North America. |
September 14, 2026 | Litigation Newsflow Watch: Court filings and press releases announcing the lead plaintiff, which can renew negative headlines about the case. |
September 14, 2026 | Securities Lawsuit Deadline Watch: A deadline is set for investors to seek appointment as lead plaintiff in the securities class action lawsuit. |
11/2/2026 | Life Time Earnings Report Watch: Peer Life Time (LTH) is scheduled to report earnings. |
11/4/2026 | Failed Turnaround Narrative Watch: Q3 net member growth figures and any revision to the lowered full-year same-store sales guidance of approximately 1%. |
11/4/2026 | Persistent Margin Pressure Watch: Q3 gross margin performance and management commentary on cost pressures versus pricing power. |
11/23/2026 | Dick's Sporting Goods Earnings Watch: Peer Dick's Sporting Goods (DKS) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-15 | Securities Class Action Filed Details: A securities fraud class action lawsuit was filed against Planet Fitness, alleging the company misled investors about its marketing strategy and growth prospects. | +3.9% $50.90 -> $52.88 |
2026-06-25 | New Permanent CFO Appointed Details: The company appointed Sudhanshu Priyadarshi as Chief Financial Officer and President, International, bringing over 25 years of experience from global organizations. | -2.1% $53.86 -> $52.74 |
2026-05-11 | Securities Fraud Investigations Begin Details: Following the stock's 31% drop, multiple law firms announced investigations into Planet Fitness for potential securities fraud on behalf of investors. | +7.9% $45.88 -> $49.49 |
2026-05-07 | Q1 Miss, Guidance Cut Details: The company reported disappointing Q1 results, significantly cutting 2026 same-store sales guidance to ~1% from 4-5% and withdrawing its 3-year plan. The stock fell -28.0%. | -28.3% $63.96 -> $45.88 |
2026-03-09 | CFO Transition Announced Details: Planet Fitness announced a CFO transition, appointing former CFO Tom Fitzgerald as Interim CFO while initiating a search for a permanent replacement and reaffirming 2026 guidance. | -3.0% $78.66 -> $76.29 |
2026-02-24 | Q4 Results, Initial Guidance Details: The company reported same-store sales growth and issued initial 2026 guidance for 4-5% comp growth. The stock reacted negatively, falling -12.0% over two days. | -11.8% $90.75 -> $80.05 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: PLNT trades at roughly 46% annualized options-implied volatility versus about 15% for the S&P 500 (3.1x the market), around the 83rd percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
LTH - Life Time
Premium Consumer ExposureLTH targets a premium consumer with large, high-amenity clubs, offering exposure to a less price-sensitive customer segment. Its operating margin is 16.5% versus Planet Fitness's 29.9%.
XPOF - Xponential Fitness
Boutique Fitness FranchisorXPOF provides exposure to the boutique fitness segment through a portfolio of franchised brands. This offers a different, more specialized customer value proposition than Planet Fitness's mass-market, low-price model.
A franchise royalty stream whose growth depends on consumer demand for low-cost gyms, which has recently faltered due to marketing and competitive pressures.
Planet Fitness's growth story, built on a scalable franchise model and a distinct 'no-gymtimidation' brand, has hit a significant speed bump. A recent marketing pivot failed to resonate with its core casual fitness customer, leading to a sharp slowdown in member growth. In response, management has cut its 2026 forecast, paused a key price increase, and withdrawn its long-term outlook, triggering a stock decline and a shareholder lawsuit. The key question is whether this is a temporary, fixable marketing issue or a sign of deeper market saturation and competitive encroachment.
A re-acceleration of net member additions and a return to positive same-store sales growth above the newly lowered 1% guidance would confirm the issue was a temporary marketing misstep.
Continued sluggish member growth despite a marketing pivot, or a reduction in new club opening guidance, would suggest the problem is more structural, related to competition or market saturation.
Month-to-month stock price volatility or news about specific gym openings/closings without context of overall system trends.
Repricing Catalyst
The significant guidance reduction and withdrawal of the long-term growth framework announced on May 7, 2026, which caused the stock to fall approximately 31.2% and has led to a securities class action lawsuit.
Corporate-owned clubs
$546M TTM (41% of Total)What It Is
This segment sells fitness club memberships directly to consumers, providing access to company-operated facilities.
Who Pays & How
Consumers pay monthly and annual dues for access to a high-quality fitness experience in a non-intimidating environment, known as the 'Judgement Free Zone', at a low price point.
Competition
Franchise
$468M TTM (35% of Total)What It Is
This segment licenses the Planet Fitness brand and operating model to independent franchisees. Revenue includes royalties, advertising fund contributions, franchise fees, and other fees.
Who Pays & How
Franchisees pay royalties and fees to leverage a nationally recognized brand, a proven and easy-to-operate business model with strong club-level economics, and benefit from national advertising and scaled purchasing power.
Competition
Equipment
$310M TTM (23% of Total)What It Is
This segment sells fitness equipment to franchisee-owned clubs in the U.S., Canada, and Mexico.
Who Pays & How
Franchisees are contractually obligated to purchase fitness equipment from the company for new clubs and to replace existing equipment every five to nine years, creating a predictable revenue stream.
Competition
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Facilities Resources |
| Blooloop |
| Attractions Management |
| IAAPA |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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