Planet Fitness (PLNT)
Market Price (11/9/2026): $59.64 | Market Cap: $4.4 BilSector: Consumer Discretionary | Industry: Leisure Facilities
Planet Fitness (PLNT)
Market Price (11/9/2026): $59.64Market Cap: $4.4 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% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% 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 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil 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 -52%, 3Y Excs Rtn is -62% 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 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% 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% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% |
| 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 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| 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 -52%, 3Y Excs Rtn is -62% |
| 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 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% |
| 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 gained about 10% since 7/31/2026 because of the following key factors:
1. Stronger-than-expected fiscal Q3 2026 financial results and raised full-year guidance fueled investor confidence.
Planet Fitness reported fiscal Q3 2026 revenue of $360.0 million, surpassing analyst estimates of approximately $348.34 million by 3.3%. Adjusted diluted earnings per share (EPS) for the quarter were $0.83, exceeding the estimated $0.73 by over 13%. Following these positive results, the company raised its full fiscal year 2026 revenue growth expectation to approximately 8% from 7%, and its adjusted EBITDA growth outlook to approximately 6.5% from 6%.
2. Strategic capital allocation through a significant share repurchase authorization and international expansion initiatives signaled proactive management.
The company announced a new $500 million share repurchase authorization, demonstrating a commitment to enhancing shareholder value. Additionally, Planet Fitness initiated a strategic review of its domestic corporate-owned clubs, alongside an entry into the Portugal market with the acquisition of Be-Fit in fiscal Q4 2026, indicating strategic efforts to optimize its operational footprint and expand internationally.
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Planet Fitness (PLNT) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Stronger-than-expected fiscal Q3 2026 financial results and raised full-year guidance fueled investor confidence.
Planet Fitness reported fiscal Q3 2026 revenue of $360.0 million, surpassing analyst estimates of approximately $348.34 million by 3.3%. Adjusted diluted earnings per share (EPS) for the quarter were $0.83, exceeding the estimated $0.73 by over 13%. Following these positive results, the company raised its full fiscal year 2026 revenue growth expectation to approximately 8% from 7%, and its adjusted EBITDA growth outlook to approximately 6.5% from 6%.
2. Strategic capital allocation through a significant share repurchase authorization and international expansion initiatives signaled proactive management.
The company announced a new $500 million share repurchase authorization, demonstrating a commitment to enhancing shareholder value. Additionally, Planet Fitness initiated a strategic review of its domestic corporate-owned clubs, alongside an entry into the Portugal market with the acquisition of Be-Fit in fiscal Q4 2026, indicating strategic efforts to optimize its operational footprint and expand internationally.
3. Positive analyst sentiment and evidence of improving membership momentum preceded the earnings release.
In early October 2026, analysts like UBS maintained "Buy" ratings and high price targets (e.g., $80, implying a 68% upside), citing strong membership growth in September and early October. A fall promotion, launched from August 31 to September 10, allowed new members to join for $1 upfront and $10 per month, which was highlighted as successfully attracting members.
4. Consistent system-wide same-club sales growth and continued club expansion contributed to the positive trend.
Planet Fitness recorded a 1.5% increase in system-wide same-club sales in fiscal Q3 2026, reflecting stable performance across its existing locations. The company also expanded its footprint by opening 33 new clubs system-wide during the quarter, bringing the total number of clubs to 2,962 as of September 30, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 7.9% change in PLNT stock from 7/31/2026 to 11/8/2026 was primarily driven by a 6.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.91 | 60.31 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,385 | 1,439 | 3.9% |
| Net Income Margin (%) | 16.5% | 16.1% | -2.8% |
| P/E Multiple | 19.4 | 19.5 | 0.2% |
| Shares Outstanding (Mil) | 80 | 75 | 6.6% |
| Cumulative Contribution | 7.9% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PLNT | 7.9% | |
| Market (SPY) | -1.6% | -6.1% |
| Sector (XLY) | 1.3% | 27.9% |
Fundamental Drivers
The -9.5% change in PLNT stock from 4/30/2026 to 11/8/2026 was primarily driven by a -22.4% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.67 | 60.31 | -9.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,324 | 1,439 | 8.7% |
| Net Income Margin (%) | 16.5% | 16.1% | -3.0% |
| P/E Multiple | 25.1 | 19.5 | -22.4% |
| Shares Outstanding (Mil) | 83 | 75 | 10.6% |
| Cumulative Contribution | -9.5% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PLNT | -9.5% | |
| Market (SPY) | 2.6% | 2.5% |
| Sector (XLY) | -0.5% | 14.7% |
Fundamental Drivers
The -33.5% change in PLNT stock from 10/31/2025 to 11/8/2026 was primarily driven by a -51.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.69 | 60.31 | -33.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,250 | 1,439 | 15.1% |
| Net Income Margin (%) | 15.1% | 16.1% | 6.2% |
| P/E Multiple | 40.2 | 19.5 | -51.6% |
| Shares Outstanding (Mil) | 84 | 75 | 12.3% |
| Cumulative Contribution | -33.5% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PLNT | -33.5% | |
| Market (SPY) | 8.7% | 3.7% |
| Sector (XLY) | -1.4% | 10.6% |
Fundamental Drivers
The 9.1% change in PLNT stock from 10/31/2023 to 11/8/2026 was primarily driven by a 39.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.27 | 60.31 | 9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,034 | 1,439 | 39.1% |
| Net Income Margin (%) | 12.0% | 16.1% | 33.5% |
| P/E Multiple | 37.6 | 19.5 | -48.1% |
| Shares Outstanding (Mil) | 85 | 75 | 13.3% |
| Cumulative Contribution | 9.1% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PLNT | 9.1% | |
| Market (SPY) | 81.9% | 20.9% |
| Sector (XLY) | 58.2% | 23.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLNT Return | 17% | -13% | -7% | 35% | 10% | -44% | -22% |
| Peers Return | 23% | -22% | 9% | 26% | -21% | -10% | -6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| PLNT Win Rate | 50% | 33% | 58% | 58% | 50% | 27% | |
| Peers Win Rate | 48% | 45% | 52% | 53% | 42% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| PLNT Max Drawdown | -22% | -42% | -48% | -25% | -21% | -63% | |
| Peers Max Drawdown | -43% | -53% | -49% | -40% | -48% | -46% | |
| 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 11/6/2026 (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.
Peer Outperformance in Leisure Facilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PLNT | Planet Fitness | 10.5% | 19.5x | -43.3% | -4.2% | -37.1% | — |
| OSW | OneSpaWorld | 10.2% | 37.2x | 43.4% | 188.7% | 163.8% | +201pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -14.6% | 32.0% | 43.4% | CVSA 236% · GHC 113% · LRN 109% |
| Homebuilding | 17 | 2.8% | 30.2% | 31.1% | PHM 176% · TOL 159% · GRBK 156% |
| Hotels, Resorts & Cruise Lines | 21 | 19.1% | 64.5% | 10.0% | RCL 261% · MAR 158% · HLT 148% |
| Automotive Retail | 17 | -4.5% | 15.1% | 9.6% | MUSA 202% · PAG 116% · ORLY 112% |
| Home Improvement Retail | 5 | -4.8% | 5.1% | 2.6% | HD 6% · LOW 6% · FND -62% |
| Home Furnishings | 3 | 3.8% | 80.9% | -1.0% | SGI 51% · MHK -14% |
| Footwear | 9 | 75.5% | 91.6% | -14.0% | DECK 25% · SHOO -11% · CROX -14% |
| Restaurants | 36 | 1.5% | -2.3% | -20.8% | EAT 372% · CAKE 166% · TXRH 117% |
| Specialized Consumer Services | 10 | -12.1% | 33.5% | -24.5% | FTDR 176% · HRB 153% · ADT 24% |
| Distributors | 4 | -6.7% | -16.2% | -25.6% | ARMK 98% · GPC 5% · POOL -56% |
| Computer & Electronics Retail | 3 | 32.8% | 83.4% | -25.8% | BBY -3% · GME -54% |
| Leisure Products | 14 | -18.0% | -3.8% | -35.5% | GOLF 51% · HAS 49% · BC -15% |
| Leisure Facilities ← | 12 | 16.8% | 8.8% | -39.5% | OSW 164% · LTH 142% · PLNT -37% |
| Household Appliances | 18 | 36.3% | 22.9% | -40.0% | WHR -82% |
| Automotive Parts & Equipment | 37 | -13.5% | -21.6% | -46.0% | GTX 193% · PATK 65% · ALV 39% |
| Broadline Retail | 12 | -4.4% | 23.6% | -46.1% | EBAY 81% · AMZN 49% · OLLI 25% |
| Apparel Retail | 27 | -5.5% | 4.9% | -48.7% | ANF 229% · VSXY 115% · TJX 108% |
| Apparel, Accessories & Luxury Goods | 29 | 14.6% | 23.7% | -50.6% | TPR 256% · RL 222% · KTB 56% |
| Casinos & Gaming | 21 | -25.1% | -15.4% | -51.0% | BYD 25% · RRR 22% · LVS 5% |
| Other Specialty Retail | 25 | -5.3% | -7.9% | -58.5% | ULTA 66% · ASO 51% · ARHS 23% |
| Automobile Manufacturers | 8 | -57.1% | -42.1% | -70.4% | GM 51% · TSLA -8% · F -16% |
| Consumer Electronics | 11 | -31.6% | -31.4% | -80.7% | GRMN 116% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.39 |
| Mkt Cap | 7.5 |
| Rev LTM | 2,874 |
| Op Inc LTM | 501 |
| FCF LTM | 227 |
| FCF 3Y Avg | 242 |
| CFO LTM | 686 |
| CFO 3Y Avg | 563 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 22.0% |
| Op Inc Chg 3Y Avg | 10.8% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 12.8% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 18.3% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 6.7% |
| FCF/Rev 3Y Avg | 7.4% |
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 | $60.31 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 08/06/2015 | |
| Distance from 52W High | -46.1% | |
| 50 Days | 200 Days | |
| DMA Price | $49.23 | $61.01 |
| DMA Trend | down | down |
| Distance from DMA | 22.5% | -1.2% |
| 3M | 1YR | |
| Volatility | 46.0% | 50.7% |
| Downside Capture | 0.86 | 96.79 |
| Upside Capture | 128.27 | 37.77 |
| Correlation (S&P 500) | -6.4% | 4.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.17 | 0.37 | 0.17 | 0.38 | 0.26 | 0.56 |
| Up Beta | -0.55 | -4.05 | -1.91 | -1.21 | -0.21 | 0.45 |
| Down Beta | -0.35 | -1.03 | -1.43 | -0.68 | -0.43 | 0.32 |
| Up Capture | 275% | 167% | 99% | 94% | 25% | 37% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 19 | 30 | 63 | 123 | 375 |
| Down Capture | -132% | 113% | 128% | 148% | 107% | 96% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 23 | 33 | 62 | 127 | 374 |
[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 | -34.3% | 50.7% | -0.64 | - |
| Sector ETF (XLY) | -1.9% | 19.8% | -0.22 | 10.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 3.5% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 4.9% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -12.2% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 18.1% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | -1.3% |
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 | -5.4% | 39.6% | -0.03 | - |
| Sector ETF (XLY) | 4.0% | 24.2% | 0.12 | 38.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 36.3% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 6.1% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 2.5% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 33.9% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 14.0% |
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% | 43.9% | 0.42 | - |
| Sector ETF (XLY) | 12.8% | 22.3% | 0.52 | 48.9% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 48.3% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 3.3% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 14.7% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 45.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 4.8% | ||
| 8/6/2026 | -9.5% | -14.7% | -9.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 6.1% | 10.6% | 11.2% |
| Median Negative | -5.7% | -5.7% | -8.2% |
| 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 |
| 11/5/2026 | 4.8% | ||
| 8/6/2026 | -9.5% | -14.7% | -9.0% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 12 | 13 |
| Median Positive | 6.1% | 10.6% | 11.2% |
| Median Negative | -5.7% | -5.7% | -8.2% |
| 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 |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New Equipment Placements | Reported | 135 | 137.5 | 140 | -11.3% | Lowered | Guidance: 155 for 2026 | |
| 2026 System-wide New Club Openings | Reported | 190 | 192.5 | 195 | 4.1% | Raised | Guidance: 185 for 2026 | |
| 2026 Depreciation and Amortization Growth | Reported | 7.0% | -3.0% | Lowered | Guidance: 10.0% for 2026 | |||
| 2026 System-wide Same Club Sales Growth | Reported | 1.5% | 1.75% | 2.0% | 0.8% | Raised | Guidance: 1.0% for 2026 | |
| 2026 Revenue Growth | Reported | 8.0% | 1.0% | Raised | Guidance: 7.0% for 2026 | |||
| 2026 Adjusted EBITDA Growth | Reported | 6.5% | 0.5% | Raised | Guidance: 6.0% for 2026 | |||
| 2026 Net Interest Expense | Reported | 115.00 Mil | 0.0% | Affirmed | Guidance: 115.00 Mil for 2026 | |||
| 2026 Adjusted Net Income Per Diluted Share Growth | Reported | 6.0% | 0.0% | Affirmed | Guidance: 6.0% for 2026 | |||
| 2026 Adjusted Net Income Growth | Reported | -3.0% | 0.0% | Affirmed | Guidance: -3.0% for 2026 | |||
| 2026 Adjusted Diluted Weighted-Average Shares Outstanding | Reported | 77.00 Mil | ||||||
| 2026 Capital Expenditures Growth | Reported | 15.0% | 2.5% | Raised | Guidance: 12.5% for 2026 | |||
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New equipment placements | Reported | 150 | 155 | 160 | 0 | Affirmed | Guidance: 155 for 2026 | |
| 2026 System-wide new club openings | Reported | 180 | 185 | 190 | 0 | Affirmed | Guidance: 185 for 2026 | |
| 2026 Depreciation and amortization growth | Reported | 10.0% | ||||||
| 2026 System-wide same club sales growth | Reported | 1.0% | 0 | Affirmed | Guidance: 1.0% for 2026 | |||
| 2026 Revenue growth | Reported | 7.0% | 0 | Affirmed | Guidance: 7.0% for 2026 | |||
| 2026 Adjusted EBITDA growth | Reported | 6.0% | 0 | Affirmed | Guidance: 6.0% for 2026 | |||
| 2026 Net interest expense | Reported | 115.00 Mil | 3.6% | Raised | Guidance: 111.00 Mil for 2026 | |||
| 2026 Adjusted net income per share growth | Reported | 6.0% | 2.0% | Raised | Guidance: 4.0% for 2026 | |||
| 2026 Adjusted net income growth | Reported | -3.0% | -1.0% | Lowered | Guidance: -2.0% for 2026 | |||
| 2026 Capital expenditures growth | Reported | 10.0% | 12.5% | 15.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 New equipment placements | Reported | 150 | 155 | 160 | 14.8% | Higher New | Actual: 135 for 2025 | |
| 2026 System-wide new club openings | Reported | 180 | 185 | 190 | 12.1% | Higher New | Actual: 165 for 2025 | |
| 2026 System-wide same club sales growth | Reported | 4.0% | 4.5% | 5.0% | -2.0% | Lower New | Actual: 6.5% for 2025 | |
| 2026 Revenue Growth | Reported | 9.0% | -2.0% | Lower New | Actual: 11.0% for 2025 | |||
| 2026 Adjusted EBITDA Growth | Reported | 10.0% | -2.0% | Lower New | Actual: 12.0% for 2025 | |||
| 2026 Net interest expense | Reported | 114.00 Mil | 32.6% | Higher New | Actual: 86.00 Mil for 2025 | |||
| 2026 Adjusted net income growth | Reported | 4.0% | 4.5% | 5.0% | -9.0% | Lower New | Actual: 13.5% for 2025 | |
| 2026 EPS Growth | Reported | 9.0% | 9.5% | 10.0% | -7.0% | Lower New | Actual: 16.5% for 2025 | |
| 2026 Capital Expenditures Growth | Reported | 10.0% | 12.5% | 15.0% | -7.5% | Lower New | Actual: 20.0% for 2025 | |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tanco, Christopher | Trust | Buy | 9162026 | 51.23 | 2,328 | 119,259 | 119,259 | Form | |
| 2 | Bode, William | Chief Operating Officer | Direct | Sell | 9162026 | 51.22 | 7,000 | 358,540 | 1,687,136 | Form |
| 3 | Spinelli, Stephen JR | Direct | Buy | 8112026 | 49.28 | 10,000 | 492,800 | 2,243,028 | Form | |
| 4 | Keating, Colleen | Chief Executive Officer | Direct | Buy | 5142026 | 49.54 | 5,000 | 247,700 | 7,010,455 | Form |
| 5 | Rathke, Frances G | Trust | Buy | 5112026 | 46.21 | 5,000 | 231,050 | 231,050 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tanco, Christopher | Trust | Buy | 9162026 | 51.23 | 2,328 | 119,259 | 119,259 | Form | |
| 2 | Bode, William | Chief Operating Officer | Direct | Sell | 9162026 | 51.22 | 7,000 | 358,540 | 1,687,136 | Form |
| 3 | Spinelli, Stephen JR | Direct | Buy | 8112026 | 49.28 | 10,000 | 492,800 | 2,243,028 | Form | |
| 4 | Keating, Colleen | Chief Executive Officer | Direct | Buy | 5142026 | 49.54 | 5,000 | 247,700 | 7,010,455 | Form |
| 5 | Rathke, Frances G | Trust | Buy | 5112026 | 46.21 | 5,000 | 231,050 | 231,050 | Form |
Investor Activity (13F)
Updated Nov 9, 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
Constructive
CONVICTION RATIONALE
Planet Fitness is executing a turnaround after a significant marketing misstep. While member growth has been flat, a new strategy is in place, including a marketing relaunch in late December 2026, a plan to sell corporate clubs, and a new $500 million share repurchase program. Recent execution includes raised 2026 guidance for revenue and same-club sales, suggesting the recovery has begun.
STOCK ARCHETYPE
Hybrid: Franchise/Royalty + Subscription + Product Sales(# of Franchise Clubs * Avg. Royalty/Club) + (# of Corporate Clubs * Avg. Revenue/Member) + (# of Equipment Placements * Avg. Price) Increasing the number of high-margin franchise units and driving same-club sales growth, which increases royalty payments with minimal incremental cost.
INVESTMENT THESIS
Evidence suggests a turnaround is underway, with management executing a new plan after a major stumble.
- Full-year 2026 revenue growth guidance was raised to approximately 8%.
- System-wide same club sales guidance for 2026 was increased to 1.5% to 2%.
- A new $500 million share repurchase program was authorized in November 2026.
- The company is entering Europe via an acquisition of 25 clubs in Portugal.
PRIMARY RISK
Recent flat member growth and slowing franchisee expansion may not be a temporary misstep but a sign of market saturation and waning franchisee confidence.
- Total members were flat for two consecutive quarters at approximately 21.5 million.
- System-wide same club sales growth decelerated to 1.5% in the latest quarter.
- Guidance for 2026 new equipment placements was lowered by 11.3%.
- Average monthly attrition was 3.6% in Q3 2026, a persistent headwind.
| KPI | Status | Rationale |
|---|---|---|
| System-wide Same Club Sales Growth | 1.5% in Q3 2026 - Decelerating | The metric has shown a clear decelerating trend over the past year, slowing significantly from levels reported in prior periods. This indicates weakening momentum in established clubs, a trend management acknowledged was driven by challenges in member acquisition earlier in the year. |
| Total Member Growth | Approximately 21.5 million members as of Q3 2026, up 4% year-over-year. - Stagnant | After adding over 700,000 net new members in Q1 2026, a figure that was below company expectations, total membership has been flat for the past two quarters. Management acknowledged dissatisfaction with member growth performance earlier in the year, attributing it partly to a marketing shift. |
| PF Black Card penetration | ~68% (Q3 2026) | The percentage of members opting for the higher-priced premium membership tier, which is a key driver of rate growth and average revenue per member. |
| New club openings | 33 (Q3 2026) | The pace of system expansion through both franchisee and corporate development, a primary driver of future revenue growth. |
| Average monthly attrition rate | 3.6% (Q3 2026) | The rate of member cancellations, indicating member retention and satisfaction. |
Forward Catalysts vs. Lagging KPIs
BULL VIEW
Bulls believe the new strategic plan, guidance raise, and $500 million buyback are leading indicators of a successful turnaround that will restart growth in 2027.
CORE TENSION
Can a new marketing campaign and refranchising plan offset flat member growth and an 11.3% cut to new equipment placement guidance?
PREVAILING SENTIMENT
The latest evidence favors the bulls, as management raised 2026 revenue and same-club sales guidance, signaling confidence in their new plan ahead of its full implementation.
BEAR VIEW
Bears see two quarters of flat member growth and a cut to franchisee expansion guidance as proof the business model's growth phase is fundamentally impaired.
| Timeline | Event & Metric To Watch |
|---|---|
11/23/2026 | Peer DKS Earnings Watch: Peer Dick's Sporting Goods is scheduled to report earnings. |
12/9/2026 | Peer LULU Earnings Watch: Peer Lululemon Athletica is scheduled to report earnings. |
2/22/2027 | Franchisee Growth Slowdown Watch: 2027 guidance for new club openings and equipment placements in the Q4 earnings report. |
2/22/2027 | Negative Competitive Read-Through Watch: Commentary on member trends and consumer spending from peers Life Time (LTH) and Xponential Fitness (XPOF). |
late December | Marketing Relaunch Failure Watch: Early commentary on January join trends during the Q4 earnings call on 2/22/2027. |
No set date | Corporate Club Divestiture Risk Watch: Announcements regarding the sale of corporate clubs, including the number of units, buyer, and financial terms. |
| Date | Event | Stock Impact |
|---|---|---|
2026-11-05 | New Strategic Initiatives Announced Details: Announced a new $500M share repurchase authorization, a strategic review of domestic corporate-owned clubs, and entry into the Portugal market via acquisition of Be-Fit. | +5.2% $57.34 -> $60.31 |
2026-11-05 | Q3 Results Beat, Guidance Mixed Details: The company reported Q3 results with system-wide same club sales up 1.5%. Guidance was raised for revenue but lowered for new equipment placements by -11.3%. | +5.2% $57.34 -> $60.31 |
2026-08-13 | Securities Lawsuit News Intensifies Details: Multiple law firms issued reminders for a securities class action lawsuit on behalf of investors who purchased stock between November 6, 2025, and May 6, 2026. | +4.4% $48.26 -> $50.36 |
2026-08-06 | Q2 Results Disappoint Market Details: The company reported Q2 results which led to a two-day stock reaction of -12.0% versus 0.0% for the S&P 500. | -11.6% $56.59 -> $50.01 |
2026-06-25 | New CFO Appointed Details: Planet Fitness announced the appointment of Sudhanshu Priyadarshi as Chief Financial Officer and President, International, bringing over 25 years of experience. | -2.1% $53.86 -> $52.74 |
2026-05-07 | Q1 Results Miss, Guidance Cut Details: The company reported weak Q1 results and a significant full-year guidance cut, causing a record stock drop. The stock reaction around the earnings call was -28.0%. | -28.3% $63.96 -> $45.88 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: PLNT trades at roughly 46% annualized realized (three-month) volatility versus about 14% for the S&P 500 (3.4x the market). 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 Fitness ExposureLife Time targets a higher-end consumer with large, amenity-rich clubs, offering exposure to a different demographic that is less price-sensitive than Planet Fitness's core customer.
DKS - a business partner
Broader Wellness Retaila business partner provides diversified exposure to the health and wellness trend through retail sales of equipment and apparel, rather than a subscription-based gym model.
Planet Fitness is a high-margin, capital-light franchise royalty business, supplemented by a direct-to-consumer subscription service and a captive equipment supplier.
The core of the business is a highly predictable, high-margin stream of royalties from a large and growing base of franchisees. This is complemented by revenue from corporate-owned clubs, which serve as a testbed for new initiatives, and a mandated equipment replacement cycle that creates a recurring transactional revenue stream. The company's primary challenge is maintaining member growth by effectively marketing its differentiated, non-intimidating value proposition to the 70% of the population without a gym membership.
Sustained acceleration in same-club sales and net member growth, successful implementation of regional Black Card price increases without significant churn, and continued new unit openings by franchisees.
Continued deceleration in member growth, franchisee pushback on new club development or pricing strategies, or evidence that the brand's value proposition is losing its edge against competitors.
Short-term stock price volatility around earnings reports, which have seen significant swings in both directions over the past year.
Repricing Catalyst
The upcoming launch of a new marketing campaign in late December 2026, a strategic review to sell corporate-owned clubs to franchisees, and the planned regional Black Card price increases in Q2 2027.
Franchise
$487M TTM (35% of Total)What It Is
This segment licenses the Planet Fitness brand and operational system to independent franchisees. It collects royalties, National Advertising Fund (NAF) contributions, franchise fees, and equipment placement revenue.
Who Pays & How
Franchisees pay royalties and fees to benefit from a nationally recognized brand, a streamlined operational model, and scale advantages in purchasing and marketing.
Competition
Corporate-owned clubs
$553M TTM (40% of Total)What It Is
This segment operates fitness clubs owned by the company, selling memberships directly to consumers.
Who Pays & How
Consumers pay for memberships to access fitness equipment and amenities in a 'welcoming, non-intimidating environment'. The low price point is designed to appeal to a broad population, including beginners.
Competition
Equipment
$344M TTM (25% of Total)What It Is
This segment sells fitness equipment to new and existing franchisee-owned clubs.
Who Pays & How
Franchisees are contractually obligated to purchase equipment from the company or its required vendors for new clubs and to replace equipment every five to nine years. This ensures brand consistency and a high-quality member experience.
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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