Planet Fitness (PLNT)
Market Price (8/19/2026): $53.53 | Market Cap: $4.1 BilSector: Consumer Discretionary | Industry: Leisure Facilities
Planet Fitness (PLNT)
Market Price (8/19/2026): $53.53Market Cap: $4.1 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 5.8%, FCF Yield is 6.4% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31% 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 -32% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 47% 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 -75%, 3Y Excs Rtn is -84% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% 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 5.8%, FCF Yield is 6.4% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 31% |
| 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 -32% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 47% |
| 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 -75%, 3Y Excs Rtn is -84% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| 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 20% since 4/30/2026 because of the following key factors:
1. Disappointing Fiscal Q1 2026 Performance and Significantly Reduced Full-Year Guidance.
Planet Fitness (whose fiscal year ends December 31) experienced a substantial stock decline of approximately 31% on May 7, 2026, following the announcement of its fiscal Q1 2026 results. The company reported slower-than-expected net member growth during the critical Q1 sign-up period. This led to a sharp reduction in its full-year 2026 guidance, with revenue growth expectations lowered from approximately 9% to about 7% and adjusted EBITDA growth guidance cut from roughly 10% to approximately 6%. Furthermore, expected system-wide same-club sales growth was decreased from a range of 4%-5% to approximately 1%, and the previously introduced three-year growth algorithm was withdrawn.
2. Failed Marketing Strategy and Paused Black Card Price Increase.
A core reason for the disappointing Q1 2026 membership growth was attributed to a misaligned marketing strategy. Management stated that its marketing "may have pivoted too far" by shifting from a "lighthearted approachable tone" to one that focused on "fitness-minded" individuals, which alienated its core demographic of casual gym-goers. This misstep contributed to the decision to pause the planned national rollout of a Black Card membership price increase, further signaling uncertainty regarding future revenue streams and growth initiatives.
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Planet Fitness (PLNT) stock has lost about 20% since 4/30/2026 because of the following key factors:
1. Disappointing Fiscal Q1 2026 Performance and Significantly Reduced Full-Year Guidance.
Planet Fitness (whose fiscal year ends December 31) experienced a substantial stock decline of approximately 31% on May 7, 2026, following the announcement of its fiscal Q1 2026 results. The company reported slower-than-expected net member growth during the critical Q1 sign-up period. This led to a sharp reduction in its full-year 2026 guidance, with revenue growth expectations lowered from approximately 9% to about 7% and adjusted EBITDA growth guidance cut from roughly 10% to approximately 6%. Furthermore, expected system-wide same-club sales growth was decreased from a range of 4%-5% to approximately 1%, and the previously introduced three-year growth algorithm was withdrawn.
2. Failed Marketing Strategy and Paused Black Card Price Increase.
A core reason for the disappointing Q1 2026 membership growth was attributed to a misaligned marketing strategy. Management stated that its marketing "may have pivoted too far" by shifting from a "lighthearted approachable tone" to one that focused on "fitness-minded" individuals, which alienated its core demographic of casual gym-goers. This misstep contributed to the decision to pause the planned national rollout of a Black Card membership price increase, further signaling uncertainty regarding future revenue streams and growth initiatives.
3. Persistent Investor Concerns Following Fiscal Q2 2026 Results and Securities Fraud Investigations.
Despite reporting adjusted earnings per share of $0.88 and revenue of $365.22 million for fiscal Q2 2026 (ended June 30, 2026), both exceeding consensus estimates on August 6, 2026, the stock saw a further decline of 9.2%. Investor apprehension persisted due to underlying weak membership acquisition trends, as system-wide same-club sales growth of 1.7% was driven entirely by rate rather than new member additions. Adding to the negative sentiment, multiple securities law firms announced investigations into Planet Fitness for potential securities fraud, alleging misleading statements related to its marketing effectiveness, membership growth, and pricing initiatives. These factors created a legal overhang and continued pressure on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -20.0% change in PLNT stock from 4/30/2026 to 8/18/2026 was primarily driven by a -31.2% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.67 | 53.36 | -20.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,324 | 1,409 | 6.4% |
| Net Income Margin (%) | 16.5% | 16.9% | 2.0% |
| P/E Multiple | 25.1 | 17.3 | -31.2% |
| Shares Outstanding (Mil) | 83 | 77 | 7.1% |
| Cumulative Contribution | -20.0% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| PLNT | -20.0% | |
| Market (SPY) | 6.8% | 7.2% |
| Sector (XLY) | -1.7% | 6.1% |
Fundamental Drivers
The -41.4% change in PLNT stock from 1/31/2026 to 8/18/2026 was primarily driven by a -53.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.04 | 53.36 | -41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,288 | 1,409 | 9.4% |
| Net Income Margin (%) | 16.0% | 16.9% | 5.7% |
| P/E Multiple | 36.9 | 17.3 | -53.2% |
| Shares Outstanding (Mil) | 84 | 77 | 8.4% |
| Cumulative Contribution | -41.4% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| PLNT | -41.4% | |
| Market (SPY) | 11.2% | 10.7% |
| Sector (XLY) | -3.8% | 9.2% |
Fundamental Drivers
The -51.1% change in PLNT stock from 7/31/2025 to 8/18/2026 was primarily driven by a -66.2% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.19 | 53.36 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,210 | 1,409 | 16.4% |
| Net Income Margin (%) | 14.8% | 16.9% | 13.8% |
| P/E Multiple | 51.2 | 17.3 | -66.2% |
| Shares Outstanding (Mil) | 84 | 77 | 9.3% |
| Cumulative Contribution | -51.1% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| PLNT | -51.1% | |
| Market (SPY) | 22.4% | 8.5% |
| Sector (XLY) | 5.7% | 7.6% |
Fundamental Drivers
The -21.0% change in PLNT stock from 7/31/2023 to 8/18/2026 was primarily driven by a -68.0% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.54 | 53.36 | -21.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 972 | 1,409 | 44.9% |
| Net Income Margin (%) | 10.9% | 16.9% | 55.4% |
| P/E Multiple | 54.0 | 17.3 | -68.0% |
| Shares Outstanding (Mil) | 84 | 77 | 9.6% |
| Cumulative Contribution | -21.0% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| PLNT | -21.0% | |
| Market (SPY) | 73.6% | 25.0% |
| Sector (XLY) | 37.0% | 24.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLNT Return | 17% | -13% | -7% | 35% | 10% | -53% | -35% |
| Peers Return | 23% | -22% | 9% | 26% | -21% | -5% | -1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PLNT Win Rate | 50% | 33% | 58% | 58% | 50% | 12% | |
| Peers Win Rate | 48% | 45% | 52% | 53% | 42% | 50% | |
| 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 8/18/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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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 | 10.9% | 17.3x | -50.1% | -10.4% | -22.7% | — |
| OSW | OneSpaWorld | 12.3% | 32.9x | 20.3% | 136.5% | 186.4% | +209pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -9.5% | 105.8% | 73.4% | LINC 348% · CVSA 280% · UTI 274% |
| Homebuilding | 18 | -3.5% | 30.2% | 54.4% | GRBK 185% · TOL 160% · PHM 156% |
| Hotels, Resorts & Cruise Lines | 22 | 21.3% | 56.1% | 22.8% | RCL 303% · MAR 186% · HLT 179% |
| Home Improvement Retail | 5 | -12.3% | 3.3% | 11.5% | HD 18% · LOW 17% · HVT 12% |
| Automotive Retail | 18 | -10.0% | -0.6% | 10.2% | MUSA 279% · PAG 188% · ORLY 126% |
| Specialty Stores | 7 | 2.4% | 22.8% | 8.8% | DKS 113% · ASO 39% · SIG 36% |
| Casinos & Gaming | 20 | -6.4% | -26.2% | 0.5% | BRAG 970% · MCRI 119% · RSI 110% |
| Home Furnishings | 4 | 4.0% | 39.0% | -0.6% | SGI 58% · LZB 31% · MHK -33% |
| Specialized Consumer Services | 10 | -14.0% | 17.3% | -3.1% | HRB 138% · FTDR 101% · SCI 40% |
| Footwear | 9 | 69.4% | 44.3% | -7.6% | WEYS 161% · SHOO 32% · DECK 26% |
| Distributors | 4 | -8.1% | -25.0% | -9.7% | ARMK 171% · GPC 24% · LKQ -44% |
| Restaurants | 34 | -6.3% | -8.4% | -12.7% | EAT 365% · CAKE 189% · RAVE 161% |
| Leisure Products | 13 | -1.3% | -22.0% | -30.8% | GOLF 90% · HAS 19% · MCFT 5% |
| Automotive Parts & Equipment | 38 | -4.5% | -5.6% | -34.1% | MOD 1470% · GTX 316% · STRT 102% |
| Household Appliances | 17 | 14.9% | 40.9% | -36.8% | KEQU 163% · FLXS 146% · HBB 129% |
| Apparel, Accessories & Luxury Goods | 27 | 5.9% | -3.8% | -37.2% | TPR 275% · ELA 268% · RL 264% |
| Leisure Facilities ← | 12 | -11.4% | -7.9% | -40.1% | OSW 186% · JAKK 126% · ESCA 9% |
| Apparel Retail | 25 | 4.8% | 3.8% | -40.7% | DXLG 192% · ANF 176% · TJX 120% |
| Broadline Retail | 15 | 5.3% | 9.9% | -50.9% | DDS 289% · AMZN 63% · EBAY 53% |
| Computer & Electronics Retail | 3 | -13.4% | -2.2% | -53.0% | BBY 0% · GME -53% · UPBD -58% |
| Automobile Manufacturers | 8 | -68.5% | -67.3% | -69.2% | GM 78% · TSLA 50% · F 50% |
| Consumer Electronics | 11 | -19.9% | -26.7% | -73.0% | AXIL 2354% · GRMN 98% · TBCH -54% |
| Other Specialty Retail | 18 | -29.4% | -44.2% | -78.5% | BBW 215% · TLF 105% · WINA 97% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.38 |
| Mkt Cap | 7.1 |
| Rev LTM | 2,814 |
| Op Inc LTM | 493 |
| FCF LTM | 320 |
| FCF 3Y Avg | 211 |
| CFO LTM | 667 |
| CFO 3Y Avg | 538 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.5% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 31.0% |
| Op Inc Chg 3Y Avg | 12.0% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 12.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 16.6% |
| CFO/Rev 3Y Avg | 15.3% |
| FCF/Rev LTM | 6.8% |
| FCF/Rev 3Y Avg | 6.4% |
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 | $53.36 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 08/06/2015 | |
| Distance from 52W High | -52.3% | |
| 50 Days | 200 Days | |
| DMA Price | $53.42 | $77.06 |
| DMA Trend | down | down |
| Distance from DMA | -0.1% | -30.8% |
| 3M | 1YR | |
| Volatility | 37.8% | 47.1% |
| Downside Capture | 18.56 | 111.50 |
| Upside Capture | 29.17 | 7.71 |
| Correlation (SPY) | 5.9% | 8.3% |
| 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 | -50.5% | 47.0% | -1.32 | - |
| Sector ETF (XLY) | 2.2% | 19.4% | -0.01 | 7.6% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 7.8% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | -1.1% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | -11.6% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 18.3% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 1.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLNT | |
|---|---|---|---|---|
| PLNT | -6.6% | 39.0% | -0.07 | - |
| Sector ETF (XLY) | 5.9% | 24.0% | 0.21 | 39.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 38.2% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 4.5% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 4.5% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 33.3% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 14.5% |
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 | 11.3% | 43.7% | 0.40 | - |
| Sector ETF (XLY) | 12.2% | 22.2% | 0.50 | 49.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 49.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 2.5% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 15.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 45.4% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -9.5% | -14.7% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 14 | 12 | 12 |
| Median Positive | 7.3% | 9.9% | 12.3% |
| Median Negative | -5.9% | -5.7% | -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 |
| 8/6/2026 | -9.5% | -14.7% | |
| 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 | 14 | 12 | 12 |
| Median Positive | 7.3% | 9.9% | 12.3% |
| Median Negative | -5.9% | -5.7% | -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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 System-wide same club sales growth | 1.0% | 0 | Affirmed | Guidance: 1.0% for 2026 | |||
| 2026 Revenue growth | 7.0% | 0 | Affirmed | Guidance: 7.0% for 2026 | |||
| 2026 Adjusted EBITDA growth | 6.0% | 0 | Affirmed | Guidance: 6.0% for 2026 | |||
| 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 Capital expenditures growth | 10.0% | 12.5% | 15.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
| 2026 Depreciation and amortization growth | 10.0% | ||||||
| 2026 Adjusted net income per share growth | 6.0% | 2.0% | Raised | Guidance: 4.0% for 2026 | |||
| 2026 Net interest expense | 115.00 Mil | 3.6% | Raised | Guidance: 111.00 Mil for 2026 | |||
| 2026 Adjusted net income growth | -3.0% | -1.0% | Lowered | Guidance: -2.0% 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 | |
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 19, 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
Planet Fitness's core member growth engine has stalled following a significant marketing misstep, with zero net additions in the second quarter. While management has a clear plan to fix the issue, its success is unproven. The current valuation reflects this uncertainty, pending tangible evidence of a turnaround in member acquisition trends.
STOCK ARCHETYPE
Franchise Royalty & Recurring Service(Number of Franchise Clubs x Royalty Rate x Members per Club x Dues) + (Number of Corporate Clubs x Members per Club x Dues) + (Equipment Sales to New & Existing Franchisees) Growth in the high-margin franchise royalty stream, which is dependent on both new club openings and, most critically, member growth at existing clubs.
INVESTMENT THESIS
The investment case hinges on whether a new marketing campaign and pricing tests can reverse the recent stall in member acquisition.
- Management is testing a $10 Classic Card promotion nationally this quarter.
- A redesigned mobile app will launch in September to improve member experience.
- A new marketing campaign is scheduled to go live in late December.
- Franchisees have contractual obligations to open approximately 750 additional clubs.
PRIMARY RISK
The risk is that the marketing failure caused lasting brand damage, leading to a permanent slowdown in member growth as the low-price fitness market becomes more competitive.
- Total members were flat quarter-over-quarter at 21.5 million.
- Q2 same-club sales growth of 9.1% was entirely driven by rate increases.
- The company withdrew its three-year growth framework introduced six months prior.
- A planned price increase for the premium Black Card membership was paused.
- A securities class action lawsuit alleges misleading statements on growth.
| KPI | Status | Rationale |
|---|---|---|
| System-wide Same Club Sales Growth | 1.7% in Q2 2026 - Decelerating | System-wide same club sales growth has decelerated sharply for three consecutive quarters, falling from 5.7% in Q4 2025 to 1.7% in the most recent quarter. Management noted that quarterly same club sales growth is expected to moderate sequentially through the year. |
| Total Member Growth | 21.5 million members as of Q2 2026, up 3.6% year-over-year - Stagnant | Member growth has stalled. After a weaker-than-expected Q1 sign-up period, the company added zero net new members in Q2. Management has withdrawn its three-year growth outlook and is now focused on initiatives to 'reignite sustainable member growth'. |
| New Club Openings | 23 (Q2 2026) | Indicates the pace of system-wide expansion and future growth in franchise royalties and equipment sales. The company expects 180-190 openings for the full year 2026. |
| PF Black Card Penetration | ~68% (as of June 30, 2026) | The percentage of members on the higher-priced premium tier. A rising penetration rate drives average revenue per member and overall rate growth. |
Fixable fumble or structural slowdown?
BULL VIEW
Bulls believe the member growth stall is a temporary result of a poor marketing campaign. A return to the core value message will quickly re-accelerate member joins, unlocking value from the current depressed stock price.
CORE TENSION
Can the new marketing plan overcome stalled member growth, which drove same-club sales volume negative, to support the 750-club franchisee pipeline?
PREVAILING SENTIMENT
The latest evidence favors the bears. Member count was flat sequentially in Q2, and management's turnaround plan is new and its effectiveness is not yet proven by reported data.
BEAR VIEW
Bears argue the misstep revealed a fragile brand in a competitive market. They fear the company cannot regain momentum, leading to permanently lower growth, strained franchisee economics, and a slower pace of new club openings.
| Timeline | Event & Metric To Watch |
|---|---|
9/2/2026 | Lululemon Earnings Report Watch: Peer Lululemon Athletica (LULU) is scheduled to report earnings. |
September 14, 2026 | Negative Litigation Developments Watch: Court filings or press releases from law firms around the deadline, which could generate negative headlines. |
September 14, 2026 | Securities Lawsuit Deadline Watch: The deadline to seek appointment as lead plaintiff in the securities class action lawsuit against the company. |
11/2/2026 | Negative Competitive Read-Through Watch: LTH management commentary on pricing, member growth, and the competitive environment in the high-value, low-price segment. |
11/4/2026 | Failed Promotional Pricing Test Watch: Commentary on promo results, changes in Black Card penetration, and impact on franchisee economics on the next earnings call. |
11/4/2026 | Slowing Franchisee Openings Watch: The number of new clubs opened in Q3. A miss on the required pace would signal franchisee or execution issues. |
11/23/2026 | Dick's Sporting Goods Earnings Watch: Peer Dick's Sporting Goods (DKS) is scheduled to report earnings. |
beginning in September | Marketing Engine Launch Watch: The company plans a rolling launch for its Dynamic Creative Optimization engine. |
in September | Redesigned App Launch Watch: The company will launch a redesigned Planet Fitness app with updates to the member experience. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-06 | Q2 Earnings Reported Details: The company reported Q2 results with latest-quarter revenue growth of 7.1% and lowered its guidance for 2026 Adjusted net income. The stock reacted negatively, falling -12.0%. | -11.6% $56.59 -> $50.01 |
2026-07-27 | Securities Lawsuit Filed Details: A securities class action lawsuit was filed alleging the company made materially false or misleading statements regarding its growth prospects between November 6, 2025 and May 6, 2026. | +4.6% $53.48 -> $55.94 |
2026-06-25 | New CFO Appointed Details: The company appointed Sudhanshu Priyadarshi as Chief Financial Officer and President, International, bringing more than 25 years of experience from global consumer organizations. | -2.1% $53.86 -> $52.74 |
2026-05-07 | Q1 Earnings Miss, Guidance Cut Details: The company reported weak Q1 results, cutting full-year same-store sales growth guidance to approximately 1% from 4-5% and withdrawing its three-year growth algorithm. The stock fell -28.0%. | -28.3% $63.96 -> $45.88 |
2026-03-09 | CFO Transition Announced Details: The company announced its CFO transition, with former CFO Tom Fitzgerald appointed as Interim CFO while a search for a permanent replacement was initiated. 2026 guidance was reaffirmed. | -3.0% $78.66 -> $76.29 |
2026-02-24 | Q4 2025 Earnings Beat Details: The company reported strong Q4 results with a 5.7% same-store sales growth and a record 104 new locations opened in the quarter, bringing 2025 openings to 181. | -11.8% $90.75 -> $80.05 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: PLNT trades at roughly 41% annualized options-implied volatility versus about 13% for the S&P 500 (3.1x the market), around the 65th 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 Fitness ExposureLife Time serves a higher-end, performance-oriented customer with premium amenities, a segment Planet Fitness explicitly avoids. It demonstrated stronger recent performance with 9.1% comparable center revenue growth.
XPOF - Xponential Fitness
Boutique Fitness FranchisorXponential is a franchisor of specialized boutique fitness studios (e.g., Pilates, cycling). This offers exposure to a different, more targeted fitness consumer than Planet Fitness's mass-market approach.
A high-margin franchise royalty stream facing a near-term crisis as its core value proposition and marketing message are being stress-tested.
Planet Fitness is a capital-light franchisor whose growth flywheel depends on attracting new, casual gym-goers. A recent marketing pivot aimed at more serious fitness users failed to resonate, causing member growth to stall. This threatens franchisee economics and the company's growth trajectory. Management is now in a turnaround phase, revamping marketing and testing pricing to restart the member growth engine. The stock's performance hinges on whether this course correction can successfully re-engage its core demographic.
A return to positive net member growth in subsequent quarters. Evidence that the new marketing campaigns are driving joins from the target demographic. Franchisees maintaining or accelerating the pace of new club openings.
Continued flat or negative net member growth. Negative same-club sales driven by volume declines. A slowdown in new club openings by franchisees, signaling a loss of confidence in unit economics.
Quarterly fluctuations in equipment replacement sales, which can be lumpy. Minor changes in SG&A expenses.
Repricing Catalyst
The stock was significantly repriced downward following the May 7, 2026 earnings report and guidance cut. The next major catalyst will be the results from the upcoming quarters, which will either validate the turnaround strategy by showing a rebound in member growth or confirm fears of a prolonged slowdown.
Franchise
$487M TTM (35% of Total)What It Is
This segment licenses the Planet Fitness brand and business model to independent franchisees. It collects royalties, franchise fees, ad fund contributions, and other fees.
Who Pays & How
Franchisees pay royalties and fees to operate under the nationally recognized Planet Fitness brand, benefit from a streamlined operational model, and gain access to scale advantages like national advertising and negotiated equipment pricing.
Competition
Corporate-owned clubs
$553M TTM (40% of Total)What It Is
This segment operates fitness clubs owned directly by the company, selling memberships and retail items to the general public.
Who Pays & How
Members pay monthly dues and annual fees for access to a high-quality fitness experience in a welcoming, non-intimidating environment at a low price point.
Competition
Equipment
$344M TTM (25% of Total)What It Is
This segment sells fitness equipment, purchased from third-party manufacturers, to new and existing franchisee-owned clubs.
Who Pays & How
Franchisees are required to purchase equipment from the company for new clubs and for replacements every five to nine years, creating a predictable revenue stream and ensuring a consistent member experience across the system.
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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