Planet Fitness, Inc. (PLNT) Stock

Planet Fitness, Inc. (PLNT) is a Communication Services stock trading at $53.46 (as of 2026-07-24), with a market capitalization of $4.23B and a trailing P/E of 18.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Planet Fitness, Inc., together with its subsidiaries, franchises and corporate-owned stores, operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment activities, serving franchisees and customers across the United States, Canada, Puerto Rico, Panama, Mexico, and Australia.

Understand Planet Fitness, Inc.: how it makes money

Planet Fitness operates fitness centers under the Planet Fitness brand, with business spread across franchise clubs, corporate-owned clubs, and the sale of fitness equipment to franchisee-owned locations, generating revenue from franchise operations, corporate club operations, and equipment sales.

Profit is driven by the mix between franchising (Franchise segment) and corporate club operations (Corporate-Owned Stores segment), with an additional lever from equipment sales to franchisee-owned stores (Equipment segment).

Revenue by segment (latest quarter)
CorpClubs$0.1B
Franchise$0.1B
Equip$0.1B

Business quality (Solid): For the latest quarter shown (2026-03-31), the company reported revenue of 0.3B with gross margin of 86.6% and operating margin of 29.3%, supported by a segment mix split between Corporate-owned clubs (0.14B), Franchise (0.13B), and Equipment (0.06B).

Valuation: At 18× earnings, PLNT trades 66% below the Entertainment average (53×). Note: one-time items can distort reported P/E.

Bull case

  • Scale in membership base, with 21.5 million ending members reported: A larger member base supports the core demand that drives club economics in both corporate-owned and franchised locations.
  • Premium membership mix is present, with Black Card membership penetration of 67%: Higher uptake of the Black Card tier increases the share of members on a higher-value membership offering (as reflected by the penetration metric).
  • Equipment revenue appears to have repeatable components, with replacement equipment share of 87%: A high replacement share suggests continued equipment needs for franchisee-owned clubs beyond initial placements.

Bear case

  • Member and utilization metrics highlight sensitivity to customer engagement: With average club utilization at 6.7 and Perks platform engagement with long inactivity at 25%, performance can be affected if engagement or visitation patterns weaken.
  • Growth through new openings can be execution-sensitive: The company reports new Planet Fitness clubs opened system-wide (15) and net new store openings (18), so slower store expansion or timing differences could affect results.
  • Retention and reactivation depend on member behavior: The rejoin rate is 30%, so changes in churn, rejoin behavior, or first-time join mix (40%) could influence membership dynamics.
Valuation — source: SEC EDGAR (first-party)
Price$53.46
Market Cap$4.23B
P/E Ratio18.2
EV / EBITDA10.8
Price / Book-8.64
Price / Sales3.01
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.32B
Net Margin16.5%
Return on Equity-47.4%
Debt / Equity-5.13
Current Ratio2.07
Revenue Growth (YoY)21.9%
FCF Growth (YoY)10.1%
Financial Health — source: SEC EDGAR
Altman Z-Score1.19 (distress)
Valuation vs Sector & Industry
Stock P/E18.2
Sector P/E (Communication Services)21.7
Industry P/E (Entertainment)39.5
vs Sector-15.9%
vs Industry-53.8%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderT. Rowe Price Investment Management, Inc. ($865.19M)
Institutional Holders Tracked10
Congressional Trades (recent)4
Company
SectorCommunication Services
IndustryEntertainment
CEOColleen Keating
Employees4,173
CountryUS
IPO Date2015-08-06

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PLNT earnings history · PLNT institutional & insider holders · PLNT KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.