# Planet Fitness, Inc. (PLNT)

> Source: Nexqual · https://nexqual.com/PLNT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Planet Fitness, Inc. (PLNT), nexqual.com/PLNT" · informational, not investment advice.

**Price:** USD 53.27 (+3.06% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 51.69 · day 51.85–54.44 · 52w 37.03–114.26 · market cap $4.04B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.41B, net income $238M (16.9% margin), free cash flow $262M (SEC filings).
- Valuation: P/E 17.0x, EV/EBITDA 10.3x, net debt $2.07B.
- Earnings quality: non-operating income -$101M vs operating income $436M over the last four quarters; P/E excluding non-operating income ≈13.0x (estimate: non-operating income taxed at the company's 27.7% effective rate).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $359K; 1 not under a Rule 10b5-1 plan ($359K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $1.1M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.18 on a 1–5 scale) (17 analysts), mean target USD 65.39 (range 49.2–106).
- Total return with dividends: 1Y -44.5% vs S&P 500 +14.9%; 5Y -32.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.81, revenue estimate $348M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $587M | $937M | $1.07B | $1.18B | $1.32B | $1.41B |
| Gross profit | $486M | $760M | $881M | $985M | $1.09B | — |
| Operating income | $143M | $230M | $273M | $324M | $395M | $436M |
| Net income | $42.8M | $99.4M | $138M | $172M | $219M | $238M |
| Free cash flow | $135M | $140M | $194M | $189M | $255M | $262M |
| Gross margin | 82.8% | 81.1% | 82.3% | 83.3% | 82.6% | — |
| Operating margin | 24.4% | 24.6% | 25.5% | 27.4% | 29.8% | 30.9% |
| Net margin | 7.3% | 10.6% | 12.9% | 14.6% | 16.5% | 16.9% |
| Revenue growth | +44.4% | +59.6% | +14.4% | +10.3% | +12.1% | — |
| Cash + short-term investments | $546M | $410M | $351M | $407M | $452M | — |
| Total debt | $1.76B | $2.00B | $1.98B | $2.17B | $2.48B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.0x · P/E ex non-operating (est.) ≈13.0x · P/S 2.9x · EV/EBITDA 10.3x · EV/Sales 4.3x · P/FCF 15.4x · FCF yield 6.48% · Earnings yield 5.89% · Buyback yield (TTM) 17.31% · Net debt $2.07B · EV $6.11B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Bode William | Chief Operating Officer | 7,000 | $359K | 17.5% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $1.1M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-14 | Tanco Christopher | Director | 2,328 | $119K | 51.23 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Spinelli Stephen Jr | Director | 10,000 | $493K | 49.28 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Keating Colleen | Chief Executive Officer | 5,000 | $248K | 49.54 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-08 | Rathke Frances G | Director | 5,000 | $231K | 46.21 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.18 on a 1–5 scale), 17 analysts; mean target USD 65.39 (low 49.2, high 106).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | RBC Capital | Target lowered | Outperform | $65 → $60 |
| 2026-10-05 | Baird | Target lowered | Outperform | $72 → $60 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $47 → $51 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $70 → $65 |
| 2026-07-20 | Canaccord Genuity | Target raised | Buy | $80 → $82 |
| 2026-07-09 | JP Morgan | Target raised | Overweight | $60 → $62 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -44.5% | -32.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -44.6% | -7.6% |
| Volatility (annualized) | 54.6% | 40.8% |
| Max drawdown | -63.8% (Nov 2025→Sep 2026) | -62.4% (Jul 2025→Sep 2026) |

## Peers (Leisure)
GOLF (Acushnet Holdings Corp.) USD 81.97 +2.50% · MAT (Mattel, Inc.) USD 16.94 -0.06% · YETI (YETI Holdings, Inc.) USD 44.03 +2.95% · CALY (Callaway Golf Company) USD 14.36 +2.21% · OSW (OneSpaWorld Holdings Limited) USD 24.29 +1.50% · PTON (Peloton Interactive, Inc.) USD 5.46 +4.20%

## More
Full page: https://nexqual.com/PLNT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Corporate-owned clubs | $143.9M | 39.4% | +3.5% |
| Franchise | $135.8M | 37.2% | +13.5% |
| Equipment | $85.6M | 23.4% | +4.1% |
| Total revenue | $365.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Corporate-owned clubs | $143.9M | 39.4% | +3.5% |
| Franchise | $102.9M | 28.2% | +6.2% |
| Equipment | $85.6M | 23.4% | +4.1% |
| National advertising fund revenue | $32.9M | 9.0% | +44.5% |
| Total revenue | $365.2M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $352.6M | 96.5% | +5.7% |
| Rest of world | $12.6M | 3.5% | +72.2% |
| Total revenue | $365.2M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.81 | $0.79 | +2.0% | $348.3M | 15 |
| Next quarter (ends 2026-12-31) | $0.82 | $0.82 | -0.1% | $371.6M | 15 |
| Current fiscal year (ends 2026-12-31) | $3.26 | $3.20 | +2.0% | $1.42B | 16 |
| Next fiscal year (ends 2027-12-31) | $3.66 | $3.60 | +1.8% | $1.52B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±14.5%; last 8 reports averaged ±12.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.6% | ±14.5% |
| 2026-12-18 | 56 | 55.0% | ±17.4% |
| 2027-01-15 | 84 | 51.5% | ±19.8% |
| 2027-02-19 | 119 | 48.8% | ±22.3% |
| 2027-05-21 | 210 | 52.1% | ±31.3% |