Planet Fitness

PLNT · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

PLNT · Last close · October 26, 2026

$52.44

Planet Fitness' revenue rose 12.1% to $1.3 billion in fiscal 2025. Its operating margin was 29.8%, up from 27.4% a year earlier. Free cash flow was $255 million, up 34.9%. It paid out $500 million in dividends and buybacks, 196% of free cash flow.

PLANET FITNESS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001637207-26-000011 Updated October 9, 2026

Revenue

$1.3B

12.1%

Operating margin

29.8%

2.4 pts

Net income

$219M

27.4%

Free cash flow

$255M

34.9%

Return on capital

18.4%

3.1 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Planet Fitness tags earnings per share and share counts only for its Class A shares, which the SEC's company-level data leaves out, so per-share figures are left blank.

What Planet Fitness does

Planet Fitness franchises and runs gyms. Its clubs are typically about 20,000 square feet and are filled with cardio and strength equipment, with staff trainers who give free group instruction. It skips extras such as group classes, pools and day care. It markets a relaxed, non-intimidating atmosphere it calls the Judgement Free Zone. A standard membership starts at $15 per month for new members.

Most of its clubs are owned by franchisees, who pay the company royalties. The company also owns and runs some clubs itself. Its revenue was $1.3 billion in 2025. At the end of the year it had approximately 20.8 million members and 2,896 clubs: 2,604 owned by franchisees and 292 by the company. They are in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain.

The company says it competes with the wide range of businesses in the health, fitness and wellness industry.

Its biggest risks, as it describes them

Harm to its brand, which its success depends on heavily.
Competition in the health, fitness and wellness industry.
Clubs, its own and franchisees', may not attract and keep enough members.
Reliance on high-profile partnerships whose reputations it does not control.
Failures of its information systems, or a breach of member payment and personal data.

From Planet Fitness's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, net income grew 29.4% a year; the filings' structured data doesn't give diluted earnings per share.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Planet Fitness yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Planet Fitness' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Planet Fitness' diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Planet Fitness's own revenue growth, as above. Cautious: growth of 6% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 12% then 7% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 18.5% then 11% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $52.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Planet Fitness' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	546	410	351	407	452
Debt incl. finance leases	1,758	1,999	1,984	2,171	2,483
Net debt (negative means net cash)	1,212	1,590	1,633	1,763	2,031
Net debt to EBITDA	5.9x	4.5x	3.9x	3.6x	3.7x
Debt to equity	—	—	—	—	—
Interest coverage	1.8x	2.6x	3.1x	3.2x	3.6x
Current ratio	3.8x	2.3x	1.9x	2.1x	2.1x
Quick ratio	3.7x	2.2x	1.9x	2.1x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $1.1 million of Planet Fitness shares on the open market, and 1 insider sold $358,540.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	William BodeChief Operating Officer	Sold	7,000	$51.22	$358,540	Form 4
Sep 14, 2026	Christopher TancoDirector	Bought	2,328	$51.23	$119,263	Form 4
Aug 10, 2026	Stephen Spinelli JRDirector	Bought	10,000	$49.28	$492,800	Form 4
May 12, 2026	Colleen KeatingChief Executive Officer, Director	Bought	5,000	$49.54	$247,700	Form 4
May 8, 2026	Frances G RathkeDirector	Bought	5,000	$46.21	$231,050	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	—	—	—
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—
Accruals ratio	−6.6%	−5.7%	−6.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Planet Fitness side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Planet Fitness	FY25	12.1%	29.8%	19.2%	18.4%	3.7x	—
United Parks & Resorts	FY25	−3.6%	22.0%	9.8%	16.1%	4.0x	6	Compare
OneSpaWorld	FY25	7.4%	8.5%	7.1%	12.7%	0.6x	6	Compare
Life Time Group	FY25	14.3%	16.1%	−0.7%	8.5%	1.7x	8	Compare
Six Flags	FY25	14.4%	−44.4%	−4.9%	−17.6%	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	378	430	573	689	407	587	937	1,071	1,182	1,324
Revenue growth	14.4%	13.7%	33.2%	20.2%	−41.0%	44.4%	59.6%	14.4%	10.3%	12.1%
Gross profit	256	301	410	494	—	486	760	881	984	1,094
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	116	148	184	233	60	143	230	273	324	395
Net income	22	33	88	118	−15	43	99	138	172	219
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	109	131	184	204	31	189	240	330	344	418
Capital expenditure	15	38	41	58	53	54	100	136	155	164
Free cash flow	93	93	144	146	−21	135	140	194	189	255
Dividends paid	169	0	0	0	0	0	0	0	0	0
Share buybacks	2	0	342	458	0	0	94	125	300	500
Acquisitions	0	0	46	53	0	2	425	43	0	0
Stock-based compensation	2	2	6	5	5	9	8	8	9	12
Balance sheet at fiscal year end
Cash and short-term investments	40	113	289	436	440	546	410	351	407	452
Debt incl. finance leases	709	704	1,172	1,705	1,769	1,758	1,999	1,984	2,171	2,483
Total assets	1,001	1,092	1,353	1,717	1,850	2,016	2,855	2,970	3,070	3,103
Total liabilities	1,216	1,229	1,736	2,425	2,555	2,659	3,066	3,089	3,285	3,587
Shareholders' equity	−131	−120	−375	−706	−706	−645	−199	−116	−215	−483
Margins and ratios
Gross margin	67.7%	69.9%	71.6%	71.8%	—	82.8%	81.1%	82.3%	83.3%	82.6%
Operating margin	30.6%	34.3%	32.1%	33.8%	14.7%	24.4%	24.6%	25.5%	27.4%	29.8%
Net margin	5.7%	7.7%	15.4%	17.1%	−3.7%	7.3%	10.6%	12.9%	14.6%	16.6%
Free cash flow margin	24.7%	21.7%	25.1%	21.3%	−5.3%	23.0%	15.0%	18.1%	16.0%	19.2%
Return on capital	20.2%	16.2%	30.2%	34.4%	8.0%	21.4%	16.2%	13.6%	15.3%	18.4%
Return on equity	—	—	—	—	—	—	—	—	—	—
Return on assets	2.5%	3.2%	7.2%	7.7%	−0.8%	2.2%	4.1%	4.8%	5.7%	7.1%
Net debt to EBITDA	4.5x	3.3x	4.0x	4.6x	11.7x	5.9x	4.5x	3.9x	3.6x	3.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Planet Fitness' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Planet Fitness.