Planet Fitness, Inc.

PLNT
About the company

Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Clubs, and Equipment. The Franchise segment includes operations related to the franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia.

Country: United StatesPrice: $61.18Market Cap: $4.6B

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

5 of 8 pass — Graham, Akre and Sleep object

Key risk

No clean pass — all 12 investors flag at least one debt & leverage criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILPASSFAILBUY · Rank #305 (Top 9.8%)NEUTRALFAILPASSFAILFAILFAILFAILFAILPASSNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-25

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-05

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-05

Score computed: 2026-11-14

Where It Passes

  • Efficiency63% pass✓ 8✗ 3▾

    5 of 8 pass — Graham, Akre and Sleep object

    Current Ratio1.53
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)16.2%
    ✓Buffett> 10%
    ROIC - WACC+6.2%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)97.4%
    ✓Greenblatt> 25%
    Current Ratio Change YoY2.08 -> 2.11
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.38x -> 0.43x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.53
    ✓Dreman> 1.5
    Return on Invested Capital18.3%
    ✓Munger> 15%
    ROIC (high and growing)FY2023: ROIC=11.5%; FY2024: ROIC=13.1%; FY2025: ROIC=15.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC15.6% (RR=100% x ROIC=15.6%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)2/5 years above 12% (latest 15.6%)
    ✗SleepROIC > 12% in a majority of years
  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Dreman, Pabrai, Ackman +1 more object

    Free Cash Flow Proxy$219.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$213.9M
    ✓LynchPositive and growing
    Operating Cash Flow$418.4M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=13.48%, ROA=7.06%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=5.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive12/13 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency13/13 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$213.9M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+4.69%; #1640/4519 (top 36.3%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Debt & Leverage0% pass✓ 2✗ 13▾

    No clean pass — all 12 investors flag at least one debt & leverage criterion

    LT Debt vs Net Current AssetsLT Debt $2.4B vs NCA $208.9M
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: N/A (negative equity), IC: 3.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / EquityN/A (negative equity)
    ✗Lynch< 0.33
    Cash - Long-term Debt$-2.1B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change69.98% -> 79.22%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.53
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt LevelsN/A (non-positive equity)
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=3.3x, D/EBITDA=4.2x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Net income / market capitalization+5.06%; #1665/6340 (top 26.3%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value6.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=6.4%, ROC=97.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=5.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low150% of trailing low ($40.74)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization-0.1335; #5758/6449 (top 89.3%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3154; #3259/5247 (top 62.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+4.69%; #1640/4519 (top 36.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-13.10%; #3602/6202 (top 58.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability6% pass✓ 12✗ 23▾

    15 of 16 flag PLNT's profitability — Graham, Buffett, Lynch +12 more

    Net income / market capitalization+5.06%; #1665/6340 (top 26.3%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)0/13 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)12/13 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)16.1%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)29.8% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$219.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROEN/A (negative equity)
    ✗Lynch> 15%
    EBIT / Enterprise Value6.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=6.4%, ROC=97.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets7.06%
    ✓PiotroskiROA > 0
    ROA Change YoY5.60% -> 7.06% (delta: +1.46%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=13.48%, ROA=7.06%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY83.3% -> 82.6%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue22.2%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity16.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency12/13 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue29.9%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend25.5% (2023) -> 29.8% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 82.3% -> 82.6%, operating margin 25.5% -> 29.8%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets+35.25%; #1150/3702 (top 31.1%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0170; #1281/5884 (top 21.8%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth25% pass✓ 4✗ 9▾

    6 of 8 flag PLNT's growth — Graham, Lynch, Dreman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 16.1% vs Rev: 11.7%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency12/13 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth12.1%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 82.3% -> 82.6%, operating margin 25.5% -> 29.8%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR26.6%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 10 FAIL · 3 PASS · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (1/9)✓BuffettPASS (4/9)✗LynchFAIL (1/7)✓GreenblattRank #305•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Entertainment
SIC Sector: Amusement & Recreation
Size: Mid Cap($4.6B)
Revenue: $1.3B+12.1% YoY
Net Income: $219.1M+27.4% YoY

Financial Snapshot

Operating Margin29.8%
Return on Equity-45.4%
Debt / Equity-5.14
Current Ratio2.11
Buybacks (1y)$500.4M
Buybacks (2y)$800.6M

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$500.4M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, buybacks.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, buybacks.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-25
FY 2024
Sources
  • 10-K · 2025-02-25
FY 2023
Sources
  • 10-K · 2024-02-29
FY 2022
Sources
  • 10-K · 2023-03-01
FY 2021
Sources
  • 10-K · 2022-03-01
Market Cap$4.6Bcurrent----------------
Revenue$1.4B↑12%$360.0M↑9%$365.2M↑7%$337.2M↑22%$1.3B↑12%$1.2B↑10%$1.1B↑14%$936.8M↑60%$587.0M
Operating Income$430.0M↑14%$101.5M↓5%$123.8M↑21%$98.7M↑25%$394.7M↑22%$324.2M↑19%$272.9M↑19%$230.1M↑60%$143.4M
Net Income$231.0M↑12%$52.0M↓12%$67.1M↑16%$51.6M↑23%$219.1M↑27%$172.0M↑24%$138.3M↑39%$99.4M↑132%$42.8M
EPS (Diluted)------------------
Gross Margin————82.6%↓1%83.3%↑1%82.3%↑1%81.1%↓2%82.8%
Operating Margin29.9%↑2%28.2%↓13%33.9%↑13%29.3%↑2%29.8%↑9%27.4%↑8%25.5%↑4%24.6%↑1%24.4%
ROE-37.9%↑64%———-45.4%↑43%-79.9%↑33%-119.6%↓139%-49.9%↓654%-6.6%
Total Debt$2.5B↑14%$2.5B↑14%$2.5B↑14%$2.5B↑14%$2.5B↑14%$2.2B↑9%$2.0B↓1%$2.0B↑14%$1.8B
Shareholders' Equity-$608.9M↓213%-$608.9M↓213%-$612.7M↓286%-$482.2M↓119%-$482.8M↓124%-$215.4M↓86%-$115.6M↑42%-$199.0M↑69%-$645.4M
Current Ratio1.53↓27%1.53↓27%1.58↓23%2.07↓1%2.11↑1%2.08↑11%1.88↓17%2.27↓39%3.75
Debt / Equity-4.05↑63%-4.05↑63%-4.04↑70%-5.14↑48%-5.14↑49%-10.08↑41%-17.15↓71%-10.04↓269%-2.72
Operating Cash Flow$412.9M↑15%$110.4M↓16%$45.9M↑4%$147.5M↑10%$418.4M↑22%$343.9M↑4%$330.3M↑37%$240.2M↑27%$189.3M
Free Cash Flow$213.9M↑5%$28.9M↓62%$4.0M↓51%$122.0M↑10%$254.8M↑35%$188.8M↓3%$194.3M↑39%$140.2M↑4%$135.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Entertainment

PLNT vs Peers — Financial Grading

Revenue$1.3BMedian
Net Income$219.1MMedian
ROE-45.4%Bottom 25%
D/E-5.14Top 25%
Op. Margin29.8%Top 25%
Curr. Ratio2.11Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Walt Disney CoDIS$205.4B$118.97$94.4B$12.4B11.3%0.3818.6%0.711/92/94/71/3F-Score 74/11
Madison Square Garden Sports Corp.MSGS$9.3B$314.46$1.0B$22.4M8.0%-1.031.4%0.451/93/91/70/3F-Score 51/11
Churchill Downs IncCHDN$6.8B$99.72$2.9B$383.0M37.9%5.0823.4%0.601/93/92/71/3F-Score 63/11
VAIL RESORTS INCMTN$5.5B$152.61$3.0B$280.0M66.0%7.3518.9%0.631/95/93/70/3F-Score 73/11
Cinemark Holdings, Inc.CNK$4.7B$40.80$3.1B$138.2M————1/90/92/70/3F-Score 11/11
Manchester United plcMANU$3.9B$22.43$914.4M$45.3M-17.0%3.29-2.8%0.381/90/90/70/3F-Score 51/11
Atlanta Braves Holdings, Inc.BATRA$3.7B$56.66$732.5M$23.4M-4.4%1.40-1.8%0.421/91/91/70/3F-Score 51/11
Brightstar Lottery PLCBRSL$1.8B$9.81$2.5B$147.0M16.8%4.77—0.763/92/91/71/3F-Score 44/11