Planet Fitness, Inc.
PLNTAbout 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.
Investment snapshot
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
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The 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. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked 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.
| Metric | Graham 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | PASS | FAIL | BUY · Rank #305 (Top 9.8%) | NEUTRAL | FAIL | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | NEUTRAL | FAIL | FAIL | NEUTRAL |
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| Analysis | 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… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/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>= 2.0ROIC (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 YoYRevenue / Total Assets Change YoY0.38x -> 0.43x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities1.53✓Dreman> 1.5Return 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 eachReinvestment 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 growingFCF Positive and Growing$213.9M✓LynchPositive and growingOperating Cash Flow$418.4M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=13.48%, ROA=7.06%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)✗Dreman< 8xP/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<= 25Positive Operating Cash Flow frequency13/13 years positive✓SleepPositive OCF in >= 70% of available yearsOperating 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 $208.9M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: N/A (negative equity), IC: 3.3x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / EquityN/A (negative equity)✗Lynch< 0.33Cash - Long-term Debt$-2.1B✗LynchPositive preferredLT Debt / Total Assets Change69.98% -> 79.22%✗PiotroskiDecreased YoYCurrent 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 < 1.00xDebt LevelsN/A (non-positive equity)✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=3.3x, D/EBITDA=4.2x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity✗Ackman<= 1.0Negative 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-sectionPrice / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic 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< 8xPrice / 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 < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per Share✗Ackman<= 25Price 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-sectionPrice / 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-sectionTrailing 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-sectionPositive EPS (10 years)0/13 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)12/13 years positive✗BuffettPositive every year for 10+ yearsROE (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 yearsFree Cash Flow Proxy$219.1M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROEN/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 > 0ROA 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 > ROAGross Margin Change YoY83.3% -> 82.6%✗PiotroskiImproved YoYPre-Tax Income / Revenue22.2%✓Dreman>= 8%Net Income / Shareholders' Equity✗Dreman> 12%Margin of Safety✗PabraiP/B < 1.5 or P/E < 15Return on Equity16.1% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency12/13 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating 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 yearsRevenue 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 holdingGross profit / total assets+35.25%; #1150/3702 (top 31.1%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0170; #1281/5884 (top 21.8%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive 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% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 16.1% vs Rev: 11.7%✗LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency12/13 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth12.1%✓Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-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 holding5-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
Financial Snapshot
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.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived 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 valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| 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 Margin | 29.9%↑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 Ratio | 1.53↓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
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Walt Disney CoDIS | $205.4B | $118.97 | $94.4B | $12.4B | 11.3% | 0.38 | 18.6% | 0.71 | 1/9 | 2/9 | 4/7 | 1/3 | F-Score 7 | 4/11 |
| Madison Square Garden Sports Corp.MSGS | $9.3B | $314.46 | $1.0B | $22.4M | 8.0% | -1.03 | 1.4% | 0.45 | 1/9 | 3/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| Churchill Downs IncCHDN | $6.8B | $99.72 | $2.9B | $383.0M | 37.9% | 5.08 | 23.4% | 0.60 | 1/9 | 3/9 | 2/7 | 1/3 | F-Score 6 | 3/11 |
| VAIL RESORTS INCMTN | $5.5B | $152.61 | $3.0B | $280.0M | 66.0% | 7.35 | 18.9% | 0.63 | 1/9 | 5/9 | 3/7 | 0/3 | F-Score 7 | 3/11 |
| Cinemark Holdings, Inc.CNK | $4.7B | $40.80 | $3.1B | $138.2M | — | — | — | — | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 1 | 1/11 |
| Manchester United plcMANU | $3.9B | $22.43 | $914.4M | $45.3M | -17.0% | 3.29 | -2.8% | 0.38 | 1/9 | 0/9 | 0/7 | 0/3 | F-Score 5 | 1/11 |
| Atlanta Braves Holdings, Inc.BATRA | $3.7B | $56.66 | $732.5M | $23.4M | -4.4% | 1.40 | -1.8% | 0.42 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| Brightstar Lottery PLCBRSL | $1.8B | $9.81 | $2.5B | $147.0M | 16.8% | 4.77 | — | 0.76 | 3/9 | 2/9 | 1/7 | 1/3 | F-Score 4 | 4/11 |