At a glance
Life Time Group Holdings Inc is worth $9.69B, about 26 times its fiscal 2025 earnings. Revenue grew 14.3% to $3.00B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 25.9% a year. It pays no dividend. The stock returned +68.4% over the past year with dividends reinvested and +19.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
Life Time Group Holdings runs premium health clubs it calls “athletic country clubs.” Its annual report lists 189 clubs in 31 US states and one Canadian province, serving nearly 1.6 million members on nearly 873,000 memberships as of December 31, 2025. Depending on the site, a club may offer a fitness floor, pools, tennis and pickleball courts, a spa, a cafe, childcare and personal training.
Memberships run month to month with no long-term contract. Options include base plans, signature plans that add extras such as small group training, lower-priced “qualified” plans often subsidized through partners including some health insurers, and on-hold plans, mostly $15 a month, for members taking a break. Of about $3.0 billion in 2025 revenue, membership dues and enrollment fees brought in $2.11 billion, or 70.5%. In-center revenue, from services such as personal training, the spa and the cafe, was $797 million, or 26.6%. The remaining 2.9% was other revenue.
Members skew affluent. As of December 31, 2025, their median household income was $160,000, and about 60% were on couples or family plans. Average revenue per center membership rose to $3,531 in 2025 from $3,160 in 2024. Life Time grows with an “asset-light” approach, meaning it leases most new sites rather than owning them. About 71% of its centers are leased.
Price history
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LTH +68.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Membership dues and enrollment fees | $2.11B | 70.5% |
| In-center revenue | $797.3M | 26.6% |
| Other revenue | $86.5M | 2.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $893.5M, up 14.2% from a year earlier, and net income was $106.5M (+4.0%).
- For fiscal 2025, revenue was $3.00B (+14.3% year over year; +25.9% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.9% good |
|---|---|
| Operating margin | 16.1% good |
| Free cash flow margin | -0.7% weak |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 4.7% watch |
| Net cash (cash minus debt) | $-1.21B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $948.4M | $-360.2M | $-361.6M |
| FY2021 | $1.32B | $-579.4M | $-348.9M |
| FY2022 | $1.82B | $-1.8M | $-390.2M |
| FY2023 | $2.22B | $76.1M | $-235.0M |
| FY2024 | $2.62B | $156.2M | $50.6M |
| FY2025 | $3.00B | $373.7M | $-21.0M |
Valuation snapshot
| Market value | $9.69B |
|---|---|
| P/E ratio | 26 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Life Time Group Holdings’s market value went from $3.32B at the end of 2021 to $9.69B on Oct 28, 2026, about 2.9 times as much; since the end of 2025 it is up 65%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.69B | +65.3% |
| 2025 | $5.86B | +28.0% |
| 2024 | $4.58B | +54.6% |
| 2023 | $2.96B | +27.5% |
| 2022 | $2.32B | -30.1% |
| 2021 | $3.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LTH price data to Oct 28, 2026 | +62.3% | +68.4% | +55.6% | +19.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +62.3% |
| 2025 | +20.2% |
| 2024 | +46.7% |
| 2023 | +26.1% |
| 2022 | -30.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.2% over that stretch · deepest drop along the way 48%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 33 sales ($1.61B), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | John Kristofer Galashan Director | sell | $220.9M |
| Aug 10, 2026 | John G Danhakl Director | sell | $220.9M |
| Aug 10, 2026 | Green LTF Holdings II LP Director | sell | $216.9M |
| Aug 26, 2026 | John G Danhakl Director | sell | $126.1M |
| Aug 26, 2026 | John Kristofer Galashan Director | sell | $126.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Sep 30, 2026 |
ETFs with the most weight in LTH
| PEJ Invesco Leisure and Entertainment ETF | 3.12% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 1.3% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.78% |
| LST Leuthold Select Industries ETF | 0.59% |
| FPX First Trust US Equity Opportunities ETF | 0.49% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.4% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.4% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 0.39% |
What could go wrong
- Members can cancel at any time. Every membership is month-to-month and can be canceled with notice. Several lower-priced “qualified” programs, often subsidized through third parties such as insurers, were set to expire in 2026 unless renewed. Converting those members isn't guaranteed.
- Growth depends on opening new clubs. Life Time targets 12 to 14 new clubs a year on average starting in 2026, more of them large clubs built from scratch. Construction delays, higher costs or weaker new clubs could hurt profits.
- Debt and long-term lease commitments. Life Time had about $1.5 billion of debt and $224 million of cash and investments as of June 30, 2026. About 71% of its clubs are leased. Rent and interest don't shrink when members leave.
- Big shareholders are selling stock. Large holders have been selling. Insider filings in the year to October 29, 2026 show about $1.6 billion of sales and no purchases. Further sales could push the share price down.
- Rising labor costs and staffing needs. With over 44,000 team members, Life Time depends on hiring and keeping skilled trainers and staff. Rising wages, union organizing efforts or changes in labor law could raise costs and squeeze profit margins.
- Economic downturns and health crises. Gym dues are easy to cut when budgets tighten. Inflation has raised wages, rent and construction costs, and the business took time to recover from COVID-19 closures. Another health crisis could shut clubs again.
Recent events
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
For income and retirement investors
Life Time pays no dividend, and it repurchased no shares in fiscal 2021 through 2025. Instead, its share count rose about 16%, from about 193 million in November 2021 to about 223 million in July 2026, which dilutes existing owners. Free cash flow (operating cash minus capital spending) was negative $21 million in 2025, despite $374 million of net income, so there was no spare cash to return. An income investor would earn returns only from price changes and would need to sell shares to draw income.
The stock has swung sharply. In the 2022 bear market, when stocks broadly fell, it dropped 48% from its January 4, 2022 high to its October 12, 2022 low, then regained that high by January 30, 2023. Its deepest drop since listing was 58.4%, as of October 28, 2026. It began trading in October 2021, after the 2008 and 2020 crashes. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Life Time make money?
Mostly from membership dues. Life Time's revenue was about $3.0 billion in 2025. Membership dues and enrollment fees made up $2.11 billion of that, or 70.5%. In-center revenue, from services such as personal training, the spa and the cafe, added $797 million, or 26.6%. Other revenue was 2.9%. Average revenue per center membership rose to $3,531 in 2025, from $3,160 in 2024 and $2,810 in 2023.
Does Life Time pay a dividend?
No. Life Time Group Holdings does not pay a dividend. It paid none in fiscal 2021 through 2025 and did not repurchase stock in that period. Its share count rose about 16% from November 2021 to July 2026. Free cash flow was negative $21 million in 2025, after a positive $51 million in 2024. Investors who want regular income would have to sell shares, since any return comes from price changes.
Is Life Time profitable?
Yes. Net income was $374 million in 2025, up 139% from $156 million in 2024, on revenue of about $3.0 billion. That was $1.66 per diluted share. The operating margin (operating profit as a share of revenue) was 16.1%. The profits are fairly new: Life Time lost money every year from 2020 through 2022, including a $579 million loss in 2021. In the quarter ended June 30, 2026, net income rose 40.6% from a year earlier to $101 million.
How much debt does Life Time have?
About $1.5 billion as of June 30, 2026, against $224 million of cash and investments. That leaves net debt of about $1.27 billion. Shareholders' equity was $3.3 billion. Life Time also has lease obligations, since about 71% of its centers are leased. Its 10-K warns that its debt, its leases and their restrictive covenants (limits set in loan and lease agreements) could reduce its flexibility. It reported a new financial obligation in a filing dated August 13, 2026.
How has Life Time stock performed?
The shares have risen sharply but unevenly. As of October 28, 2026, the price was up 62.3% year to date, 68.4% over one year, 276% over three years and 140% over five years, or 19.1% a year. Calendar-year returns were -30.5% in 2022, 26.1% in 2023, 46.7% in 2024 and 20.2% in 2025. Volatility, a measure of how much the price swings, was 36.9% over the year to that date. Past gains don't guarantee future results.