At a glance
Planet Fitness Inc is worth $4.06B, about 19 times its fiscal 2025 earnings. Revenue grew 12.1% to $1.32B in fiscal 2025, with 16.5% kept as profit; over 5 years it has grown 26.6% a year. It pays no dividend; it spent $1.02B buying back its shares over FY2021–FY2025. The stock returned −43.8% over the past year with dividends reinvested and −7.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 68.7% in the 2020 crash (S&P 500: 33.7%) and 41.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 26 months after the lows.
The business in plain English
Planet Fitness franchises and runs low-cost gyms built around what it calls the Judgement Free Zone, meant to welcome beginners and athletes alike. Clubs are typically 20,000 square feet and filled with cardio and strength equipment, without pools, group classes or juice bars. In the U.S., new members pay from $15 a month for the Classic Card, which covers one club, or $24.99 for the PF Black Card. The Black Card adds every club, a guest on each visit and perks such as massage chairs and tanning.
As of December 31, 2025, Planet Fitness had about 20.8 million members and 2,896 clubs in all 50 states and in countries including Canada, Mexico, Australia and Spain. Franchisees ran 2,604 of those clubs, and the company owned 292. Franchisees are independent owners who pay to use the brand. They pay royalties on members' dues and fees: 7% under new and renewed agreements and 6.7% on average. They must also purchase equipment from Planet Fitness or its required vendors and replace it about every five to nine years.
Revenue reached $1.3 billion in 2025, up 12.1%. Over 90% of club and franchise revenue was recurring, such as dues and royalties. Company-owned clubs brought in 41.2% of revenue and equipment 23.4%. The franchise segment brought in 35.3%: 28.8% from franchise revenue and 6.6% from the national advertising fund, a pooled marketing budget.
Price history
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PLNT -43.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Corporate-owned clubs | $546.1M | 41.2% |
| Franchise | $381.0M | 28.8% |
| Equipment | $310.1M | 23.4% |
| National advertising fund revenue | $87.0M | 6.6% |
By business segment
| Corporate-owned clubs | $546.1M | 41.2% |
| Franchise | $468.0M | 35.3% |
| Equipment | $310.1M | 23.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $365.2M, up 7.1% from a year earlier, and net income was $67.1M (+15.6%).
- For fiscal 2025, revenue was $1.32B (+12.1% year over year; +26.6% a year from FY2020 to FY2025) with a 16.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +26.6% good |
|---|---|
| Operating margin | 29.8% good |
| Free cash flow margin | 19.2% good |
| Return on assets (FY2025) | 7.1% watch |
| Net cash (cash minus debt) | $-2.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $406.6M | $-15.0M | $-21.4M |
| FY2021 | $587.0M | $42.8M | $135.2M |
| FY2022 | $936.8M | $99.4M | $140.2M |
| FY2023 | $1.07B | $138.3M | $194.3M |
| FY2024 | $1.18B | $172.0M | $188.8M |
| FY2025 | $1.32B | $219.1M | $254.8M |
Valuation snapshot
| Market value | $4.06B |
|---|---|
| P/E ratio | 18.5 |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PLNT price data to Oct 28, 2026 | -51.5% | -43.8% | -1.0% | -7.8% | +11.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -51.5% |
| 2025 | +9.7% |
| 2024 | +35.4% |
| 2023 | -7.4% |
| 2022 | -13.0% |
| 2021 | +16.7% |
| 2020 | +4.0% |
| 2019 | +39.3% |
| 2018 | +54.8% |
| 2017 | +72.3% |
| 2016 | +46.5% |
| 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 | Lost 57.3% over that stretch · deepest drop along the way 68.7%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.3% over that stretch · deepest drop along the way 41.7%, back to its old high 25.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($1.1M) and 1 sales ($359K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Stephen JR Spinelli Director | buy | $493K |
| Sep 14, 2026 | William Bode Chief Operating Officer | sell | $359K |
| May 12, 2026 | Colleen Keating Chief Executive Officer, Director | buy | $248K |
| May 8, 2026 | Frances G Rathke Director | buy | $231K |
| Sep 14, 2026 | Christopher Tanco Director | buy | $119K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Investment Management, Inc. | 10.5% | Jun 30, 2026 |
| BlackRock, Inc. | 10.1% | Mar 31, 2026 |
| Vanguard Capital Management | 5.37% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 3.7% | Mar 31, 2026 |
| Steadfast Capital Management LP | 2.8% | Mar 31, 2026 |
ETFs with the most weight in PLNT
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 2.76% |
| SMCO Hilton Small-MidCap Opportunity ETF | 2.18% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.62% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.69% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.6% |
| PDP Invesco Dorsey Wright Momentum ETF | 0.58% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.53% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.52% |
What could go wrong
- Franchisees run about nine in ten clubs. Franchisees own 2,604 of 2,896 clubs. Royalties and equipment revenue depend on their finances and expansion, and a poorly run franchise club can damage the brand for everyone.
- Heavy debt secured by company assets. As of June 30, 2026, debt was about $2.47 billion versus $471 million in cash and investments. Substantially all assets of certain subsidiaries secure the debt, which limits what the company can do.
- Tax payments owed to existing and past owners. Tax receivable agreements require Planet Fitness to pay certain existing and previous owners for tax benefits it may claim. It expects the payments to be substantial, and they could exceed the benefits it actually receives.
- Growth depends on franchisees opening new clubs. As of December 31, 2025, franchisees were obligated to open about 750 more clubs. Finding sites, rising construction costs and new clubs drawing members from nearby clubs could slow growth or squeeze profits.
- Reliance on a few equipment suppliers. Equipment made up 23.4% of 2025 revenue. Planet Fitness depends on a limited number of suppliers for equipment and other products, so disruptions could hurt revenue and gross profit.
- Keeping members in a crowded fitness market. The health, fitness and wellness industry is highly competitive, and tastes change. If clubs fail to attract and keep members, or the Judgement Free brand loses its appeal, revenue across the system suffers.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Major agreement signed; Other company announcement
For income and retirement investors
Planet Fitness pays no cash dividend, so its dividend yield was 0% as of October 28, 2026. Its 10-K warns that shareholders may earn nothing unless the share price rises above what they paid. For an income investor, that means no cash payments to live on. Any return must come from the share price. Instead, the company has spent heavily on buybacks, which shrink the share count. It spent about $1.02 billion from 2021 through 2025, including $500.4 million in 2025. That was nearly twice the year's free cash flow (cash left after running and investing in the business) of $254.8 million.
The shares have fallen hard in downturns. They dropped 68.7% in the 2020 COVID crash and took about 11 months to recover. In the 2022 bear market they fell 41.7% and needed about 26 months to regain their peak. As of October 28, 2026, they were down 51.5% year to date. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Planet Fitness make money?
Planet Fitness makes money from membership dues at its own clubs, royalties from franchised clubs and equipment it supplies to franchisees. In 2025, company-owned clubs produced 41.2% of its $1.3 billion revenue. Franchise revenue made up 28.8%, equipment 23.4% and the national advertising fund 6.6%. Franchisees owned 2,604 of its 2,896 clubs as of December 31, 2025, and pay royalties on their members' dues and fees. The average royalty rate was 6.7%, and the company expects it to rise toward the 7% in new and renewed agreements.
How much does a Planet Fitness membership cost?
In the U.S., membership starts at $15 a month for new members on the Classic Card, which covers one club. The PF Black Card costs $24.99 a month and adds every club, a guest on each visit and extras such as massage chairs, tanning and hot/cold recovery lounges. As of December 31, 2025, 66.5% of members held a Black Card, up from 62.6% four years earlier. Average monthly dues per member were $19.51, up from $17.63.
Does Planet Fitness pay a dividend?
No. Planet Fitness does not pay a cash dividend on its Class A shares, and its dividend yield was 0% as of October 28, 2026. It returns cash through share buybacks instead, spending about $1.02 billion from 2021 through 2025, including $500.4 million in 2025 alone. Buybacks can raise each remaining share's slice of earnings, but they provide no regular income. The 10-K says the company cannot guarantee that its repurchase program will be completed or will lift the share price over the long term.
How much debt does Planet Fitness have?
Planet Fitness had about $2.47 billion of debt as of June 30, 2026, against roughly $471 million in cash and investments. That left about $2.0 billion of net debt. Its securitization debt is borrowing secured by specific assets, and substantially all assets of certain subsidiaries back it. Shareholders' equity was negative $613 million, meaning the company's recorded liabilities exceeded its recorded assets. The 10-K warns that the debt restricts the company's activities and that refinancing depends partly on factors outside its control.
How much has Planet Fitness stock fallen?
Sharply. As of October 28, 2026, the shares were down 51.5% year to date and 43.8% over one year. Their largest peak-to-trough drop during that year was 63.8%. Over five years the price was down 33%, while over 10 years it gained 183%, about 11% a year. On that date the stock traded at about 18.5 times 2025 earnings, a measure called the price-to-earnings ratio, and the company's market value was near $4.1 billion.