Planet Fitness Inc. (PLNT) Stock Analysis 2026

Planet Fitness is the largest fitness club franchise in the United States by number of members, operating 2,500+ locations with 19M+ members. The company operates on an ultra-low price model ($10-25/month memberships vs $50-100/month at traditional gyms) and markets itself to the 'casual fitness consumer' — first-time gym members, those intimidated by traditional fitness culture, and price-conscious exercisers. Planet Fitness operates a franchise model where 90%+ of locations are franchisee-owned.

This chart shows how Planet Fitness's revenue flows through to profit. Each row deducts a layer of costs: first the direct cost of making products/services (Cost of Revenue), then operating expenses like marketing and R&D, then taxes. What remains at the bottom is net income — the actual profit shareholders own. High gross and net margins indicate a business with strong pricing power and efficiency.

Planet Fitness Inc. trades at a trailing P/E of 17.58x, generates $156.2M in free cash flow, hasn't disclosed a debt/equity ratio, and hasn't disclosed return on equity. For context: P/E ratio measures how much you pay for $1 of earnings (lower = cheaper, but fast-growing companies command higher P/E); Free Cash Flow is the cash left after running the business; Debt/Equity shows how leveraged a company is; Return on Equity shows how efficiently it turns shareholder capital into profit.

Wall Street analysts covering Planet Fitness Inc. currently haven't converged on a clear consensus rating, with a mean 12-month price target of $67.54 (+36.5% vs the current price). Analysts set these targets after researching a company's earnings, competitive position, and industry trends — Strong Buy / Buy means the majority expect meaningful upside, while Hold means fair value near the current price rather than a sell signal.

We use 2 valuation models to estimate PLNT's intrinsic value. Intrinsic value is what a stock is truly worth based on the company's fundamentals, independent of what the market prices it at today. If multiple models agree the stock is undervalued, that convergence is a stronger signal.

PLNT is currently in a death cross pattern, trading below its 50-day average of $52.71 and below its 200-day average of $74.57. Moving averages smooth out day-to-day volatility to reveal the underlying trend — a Golden Cross (50MA crosses above 200MA) is a classic bullish signal, a Death Cross is bearish, though both are lagging indicators that confirm trends rather than predict them.

PLNT's investment case breaks down into 4 bull points and 4 bear points below. The bull case outlines the key reasons the stock could outperform — competitive advantages, growth catalysts, and market tailwinds. The bear case highlights the most significant risks. A strong bull case with manageable bear risks typically makes for a more compelling investment.