Planet Fitness
PLNT on NYSE. Planet Fitness sells gym memberships to people who want to exercise. Market value $9.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing big in our quick check. See what could go wrong below.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.17 of spare cash in the past 12 months. A savings account pays about $4.
You pay 12.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 80 of 100. Price score: 99 of 100. Our list needs 70 on quality and 60 on price.
$42.25 a share, 14% above its 1-year low
Over the past year the price has ranged from $37.03 to $114.26.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $587m | $937m | $1.1bn | $1.2bn | $1.3bn |
| Operating margin | |||||
| Operating margin | 24.4% | 24.6% | 25.5% | 27.4% | 29.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | n/a | n/a | n/a | n/a | n/a |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 26.6% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $365 million last quarter, up 7% on a year ago.
- Profit: $67 million, up 16% on a year ago.
- It keeps 31 cents of each $1 of sales as operating profit, up from 28 cents a year earlier.
- Spare cash over the past 12 months: $262 million, up from $204 million.
- Debt is $2.3 billion more than cash, up from $1.8 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $292m |
| December 2024 | $340m |
| March 2025 | $277m |
| June 2025 | $341m |
| September 2025 | $330m |
| December 2025 | $376m |
| March 2026 | $337m |
| June 2026 | $365m |
| Quarter to | Amount |
|---|---|
| September 2024 | $42m |
| December 2024 | $47m |
| March 2025 | $42m |
| June 2025 | $58m |
| September 2025 | $59m |
| December 2025 | $60m |
| March 2026 | $52m |
| June 2026 | $67m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 424 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Corvex ManagementKeith Meister | $99m | 3.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $69m | 0.2% | Added |
Largest holders overall
- BlackRock$435mCut
- T. Rowe Price Investment Management$435mCut
- SRS Investment Management$257m
- Vanguard Portfolio Management$191m
- Vanguard Capital Management$187m
- Dorsal Capital Management, LP$145mAdded
- AQR Capital Management$138mAdded
- State Street$130m
- D. E. Shaw$128mAdded
- Steadfast Capital Management LP$109mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- T. Rowe Price Investment Management, Inc.Passive investor10.5%−4.2 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor10.1%+1.0 ptsSince 31 March 2026
- Vanguard Capital ManagementPassive investor5.4%Since 31 March 2026
- Steadfast Capital Management LPPassive investorat least 2.8%−3.6 pts(filed with 3 related holders)Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Investment Management, Inc. Passive investor | 10.5%−4.2 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 10.1%+1.0 pts | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.4% | 31 March 2026 | |
Steadfast Capital Management LP Passive investor | at least 2.8%−3.6 pts (filed with 3 related holders) | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $1m of shares on the open market. 1 sold $358,540.
- Tanco ChristopherDirectorBought
- Date
- 14 September 2026
- Shares
- 2,328
- Price
- $51.23
- Value
- $119,259
- Bode WilliamChief Operating OfficerSold
- Date
- 14 September 2026
- Shares
- 7,000
- Price
- $51.22
- Value
- $358,540
- Spinelli Stephen JRDirectorBought
- Date
- 10 August 2026
- Shares
- 10,000
- Price
- $49.28
- Value
- $492,800
- Keating ColleenChief Executive Officer, DirectorBought
- Date
- 12 May 2026
- Shares
- 5,000
- Price
- $49.54
- Value
- $247,700
- RATHKE FRANCES GDirectorBought
- Date
- 8 May 2026
- Shares
- 5,000
- Price
- $46.21
- Value
- $231,050
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Tanco Christopher Director | Bought | 2,328 | $51.23 | $119,259 |
| 14 September 2026 | Bode William Chief Operating Officer | Sold | 7,000 | $51.22 | $358,540 |
| 10 August 2026 | Spinelli Stephen JR Director | Bought | 10,000 | $49.28 | $492,800 |
| 12 May 2026 | Keating Colleen Chief Executive Officer, Director | Bought | 5,000 | $49.54 | $247,700 |
| 8 May 2026 | RATHKE FRANCES G Director | Bought | 5,000 | $46.21 | $231,050 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.