| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 67 | 17.2x | 17.8x | Top tier | |
Growth | 63 | 12.7% | 7.1% | Around median | |
Quality | 89 | 14.0% | 4.5% | Top tier | |
Safety | 33 | 4.5x | 2.6x | Bottom tier | |
Capital Return | 17 | — | 2.12% | Bottom tier | |
Momentum | 4 | -46.0% | 2.9% | Bottom tier | |
Sentiment | 96 | 13 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Planet Fitness operates a low-price, high-value fitness club model that particularly targets beginners and occasional gym-goers through a Judgment Free Zone environment. The company generates revenue from franchise fees, royalties, and National Advertising Fund contributions; company-owned clubs; and the sale of new-club opening and replacement equipment to franchisees. In Q2 FY2026, franchise segment revenue grew 13%, company-owned club revenue grew 4%, and equipment revenue grew 4%. Growth remained heavily franchise-driven, as fewer than 10% of clubs were company-owned, while system-wide sales exceeded $5 billion.
In Q2 FY2026, revenue increased 7% to $365 million, and net income reached $67 million, while adjusted EBITDA increased 3.5% to $153 million. However, the adjusted EBITDA margin declined to 41.8% from 43.3%, demonstrating that revenue growth did not fully translate into profit expansion. By segment, adjusted EBITDA was $92 million for the franchise segment at a 67.6% margin, $57 million for company-owned clubs at a 40% margin, and $24 million for equipment at a 28.4% margin.
Planet Fitness ended Q2 FY2026 with 21.5 million members, up 3.6% from the prior year, and a network of 2,930 locations after opening 23 clubs during the quarter. Same-club sales increased only 1.7%, with the increase driven entirely by higher average pricing rather than membership growth, while membership remained flat compared with Q1 FY2026. Black Card membership penetration reached approximately 68%, up 210 basis points from the prior year, supporting average revenue per member despite weak net member acquisition.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $72.97, within a wide range of $50.5 to $126, with a consensus Buy rating. The average target is approximately 36% below the 52-week range high of $114.26, while the highest target exceeds that high and the lowest target remains above the range low of $37.03. The positive consensus should be balanced against Jefferies lowering its target from $133 to $106 after same-club sales growth slowed to 1.7%.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue increased 7% to $365 million, but same-club sales grew only 1.7% compared with 8.2% in the comparable period. The same-club sales increase was driven entirely by higher average pricing, and membership remained at 21.5 million, unchanged from Q1 FY2026. Management is therefore focusing on acquiring new members from the segment that does not have a fitness membership and on improving retention through marketing and an artificial intelligence churn detection model.
The company expects revenue growth of approximately 7%, adjusted EBITDA growth of approximately 6%, and same-club sales growth of approximately 1%. It also targets opening 180 to 190 clubs and installing equipment at 150 to 160 locations, with openings and installations concentrated in Q4 FY2026. Following the share repurchases, it raised its adjusted diluted EPS growth outlook to approximately 6%, but revised its adjusted net income outlook to a decline of approximately 3%.
Black Card penetration reached approximately 68% at the end of Q2 FY2026, up 210 basis points from the prior year. This higher mix helped increase average pricing, and pricing accounted for all same-club sales growth during the quarter. The company also expanded the test of five new Black Card Spa services to 100 clubs to measure their effect on sign-ups, upgrades, and retention.
Management said on the August 6, 2026 call that the national $10 test is a limited-time offer and not a permanent reversal of the $15 price. However, anyone who joins during the offer retains the $10 price as long as they remain a member, under the join-price protection policy. Previous local tests showed no meaningful migration from the $15 membership to the $10 membership, and the company is using the national test to measure demand elasticity and regional differences.
The plan focuses on more welcoming and less intimidating marketing messages targeting approximately 70% of the United States population that does not pay for a fitness membership. The phased rollout of the Dynamic Creative Optimization engine and the redesigned app began in September 2026, while the company plans to launch the full campaign in late December 2026. The plan is also supported by the first 100 days member experience, an artificial intelligence model for identifying membership cancellation risk, and the High School Summer Pass program, which recorded more than 12 million workouts as of the August 6, 2026 call.
The average analyst price target is $72.97, ranging from $50.5 to $126, with a consensus Buy rating. The positive case is based on a network of 2,930 locations, 21.5 million members, and Q2 FY2026 revenue growth of 7%. Conversely, Jefferies lowered its target from $133 to $106 on August 6, 2026, after same-club sales growth slowed to 1.7% and the consolidated adjusted margin declined to 41.8%.
