Planet Fitness, Inc.
PLNT · Services-Membership Sports & Recreation Clubs · EDGAR filings ↗
Net buyback after stock comp: $117M (gross $125M, SBC $8M)
Reference price $49.54 — last insider purchase, 2026-05-12 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
A86Market-leading, asset-light fitness franchisor with top-decile margins and strong cash generation.
Strengths
- Top-decile gross (82.6%, 90th pct) and operating margins (29.8%, 94.5th pct); net margin 16.5% (83rd pct)
- Strong FCF margin (81.5th pct) and ROA (7%, ~84th pct); ~20.8M members, recognized national brand and scale advantages
Risks
- Highly negative book equity (debt-to-equity -5.1) from leverage/buybacks
- Competitive, capital-light franchise model dependent on franchisee club openings
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -5.09)
- Customer concentration~42% of revenue from one customer/distributor — 2% and 42
- Strong balance sheetStrong balance sheet — $541M cash & investments
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$478,750, last 6mo) Form 4 ↗
- Revenue declineRevenue -10.4% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
82.6%
Operating margin
29.8%
Net margin
16.5%
Return on equity
-45.4%
Return on assets
7.1%
ROIC
15.8%
Revenue growth (QoQ)
-10.4%
Net-income growth
27.4%
Debt / equity
-5.1×
Net debt / EBITDA
3.5×
Current ratio
2.1×
Free cash flow
$255M
EBITDA
$550M
Tangible book value
-$1.5B
Cash & investments
$541M
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Keating Colleen | Tax withheld | 22K | $50.60 |
| 2026-05-12 | Keating Colleen | Buy | 5.0K | $49.54 |
| 2026-05-08 | RATHKE FRANCES G | Buy | 5.0K | $46.21 |
| 2026-05-05 | Acoca Bernard | Grant | 2.3K | — |
| 2026-05-05 | Beard, Stephen W. | Grant | 2.3K | — |
| 2026-05-05 | Singh Harmit J | Grant | 2.3K | — |
| 2026-05-05 | DUNAWAY CAMBRIA W | Grant | 2.3K | — |
| 2026-05-05 | Spinelli Stephen JR | Grant | 3.2K | — |
| 2026-05-05 | RATHKE FRANCES G | Grant | 2.3K | — |
| 2026-05-05 | BENSON CRAIG R | Grant | 2.3K | — |
| 2026-05-05 | Tanco Christopher | Grant | 2.3K | — |
| 2026-05-05 | Anderson Enshalla | Grant | 2.3K | — |
| 2026-04-01 | Spinelli Stephen JR | Grant | 736 | — |
| 2026-04-01 | Tanco Christopher | Grant | 320 | — |
| 2026-04-01 | Anderson Enshalla | Grant | 329 | — |
| 2026-04-01 | Beard, Stephen W. | Grant | 139 | — |
| 2026-04-01 | Singh Harmit J | Grant | 43 | — |
| 2026-04-01 | RATHKE FRANCES G | Grant | 346 | — |
| 2026-03-16 | Singh Harmit J | Grant | 263 | — |
| 2026-03-15 | Keating Colleen | Tax withheld | 4.2K | $73.62 |
| 2026-03-15 | Bode William | Tax withheld | 711 | $73.62 |
| 2026-03-15 | Povinelli Brian | Tax withheld | 220 | $73.62 |
| 2026-03-15 | Bode William | Tax withheld | 1.4K | $73.62 |
| 2026-03-10 | Bode William | Grant | 6.6K | — |
| 2026-03-10 | Povinelli Brian | Grant | 4.9K | — |
| 2026-03-10 | Keating Colleen | Grant | 35K | — |
| 2026-02-10 | Povinelli Brian | Tax withheld | 163 | $93.01 |
| 2026-02-09 | Beard, Stephen W. | Grant | 368 | — |
| 2026-01-02 | Tanco Christopher | Grant | 210 | — |
| 2026-01-02 | Anderson Enshalla | Grant | 216 | — |
| 2026-01-02 | Spinelli Stephen JR | Grant | 484 | — |
| 2026-01-02 | RATHKE FRANCES G | Grant | 227 | — |
| 2025-12-04 | Bode William | Tax withheld | 1.1K | $109.40 |
| 2025-11-04 | Stasz Jay | Tax withheld | 258 | $91.32 |
| 2025-10-01 | Tanco Christopher | Grant | 224 | — |
| 2025-10-01 | Anderson Enshalla | Grant | 230 | — |
| 2025-10-01 | Spinelli Stephen JR | Grant | 515 | — |
| 2025-10-01 | Spinelli Stephen JR | Grant | 515 | — |
| 2025-10-01 | RATHKE FRANCES G | Grant | 242 | — |
| 2025-07-01 | Tanco Christopher | Grant | 217 | — |
| 2025-07-01 | Spinelli Stephen JR | Grant | 498 | — |
| 2025-07-01 | RATHKE FRANCES G | Grant | 234 | — |
| 2025-07-01 | Anderson Enshalla | Grant | 222 | — |
| 2025-06-11 | Keating Colleen | Sell | 8.7K | $102.11 |
| 2025-06-11 | Keating Colleen | Sell | 15K | $102.57 |
| 2025-05-06 | Acoca Bernard | Grant | 1.5K | — |
| 2025-05-06 | Tanco Christopher | Grant | 1.5K | — |
| 2025-05-06 | BENSON CRAIG R | Grant | 1.5K | — |
| 2025-05-06 | DUNAWAY CAMBRIA W | Grant | 1.5K | — |
| 2025-05-06 | RATHKE FRANCES G | Grant | 1.5K | — |
| 2025-05-06 | Spinelli Stephen JR | Grant | 1.5K | — |
| 2025-05-06 | Anderson Enshalla | Grant | 1.5K | — |
| 2025-04-01 | Tanco Christopher | Grant | 241 | — |
| 2025-04-01 | Spinelli Stephen JR | Grant | 555 | — |
| 2025-04-01 | RATHKE FRANCES G | Grant | 261 | — |
| 2025-04-01 | Anderson Enshalla | Grant | 248 | — |
| 2025-03-15 | Povinelli Brian | Grant | 2.7K | — |
| 2025-03-15 | Bode William | Grant | 4.7K | — |
| 2025-03-15 | Stasz Jay | Grant | 5.2K | — |
| 2025-03-15 | Keating Colleen | Grant | 26K | — |
| 2025-03-10 | DUNAWAY CAMBRIA W | Sell | 3.0K | $92.11 |
| 2025-02-10 | Povinelli Brian | Grant | 1.6K | — |
| 2025-01-02 | Spinelli Stephen JR | Grant | 357 | — |
| 2025-01-02 | RATHKE FRANCES G | Grant | 238 | — |
| 2025-01-02 | DUNAWAY CAMBRIA W | Grant | 238 | — |
| 2025-01-02 | Tanco Christopher | Grant | 232 | — |
| 2025-01-02 | Anderson Enshalla | Grant | 225 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-11 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-16 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2026-02-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-01-12 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-19 | 0001637207-26-000038 ↗ |
| 8-K | 2026-05-11 | 2026-05-05 | 0001637207-26-000033 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001637207-26-000030 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001637207-26-000028 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001637207-26-000015 ↗ |
| 8-K | 2026-03-09 | 2026-03-05 | 0001193125-26-098710 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001637207-26-000011 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001637207-26-000009 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0001637207-26-000006 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001637207-26-000002 ↗ |
| 8-K | 2025-12-15 | 2025-12-12 | 0001637207-25-000088 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0001637207-25-000084 ↗ |