Planet Fitness, Inc. (PLNT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+73.3%

$96.09

vs $55.46 price

Levered DCF

$61.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.17

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.4×	49.19×	44.79×	66.78×	177.61×	-408.58×	52.59×	53.09×
P/B	-18.74×	-39.3×	-53.59×	-33.31×	-11.69×	-8.83×	-8.77×	-12.49×
P/S	6.84×	7.16×	5.78×	7.08×	12.85×	15.33×	9×	8.16×
EV / EBITDA	20.37×	21.19×	18.68×	22.88×	45.69×	63.67×	27.34×	25.48×
Gross margin	51.9%	52.0%	52.0%	50.6%	53.8%	45.9%	52.0%	51.1%
Operating margin	29.8%	27.4%	25.5%	24.6%	24.4%	14.7%	33.8%	32.1%
Net margin	16.5%	14.6%	12.9%	10.6%	7.3%	-3.7%	17.1%	15.4%
Current ratio	2.11×	2.08×	1.88×	2.27×	3.75×	5.07×	3.71×	2.96×
Debt / equity	-6×	-11.96×	-20.45×	-11.76×	-3.03×	-2.74×	-2.63×	-3.13×
Interest coverage	3.65×	3.24×	3.15×	2.6×	1.77×	0.73×	3.83×	3.63×
Dividend yield	0.0%	0.1%	0.1%	0.1%	0.0%	0.0%	0.1%	0.2%
Payout ratio	0.7%	2.8%	3.3%	4.7%	1.8%	-13.7%	6.5%	10.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-45.3%	-79.9%	-119.6%	-49.9%	-6.6%	2.1%	-16.7%	-23.5%
Return on invested capital	10.1%	8.3%	7.1%	6.0%	6.9%	3.4%	11.5%	11.7%
Return on assets	7.1%	5.6%	4.7%	3.5%	2.1%	-0.8%	6.9%	6.5%
Free cash flow yield	2.8%	2.2%	3.1%	2.1%	1.8%	-0.3%	1.5%	2.1%
Earnings yield	2.4%	2.0%	2.2%	1.5%	0.6%	-0.2%	1.9%	1.9%
Enterprise value	$11.6B	$10.7B	$8.3B	$8.6B	$9B	$7.7B	$7.6B	$5.6B
Net debt / EBITDA	4.48×	4.5×	4.71×	5.16×	7.19×	12.33×	5.1×	4.05×
Cash conversion cycle (days)	11	13	6	14	-8	3	5	4