Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 7.7x · ROE N/A. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $9.1B | $8.5B | $6.2B | $6.7B | $7.6B | $6.2B | $6.2B | $4.7B | $2.7B | $870M |
| Enterprise Value | $4.3B | $9.2B | $10.8B | $8.3B | $8.6B | $9.0B | $7.7B | $7.7B | $5.6B | $3.3B | $1.5B |
| P/E Ratio → | 19.96 | 41.40 | 49.44 | 45.06 | 66.78 | 177.61 | — | 52.96 | 53.62 | 82.45 | 40.20 |
| P/S Ratio | 3.14 | 6.86 | 7.18 | 5.80 | 7.11 | 12.95 | 15.33 | 9.07 | 8.21 | 6.36 | 2.30 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 16.31 | 35.65 | 44.94 | 32.01 | 47.54 | 56.20 | — | 66.78 | 48.08 | 29.31 | 9.32 |
| P/OCF | 9.93 | 21.70 | 24.68 | 18.83 | 27.73 | 40.15 | 200.20 | 30.56 | 25.49 | 20.87 | 8.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.93 | 9.11 | 7.75 | 9.17 | 15.35 | 19.01 | 11.13 | 9.75 | 7.73 | 4.07 |
| EV / EBITDA | 7.72 | 16.68 | 22.22 | 19.67 | 24.27 | 43.69 | 68.06 | 27.61 | 25.42 | 18.51 | 10.43 |
| EV / EBIT | 10.77 | 22.15 | 31.05 | 28.25 | 34.36 | 67.65 | 114.37 | 32.76 | 30.59 | 7.16 | 13.15 |
| EV / FCF | — | 36.03 | 57.03 | 42.76 | 61.31 | 66.62 | — | 81.99 | 57.10 | 35.64 | 16.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 82.6% | 52.0% | 52.0% | 50.6% | 53.8% | 45.9% | 52.0% | 51.1% | 55.8% | 51.8% |
| Operating Margin | 29.8% | 29.8% | 27.4% | 25.5% | 24.6% | 24.4% | 14.7% | 33.8% | 32.1% | 34.3% | 30.6% |
| Net Profit Margin | 16.5% | 16.5% | 14.6% | 12.9% | 10.6% | 7.3% | -3.7% | 17.1% | 15.4% | 7.7% | 5.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 7.1% | 7.1% | 5.7% | 4.7% | 4.1% | 2.2% | -0.8% | 7.7% | 7.2% | 3.2% | 2.5% |
| ROIC | 35.2% | 35.2% | 12.0% | 11.1% | 13.9% | 13.8% | 6.0% | 28.8% | 28.9% | 24.4% | 19.1% |
| ROCE | 14.2% | 14.2% | 11.8% | 10.2% | 10.3% | 8.0% | 3.6% | 16.7% | 16.7% | 15.5% | 14.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 0.80 | 0.80 | 5.32 | 5.60 | 6.61 | 9.48 | 17.05 | 6.69 | 5.34 | 3.92 | 4.81 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 0.18 | 0.18 | 4.71 | 4.95 | 5.45 | 6.84 | 13.18 | 5.12 | 4.02 | 3.29 | 4.53 |
| Debt / FCF | — | 0.38 | 12.09 | 10.76 | 13.78 | 10.42 | — | 15.20 | 9.03 | 6.33 | 7.16 |
| Interest Coverage | 3.83 | 3.83 | 3.47 | 3.40 | 2.82 | 1.64 | 0.82 | 3.85 | 3.60 | 13.17 | 4.32 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.11 | 2.11 | 2.08 | 1.88 | 2.27 | 3.75 | 5.07 | 3.71 | 2.96 | 1.58 | 1.10 |
| Quick Ratio | 2.08 | 2.08 | 2.06 | 1.86 | 2.25 | 3.74 | 5.06 | 3.71 | 2.92 | 1.56 | 1.07 |
| Cash Ratio | 1.45 | 1.45 | 1.44 | 1.40 | 1.68 | 3.09 | 3.93 | 3.00 | 2.20 | 1.01 | 0.49 |
| Asset Turnover | — | 0.43 | 0.38 | 0.36 | 0.33 | 0.29 | 0.22 | 0.40 | 0.42 | 0.39 | 0.38 |
| Inventory Turnover | 30.38 | 30.38 | 92.20 | 109.84 | 87.87 | 234.76 | 465.13 | 377.09 | 54.72 | 70.55 | 101.24 |
| Days Sales Outstanding | — | 28.81 | 29.82 | 19.17 | 25.98 | 27.64 | 34.70 | 27.79 | 37.16 | 48.22 | 40.88 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.2% | 0.5% | 34.8% |
| Payout Ratio | 0.7% | 0.7% | 2.8% | 3.3% | 4.7% | 1.8% | — | 6.5% | 10.5% | 40.2% | 1408.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 2.4% | 2.0% | 2.2% | 1.5% | 0.6% | — | 1.9% | 1.9% | 1.2% | 2.5% |
| FCF Yield | 6.1% | 2.8% | 2.2% | 3.1% | 2.1% | 1.8% | — | 1.5% | 2.1% | 3.4% | 10.7% |
| Buyback Yield | 12.0% | 5.5% | 3.5% | 2.0% | 1.4% | 0.0% | 0.0% | 7.3% | 7.3% | 0.0% | 0.2% |
| Total Shareholder Yield | 12.1% | 5.5% | 3.6% | 2.1% | 1.5% | 0.0% | 0.0% | 7.5% | 7.5% | 0.5% | 35.0% |
| Shares Outstanding | — | $84M | $86M | $85M | $85M | $84M | $80M | $84M | $88M | $79M | $43M |
Negative equity and leverage
According to current market data, PLNT trades at a forward P/E of 16.48, which appears to discount the volatility in unit-level economics and the potential deceleration in new club openings as reported in recent financial filings, suggesting a cautious market stance on long-term earnings growth sustainability.
The current EV/EBITDA multiple of 7.79 indicates that investors are pricing in a lower growth trajectory compared to historical peaks, likely reflecting concerns over franchisee capital constraints. This valuation level warrants investigation into whether the market is correctly accounting for the lumpy nature of equipment-driven revenue versus the more stable, high-margin royalty streams.
Based on reported figures, the company's gross margin has compressed from 54.4% in 2024Q1 to 38.9% in 2026Q1, indicating that the structural profitability of the franchise model is being pressured by rising operational costs and a shift in the revenue mix toward lower-margin corporate-owned store activities.
The decline in net margins to 15.3% suggests that the company's operating leverage is not providing the expected protection against inflationary pressures. Investors should monitor whether this margin contraction is a temporary byproduct of strategic investments or a permanent shift in the underlying unit-level economics.
As indicated by the most recent quarterly data, the company's ROIC has struggled to maintain momentum, hovering at 9.7% in 2025Q4, which reflects the difficulty of compounding returns when the equity base has deteriorated into a persistent deficit as noted in official balance sheet disclosures.
The inability to generate consistent, high-teens returns on invested capital suggests that the current capital allocation strategy, heavily weighted toward share repurchases, may be failing to drive long-term value creation. This trend warrants further investigation into whether the company's asset-light model is losing its historical efficiency advantage.
According to quarterly filings, the company's debt-to-EBITDA ratio has fluctuated significantly, reaching 3.10 in 2026Q1, which highlights the vulnerability of the balance sheet given the negative equity position and the ongoing requirement to fund mandatory equipment refresh cycles for the franchise network.
While the interest coverage ratio of 3.01 appears adequate, the lack of a positive equity buffer limits the company's financial flexibility in a higher-rate environment. Investors should monitor whether the current debt load restricts the firm's ability to pivot its strategy or support franchisees during potential economic downturns.
Market participants frequently misapply the 'sticky subscription' narrative to PLNT, as reported in financial statements, which obscures the reality that a significant portion of revenue is tied to non-recurring equipment sales and the highly variable, attendance-dependent nature of the low-cost membership model.
Relying solely on membership growth metrics ignores the critical 'breakage' factor and the potential for mass cancellations if consumer discretionary spending shifts. Analysts should instead focus on the delta between paying members and active users to better assess the true durability of the revenue base.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying PLNT stock.
Planet Fitness, Inc.'s current P/E ratio is 20.0x. The historical average is 64.0x.
Planet Fitness, Inc.'s current EV/EBITDA is 7.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.0x.
Based on historical data, Planet Fitness, Inc. is trading at a P/E of 20.0x. Compare with industry peers and growth rates for a complete picture.
Planet Fitness, Inc.'s current dividend yield is 0.03% with a payout ratio of 0.7%.
Planet Fitness, Inc. has 82.6% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Planet Fitness, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.