Everyone was talking about Peloton. Honestly, it felt like a national obsession. My aunt Mildred, who still uses a rotary phone, was asking if I thought it was a good investment. Mildred. Anyway, while everyone was busy perfecting their at-home cycling form, I started looking at Planet Fitness. Not to join, mind you. I’m perfectly content with my annual membership to the couch. But as a potential…well, let’s call it a financial exploration. It seemed…sturdier. Less likely to be a passing fad fueled by Instagram influencers and pandemic-induced cabin fever.
The stock (PLNT 1.87%) has been bouncing around like a dropped weight plate lately—down almost 30% from its peak as of March 4th. A dip, they call it. I’m not a doctor, but I suspect my portfolio has a similar condition. Still, it got me thinking. There’s a certain…comfort in predictability. And Planet Fitness, despite its aggressively cheerful branding, feels…predictable. Let’s dig in, shall we? Just promise not to ask me for stock tips. I once bought high on Blockbuster. Blockbuster.
Expanding the Footprint (and My Waistline, Just Thinking About It)
Growth. It’s the holy grail of any business, isn’t it? And Planet Fitness is…growing. Ten years ago, they had 1,124 locations. Now, as of December 31st, 2025, it’s 2,896. They’re even dabbling internationally – Canada, Panama, Mexico, Australia, Spain. It’s like they’re trying to conquer the world, one treadmill at a time. Their leadership thinks they can hit 5,000 in the U.S. eventually. I’m not sure about that. It feels…ambitious. Like my cousin Gary’s plan to train pigeons to deliver groceries.
They now boast 20.8 million members. 20.8 million. That’s…a lot of people sweating. A lot of people avoiding eye contact. A lot of people probably regretting their New Year’s resolutions. Even with a membership fee increase from $10 to $15 in 2024, they still manage to position themselves as the budget option. Smart. I appreciate a good deal. Though, honestly, I’d pay extra to avoid the judgment of perfectly sculpted gym-goers. They’re pushing for more people to upgrade to the Black Card ($25.99/month), which includes perks like tanning and massage chairs. Tanning? In this economy? Still, nearly 67% of their members have already made the leap. Apparently, some people still want to look like they’ve spent a week on a beach, even if it’s a simulated one.
Copying the Fast-Food Playbook (and My Appetite for Efficiency)
I’ve always been fascinated by franchises. It’s brilliant, really. Someone else takes all the risk, and you just collect the royalties. Planet Fitness operates similarly. Only about 10% of their locations are company-owned. The rest are franchises. It’s a remarkably efficient system. Like a well-oiled machine. Or a particularly efficient fast-food restaurant. They have agreements in place to open 750 new clubs. 750! That’s a lot of treadmills. Newer locations are seeing faster sales growth, which is encouraging. It suggests they haven’t saturated the market…yet.
Analysts expect Planet Fitness’ earnings per share to jump 60% between 2025 and 2028, outpacing the projected 34% revenue growth. That’s a significant difference. It suggests they’re managing costs effectively. Or, perhaps, they’ve discovered a secret formula for extracting value from reluctant exercisers. Either way, it’s a positive sign.
Paying Up for Fitness Exposure (and My General Cynicism)
Planet Fitness is consistently profitable and reporting healthy revenue gains. That’s a good start. It’s certainly more stable than, say, my attempt at day trading cryptocurrency. But the valuation isn’t exactly a bargain. You’re looking at a price-to-earnings ratio of around 30.9. It’s not cheap. You’re paying a premium for the stability and growth potential. Which, admittedly, is more than I can say for most of my investments.
So, is it an attractive entry point? That’s the question, isn’t it? I honestly don’t know. It’s a solid business, but the price is steep. It requires careful consideration. And, perhaps, a healthy dose of skepticism. I, for one, am going to stick to my couch. It’s a much safer investment.
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2026-03-09 20:03