Forensic Analysis · Hospitality & Leisure · as of Aug 10, 2026

Planet Fitness, Inc. (PLNT)

A forensic read on Planet Fitness, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.5

Distress distance

Clean

Earnings quality

Forensic signals

17.5

P / E (ttm)

$3.7B

Market cap

12.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Planet Fitness, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

197% of FCF

FY2025

Shareholder returns. Returned $502M to shareholders (buybacks + dividends) in FY2025 — 197% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $12M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 202%.

11.5%

FY2025

Return on invested capital. Return on invested capital is 11.5% in the latest fiscal year and rising from 7% — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.

-93%

FY2016→FY2017

Dividend — cut. The payout was CUT ~93% in FY2017 (from FY2016) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.32B

Revenue Growth YoY+12.1%

Revenue CAGR (3yr)+12.2%

Net Margin16.5%

Free Cash Flow$254.8M

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.