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Shares of Planet Fitness, Inc. PLNT have gained 14.4% in the past three months compared with the Zacks Leisure and Recreation Services industry’s rise of 3%. Over the same timeframe, the Zacks Consumer Discretionary sector and S&P 500 have gained 5% and 2.2%, respectively.
PLNT is riding on a strong franchise model, disciplined expansion and a unique value proposition. Also, steady growth in foot traffic and improved web visit trends are aiding investor sentiments.
Technical indicators are supportive of PLNT’s strong performance. The stock was recently trading at $82.39 on Friday, above its 50-day moving average of $77.50 and the 200-day moving average of $69.42. This technical strength reflects positive market perception and confidence in PLNT's financial health and prospects. So, should investors pour more capital into Planet Fitness now? Let’s take a closer look.
Key Fundamentals Supporting PLNT's Stock Growth
Planet Fitness continues to differentiate itself in the high-value, low-price (HVLP) sector by focusing on creating a welcoming and inclusive member experience. The company’s "no gymtimidation" philosophy resonates well with its 19 million members. Its High School Summer Pass Program, which has attracted over 2.6 million teen participants, further emphasizes its commitment to fostering community and long-term membership growth.
In June 2024, Planet Fitness implemented a $15 pricing structure for new classic card members, which is expected to contribute to a low to mid-single-digit increase in average unit volume (AUV) over the next year. The company is also testing higher Black Card membership pricing, which could further enhance profitability and store-level returns if successful.
Planet Fitness focuses on reducing capital requirements for opening and operating its franchises and identifying ways to lower operating expenses. At the beginning of 2024, the company reported progress on the execution of this new business growth model to achieve the target of reducing new units and remodeling building costs by at least 10% before the end of 2024.
The company’s expansion into international markets, such as Spain, demonstrates its global potential. During the second quarter of 2024, the company opened its first European location in Barcelona and is exploring opportunities in high-growth areas with strong population density. Franchise growth remains a key driver of profitability, with franchisee profits directly enhancing corporate performance. The company’s asset-light franchise model also generates substantial free cash flow, supporting continued investment in growth initiatives and shareholder returns.
What May Pull Back PLNT Stock?
Planet Fitness’s asset-light franchise model generates strong free cash flow, but its recent debt financing raises questions. The company refinanced $600 million of debt and upsized the total to $800 million. Although this allowed for favorable interest rates compared to initial expectations, it still resulted in an increase in the company’s blended interest rate from 4.0% to 4.5%. With $2.2 billion in long-term debt and fixed-rate securitization, any economic downturn could strain Planet Fitness’s ability to manage its debt obligations effectively.
The equipment segment, which contributes a notable portion of overall revenue, is seeing a downward trend. In the second quarter, revenues from equipment sales dropped 8.4% year over year as franchisees shifted toward purchasing strength equipment over cardio machines, which generate less revenues per store. This decrease in equipment sales could continue to weigh on overall performance, particularly if store openings remain below expectations.
PLNT’s Rising Valuation & Estimates
Planet Fitness is trading at a premium relative to industry peers like Xponential Fitness, Inc. XPOF, Peloton Interactive, Inc. PTON and YETI Holdings, Inc. YETI. PLNT is trading at a forward 12-month price-to-earnings of 30.24X, higher than the industry average of 16.22X.
The Zacks Consensus Estimate for the company’s 2024 earnings per share (EPS) increased from $2.43 to $2.44 in the past 60 days. During the same period, the consensus mark for 2025 EPS moved up from $2.83 to $2.84.
Investment Verdict: Hold for Now
Planet Fitness presents a unique opportunity within the fitness industry through its HVLP business model, franchise-driven growth and strong brand positioning. The company’s ability to drive long-term membership growth, enhance profitability through pricing strategies, and expand internationally underscores its potential for sustained growth. However, concerns over rising debt levels, declining equipment sales, and a lofty valuation — trading at a premium compared to the industry — warrant caution.
For investors already holding PLNT stock, it may be wise to maintain their position and monitor the company’s ability to translate its strategies into sustainable long-term growth. For new investors, it might be prudent to wait for a more favorable entry point.
PLNT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Investors interested in stocks from the Leisure and Recreation Products sector have probably already heard of Yeti and Sportradar Group AG . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Yeti has a Zacks Rank of #2 (Buy), while Sportradar Group AG has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that YETI likely has seen a stronger improvement to its earnings outlook than SRAD has recently. But this is just one piece of the puzzle for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
YETI currently has a forward P/E ratio of 16.05, while SRAD has a forward P/E of 155.29. We also note that YETI has a PEG ratio of 1.14. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. SRAD currently has a PEG ratio of 3.91.
Another notable valuation metric for YETI is its P/B ratio of 5.07. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, SRAD has a P/B of 12.77.
These metrics, and several others, help YETI earn a Value grade of B, while SRAD has been given a Value grade of F.
YETI has seen stronger estimate revision activity and sports more attractive valuation metrics than SRAD, so it seems like value investors will conclude that YETI is the superior option right now.
Zacks Investment Research
Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.
In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.
However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects, makes it pretty easy to find cutting-edge growth stocks.
Yeti is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
Here are three of the most important factors that make the stock of this maker of outdoor and recreational products a great growth pick right now.
Earnings Growth
Arguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Yeti is 14.7%, investors should actually focus on the projected growth. The company's EPS is expected to grow 15.9% this year, crushing the industry average, which calls for EPS growth of 4.8%.
Impressive Asset Utilization Ratio
Asset utilization ratio -- also known as sales-to-total-assets (S/TA) ratio -- is often overlooked by investors, but it is an important indicator in growth investing. This metric shows how efficiently a firm is utilizing its assets to generate sales.
Right now, Yeti has an S/TA ratio of 1.46, which means that the company gets $1.46 in sales for each dollar in assets. Comparing this to the industry average of 0.95, it can be said that the company is more efficient.
In addition to efficiency in generating sales, sales growth plays an important role. And Yeti looks attractive from a sales growth perspective as well. The company's sales are expected to grow 9.9% this year versus the industry average of 0%.
Promising Earnings Estimate Revisions
Beyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The current-year earnings estimates for Yeti have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.7% over the past month.
Bottom Line
Yeti has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
This combination indicates that Yeti is a potential outperformer and a solid choice for growth investors.
Zacks Investment Research
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