MeritValue

Planet Fitness, Inc.

PLNTdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'epsDiluted'

The thesis, from the filings

Planet Fitness, Inc. earns about 5% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$587M1$936.8M2$1.07B3$1.18B3$1.32B3
Net income$42.8M4$99.4M5$138.3M6$172M6$219.1M6
Operating cash flow$189.3M7$240.2M8$330.3M9$343.9M9$418.4M9
Capital expenditure$54.1M10$100.1M11$136M12$155.1M12$163.7M12
Free cash flow (derived)$135.2M7$140.2M8$194.3M9$188.8M9$254.8M9
Total debt$3.52B13$4B14$3.97B15$4.34B16$4.96B16
Cash & equivalents$545.9M17$409.8M18$275.8M19$293.2M20$345.7M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 5%FY22 5%FY23 6%FY24 5%FY25 5%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 41% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001637207-24-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001637207-25-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001637207-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001637207-24-000020 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001637207-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001637207-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001637207-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001637207-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001637207-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001637207-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001637207-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001637207-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001637207-23-000005 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001637207-24-000020 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001637207-25-000016 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001637207-26-000011 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001637207-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001637207-24-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001637207-25-000016 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001637207-26-000011 (CashAndCashEquivalentsAtCarryingValue)