In recent months, Planet Fitness expanded to 2,896 clubs, earned the top gym spot on Entrepreneur’s 2026 Fastest-Growing Franchises list, and saw large franchise portfolio sales to Flynn Group, while comparable club sales growth eased to 5.7% in the latest quarter versus 6.7% for full-year 2025. These moves highlight how the brand’s franchise model and value proposition continue to attract capital and support growth plans, even as competition intensifies and the company prepares to raise prices on its higher-margin Black Card membership tier and push further into international markets. Now, we’ll explore how Planet Fitness’s rapid franchise expansion and international ambitions may reshape its longer-term investment narrative.
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Planet Fitness Investment Narrative Recap
To own Planet Fitness, you need to believe its franchise model can keep adding profitable clubs while holding on to members, even as low-cost competitors crowd in. The key near term catalyst is how effectively price increases on the Black Card tier translate into higher revenue per member without further slowing comparable sales growth, which has already eased. The biggest risk is that higher churn from easier online cancellations and stronger competition erodes the appeal of its value-focused offering.
The recent recognition as Entrepreneur’s No. 1 gym on the 2026 Fastest-Growing Franchises list, after reaching 2,896 clubs in 2025, ties directly into this catalyst. It underlines that large, well funded operators like Flynn Group are still buying sizeable Planet Fitness portfolios, which supports the idea that franchisee economics remain attractive and may give the company more room to test higher Black Card pricing and continued expansion, including internationally.
Yet beneath the strong franchise growth story, investors should be aware of the risk that higher churn and intensifying competition could…
Read the full narrative on Planet Fitness (it’s free!)
Planet Fitness’ narrative projects $1.6 billion revenue and $312.8 million earnings by 2028.
Uncover how Planet Fitness’ forecasts yield a $130.00 fair value, a 77% upside to its current price.
Exploring Other Perspectives
PLNT 1-Year Stock Price Chart
Before this latest slowdown in comps, the most optimistic analysts were assuming revenue of about US$1.8 billion and earnings of roughly US$334 million by 2028, but if churn stays elevated and unit growth proves harder, those expectations and the more cautious consensus view could both shift, which is why it helps to compare several different narratives before you decide how Planet Fitness fits into your own portfolio.
Explore 4 other fair value estimates on Planet Fitness – why the stock might be worth 49% less than the current price!
The Verdict Is Yours
Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.
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