Planet Fitness, Inc. key statistics and ratios

In fiscal 2025, Planet Fitness, Inc. had an operating margin of 29.8% and a current ratio of 2.11. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Planet Fitness, Inc.: financial ratios, annual
Fiscal year	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	61.4%	64.1%	65.7%	67.7%	69.9%	71.6%	71.8%	—	82.8%	81.1%	82.3%	83.3%	82.6%	81.7%
Operating margin	17.1%	22.0%	21.8%	30.6%	34.3%	32.1%	33.8%	14.7%	24.4%	24.6%	25.5%	27.4%	29.8%	30.9%
Net margin	12.1%	13.2%	5.6%	5.7%	7.7%	15.4%	17.1%	−3.7%	7.3%	10.6%	12.9%	14.6%	16.5%	16.9%
Free-cash-flow margin	28.3%	22.4%	18.8%	24.7%	21.7%	25.1%	21.3%	−5.3%	23.0%	15.0%	18.1%	16.0%	19.2%	18.6%
Return on equity	7.9%	15.5%	27.2%	—	—	—	—	—	—	—	—	—	—	—
Return on assets	—	6.1%	2.8%	2.5%	3.2%	7.2%	7.7%	−0.8%	2.2%	4.1%	4.7%	5.7%	7.1%	7.8%
Asset turnover	—	0.46	0.51	0.44	0.41	0.47	0.45	0.23	0.30	0.38	0.37	0.39	0.43	0.46
Current ratio	—	1.24	1.10	1.10	1.59	2.96	3.71	5.07	3.75	2.27	1.88	2.08	2.11	1.58
Debt to equity	0.0%	250.3%	—	—	—	—	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	—	—	—	4.3x	4.2x	3.6x	3.8x	0.7x	1.8x	2.6x	3.2x	3.2x	3.6x	3.6x
Effective tax rate	2.4%	3.1%	19.3%	20.8%	87.0%	21.7%	21.8%	—	10.9%	31.3%	28.2%	27.7%	27.8%	27.7%
SG&A as % of revenue	11.0%	12.6%	16.8%	13.2%	14.0%	12.6%	11.4%	16.9%	16.1%	12.3%	11.7%	10.9%	10.4%	9.7%
Capital spending as % of revenue	3.5%	6.0%	5.9%	4.1%	8.8%	7.1%	8.4%	12.9%	9.2%	10.7%	12.7%	13.1%	12.4%	12.2%
Free cash flow ÷ net income	234.5%	170.5%	335.8%	434.6%	281.5%	163.1%	124.4%	—	316.1%	141.0%	140.5%	109.7%	116.3%	110.0%
Dividends ÷ net income	—	—	—	787.4%	0.0%	0.0%	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	182.9%	0.0%	238.5%	312.9%	—	0.0%	67.3%	64.4%	159.0%	196.4%	267.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Planet Fitness, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	84.4%	76.4%	91.9%	82.6%	82.4%	76.0%	86.6%	82.3%
Operating margin	27.8%	26.4%	28.6%	30.0%	32.4%	28.2%	29.3%	33.9%
Net margin	14.4%	13.8%	15.1%	17.0%	17.8%	16.0%	15.3%	18.4%
Free-cash-flow margin	26.7%	2.1%	40.1%	2.4%	23.2%	15.7%	36.2%	1.1%
Current ratio	1.94	2.08	2.10	2.05	2.08	2.11	2.07	1.58
SG&A as % of revenue	11.2%	10.5%	12.4%	10.4%	9.2%	9.9%	10.1%	9.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 4 checks passed · June 30, 2026

What it owns · $3.0bn

Short-term assets $628mLonger-term assets $2.4bn

What it owes, and who funded it · $397m

Short-term liabilities $397mShareholders' equity $-613m

Short-term assets cover short-term liabilities $628m of assets due within a year against $397m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $298m of cash against $2.5bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $434m of operating cash flow against $2.5bn of debt.
Operating profit covers interest at least five times over Operating income of $436m against $122m of interest.

From Planet Fitness, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

88 /100

Strong moat

How hard Planet Fitness's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 24.5% of total assets over 10 years.
Pricing power 16 / 20

Gross margin has been a median 77.4%, moving by 6.1 percentage points (standard deviation) across 10 years.
Durability 19 / 20

Operating margin has been a median 27.5%; its worst year was 23.7%.
Cash conversion 19 / 20

Free cash flow was positive in 10 of 10 years, at a median 18.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Planet Fitness, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Planet Fitness, Inc.