Planet Fitness Hits 2,900 Locations with 6.7% Same-Club Sales Growth in 2025
Planet Fitness shares traded at $93.01 on February 10, with trailing and forward P/E of 37.6 and 26.0 respectively. The company operates 2,900 gyms (90% franchised), added 180 new clubs in 2025, achieved 6.7% same-club sales growth and sustained free cash flow margins of 17%.
1. Bull Case Thesis and Valuation
Planet Fitness shares were trading at $93.01 as of February 10, with a trailing P/E of 37.58 and a forward P/E of 25.97. The company’s beginner-friendly, low-cost positioning targets casual gym users, underpinning a scalable model without relying on premium pricing.
2. Franchise-Led Growth Strategy
Approximately 90% of Planet Fitness locations are franchised, supporting rapid expansion with low capital intensity. By the end of 2025 the chain reached roughly 2,900 clubs across the U.S. and four international markets, adding over 180 new openings last year and driving a 6.7% increase in same-club sales.
3. Financial Performance and Cash Generation
Over the past decade, Planet Fitness has delivered roughly 14% annual revenue growth and 19% profit growth, translating into robust cash generation. Free cash flow margins run near 17%, reflecting high returns on invested capital and disciplined unit-level economics.