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Planet Fitness (PLNT): analysis traps

Where its figures could mislead a reader, and what to check before taking them at face value · Data: Q3 2026, to Sep 30, 2026, filed Nov 5, 2026; rules v1.1

Planet Fitness (PLNT): 0 rules of 10 triggered on the filings to Sep 30, 2026. 1 to review; 3 with insufficient data; 2 not applicable. Each is a question to verify, with the normal explanation that would produce the same figures.

Check these first

A precise DCF value = the true value To review · confidence high

The DCF's point value is 107.19 a share (price 60.31); 85% of it is the terminal value, a number about years no one has seen. Moving wacc by ±1 pt alone takes it from 77.36 to 159.93; across every method the research ran the range is -5 to 372. The value is a range; the decimals are not information.

Innocent reading: A stable, mature business with a narrow range of outcomes, where the point value is a fair summary.

Every rule

A01 FCF growth = the business improved Not triggered confidence medium

Free cash flow rose $66M to $255M; working capital and lower capex explain 36% of it, so most of the gain is in operating cash flow itself.

The figures and how they are read
Fiscal year beforeFY2024
Fiscal yearFY2025
Operating cash flow, year before$344M
Operating cash flow$418M
Capex, year before$155M
Capex$164M
Free cash flow, year before$189M
Free cash flow$255M
Change in FCF$66M
Change in capex$9M
Working capital: change in its cash contribution$24M
Of which: capex cut0.00
Of which: working capital released$24M
Share of the increase that need not repeat+36.1%
Operating cash flow before working capital: change50752000.00

FCF = operating cash flow − cash capex; ΔFCF = ΔOCF − ΔCapEx; the working-capital part is the change in the cash-bridge items (receivables, inventory, payables, accruals), with the sign of the cash flow statement

Source: FY2025 (cash flow statement, fiscal year) · FY2024 (cash flow statement, fiscal year before)

A07 Stock compensation added back = no economic cost Insufficient data

fewer than two fiscal years of stock compensation and share counts on file

B02 Receivables growing = future cash is certain Not triggered confidence medium

Receivables grew 4% against revenue 9% in Q3 2026; DSO 18 against a median of 17: collections are keeping pace with sales.

The figures and how they are read
QuarterQ3 2026
Revenue, year over year+9.0%
Receivables, year over year+4.5%
Quarter beforeQ2 2026
Revenue y/y, quarter before+7.1%
Receivables y/y, quarter before-9.9%
Days sales outstanding17.8
DSO, median of eight quarters17.0
Receivables$74M
Revenue$360M

receivables and revenue against the same quarter a year earlier; DSO = receivables / quarterly revenue × days, against the median of the eight quarters before

Source: Q3 2026 (receivables and revenue) · Q3 2025 (the same quarter a year earlier)

B08 Adjusted profit = economic profit Insufficient data

1 quarter with a reconciliation table on file (three are needed) and fewer than three quarters with both an adjusted and a GAAP EPS

C02 Low net debt = no refinancing risk Not triggered confidence medium

$24M comes due within a year, 25.7× covered by cash and investments of $400M plus $214M of free cash flow.

The figures and how they are read
Cash and investments$400M
Debt$2.5B
Net debt$2.1B
Due within a year$24M
Read fromthe debt maturity table
Free cash flow, twelve months$214M
Cash plus free cash flow$614M
Coverage of what is due25.7
Due in the second year$26M
Balance sheet date2026-09-30

due within a year from the maturity table (else the current portion of debt), against cash and investments plus free cash flow over the last twelve months (zero if negative); no credit lines assumed

Source: FY2025 (debt maturities, cash and investments)

D03 EPS growth = profit growth Insufficient data

no quarter with EPS, net income and diluted shares for both this year and last

E02 Low P/E at a cyclical peak = undervalued Not triggered confidence medium

Net income of $235M is a high, but the last eight years rose almost every year (median $118M): a steady climb, not a cycle's top, so the P/E of 19.2× is not on peak profit in that sense.

The figures and how they are read
market value$4.5B
net income ttm$235M
pe ttm19.20
net income median fy$118M
pe mid cycle38.20
net income peak fy$219M
yearsFY2018 / 88.0; FY2019 / 118.0; FY2020 / -15.0; FY2021 / 43.0; FY2022 / 99.0; FY2023 / 138.0; FY2024 / 172.0; FY2025 / 219.0
down years in window1

P/E on the trailing twelve months' net income against the P/E on the median net income of the last eight fiscal years (a mid-cycle stand-in); 'at a peak' = this year's profit at or above 90% of the best year and at least 1.3× the median

Source: Q3 2026 (net income, trailing twelve months)

E07 A precise DCF value = the true value To review confidence high

The DCF's point value is 107.19 a share (price 60.31); 85% of it is the terminal value, a number about years no one has seen. Moving wacc by ±1 pt alone takes it from 77.36 to 159.93; across every method the research ran the range is -5 to 372. The value is a range; the decimals are not information.

The figures and how they are read
dcf value107.19
price60.31
terminal value share+85.1%
swing by inputWACC / ±1 pt / 77.36 / 159.93; Revenue growth (each year) / ±5 pts / 80.51 / 139.1; Operating margin / ±3 pts / 93.26 / 121.11; Terminal growth / ±0.5 pt / 95.39 / 122.74
range all methods-5.41; 371.95

the DCF's point value against the share of it that is the terminal value and the value at each input moved by one step (growth ±5 pts, WACC ±1 pt, margin ±3 pts …); the range across every method the research ran

Source: 2026-11-08 (valuation research)

What would explain it innocently

What to look for in the filing

What would show the trap does not apply

Look again: next filing.

J06 A bank's low P/E and high profit = safe Not applicable

not a bank

J08 A REIT's low net income = the dividend is unsafe Not applicable

not a REIT

What the statuses mean

Triggered: the filings show the pattern; read the normal explanations and the missing evidence before concluding anything. To review: one quarter or a weak signal; a reader's judgement, not a pattern. Not triggered: the pattern is absent on these figures. Insufficient data: the filings read so far do not hold what the rule needs; this is not a clean bill. Not applicable: the rule is not meant for this kind of company (a bank's working capital, a loss-making quarter's EPS growth). Out of date: the latest filing is more than fifteen months old.

Severity is what the pattern could mean for cash, value or solvency; confidence is how reliable the inputs and the reading are. The two are kept apart.

Record a view

A reader's judgement, grounds, what would change it and the next review; kept in the browser (needs JavaScript).

Every rule and the companies it triggers on → Planet Fitness: cash flow →

Each rule reads the company's own filings by a fixed formula and says what would explain the same figures innocently. A triggered rule is a question to verify, not a finding of manipulation, and not a view on the stock. Missing data is shown as missing, never as clear. Not investment advice.