Filing Flows › Planet Fitness (PLNT) › Takeover & LBO
Is Planet Fitness (PLNT) a takeover target?
A leveraged buyout at today's price plus 30% ($69.65 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $43.23 a share (−19% against today's $53.58). Historically 4.9% of companies with its figures were bought within a year (0.97× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $69.65 | today's $53.58 plus 30% |
| × shares | 75.5 million | |
| = Equity value | $5.3B | |
| + Debt refinanced | $2.5B | |
| − Cash | $400M | |
| + Other claims | −$1.8M | preferred stock, minority interests |
| = Enterprise value | $7.4B | 12.5× EBITDA of $592M |
| Fees | $148M | 2% of the price |
| New debt | $3.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $4.3B | 57% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.6B | $639M | $249M | $107M | $3.1B |
| Year 2 | $1.7B | $682M | $241M | $134M | $3.0B |
| Year 3 | $1.7B | $720M | $231M | $161M | $2.9B |
| Year 4 | $1.8B | $751M | $218M | $186M | $2.7B |
| Year 5 | $1.9B | $773M | $204M | $209M | $2.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.5× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $8.1B | |
| − Debt left | $2.5B | |
| = Buyer's equity | $5.6B | |
| Money multiple | 1.31× | on $4.3B put in |
| Buyer's yearly return (IRR) | 5.5% |
Price against return
What the buyer makes at other premiums over today's $53.58; the IRR reaches 20% at $43.23 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $58.94 | 10.1% |
| 20% | $64.30 | 7.7% |
| 30% | $69.65 | 5.5% |
| 40% | $75.01 | 3.6% |
| 50% | $80.37 | 1.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.4B | |
| EBITDA, last 12 months | $592M | 41.1% of revenue |
| Depreciation and amortization | $162M | |
| Capital spending | $199M | |
| Debt | $2.5B | |
| Cash | $400M | |
| Share price | $53.58 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 26% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Planet Fitness would cost about $70.99 a share, $5.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $64.30 | $4.9B |
| Median | 32.5% | $70.99 | $5.4B |
| High end (a quarter paid more) | 51.8% | $81.33 | $6.1B |
The odds, from history
Historically 4.9% of companies with its figures were bought within a year (0.97× the average). Its figures put it in decile 6 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Planet Fitness' latest quarter
Planet Fitness, Q3 2026: revenue $360M (+9% year over year), operating margin 28.2%, net earnings $52.0M, operating cash flow $110M. The chart follows the revenue to costs, profit and cash.
Questions
Is Planet Fitness being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Planet Fitness?
A leveraged buyout at today's price plus 30% ($69.65 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $43.23 a share (−19% against today's $53.58).
What would a takeover of Planet Fitness cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Planet Fitness would cost about $70.99 a share, $5.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.