Planet Fitness (PLNT) Stock Forecast & Price Target

Planet Fitness is benefiting from a highly recurring, asset-light model in which roughly 90% franchised operations and corporate-store membership dues provide stable, predictable revenue even in an uncertain macro backdrop. The company’s 2Q26 results reinforced that strength, with revenue 2.4% above consensus, SSS up 1.7%, EBITDA beating by 1.0%, and adjusted EPS rising on both operating upside and a $200m share repurchase, while the Black Card mix reaccelerated to 67.9% and NPS improved 9 points y/y. Its long runway for growth is supported by a long-term goal of 4,000+ domestic clubs, more than 2,300 domestic units today, and continued gains from premium membership conversion, equipment sales recovery, and strong unit economics that should keep franchisee demand healthy.

Planet Fitness is facing a weaker fundamental setup because same-store sales are expected to flatten in 2H, signaling continued member softness even as management pauses Black Card price increases and tackles marketing missteps. Q1 net adds were softer than expected, monthly attrition was 3.8% and near the high end of the historical 3-4% range, and management expects churn to stay above average through the rest of the year amid Gen Z mix shifts and competitive pressure. Although FY26 guidance was reiterated in places, lowered revenue and EBITDA expectations, plus uncertainty around pricing tests, marketing changes, and franchisee development plans, suggest limited visibility into a durable reacceleration.