Planet Fitness (PLNT)

The business operates through three main segments: franchising, company-owned stores, and equipment. The franchise segment supports independently owned Planet Fitness locations in markets including the United States, Puerto Rico, Canada, Mexico, Panama, and Australia. Franchisees pay fees and royalties and generally use the company’s brand, operating system, and required equipment packages. The corporate-owned stores segment covers locations run directly by Planet Fitness, mainly in the United States and Canada. The equipment segment sells fitness equipment to franchisee-owned clubs, tying store openings and refurbishments to an additional revenue stream.

Planet Fitness stands out in the health and wellness market because of its asset-light franchise network, simple club format, and emphasis on broad consumer appeal. Its model depends on membership growth, new club development, franchisee economics, and retention across both standard and premium membership tiers. The company also benefits when consumers continue to prioritise wellness, although it competes with traditional gyms, boutique studios, home fitness products, and digital workout platforms.

For investors, PLNT represents exposure to a branded fitness platform with a large franchised footprint and a recurring membership base. Its performance is shaped by unit growth, same-store sales, franchise royalties, equipment sales, and the company’s ability to maintain a differentiated value proposition in a competitive fitness industry.