Free cash flow generation remains highly volatile, with margins fluctuating between a low of 2.1% in 2024Q4 and a high of 39.5% in 2025Q1, often strained by capital intensity that reached 18.0% of revenue in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 432.01M | 418.42M | 343.87M | 330.25M | 240.21M | 189.29M | 31.14M | 204.31M | 184.4M | 131.02M | 108.82M | 81.66M | 79.41M | 66.94M |
| Operating CF Margin % | - | 31.6% | 29.1% | 30.83% | 25.64% | 32.25% | 7.66% | 29.66% | 32.19% | 30.47% | 28.77% | 24.71% | 28.38% | 31.73% |
| Operating CF Growth % | 92.03% | 21.68% | 4.12% | 37.49% | 26.9% | 507.9% | -84.76% | 10.8% | 40.74% | 20.4% | 33.25% | 2.84% | 18.62% | - |
| Net Income | 228.79M | 219.1M | 174.24M | 147.03M | 110.46M | 46.12M | -15.2M | 135.41M | 103.16M | 55.6M | 71.25M | 38.13M | 37.3M | 25.8M |
| Depreciation & Amortization | 157.75M | 155.78M | 160.35M | 149.41M | 124.02M | 62.8M | 53.89M | 44.58M | 35.63M | 32.09M | 31.89M | 32.64M | 32.84M | 29.05M |
| Stock-Based Compensation | 9.7M | 12.33M | 8.91M | 7.91M | 8.07M | 8.8M | 4.78M | 4.83M | 5.48M | 2.53M | 1.73M | 4.88M | 0 | 0 |
| Deferred Taxes | 61.78M | 63.88M | 56.99M | 49.23M | 34.79M | 13.27M | 1.26M | 27.59M | 28.7M | 55.07M | 15.68M | 3.59M | -63K | -1.43M |
| Other Non-Cash Items | -38.12M | 7.69M | -36.99M | -30.2M | -15.97M | 22.15M | -20.83M | 6.72M | 10.56M | 4.61M | 5.49M | 2.02M | 5.61M | 1.59M |
| Working Capital Changes | 11.16M | -40.37M | -19.63M | 6.88M | -21.15M | 36.14M | 7.3M | -14.82M | 866K | -18.89M | -17.22M | 416K | 3.73M | 11.93M |
| Change in Receivables | -1.86M | 7.23M | -36.46M | 4.76M | -19.18M | -10.8M | 23.61M | -895K | -1.92M | -10.48M | -7.75M | -414K | -3.63M | -3.1M |
| Change in Inventory | -2.74M | -1.38M | -1.48M | 599K | -4.11M | -681K | 404K | 4.24M | -2.43M | -890K | 2.75M | -1.54M | -769K | -1.75M |
| Change in Payables | 8.53M | 6.93M | 0 | 0 | 0 | 30.93M | -10.94M | -6.27M | 14.51M | 4.21M | 7.43M | 263K | 5.04M | 13.46M |
| Cash from Investing | -179.27M | -160.16M | -208.71M | -339.99M | -506.57M | -90.92M | -52.28M | -110.69M | -86.42M | -37.04M | -14.69M | -19.16M | -54.36M | -7.14M |
| Capital Expenditures | -166.12M | -163.67M | -155.06M | -135.99M | -100.06M | -54.07M | -52.56M | -110.8M | -86.61M | -37.72M | -15.38M | -19.49M | -55.29M | -7.29M |
| CapEx % of Revenue | 12% | 12.36% | 13.12% | 12.69% | 10.68% | 9.21% | 12.93% | 16.09% | 15.12% | 8.77% | 4.07% | 5.9% | 19.76% | 3.45% |
| Acquisitions | 21.63M | 0 | 0 | -43.26M | -404.12M | -1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -24.74M | 18.07M | -749K | 99K | 60K | 46K | 282K | -52.8M | -45.56M | 680K | 683K | 327K | -37.71M | 150K |
| Cash from Financing | -198.34M | -198.09M | -105M | -141.42M | 135.72M | -10.25M | 57.85M | 64.35M | 109.92M | -21.7M | -85.18M | -74.24M | -12.95M | -37.99M |
| Debt Issued (Net) | 305.53M | 304.48M | 191.21M | -20.94M | 249.92M | -17.68M | 57.34M | 537.91M | 487.48M | -7.21M | 224.33M | 104.82M | 203.04M | -17.36M |
| Equity Issued (Net) | -499.66M | -498.52M | -278.33M | -115.87M | -93.39M | 8.19M | 2.57M | -455.3M | -341.17M | 480K | -1.45M | 0 | 0 | 0 |
| Dividends Paid | -1.52M | -1.51M | -4.79M | -4.61M | -4.63M | -750K | -2.06M | -7.68M | -9.26M | -13.33M | -302.85M | -176.49M | -205.83M | -24.02M |
| Share Repurchases | -501.47M | -500.37M | -300.2M | -125.03M | -94.31M | 0 | 0 | -458.17M | -342.38M | 0 | -1.58M | -156.95M | 0 | 0 |
| Other Financing | -2.69M | -2.55M | -13.09M | 0 | -16.18M | 0 | 0 | -10.58M | -27.13M | -1.64M | -5.22M | -159.52M | -10.16M | 3.38M |
| Net Change in Cash | 46.93M | 62.28M | 27.55M | -150.38M | -131.44M | 88.14M | 37.01M | 158.66M | 207.06M | 72.69M | 8.96M | -11.86M | 12.02M | 21.81M |
| Free Cash Flow | 267.38M | 254.75M | 188.81M | 194.27M | 140.15M | 135.22M | -21.42M | 93.51M | 97.79M | 93.3M | 93.44M | 62.17M | 24.12M | 59.66M |
| FCF Margin % | 19.31% | 19.24% | 15.98% | 18.13% | 14.96% | 23.03% | -5.27% | 13.58% | 17.07% | 21.7% | 24.7% | 18.81% | 8.62% | 28.27% |
| FCF Growth % | 13.88% | 34.92% | -2.81% | 38.61% | 3.65% | 731.2% | -122.91% | -4.38% | 4.81% | -0.15% | 50.29% | 157.81% | -59.57% | - |
| FCF per Share | 3.35 | 3.04 | 2.20 | 2.28 | 1.66 | 1.61 | -0.27 | 1.12 | 1.12 | 1.18 | 2.16 | 1.70 | 0.68 | 1.69 |
| FCF Conversion (FCF/Net Income) | 1.17x | 1.91x | 2.00x | 2.39x | 2.42x | 4.43x | -2.08x | 1.74x | 2.09x | 3.95x | 5.06x | 4.41x | 2.16x | 2.63x |
| Interest Paid | 25M | 0 | 90.85M | 81.18M | 80.96M | 74.87M | 75.63M | 53.71M | 38.62M | 31.42M | 24.3M | 23.22M | 20.76M | 7.64M |
| Taxes Paid | 18M | 0 | 12.07M | 5.26M | 3.63M | 1.85M | 0 | 10M | 5.02M | 3.72M | 7.04M | 2.83M | 1.6M | 1.83M |
Franchisee capital expenditure constraints
As reported in quarterly filings, the OCF/NI ratio has fluctuated wildly, reaching a high of 3.20 in 2025Q1 and a low of 0.76 in 2025Q2, suggesting that reported net income is frequently decoupled from actual cash generation due to significant working capital volatility.
The wide variance between net income and operating cash flow indicates that earnings quality is heavily influenced by non-cash adjustments and timing differences in revenue recognition. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of deferred initiation fees and advertising fund flows.
Based on financial statements, free cash flow margins have exhibited extreme instability, ranging from a low of 2.1% in 2024Q4 to a peak of 39.5% in 2025Q1, highlighting the lumpy nature of cash generation inherent in the company's equipment-heavy business model.
The erratic FCF trajectory suggests that the company's cash flow profile is highly sensitive to the timing of equipment refresh cycles and corporate store investments. This lack of consistency complicates long-term valuation models and may indicate that the business requires more capital than its asset-light franchise narrative implies.
According to recent SEC filings, the company's capital intensity, measured by CapEx as a percentage of revenue, peaked at 18.0% in 2023Q4, reflecting the ongoing burden of maintaining corporate-owned stores and mandatory equipment refresh cycles that periodically drain available liquidity.
The persistent level of capital expenditure suggests that the company remains tethered to physical asset maintenance, which may limit the scalability of its cash flows. Analysts should investigate whether these expenditures are truly growth-oriented or if they represent a defensive necessity to keep the franchise network compliant.
As evidenced by historical data, the company has prioritized share repurchases, including a significant $350.3 million outflow in 2025Q4, which frequently exceeds quarterly free cash flow, suggesting a reliance on balance sheet capacity rather than organic cash generation to fund shareholder returns.
The aggressive pace of buybacks relative to FCF generation warrants caution, as it may limit the company's flexibility to navigate potential downturns or fund strategic pivots. Investors should monitor whether this capital allocation strategy is sustainable if the franchise growth pipeline faces further headwinds from rising interest rates.
Quick answers to the most common questions about buying PLNT stock.
Planet Fitness, Inc. (PLNT) generated $418.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Planet Fitness, Inc. (PLNT) generated $254.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Planet Fitness, Inc. (PLNT) spent $163.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Planet Fitness, Inc. (PLNT) returned $1.5M to shareholders via cash dividends and spent $500.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.