What smart money is saying about Planet Fitness, Inc.
1 fund in our archive has pitched Planet Fitness, Inc. — most recently Baron Small Cap Fund in March 2026.
Planet Fitness, Inc., encompassing its various holdings, develops and oversees fitness facilities operating under the Planet Fitness brand. The company's business model is organized into three distinct divisions: Franchising, Corporate-Owned Locations, and Equipment Sales. Its Franchising division manages the licensing of Planet Fitness centers throughout the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Locations segment is responsible for the direct operation of company-owned fitness clubs within the United States and Canada. Furthermore, the Equipment Sales division supplies fitness machinery to its franchised establishments located in the U.S. and Canada. As of December 31, 2021, the firm maintained a total of 2,254 centers spanning 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia. Planet Fitness, Inc. was founded in 1992 and maintains its principal headquarters in Hampton, New Hampshire.
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Position history
Between Q1 2026 and Q2 2026, 3 fund letters reported a position in Planet Fitness, Inc. — 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 2 | 0 | 1 | 0 |
| Q1 2026 | 1 | 0 | 0 | 1 |
Fund activity · 3 positions · 1 move
- HoldsBaron Small Cap FundJune 2026
“Planet Fitness, Inc. , the leading high-value, low-cost gym operator, detracted from performance in the second quarter after the company lowered full-year guidance following weaker-than-expected member additions in the first quarter.”
Planet Fitness, Inc. - June 2026
“During the quarter, we exited Planet Fitness, a franchisor and operator of fitness clubs, which fell -38% while held within the portfolio.”
Planet Fitness, Inc. - March 2026
“• Planet Fitness is the largest fitness franchise in the United States, operating a high-value, low-cost gym model that has attracted over twenty million members through its accessible pricing and welcoming, judgment-free environment. The company generates revenue through franchise royalties, membership fees at corporate-owned clubs, and equipment sales to franchisees, creating a capital-light business model with strong recurring cash flow characteristics. We believe Planet Fitness benefits from a long runway of domestic and international unit growth, with management targeting a significantly larger club footprint over time. During the quarter, shares detracted from performance despite the company delivering better-than-expected fiscal fourth- quarter results on both revenue and earnings.”
Planet Fitness, Inc.
Fund coverage · 1 thesis
- Baron Small Cap FundMarch 2026
Planet Fitness is a category-leading low-cost fitness franchise with strong management, improving operations, and a cheap valuation.
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