Life Time Group
LTH NYSE Leisure Facilities Financials FY2019–FY2025
Life Time Group's revenue rose 14.3% to $3.0 billion in fiscal 2025. Its operating margin was 16.1%, up from 13.6% a year earlier. Free cash flow was −$21 million, against $51 million a year earlier. The diluted share count rose 6.8%.
Revenue
Total sales reported in the income statement.
$3.0B
14.3%
vs prior year
Operating margin
Operating income as a share of revenue.
16.1%
2.4 pts
Net income
Profit after all expenses, interest and tax.
$374M
139.2%
Free cash flow
Cash from operations minus capital spending.
−$21.0M
141.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.5%
2.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$9.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
22.8x
On $1.84 EPS (TTM)
What Life Time Group does
No business description yet.
- Legal name
- Life Time Group Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001869198-26-000010
0001869198
Revenue and margins
Life Time Group had $3.0B of revenue in fiscal 2025, up 14.3% on the year before.
FY19
Revenue $1.9B
FY20
Revenue $948M
FY21
Revenue $1.3B
FY22
Revenue $1.8B
FY23
Revenue $2.2B
FY24
Revenue $2.6B
FY25
Revenue $3.0B
Q3 '23
Revenue $585M
Q4 '23
Revenue $559M
Q1 '24
Revenue $597M
Q2 '24
Revenue $668M
Q3 '24
Revenue $693M
Q4 '24
Revenue $663M
Q1 '25
Revenue $706M
Q2 '25
Revenue $762M
Q3 '25
Revenue $783M
Q4 '25
Revenue $745M
Q1 '26
Revenue $789M
Q2 '26
Revenue $866M
FY19
Gross —
Operating 8.9%
Net 1.6%
FCF −14.0%
FY20
Gross —
Operating −37.9%
Net −38.0%
FCF −38.1%
FY21
Gross —
Operating −37.6%
Net −44.0%
FCF −26.5%
FY22
Gross —
Operating 6.1%
Net −0.1%
FCF −21.4%
FY23
Gross 46.6%
Operating 10.2%
Net 3.4%
FCF −10.6%
FY24
Gross 46.9%
Operating 13.6%
Net 6.0%
FCF 1.9%
FY25
Gross 47.6%
Operating 16.1%
Net 12.5%
FCF −0.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 45.4%
Operating 8.0%
Net 1.4%
FCF −13.4%
Q4 '23
Gross 48.4%
Operating 10.5%
Net 4.2%
FCF −6.4%
Q1 '24
Gross 46.1%
Operating 12.1%
Net 4.2%
FCF −11.1%
Q2 '24
Gross 46.8%
Operating 15.7%
Net 7.9%
FCF 3.9%
Q3 '24
Gross 46.5%
Operating 13.5%
Net 6.0%
FCF 9.2%
Q4 '24
Gross 48.2%
Operating 13.1%
Net 5.6%
FCF 4.0%
Q1 '25
Gross 47.5%
Operating 15.3%
Net 10.8%
FCF 5.9%
Q2 '25
Gross 47.0%
Operating 14.2%
Net 9.5%
FCF −3.5%
Q3 '25
Gross 47.1%
Operating 17.3%
Net 13.1%
FCF 3.7%
Q4 '25
Gross 49.1%
Operating 17.4%
Net 16.5%
FCF −8.7%
Q1 '26
Gross 48.4%
Operating 17.1%
Net 11.2%
FCF −7.8%
Q2 '26
Gross 47.6%
Operating 17.3%
Net 11.7%
FCF −6.2%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2019 to 2025, diluted EPS grew 40.0% a year. Loss periods are shown in red.
FY19
Net income $30.0M
FY20
Net income −$360M
FY21
Net income −$579M
FY22
Net income −$1.8M
FY23
Net income $76.1M
FY24
Net income $156M
FY25
Net income $374M
Q3 '23
Net income $7.9M
Q4 '23
Net income $23.7M
Q1 '24
Net income $24.9M
Q2 '24
Net income $52.8M
Q3 '24
Net income $41.4M
Q4 '24
Net income $37.2M
Q1 '25
Net income $76.1M
Q2 '25
Net income $72.1M
Q3 '25
Net income $102M
Q4 '25
Net income $123M
Q1 '26
Net income $88.1M
Q2 '26
Net income $101M
FY19
Diluted EPS $0.22
FY20
Diluted EPS −$2.48
FY21
Diluted EPS −$3.73
FY22
Diluted EPS −$0.01
FY23
Diluted EPS $0.37
FY24
Diluted EPS $0.74
FY25
Diluted EPS $1.66
Q3 '23
Diluted EPS $0.04
Q4 '23
Diluted EPS $0.11
Q1 '24
Diluted EPS $0.12
Q2 '24
Diluted EPS $0.26
Q3 '24
Diluted EPS $0.19
Q4 '24
Diluted EPS $0.17
Q1 '25
Diluted EPS $0.34
Q2 '25
Diluted EPS $0.32
Q3 '25
Diluted EPS $0.45
Q4 '25
Diluted EPS $0.55
Q1 '26
Diluted EPS $0.39
Q2 '26
Diluted EPS $0.45
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital −10.3%
Return on equity −32.4%
Return on assets −9.4%
FY22
Return on capital 2.3%
Return on equity −0.1%
Return on assets −0.0%
FY23
Return on capital 4.5%
Return on equity 3.5%
Return on assets 1.1%
FY24
Return on capital 6.4%
Return on equity 6.4%
Return on assets 2.2%
FY25
Return on capital 8.5%
Return on equity 13.0%
Return on assets 4.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$21.0M in fiscal 2025, −0.7% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$265M
FY20
Free cash flow −$362M
FY21
Free cash flow −$349M
FY22
Free cash flow −$390M
FY23
Free cash flow −$235M
FY24
Free cash flow $50.6M
FY25
Free cash flow −$21.0M
Q3 '23
Free cash flow −$78.2M
Q4 '23
Free cash flow −$36.0M
Q1 '24
Free cash flow −$66.4M
Q2 '24
Free cash flow $26.1M
Q3 '24
Free cash flow $64.0M
Q4 '24
Free cash flow $26.8M
Q1 '25
Free cash flow $41.4M
Q2 '25
Free cash flow −$26.3M
Q3 '25
Free cash flow $28.6M
Q4 '25
Free cash flow −$64.6M
Q1 '26
Free cash flow −$61.2M
Q2 '26
Free cash flow −$53.7M
FY19
Cash from operations $359M
Capital spending $624M
FY20
Cash from operations −$96.0M
Capital spending $266M
FY21
Cash from operations −$20.0M
Capital spending $329M
FY22
Cash from operations $201M
Capital spending $591M
FY23
Cash from operations $463M
Capital spending $698M
FY24
Cash from operations $575M
Capital spending $525M
FY25
Cash from operations $871M
Capital spending $892M
Cash from operations
Capital spending
Q3 '23
Cash from operations $115M
Capital spending $193M
Q4 '23
Cash from operations $132M
Capital spending $168M
Q1 '24
Cash from operations $90.4M
Capital spending $157M
Q2 '24
Cash from operations $170M
Capital spending $144M
Q3 '24
Cash from operations $151M
Capital spending $87.1M
Q4 '24
Cash from operations $163M
Capital spending $136M
Q1 '25
Cash from operations $184M
Capital spending $143M
Q2 '25
Cash from operations $196M
Capital spending $222M
Q3 '25
Cash from operations $251M
Capital spending $223M
Q4 '25
Cash from operations $240M
Capital spending $305M
Q1 '26
Cash from operations $199M
Capital spending $260M
Q2 '26
Cash from operations $210M
Capital spending $263M
Cash from operations
Capital spending
Dividends, buybacks and share count
Life Time Group returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 6.8%.
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $0.0M
Buybacks $0.0M
Q4 '23
Dividends $0.0M
Buybacks $0.0M
Q1 '24
Dividends $0.0M
Buybacks $0.0M
Q2 '24
Dividends $0.0M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $10.7M
Q2 '26
Dividends $0.0M
Buybacks $62.7M
Dividends
Buybacks
FY19
Diluted shares 0.14B
FY20
Diluted shares 0.15B
FY21
Diluted shares 0.16B
FY22
Diluted shares 0.19B
FY23
Diluted shares 0.20B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.23B
Value Life Time Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.3B and divides by 225.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.8x · peers 21.0x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Life Time Group can carry it.
FY19
Cash $48.0M
Debt —
FY20
Cash $33.2M
Debt $2.3B
FY21
Cash $31.6M
Debt $1.8B
FY22
Cash $25.5M
Debt $1.8B
FY23
Cash $11.2M
Debt $1.9B
FY24
Cash $10.9M
Debt $1.5B
FY25
Cash $205M
Debt $1.5B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.6M | $25.5M | $11.2M | $10.9M | $205M |
| Debt incl. finance leases | $1.8B | $1.8B | $1.9B | $1.5B | $1.5B |
| Net debt / EBITDA | — | 5.3x | 4.1x | 2.4x | 1.7x |
| Debt / equity | 0.9x | 0.9x | 0.9x | 0.6x | 0.5x |
| Interest coverage | −4.0x | 1.1x | 1.8x | 2.6x | 5.6x |
| Current ratio | 0.3x | 0.3x | 0.3x | 0.3x | 0.6x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.2x | 0.5x |
| Total assets | $6.3B | $6.6B | $7.0B | $7.2B | $8.0B |
| Total liabilities | $4.2B | $4.5B | $4.8B | $4.5B | $4.9B |
| Shareholders' equity | $2.1B | $2.1B | $2.3B | $2.6B | $3.1B |
| Net debt (− = net cash) | $1.8B | $1.8B | $1.9B | $1.5B | $1.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$468M
9 insiders
Of sales under plans
1%
$2.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Ritadhwaja Jebens SinghEVP & Chief Digital Officer | Sold | 154,912 | $42.00 | $6.5M | Form 4 |
| Sep 9, 2026 | Ritadhwaja Jebens SinghEVP & Chief Digital Officer | Sold | 18,729 | $42.04 | $0.8M | Form 4 |
| Sep 3, 2026 | Ritadhwaja Jebens SinghEVP & Chief Digital Officer | Sold | 5,666 | $44.00 | $0.2M | Form 4 |
| Aug 26, 2026 | John Kristofer GalashanDirector | Sold | 2,879,154 | $43.80 | $126M | Form 4 |
| Aug 10, 2026 | Green Equity Investors Side VI L.P.Director | Sold | 5,119,099 | $43.16 | $221M | Form 4 |
| Jul 31, 2026 | Bahram AkradiFounder & CEO, Director | Sold | 438,257 | $45.03 | $19.7M | Form 4 |
| Jul 31, 2026 | Eric J BussEVP & Chief Admin. Officer | Sold | 479,240 | $44.97 | $21.6M | Form 4 |
| Jul 31, 2026 | Erik WeaverEVP & Chief Financial Officer | Sold | 47,748 | $44.80 | $2.1M | Form 4 |
| Jul 31, 2026 | Parham JavaheriEVP &president Club Operations | Sold | 63,203 | $45.09 | $2.8M | Form 4 |
| Jun 24, 2026 | Ritadhwaja Jebens SinghEVP & Chief Digital Officer | Sold plan | 67,751 | $38.65 | $2.6M | Form 4 |
| Jun 10, 2026 | Jimena AlmendaresDirector | Sold | 40,589 | $33.59 | $1.4M | Form 4 |
| Jun 4, 2026 | Leonard Green & Partners L.P.Director | Sold | 2,208,580 | $28.60 | $63.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 8 / 9 | 8 / 9 |
| Accruals ratio | −5.7% | −5.9% | −6.6% |
| Altman Z'' | 0.09 | 0.43 | 0.87 |
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|---|---|---|---|---|---|---|---|---|
| Life Time Group LTH | $9.5B | 14.3% | 16.1% | −0.7% | 8.5% | 22.8x | 8 | |
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7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $1.9B | $948M | $1.3B | $1.8B | $2.2B | $2.6B | $3.0B |
| Gross profit | — | — | — | — | $1.0B | $1.2B | $1.4B |
| Operating income | $168M | −$359M | −$495M | $111M | $225M | $358M | $481M |
| Interest expense | $121M | $112M | $125M | $105M | $122M | $137M | $85.4M |
| Pretax income | $40.1M | −$488M | −$720M | −$2.6M | $94.8M | $209M | $494M |
| Income tax | $10.1M | −$128M | −$140M | −$0.8M | $18.7M | $52.5M | $120M |
| Net income | $30.0M | −$360M | −$579M | −$1.8M | $76.1M | $156M | $374M |
| Diluted EPS | $0.22 | −$2.48 | −$3.73 | −$0.01 | $0.37 | $0.74 | $1.66 |
| Diluted shares | 0.14B | 0.15B | 0.16B | 0.19B | 0.20B | 0.21B | 0.23B |
| Cash flow | |||||||
| Cash from operations | $359M | −$96.0M | −$20.0M | $201M | $463M | $575M | $871M |
| Capital expenditure | $624M | $266M | $329M | $591M | $698M | $525M | $892M |
| Free cash flow | −$265M | −$362M | −$349M | −$390M | −$235M | $50.6M | −$21.0M |
| Depreciation and amortization | $221M | $248M | $235M | $229M | $244M | $275M | $296M |
| Stock-based compensation | $24.2M | $0.0M | $334M | $37.3M | $50.1M | $51.0M | $51.8M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.6M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $48.0M | $33.2M | $31.6M | $25.5M | $11.2M | $10.9M | $205M |
| Total debt | — | $2.3B | $1.8B | $1.8B | $1.9B | $1.5B | $1.5B |
| Finance lease liabilities | $0.0M | $2.4M | $2.1M | $1.1M | $1.4M | $2.4M | $13.4M |
| Current assets | — | $166M | $132M | $131M | $175M | $171M | $386M |
| Current liabilities | — | $443M | $406M | $457M | $557M | $520M | $610M |
| Inventory | $0.0M | $36.3M | $41.0M | $45.7M | $52.8M | $60.3M | $67.6M |
| Property and equipment, net | — | $2.7B | $2.8B | $2.9B | $3.2B | $3.2B | $3.6B |
| Total assets | — | $6.0B | $6.3B | $6.6B | $7.0B | $7.2B | $8.0B |
| Total liabilities | — | $4.5B | $4.2B | $4.5B | $4.8B | $4.5B | $4.9B |
| Shareholders' equity | $1.8B | $1.5B | $2.1B | $2.1B | $2.3B | $2.6B | $3.1B |
| Margins | |||||||
| Gross margin | — | — | — | — | 46.6% | 46.9% | 47.6% |
| Operating margin | 8.9% | −37.9% | −37.6% | 6.1% | 10.2% | 13.6% | 16.1% |
| EBITDA margin | 20.5% | −11.8% | −19.7% | 18.6% | 21.2% | 24.1% | 26.0% |
| Net margin | 1.6% | −38.0% | −44.0% | −0.1% | 3.4% | 6.0% | 12.5% |
| FCF margin | −14.0% | −38.1% | −26.5% | −21.4% | −10.6% | 1.9% | −0.7% |
| Returns | |||||||
| Return on capital | — | — | −10.3% | 2.3% | 4.5% | 6.4% | 8.5% |
| Return on capital employed | — | — | −8.7% | 1.8% | 3.6% | 5.5% | 6.9% |
| Return on equity | — | — | −32.4% | −0.1% | 3.5% | 6.4% | 13.0% |
| Return on assets | — | — | −9.4% | −0.0% | 1.1% | 2.2% | 4.9% |
| Growth | |||||||
| Revenue growth | — | −50.1% | 39.0% | 38.3% | 21.6% | 18.2% | 14.3% |
| Net income growth | — | −1,299.6% | — | — | — | 105.4% | 139.2% |
| EPS growth | — | −1,227.3% | — | — | — | 100.0% | 124.3% |
| FCF growth | — | — | — | — | — | — | −141.4% |
| Share count change | — | 4.1% | 7.1% | 24.5% | 5.4% | 3.5% | 6.8% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | 5.3x | 4.1x | 2.4x | 1.7x |
| Debt / equity | — | 1.5x | 0.9x | 0.9x | 0.9x | 0.6x | 0.5x |
| Interest coverage | 1.4x | −3.2x | −4.0x | 1.1x | 1.8x | 2.6x | 5.6x |
| Current ratio | — | 0.4x | 0.3x | 0.3x | 0.3x | 0.3x | 0.6x |
| Quick ratio | — | 0.3x | 0.2x | 0.2x | 0.2x | 0.2x | 0.5x |
| Capital allocation | |||||||
| Capex / revenue | 32.8% | 28.0% | 25.0% | 32.4% | 31.5% | 20.0% | 29.8% |
| Stock comp / revenue | 1.3% | 0.0% | 25.4% | 2.1% | 2.3% | 2.0% | 1.7% |
| Payouts / FCF | — | — | — | — | — | 0.0% | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 6.0 | 8.0 | 8.0 |
| Altman Z'' | — | −0.4 | −0.6 | −0.0 | 0.1 | 0.4 | 0.9 |
| Accruals ratio | — | — | −9.1% | −3.2% | −5.7% | −5.9% | −6.6% |
Source: SEC EDGAR XBRL filings (CIK 0001869198). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.