Planet Fitness vs United Parks & Resorts
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The short version
- United Parks & Resorts is the larger business, with $1.7B of revenue in fiscal 2025 against $1.3B for Planet Fitness.
- Planet Fitness grew revenue faster (12.1%, against −3.6%).
- Planet Fitness kept more of each dollar of sales as operating profit (29.8% operating margin, against 22.0%).
- Planet Fitness turned more of its sales into free cash flow (19.2% FCF margin, against 9.8%).
- Planet Fitness earned a higher return on the capital invested in it (18.4%, against 16.1%).
| Latest fiscal year | PLNT · FY25 | PRKS · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $1.4B |
| Revenue | $1.3B | $1.7B |
| Free cash flow | $255M | $163M |
| Net income | $219M | $168M |
| Growth | ||
| Revenue growth | 12.1% | −3.6% |
| 5-year growth | 26.6% | 31.0% |
| Share count change | — | −8.4% |
| Profitability | ||
| Gross margin | 82.6% | — |
| Operating margin | 29.8% | 22.0% |
| Net margin | 16.6% | 10.1% |
| FCF margin | 19.2% | 9.8% |
| Return on capital | 18.4% | 16.1% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $2.0B | $2.1B |
| Net debt / EBITDA | 3.7x | 4.0x |
| Dividends and buybacks | $500M | $160M |
| Valuation & quality | ||
| P/E | — | 11.8x |
| Piotroski F-score | — | 6 |
Revenue
FY16
PLNT $378M
PRKS $1.3B
FY17
PLNT $430M
PRKS $1.3B
FY18
PLNT $573M
PRKS $1.4B
FY19
PLNT $689M
PRKS $1.4B
FY20
PLNT $407M
PRKS $432M
FY21
PLNT $587M
PRKS $1.5B
FY22
PLNT $937M
PRKS $1.7B
FY23
PLNT $1.1B
PRKS $1.7B
FY24
PLNT $1.2B
PRKS $1.7B
FY25
PLNT $1.3B
PRKS $1.7B
PLNT
PRKS
Operating margin
FY16
PLNT 30.6%
PRKS 4.4%
FY17
PLNT 34.3%
PRKS −15.9%
FY18
PLNT 32.1%
PRKS 11.1%
FY19
PLNT 33.8%
PRKS 15.3%
FY20
PLNT 14.7%
PRKS −56.0%
FY21
PLNT 24.4%
PRKS 28.7%
FY22
PLNT 24.6%
PRKS 29.3%
FY23
PLNT 25.5%
PRKS 26.6%
FY24
PLNT 27.4%
PRKS 26.9%
FY25
PLNT 29.8%
PRKS 22.0%
PLNT
PRKS
Free cash flow
FY16
PLNT $93.4M
PRKS $120M
FY17
PLNT $93.3M
PRKS $19.9M
FY18
PLNT $144M
PRKS $114M
FY19
PLNT $146M
PRKS $153M
FY20
PLNT −$21.4M
PRKS −$230M
FY21
PLNT $135M
PRKS $374M
FY22
PLNT $140M
PRKS $364M
FY23
PLNT $194M
PRKS $200M
FY24
PLNT $189M
PRKS $232M
FY25
PLNT $255M
PRKS $163M
PLNT
PRKS
Return on capital
FY16
PLNT 20.2%
PRKS 2.3%
FY17
PLNT 16.3%
PRKS −8.4%
FY18
PLNT 30.2%
PRKS 6.1%
FY19
PLNT 34.4%
PRKS 8.5%
FY20
PLNT 8.0%
PRKS −11.3%
FY21
PLNT 21.4%
PRKS 26.2%
FY22
PLNT 16.2%
PRKS 23.4%
FY23
PLNT 13.6%
PRKS 21.2%
FY24
PLNT 15.3%
PRKS 21.7%
FY25
PLNT 18.4%
PRKS 16.1%
PLNT
PRKS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.