OneSpaWorld vs Planet Fitness
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The short version
- Planet Fitness is the larger business, with $1.3B of revenue in fiscal 2025 against $961M for OneSpaWorld.
- Planet Fitness grew revenue faster (12.1%, against 7.4%).
- Planet Fitness kept more of each dollar of sales as operating profit (29.8% operating margin, against 8.5%).
- Planet Fitness turned more of its sales into free cash flow (19.2% FCF margin, against 7.1%).
- Planet Fitness earned a higher return on the capital invested in it (18.4%, against 12.7%).
| Latest fiscal year | OSW · FY25 | PLNT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | — |
| Revenue | $961M | $1.3B |
| Free cash flow | $68.5M | $255M |
| Net income | $71.6M | $219M |
| Growth | ||
| Revenue growth | 7.4% | 12.1% |
| 5-year growth | 51.4% | 26.6% |
| Share count change | −1.2% | — |
| Profitability | ||
| Gross margin | — | 82.6% |
| Operating margin | 8.5% | 29.8% |
| Net margin | 7.5% | 16.6% |
| FCF margin | 7.1% | 19.2% |
| Return on capital | 12.7% | 18.4% |
| Return on equity | 13.1% | — |
| Balance sheet | ||
| Net debt | $67.7M | $2.0B |
| Net debt / EBITDA | 0.6x | 3.7x |
| Dividends and buybacks | $92.9M | $500M |
| Valuation & quality | ||
| P/E | 30.2x | — |
| Piotroski F-score | 6 | — |
Revenue
FY16
OSW —
PLNT $378M
FY17
OSW $507M
PLNT $430M
FY18
OSW $541M
PLNT $573M
FY19
OSW —
PLNT $689M
FY20
OSW $121M
PLNT $407M
FY21
OSW $144M
PLNT $587M
FY22
OSW $546M
PLNT $937M
FY23
OSW $794M
PLNT $1.1B
FY24
OSW $895M
PLNT $1.2B
FY25
OSW $961M
PLNT $1.3B
OSW
PLNT
Operating margin
FY16
OSW —
PLNT 30.6%
FY17
OSW 7.6%
PLNT 34.3%
FY18
OSW 9.0%
PLNT 32.1%
FY19
OSW —
PLNT 33.8%
FY20
OSW −219.2%
PLNT 14.7%
FY21
OSW −36.1%
PLNT 24.4%
FY22
OSW 2.8%
PLNT 24.6%
FY23
OSW 6.8%
PLNT 25.5%
FY24
OSW 8.7%
PLNT 27.4%
FY25
OSW 8.5%
PLNT 29.8%
OSW
PLNT
Free cash flow
FY16
OSW —
PLNT $93.4M
FY17
OSW $67.4M
PLNT $93.3M
FY18
OSW $27.4M
PLNT $144M
FY19
OSW —
PLNT $146M
FY20
OSW −$38.7M
PLNT −$21.4M
FY21
OSW −$38.0M
PLNT $135M
FY22
OSW $19.9M
PLNT $140M
FY23
OSW $58.0M
PLNT $194M
FY24
OSW $72.1M
PLNT $189M
FY25
OSW $68.5M
PLNT $255M
OSW
PLNT
Return on capital
FY16
OSW —
PLNT 20.2%
FY17
OSW —
PLNT 16.3%
FY18
OSW —
PLNT 30.2%
FY19
OSW —
PLNT 34.4%
FY20
OSW —
PLNT 8.0%
FY21
OSW −8.2%
PLNT 21.4%
FY22
OSW 2.9%
PLNT 16.2%
FY23
OSW 7.7%
PLNT 13.6%
FY24
OSW 12.8%
PLNT 15.3%
FY25
OSW 12.7%
PLNT 18.4%
OSW
PLNT
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.