If you walked into a Planet Fitness on a Tuesday night in January, you'd see the usual: a sea of purple machines, the "Lunk Alarm" silent for now, and a whole lot of people trying to keep their New Year's resolutions alive. But while those members are sweating through 30-minute circuits, the people holding the stock are sweating over something else entirely.
The planet fitness share price has had a wild ride lately. As of mid-January 2026, we’re looking at a price hovering around $99.09. That’s down about 1.5% from where it closed just yesterday, and it’s a far cry from the 52-week high of $114.47.
Honestly, it's kinda confusing. The company just announced they opened 181 new clubs in 2025. Membership is at an all-time high of nearly 21 million people. So why isn't the stock price skyrocketing?
The answer isn't just one thing. It's a mix of "click-to-cancel" laws, a massive leadership change, and the fact that we're all waiting to see if a $30 membership is actually a good idea.
What’s Actually Driving the Planet Fitness Share Price Right Now?
To understand where the stock is going, you've gotta look at what happened over the last few months. In November 2025, the company dropped its Q3 earnings, and they were actually pretty solid. Revenue was up 13% year-over-year, hitting about $330.3 million.
People are still joining. The "Judgement Free Zone" still works.
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But investors are picky. They see the 40.5 P/E ratio and start wondering if they’re overpaying. For comparison, the average for the hospitality and gym industry is often way lower. You're basically paying a premium today for growth that might not happen for three years.
The Colleen Keating Era
There’s a new boss in town. Colleen Keating took over as CEO in 2024, and 2025 was her first full year to really move the needle. She’s been aggressive.
She pushed for more strength equipment because—surprise—Gen Z loves lifting weights more than running on treadmills. She also doubled down on the High School Summer Pass, which saw 3.7 million teens sign up.
That’s a big deal. Why? Because those teens eventually turn into paying adults. It's a long-term play, but the stock market doesn't always have a long-term attention span.
The $29.99 Question: The Black Card Price Hike
This is the one that has everyone talking. For years, the Black Card was the crown jewel—access to any club, the massage chairs, the tanning. It was cheap.
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But management announced they’re raising that price to $29.99 after the peak join season in 2026.
This is a massive gamble for the planet fitness share price. If members stick around, the margins are going to look incredible. If they leave because it’s not "cheap" anymore, we’ve got a problem.
Currently, about 66% of members have a Black Card. That’s a huge chunk of the revenue. If that penetration drops, the stock is going to feel it.
The Real Risks Nobody Mentions
- Click-to-Cancel: New regulations make it way easier for people to quit. In the past, you had to practically send a carrier pigeon or show up in person to cancel a gym membership. Now? One click. It’s caused some "attrition normalization," which is just corporate-speak for "more people are quitting than we’d like."
- Cannibalization: They have nearly 2,900 clubs now. At some point, you're just opening a new gym three blocks away from your old one.
- The Debt: They recently did a $750 million refinancing. It keeps the lights on and the expansion moving, but it’s a lot of weight to carry if the economy hits a snag.
What the Analysts are Predicting for 2026
If you look at the big firms, they’re actually pretty bullish.
- TD Cowen is still waving the "Buy" flag with a target of $135.
- Jefferies is even crazier, looking at a potential $185.
- UBS is sitting more in the middle at $125.
The consensus seems to be that the stock is currently "undervalued" by about 20-30%. The "fair value" usually cited by analysts like those at Simply Wall St is around $130.41.
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But remember, analysts are often wrong. They’re looking at the math; they aren't looking at the guy in the gym who just realized his membership went up five bucks and decided to start running in the park instead.
The Verdict on the Planet Fitness Share Price
We're at a weird crossroads. The company is growing, it's profitable (net income was around $59 million in the last reported quarter), and it’s the undisputed king of high-value, low-price gyms.
But the stock is stuck. It’s waiting for proof.
Investors want to see if the 2026 price hikes will stick. They want to see if the 6-7% unit growth target is sustainable without ruining the franchise owners' profits.
Actionable Insights for Your Portfolio
If you're looking at planet fitness share price as a potential investment, don't just look at the ticker. Watch these specific markers over the next six months:
- The Feb 24, 2026 Earnings Call: This is the big one. They’ll release full-year 2025 results and, more importantly, their guidance for the rest of 2026. If they lower their club opening targets, the stock might tank.
- Black Card Penetration Rates: If this stays above 65%, the brand has serious pricing power. If it dips toward 60%, the price hike might be backfiring.
- Gen Z Retention: Look for updates on the High School Summer Pass conversion. If those kids aren't becoming members, the future "moat" of the company is thinner than it looks.
Keep an eye on the $90 level. Historically, that’s been a strong floor for the stock. If it breaks below that, something is fundamentally wrong. If it stays above $100 and starts trending toward $110, the "Keating Era" momentum is likely for real.