Planet Fitness:  Initiation of Coverage – Real Estate Constraints & 3 Major Challenges In Its Path! 

This is our first report on Planet Fitness Inc. The company had a positive performance in Q4 2023, as it reportedly ended with 18.7 million members and a system-wide same-store sales growth of 8.7% primarily driven by new member growth. The fitness company also notched a 19% adjusted EBITDA growth and successfully opened 165 new locations globally. It also saw improvements in the age demographic of its members, with increased participation across all age groups, led by the Gen Z segment which now comprises over 25% of Planet Fitness’s total membership.