Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

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Planet Fitness Inc Cl A / Equity Bottom-Up

<ul><li>Planet Fitness operates a large and growing fitness club network with a focus on serving beginner and casual gym goers through a value-oriented and judgment-free brand proposition.</li><li>In the second quarter of 2026, Planet Fitness reported system-wide member growth of 3.6% year-over-year, ending with 21.5 million members.</li><li>Same-club sales increased by 1.7%, driven entirely by rate growth, and the company opened 23 new clubs.</li></ul>

Planet Fitness operates a large and growing fitness club network with a focus on serving beginner and casual gym goers through a value-oriented and judgment-free brand proposition.In the second quarter of 2026, Planet Fitness reported system-wide member growth of 3.6% year-over-year, ending with 21.5 million members.Same-club sales increased by 1.7%, driven entirely by rate growth, and the company opened 23 new clubs.

Planet Fitness: The Hidden Opportunity Inside America’s 70% Gym Membership Gap!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>Our 2026E EPS is +4% to $3.18, in line with the company’s guidance for growth of ~4%. </li><li>Management has alluded to growth acceleration in 2027, after disappointing net new members in 1Q26 and a pivot in the marketing message that is aimed to better target PLNT’s core customer.</li><li>Our 2027E EPS is +15% to $3.67, above FactSet consensus of $3.60, and our 2028E EPS is +15% to $4.22.</li></ul></div>

Our 2026E EPS is +4% to $3.18, in line with the company’s guidance for growth of ~4%. Management has alluded to growth acceleration in 2027, after disappointing net new members in 1Q26 and a pivot in the marketing message that is aimed to better target PLNT’s core customer.Our 2027E EPS is +15% to $3.67, above FactSet consensus of $3.60, and our 2028E EPS is +15% to $4.22.

PLNT: Initiating Coverage; Growth Expected to Accelerate in 2027

<ul><li>Planet Fitness Incorporated reported first quarter results reflecting mixed operational and financial performance amid a challenging market environment.</li><li>The company added over 700,000 net new members during the quarter, which was below internal expectations and the prior year's quarterly membership gains.</li><li>System-wide same club sales grew 3.5%, driven primarily by rate increases, with approximately 90% of the comp increase attributed to pricing rather than volume growth.</li></ul>

Planet Fitness Incorporated reported first quarter results reflecting mixed operational and financial performance amid a challenging market environment.The company added over 700,000 net new members during the quarter, which was below internal expectations and the prior year's quarterly membership gains.System-wide same club sales grew 3.5%, driven primarily by rate increases, with approximately 90% of the comp increase attributed to pricing rather than volume growth.

Planet Fitness’s $337 Million Quarter: Can Profit Growth Outrun Member Softness?

<ul><li>Planet Fitness recently announced its financial results for Q4 of 2025, providing both positive and negative aspects to consider when evaluating their investment potential.</li><li>The company's strategy, focused primarily on its four strategic imperatives, seems to be paying off in terms of operational expansion and financial growth.</li><li>On the positive side, Planet Fitness reported strong financial performance for the year, characterized by a notable increase in its key metrics.</li></ul>

Planet Fitness recently announced its financial results for Q4 of 2025, providing both positive and negative aspects to consider when evaluating their investment potential.The company's strategy, focused primarily on its four strategic imperatives, seems to be paying off in terms of operational expansion and financial growth.On the positive side, Planet Fitness reported strong financial performance for the year, characterized by a notable increase in its key metrics.

Planet Fitness' REAL Pressure Point Is Slowing Same Club Sales Growth

<ul><li>Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its strategic priorities, while also navigating persistent churn dynamics and the normalization of rate-driven revenue growth.</li><li>The company ended the period with approximately 20.7 million members, in line with internal expectations, and system-wide same-club sales growth of 6.9%, driven primarily by rate increases and balanced by modest net membership gains.</li><li>Member engagement trends were favorable, supported by higher utilization rates and strong participation in the High School Summer Pass program.</li></ul>

Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its strategic priorities, while also navigating persistent churn dynamics and the normalization of rate-driven revenue growth.The company ended the period with approximately 20.7 million members, in line with internal expectations, and system-wide same-club sales growth of 6.9%, driven primarily by rate increases and balanced by modest net membership gains.Member engagement trends were favorable, supported by higher utilization rates and strong participation in the High School Summer Pass program.

Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?

United States

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

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Planet Fitness Inc Cl A (PLNT US)

Planet Fitness: The Hidden Opportunity Inside America’s 70% Gym Membership Gap!

Planet Fitness operates a large and growing fitness club network with a focus on serving beginner and casual gym goers through a value-oriented...

Baptista Research

PLNT: Initiating Coverage; Growth Expected to Accelerate in 2027

Management has alluded to growth acceleration in 2027, after disappointing net new members in 1Q26 and a pivot in the marketing message that is...

Water Tower Research

Planet Fitness’s $337 Million Quarter: Can Profit Growth Outrun Member Softness?

Planet Fitness Incorporated reported first quarter results reflecting mixed operational and financial performance amid a challenging market...

Baptista Research

Planet Fitness' REAL Pressure Point Is Slowing Same Club Sales Growth

Planet Fitness recently announced its financial results for Q4 of 2025, providing both positive and negative aspects to consider when evaluating...

Baptista Research

Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?

Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its...

Baptista Research

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