The Bunny Returns: Playboy’s Market Comeback

554 Views23 Jul 2025 14:03

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SUMMARY

Playboy, Inc. (Nasdaq: PLBY) is undergoing a transformation to an asset-light business model centered around its iconic brand, positioning the company for sustainable profitability
The strategy is starting to yield tangible improvements in profitability, as evidenced by its return to positive adjusted EBITDA in Q1 2025.
Playboy’s current valuation (2.7x EV/2025 sales) does not fully reflect its long-term earnings potential. As licensing continues to scale and margins expand, the company is poised for a meaningful re-rating.

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