Planet Fitness: Maxing Out?

Planet Fitness (PLNT) Initiation

Long before its ascent to a national brand, Planet Fitness (PLNT) started as a single gym in Dover, New Hampshire; over the next 35 years, it became one of the largest operators of fitness clubs / gyms in the world, with ~95% of its ~2,900 stores located in the U.S. and Canada. As you can see below, this is primarily a franchisee model, consisting of ~2,600 stores owned by just 86 different franchisee groups. Note that the number of franchisee groups Planet Fitness works with has contracted by >50% over the past decade (nearly half of these franchisee partners own 10+ stores, with the largest at >200 stores).