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Planet Fitness (Planet Fitness) Beneish M-Score

: -2.89 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Planet Fitness's Beneish M-Score or its related term are showing as below:

PLNT' s Beneish M-Score Range Over the Past 10 Years
Min: -4.01   Med: -2.74   Max: -2.08
Current: -2.89

During the past 11 years, the highest Beneish M-Score of Planet Fitness was -2.08. The lowest was -4.01. And the median was -2.74.


Planet Fitness Beneish M-Score Historical Data

The historical data trend for Planet Fitness's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Planet Fitness Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.79 -2.74 -2.67 -2.08 -2.89

Planet Fitness Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.08 -2.73 -2.47 -2.76 -2.89

Competitive Comparison

For the Leisure subindustry, Planet Fitness's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Planet Fitness Beneish M-Score Distribution

For the Travel & Leisure industry and Consumer Cyclical sector, Planet Fitness's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Planet Fitness's Beneish M-Score falls into.



Planet Fitness Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Planet Fitness for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7379+0.528 * 0.9723+0.404 * 1.0351+0.892 * 1.1436+0.115 * 0.9324
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9511+4.679 * -0.065816-0.327 * 0.973
=-2.89

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $56 Mil.
Revenue was 285.086 + 277.551 + 286.463 + 222.225 = $1,071 Mil.
Gross Profit was 144.414 + 143.062 + 150.24 + 119.869 = $558 Mil.
Total Current Assets was $472 Mil.
Total Assets was $2,970 Mil.
Property, Plant and Equipment(Net PPE) was $771 Mil.
Depreciation, Depletion and Amortization(DDA) was $149 Mil.
Selling, General, & Admin. Expense(SGA) was $125 Mil.
Total Current Liabilities was $251 Mil.
Long-Term Debt & Capital Lease Obligation was $2,344 Mil.
Net Income was 35.34 + 39.134 + 41.135 + 22.705 = $138 Mil.
Non Operating Income was 2.881 + 0.148 + 0.37 + 0.113 = $4 Mil.
Cash Flow from Operations was 63.334 + 109.59 + 59.42 + 97.91 = $330 Mil.
Total Receivables was $67 Mil.
Revenue was 281.268 + 244.386 + 224.442 + 186.676 = $937 Mil.
Gross Profit was 134.2 + 120.954 + 116.647 + 102.233 = $474 Mil.
Total Current Assets was $556 Mil.
Total Assets was $2,855 Mil.
Property, Plant and Equipment(Net PPE) was $696 Mil.
Depreciation, Depletion and Amortization(DDA) was $124 Mil.
Selling, General, & Admin. Expense(SGA) was $115 Mil.
Total Current Liabilities was $245 Mil.
Long-Term Debt & Capital Lease Obligation was $2,320 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(56.276 / 1071.325) / (66.688 / 936.772)
=0.052529 / 0.071189
=0.7379

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(474.034 / 936.772) / (557.585 / 1071.325)
=0.506029 / 0.520463
=0.9723

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (471.817 + 771.415) / 2969.693) / (1 - (555.531 + 695.757) / 2854.589)
=0.58136 / 0.561657
=1.0351

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1071.325 / 936.772
=1.1436

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(124.022 / (124.022 + 695.757)) / (149.413 / (149.413 + 771.415))
=0.151287 / 0.162259
=0.9324

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(124.928 / 1071.325) / (114.853 / 936.772)
=0.116611 / 0.122605
=0.9511

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2344.463 + 251.329) / 2969.693) / ((2319.974 + 244.53) / 2854.589)
=0.874094 / 0.898379
=0.973

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(138.314 - 3.512 - 330.254) / 2969.693
=-0.065816

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Planet Fitness has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.


Planet Fitness Beneish M-Score Related Terms

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Planet Fitness (Planet Fitness) Business Description

Traded in Other Exchanges
Address
4 Liberty Lane West, Hampton, NH, USA, 03842
Planet Fitness Inc is a franchisor and operator of fitness centers in the United States. The company's reportable segments are Franchise, Corporate-owned stores, and Equipment. Franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada, and The Equipment segment includes the sale of equipment to franchisee-owned stores in the U.S. The firm generates a majority of its revenue from the Corporate-owned stores segment.
Executives
Craig R Benson director
Christopher Rondeau director, officer: CEO 4 LIBERTY LANE WEST, C/O PLANET FITNESS INC, HAMPTON NH 03842
Jennifer Simmons officer: Div President, Corp Stores 4 LIBERTY LANE WEST, HAMPTON NH 03842
Brian O'donnell officer: VP, Chief Accounting Officer 4 LIBERTY LANE WEST, HAMPTON NH 03842
Edward Hymes officer: President, COO 4 LIBERTY LANE WEST, HAMPTON NH 03842
William Bode officer: Chief Operations Officer 4 LIBERTY LANE WEST, HAMPTON NH 03842
Shane Mcguiness officer: President, Corporate Clubs 4 LIBERTY LANE WEST, HAMPTON NH 03842
Jeremy Tucker officer: Chief Marketing Officer 4 LIBERTY LANE WEST, HAMPTON NH 03842
Dorvin D Lively officer: CFO
Fitzgerald Thomas J Iii officer: Chief Financial Officer 111 NORTH CANAL STREET, SUITE 850, CHICAGO IL 60606
Bernard Acoca director C/O EL POLLO LOCO HOLDINGS, INC., 3535 HARBOR BLVD., SUITE 100, COSTA MESA CA 92626
Christopher Tanco director 2001 COTTONWOOD VALLEY CIRCLE SOUTH, IRVING TX 75038
Craig Jeffrey Miller officer: Chief Digital & Information Of 5008 HARTRIDGE WAY, GREENSBORO NC 27407
Enshalla Anderson director 4 LIBERTY LANE WEST, HAMPTON NH 03842
David P Berg director 7601 PENN AVENUE SOUTH, RICHFIELD MN 55423