| Planet Fitness (NYSE: PLNT) has built one of the most recognizable brands in American fitness. With its "Judgement Free Zone" motto and bright purple equipment, the company operates over 2,700 gyms across multiple countries, serving more than 20 million members who pay as little as $10 per month. But here's the thing about Planet Fitness that makes it different from most gym chains: It doesn't actually own most of its locations. Instead, it acts as a franchisor, collecting monthly fees from independent owners who run the day-to-day operations. The company also operates some corporate-owned clubs and sells equipment to franchisees. This franchise-heavy model should be a cash cow. After all, Planet Fitness collects steady royalty payments without the headache of managing thousands of individual locations. However, that's where things get interesting - and concerning. (More on that in a bit.) As for the stock, the chart tells a wild story of boom, bust, and recovery. After crashing to around $45 in 2023, Planet Fitness shares rocketed all the way up to nearly $110 earlier this year. But that rally couldn't last forever - the stock has since pulled back to around $103, leaving many investors wondering whether they've missed the boat or dodged a bullet. Recent results show a company that's still growing but facing some headwinds. First quarter revenue jumped 11.5% to $276.7 million, while same-club sales grew a solid 6.1%. The company added about 900,000 new members during the quarter, bringing total membership to 20.6 million. Those numbers sound pretty good on the surface. Planet Fitness is clearly still attracting customers with its low-cost model, and the brand remains popular among budget-conscious fitness enthusiasts. But as you know by now, those figures can be deceiving. Let's run Planet Fitness through The Value Meter to get a better understanding of its true valuation. | 
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