Playboy, Inc. (NASDAQ: PLBY)

Sector: Consumer Cyclical Industry: Leisure CIK: 0001803914
Market Cap 182.11 Mn
P/B 48.27
P/E -6.32
P/S 1.08
ROIC (Qtr) 41.21
Div Yield % 0.00
Rev 1y % (Qtr) -1.51
Total Debt (Qtr) 199.64 Mn
Debt/Equity (Qtr) 52.91
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About

PLBY Group, Inc., also known as PLBY, operates as a pleasure and leisure company, providing consumers worldwide with products, content, and experiences that contribute to happier, healthier, and more fulfilling lifestyles. The company's flagship consumer brand, Playboy, is globally recognized in approximately 180 countries. As a diversified company, PLBY Group is involved in various business activities linked to pleasure and leisure, stretching across multiple industries and countries. Its primary offerings revolve around four segments: Style and...

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Investment thesis

Bull case

  • Healthy cash reserves of 32.36M provide 3.68x coverage of short-term debt 8.80M, demonstrating strong liquidity position and minimal refinancing risk.
  • Cash reserves of 32.36M provide solid 6.18x coverage of other non-current liabilities 5.24M, indicating strong liquidity.
  • Cash position of 32.36M provides strong 1.39x coverage of deferred revenue 23.20M, ensuring service delivery capability.
  • Cash reserves of 32.36M exceed inventory value of 7.98M by 4.05x, indicating strong liquidity and inventory management.
  • Cash reserves of 32.36M provide comfortable 2.49x coverage of tax obligations 13M, showing strong fiscal management.

Bear case

  • Operating cash flow of (1.06M) barely covers its investment activities of 71000, with a coverage ratio of -14.92, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of (1.06M) provides insufficient coverage of deferred revenue obligations of 23.20M, which is -0.05x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (1.06M) shows concerning coverage of stock compensation expenses of 5.47M, with a -0.19 ratio indicating potential earnings quality issues.
  • Free cash flow of (1.49M) provides weak coverage of capital expenditures of 429000, with a -3.47 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (16.75M) show weak coverage of depreciation charges of 15.19M, with a -1.10 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Leisure
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 AS Amer Sports, Inc. 22.38 Bn 71.89 3.67 1.87 Bn
2 HAS Hasbro, Inc. 13.30 Bn 46.47 3.26 3.32 Bn
3 PLNT Planet Fitness, Inc. 7.78 Bn 37.79 6.04 2.58 Bn
4 GOLF Acushnet Holdings Corp. 7.40 Bn 80.24 4.75 0.90 Bn
5 LTH Life Time Group Holdings, Inc. 6.29 Bn 21.85 2.16 4.13 Bn
6 MAT Mattel Inc /De/ 5.43 Bn 12.57 1.04 2.59 Bn
7 YETI YETI Holdings, Inc. 3.97 Bn 24.75 2.17 0.22 Bn
8 MSGE Madison Square Garden Entertainment Corp. 2.95 Bn 56.80 2.91 1.20 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.30 1.19
EV to Cash from Ops. EV/CFO -340.97 -6.09
EV to Debt EV to Debt 1.81 14.49
EV to EBIT EV/EBIT -21.55 -159.90
EV to EBITDA EV/EBITDA -169.76 -4.06
EV to Free Cash Flow [EV/FCF] EV/FCF -242.66 0.74
EV to Market Cap EV to Market Cap 1.98 -0.64
EV to Revenue EV/Rev 2.13 4.65
Price to Book Value [P/B] P/B 48.27 4.75
Price to Earnings [P/E] P/E -6.32 12.00
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -0.51
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 3.11
Dividend per Basic Share Div per Share (Qtr) 0.00 0.22
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 6.13
Interest Coverage Int. cover (Qtr) -1.72 -30.68
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 80.83 -13.50
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 188.95 1,190.33
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 13.88
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 60.81 -111.75
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 98.15 -165.31
EBIT Growth (1y) % EBIT 1y % (Qtr) 65.77 -1,562.20
EBT Growth (1y) % EBT 1y % (Qtr) 64.37 -1,555.34
EPS Growth (1y) % EPS 1y % (Qtr) 67.02 -377.44
FCF Growth (1y) % FCF 1y % (Qtr) 93.66 10.93
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 8.82 17.65
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.61 0.73
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.58 3.31
Current Ratio Curr Ratio (Qtr) 0.92 4.80
Debt to Equity Ratio Debt/Equity (Qtr) 52.91 2.35
Interest Cover Ratio Int Coverage (Qtr) -1.72 -30.68
Times Interest Earned Times Interest Earned (Qtr) -1.72 -30.68
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -0.90 -57.55
EBIT Margin % EBIT Margin % (Qtr) -9.89 -65.38
EBT Margin % EBT Margin % (Qtr) -15.64 -69.55
Gross Margin % Gross Margin % (Qtr) 65.50 46.51
Net Profit Margin % Net Margin % (Qtr) -17.00 -74.45