olivlawolivlaw

olivLaw · US equity research

Playboy, Inc. PLBY

Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)

1.37USD+3.40% · 1 dayClose 04 Nov 2026

Playboy, Inc. is a pleasure and leisure company whose capital-light model rests on brand licensing and the Honey Birdette luxury lingerie business. In 2026 the company is consolidating its shift toward recurring revenue, with a China partnership and a share repurchase, while second-quarter revenue reached $31.2 million.

At the close of 04 Nov 2026, Playboy, Inc. (PLBY) stock was 1.37 USD (+3.40% on the day), with market capitalisation 164.1 m USD, P/E 609.5 on diluted EPS of 0.00 USD over the last 12 months, dividend yield 0.00%, beta 0.89, 52-week range 0.98–2.71 USD. Latest reported quarter (Q2 2026): revenue of 31.2 m USD (+10.9% YoY), net income of 198.0 k USD, diluted EPS 0.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
164.1 m USD
shares as of 06 Aug 2026
P/E (TTM)
609.5
Diluted EPS TTM 0.00 · TTM to 30 Jun 2026
E/P (TTM)
0.16%
TTM to 30 Jun 2026
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.89
Volatility (1y) 77%
52-week range
0.982.71

Price history

Loading chart…

Technical reading

RSI (14)
80.2
overbought (≥ 70)
Bollinger (20, 2)
0.91 – 1.32
above the upper band · %B 1.12 · band width 37.3%
SMA 50 / 200
1.12 / 1.44
mixed trend
MACD (12, 26, 9)
0.05 / 0.02
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+33.0%−1.1%+34.1 pp—
3 months+18.1%−0.5%+18.6 pp—
6 months−18.5%+4.4%−22.8 pp—
Year to date−27.1%+12.3%−39.4 pp—
1 year+5.4%+13.5%−8.2 pp−26.0%
3 years+101.5%+76.4%+25.1 pp−33.2%
5 years−95.8%+63.7%−159.5 pp—
Max drawdown (1y)
−63.7%
11 Feb 2026 → 09 Oct 2026
Max drawdown (5y)
−98.9%
16 Nov 2021 → 14 Nov 2023
Compound annual growth (5y)
−46.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
31.2 m USD
+10.9% YoY
Net income
198.0 k USD
unavailable YoY
Diluted EPS
0.00
unavailable YoY
net / operating
0.6% / 9.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue29.4 m33.5 m28.9 m28.1 m29.0 m34.9 m30.2 m31.2 m
Cost of revenue11.5 m9.8 m9.1 m9.7 m7.0 m9.3 m9.5 m8.4 m
Gross profit18.0 m23.7 m19.8 m18.4 m22.0 m25.6 m20.7 m22.8 m
SG&A24.5 m26.9 m25.4 m22.4 m20.4 m22.8 m23.2 m19.8 m
Operating income-28.3 m-4.5 m-6.3 m-5.9 m1.4 m2.7 m-1.6 m3.0 m
Depreciation & amortisation1.9 m ≈835.0 k804.0 k778.0 k ≈747.0 k ≈709.0 k945.0 k707.0 k ≈
Interest expense6.7 m4.0 m1.9 m1.9 m1.9 m2.5 m2.5 m2.2 m
Pre-tax income-33.2 m-11.7 m-7.9 m-6.8 m-100.0 k938.0 k-3.1 m1.3 m
Income tax594.0 k885.0 k1.1 m889.0 k-560.0 k-2.7 m850.0 k1.1 m
Net income-33.8 m-12.5 m-9.0 m-7.7 m460.0 k3.6 m-4.0 m198.0 k
Diluted EPS-0.45-0.15 ≈-0.10-0.080.000.03 ≈-0.030.00
Operating cash flow-6.5 m ≈161.0 k-7.6 m-3.9 m ≈10.1 m ≈1.4 m-8.1 m-414.0 k ≈
Capex456.0 k ≈562.0 k34.0 k395.0 k ≈317.0 k ≈278.0 k632.0 k157.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 1-quarter history (min 542.8, median 542.8, max 542.8; quarters with earnings only).

Fiscal years

Fiscal year202020212022202320242025
Revenue147.7 m246.6 m185.5 m143.0 m116.1 m120.9 m
Revenue YoYunavailable+67.0%−24.8%−23.0%−18.8%+4.1%
Net income-5.3 m-77.7 m-277.7 m-180.4 m-79.4 m-12.7 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.24-2.04-5.86-2.53-1.04-0.13
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable
net %-3.6%-31.5%-149.7%-126.2%-68.4%-10.5%
Free cash flow-71.0 k-54.2 m-66.9 m-46.8 m-21.4 m-1.0 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
37.8 m USD
Financial debt
174.2 m USD
Net debt
136.4 m USD
Equity
18.4 m USD
Total assets
292.4 m USD
Debt / equity
9.48x
Current ratio
1.03x
ROE
unavailable
ROA
-4.4%
FCF margin
-0.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
143.0 m
2024
116.1 m
2025
120.9 m

SEC (XBRL)· 16 Mar 2026verified

Cost of revenue
2023
54.8 m
2024
41.8 m
2025
35.1 m

SEC (XBRL)· 16 Mar 2026verified

Gross profit
2023
88.2 m
2024
74.4 m
2025
85.9 m

SEC (XBRL)· 16 Mar 2026verified

SG&A
2023
123.1 m
2024
98.7 m
2025
91.0 m

SEC (XBRL)· 16 Mar 2026verified

Operating income
2023
-190.4 m
2024
-50.8 m
2025
-8.0 m

SEC (XBRL)· 16 Mar 2026verified

Depreciation & amortisation
2023
7.2 m
2024
7.0 m
2025
3.0 m

SEC (XBRL)· 16 Mar 2026verified

EBITDA
2023
-183.2 m ≈
2024
-43.8 m ≈
2025
-5.0 m ≈

SEC (XBRL)· 16 Mar 2026derived

Interest expense
2023
23.3 m
2024
23.7 m
2025
8.2 m

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
-200.2 m
2024
-76.2 m
2025
-13.9 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
-13.8 m
2024
3.1 m
2025
-1.2 m

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
-180.4 m
2024
-79.4 m
2025
-12.7 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
-2.53
2024
-1.04
2025
-0.13

SEC (XBRL)· 16 Mar 2026verified

Weighted average diluted shares
2023
71.3 m
2024
76.0 m
2025
100.3 m

SEC (XBRL)· 16 Mar 2026verified

Dividend per share
2023
—
2024
0.00
2025
0.00

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
28.1 m
2024
30.9 m
2025
37.8 m

SEC (XBRL)· 16 Mar 2026verified

Receivables
2023
7.5 m
2024
7.3 m
2025
4.1 m

SEC (XBRL)· 16 Mar 2026verified

Inventories
2023
13.0 m
2024
8.9 m
2025
12.9 m

SEC (XBRL)· 16 Mar 2026verified

Current assets
2023
69.7 m
2024
57.5 m
2025
65.5 m

SEC (XBRL)· 16 Mar 2026verified

Property, plant & equipment, net
2023
13.5 m
2024
4.9 m
2025
4.2 m

SEC (XBRL)· 16 Mar 2026verified

Goodwill
2023
54.9 m
2024
36.0 m
2025
37.5 m

SEC (XBRL)· 16 Mar 2026verified

Intangibles (excl. goodwill)
2023
157.9 m
2024
156.0 m
2025
155.9 m

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
334.3 m
2024
284.7 m
2025
292.4 m

SEC (XBRL)· 16 Mar 2026verified

Accounts payable
2023
14.5 m
2024
10.7 m
2025
11.9 m

SEC (XBRL)· 16 Mar 2026verified

Short-term debt
2023
304.0 k
2024
381.0 k
2025
1.5 m

SEC (XBRL)· 16 Mar 2026verified

Long-term debt
2023
190.1 m
2024
176.2 m
2025
172.6 m

SEC (XBRL)· 16 Mar 2026verified

Current liabilities
2023
58.9 m
2024
55.8 m
2025
63.8 m

SEC (XBRL)· 16 Mar 2026verified

Total liabilities
2023
288.6 m
2024
268.8 m
2025
274.2 m

SEC (XBRL)· 16 Mar 2026verified

Equity
2023
45.9 m †
2024
-7.7 m †
2025
18.4 m

SEC (XBRL)· 11 May 2026verified

Cash flow · USD

Operating cash flow
2023
-43.3 m
2024
-19.1 m
2025
18.0 k

SEC (XBRL)· 16 Mar 2026verified

Capex
2023
3.5 m
2024
2.3 m
2025
1.0 m

SEC (XBRL)· 16 Mar 2026verified

Free cash flow
2023
-46.8 m ≈
2024
-21.4 m ≈
2025
-1.0 m ≈

SEC (XBRL)· 16 Mar 2026derived

Investing cash flow
2023
13.0 m
2024
-318.0 k
2025
550.0 k

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
26.2 m
2024
21.6 m
2025
8.6 m

SEC (XBRL)· 16 Mar 2026verified

Share repurchases
2023
1.0 m
2024
0
2025
—

SEC (XBRL)· 13 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
4.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
-13.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
72.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
6.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
4.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
0.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
1.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
12.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
2.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
0.0%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
124.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
14.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
7.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
0.6x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
3.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.4 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
1.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
590.1%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
35.7%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
13 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
99 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
103 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
9 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
164.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
288.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
580.0x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
609.5x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
0.2%
computed by olivLawTTM to 30 Jun 2026
P/B
7.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
33.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
52.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
2.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
98.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
1.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 14 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

1.37 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 164.1 m USD

Key indicators

Market capitalisation
164.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
609.5x
computed by olivLawTTM to 30 Jun 2026
P/B
7.4x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
33.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
12.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
0.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
4.1%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 1008derived 79

Score by group

  • Quality46
  • Growth0
  • Valuation4
  • Balance sheet0

Estimated value range

Low
0.04
USD per share
Mid
0.21
USD per share
High
0.52
USD per share
Price: 1.37 USD
The price is above the range
Potential to the central value: -84.7% (value / price − 1)
Margin of safety: -553.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.03 – 1.00 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)0.06 – 1.00 (Mid 0.38)
    WACC 7.2% · starting FCFF 9.4 m USD · terminal value share of EV 79%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 18.3%
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/E0.03 – 0.05 (Mid 0.04)
    4 companies used · median multiple 18.0x · quartiles 13.1x – 21.9x
    EZPW, FCFS, SPH, WINA
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive
Multiple comparisons use the SIC vertical: Retail-Miscellaneous Retail (SIC 5900)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 14/100

FactorValueScoreWeight used
ROIC · Quality3.2%9 (on a fixed band)13%
Net margin · Quality0.2%55 (vs peers)8%
FCF conversion · Quality590.1%100 (on a fixed band)8%
Revenue CAGR 3Y · Growth-13.3%0 (on a fixed band)10%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet14.5x0 (on a fixed band)13%
Interest coverage · Balance sheet0.6x0 (on a fixed band)8%
Current ratio · Balance sheet0.8x0 (on a fixed band)5%
P/E (TTM) · Valuation609.5x0 (vs peers)13%
EV/EBITDA · Valuation33.7x0 (on a fixed band)13%
FCF yield · Valuation1.0%13 (on a fixed band)10%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality46/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation4/100 · 3/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Playboy, Inc. (PLBY). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 120.9 m USD in 2025; YoY growth 4.1%; net margin 0.2%; ROE 12.4%; net debt/EBITDA 14.5x.

The estimated value range is 0.04–0.52 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.21 USD, the price of 1.37 USD leaves a potential of -84.7% (value / price − 1) and a margin of safety of -553.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 14/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 590.1%

What contradicts it

  • ROIC: 3.2%
  • Revenue CAGR 3Y: -13.3%
  • Net debt / EBITDA: 14.5x
  • Interest coverage: 0.6x
  • Current ratio: 0.8x
  • P/E (TTM): 609.5x
  • EV/EBITDA: 33.7x
  • FCF yield: 1.0%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies

Multiples and returns vs the median

P/E
609.5x
vertical median 20.9x
above median (+2,810.3%)
EV/EBITDA
33.7x
vertical median —
P/S
1.3x
vertical median 0.9x
above median (+53.0%)
P/B
7.4x
vertical median 1.8x
above median (+319.7%)
ROE
12.4%
vertical median -4.7%
above median
Net margin
0.2%
vertical median -0.6%
above median
EBIT margin
4.3%
vertical median 1.4%
above median (+207.6%)
Revenue YoY
4.1%
vertical median 7.9%
below median (−48.0%)
Net debt/EBITDA
14.5x
vertical median 2.8x
above median (+419.7%)
Dividend yield
0.0%
vertical median 1.0%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FCFSFirstcash Holdings, Inc.8.3 bn20.918.2%9.5%+8.0%+22% / +73%
REALTheRealReal, Inc.1.7 bn——-1.4%+15.4%−6% / +500%
SVVSavers Value Village, Inc.1.5 bn63.35.7%1.4%unavailable+10% / −33%
SPHSuburban Propane Partners LP1.1 bn7.3—9.4%+7.9%−12% / +0%
WINAWinmark Corporation987.7 m24.8—45.1%+5.9%−32% / −35%
TMSTeamshares Inc344.7 m—-6.7%—unavailable−54% / unavailable
PLBYPlayboy, Inc.164.1 m609.512.4%0.2%+4.1%+5% / +101%
LIVELIVE VENTURES Inc22.9 m—-2.8%-0.6%−5.9%−19% / −70%
WBUYWebuy Global Ltd1.3 m—-160.3%-45.3%−63.0%−66% / −100%
NEXRNexera Technologies Ltd62.0 k—-43.2%-21.8%+23.0%−100% / −100%
EZPWEzcorp, Inc.—15.114.7%10.0%+9.7%+53% / +260%
WSHPWeShop Holdings Ltd——-946.5%-14,972.7%−67.3%−98% / unavailable
POMPOMDOCTOR Ltd———-32.7%unavailable−98% / unavailable

1- and 3-year price returns: for PLBY from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.77
Total return -44% · Per year -44%
1.37
Total return -0% · Per year -0%
2.07
Total return 51% · Per year 51%
3 years
0.61
Total return -55% · Per year -24%
1.23
Total return -10% · Per year -3%
2.07
Total return 51% · Per year 15%
5 years
0.49
Total return -65% · Per year -19%
1.11
Total return -19% · Per year -4%
2.07
Total return 51% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 0.31
  • Net margin± 0.22
  • Annual revenue growth± 0.20
  • Annual dilution± 0.02

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Playboy, Inc. is a pleasure and leisure company whose capital-light model rests on brand licensing and the Honey Birdette luxury lingerie business. In 2026 the company is consolidating its shift toward recurring revenue, with a China partnership and a share repurchase, while second-quarter revenue reached $31.2 million 3.

SWOT

Strengths

  • The Playboy brand is one of the most recognised in the world, with a broad licensing footprint 1.
  • Licensing revenue is largely backed by contractual guarantees, which gives predictability 3.
  • Honey Birdette has shown solid growth and high gross margins in recent quarters 3.

Weaknesses

  • Licensing revenue is concentrated in a few partners, which raises dependence risk 1.
  • The company posted net losses in earlier years and carried significant debt obligations 1.
  • Many licensed products depend on third parties, which limits direct control over quality 1.

Opportunities

  • Expansion in the US could drive greater growth for Honey Birdette given its stronger economics 1.
  • New licensing categories and territories could add recurring revenue 1.
  • Debt reduction through the China arrangement and the share repurchase could strengthen the balance sheet 3.

Threats

  • Tariffs and trade tensions could raise costs and weaken demand 1.
  • Pressure from larger competitors and digital platforms could compress margins 1.
  • Restrictive laws on adult content and boycotts could affect distribution of products 1.

Risks

  • Dependence on licenseeshigh

    A small number of licensees generate a significant share of revenue; if one fails to meet its obligations, revenue could decline 12.

  • Brand reputationmedium

    The Playboy brand is valuable, and if its image were damaged by negative publicity, sales and licence value could fall 1.

  • Tariffs and supply chainmedium

    Honey Birdette products are manufactured in China, and tariffs could raise costs and prices 1.

  • Adult content and regulationmedium

    Restrictive laws, advocacy groups and lawsuits could limit distribution and access to products 1.

  • Debt and litigation costslow

    Existing debt could limit financial flexibility, and litigation expenses weighed on second-quarter adjusted results 13.

Investment thesis

What would need to be true (bull case)

  • The China arrangement and share repurchase could reduce debt and add value for shareholders.
  • Brand recognition and inclusion in broader stock indexes could raise visibility and liquidity.

What would break the thesis

  • If a small number of licensees fail to meet their obligations, revenue could fall significantly.
  • Tariffs and trade tensions could raise production costs and compress Honey Birdette margins.
  • If Honey Birdette growth slows, the company could lack sufficient revenue to cover existing debt.

What to watch

  • Completion of the first closing of the UTG China joint ventureQ1 2027
  • Development of licensing revenue and key licensee concentration2027
  • Honey Birdette performance in the US and store countnext 10-K
  • Debt reduction following the share repurchase and China arrangement2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Playboy, Inc. (formerly PLBY Group, Inc.) offers products, content and experiences in pleasure and leisure, with Playboy-branded products and content available in approximately 180 countries, per its annual report 1. The company reports in two segments, Direct-to-Consumer and Licensing, and consolidated revenue was $120.9 million in fiscal 2025 1. From January 2025 the company moved its Playboy Club, Playboy Plus and Playboy TV digital operations to a licensing model under an agreement with Byborg, while keeping ownership of the assets 1.

The Direct-to-Consumer segment is built on Honey Birdette, a luxury lingerie brand sold online and in stores in Australia, the United States and the United Kingdom 1. The Licensing segment covers licensing of the Playboy brand for apparel, accessories, hospitality, digital gaming and location-based entertainment 1. The 2026 strategy centres on three verticals: licensing, media and experiences, and hospitality 1.

A key recent development is the China arrangement: the company signed an agreement with UTG under which UTG would ultimately own 50% of the China, Hong Kong and Macau licensing business for $45 million 1. The initial closing was expected by March 31, 2026 1.

Segments

Direct-to-Consumer (Honey Birdette)

In fiscal 2025 the segment generated $70.9 million in revenue and $0.3 million in operating income 1. In the second quarter of 2026, sales rose 18.2% with a gross margin of 65.1% 3. The company has focused on the US market, where an average store generates more than twice the revenue of one in Australia 1.

Market context

In the second quarter of 2026 the company reported revenue of $31.2 million and adjusted EBITDA of $7.0 million, its sixth consecutive quarter of positive adjusted EBITDA, per the release 3. Whether this continues would depend on execution of the strategy and on consumer conditions, which the company acknowledges are uncertain 2.

Trends

  • Capital-light modeltailwind

    The company has moved from an advertising-driven media business to licensing and commerce, which could improve margins and reduce working capital needs 1.

  • Honey Birdette growthtailwind

    Direct sales grew strongly in the second quarter of 2026, both online and in stores, supporting the consumer segment 3.

  • Tariffs and international tradeheadwind

    Tariffs between the US and China could raise production costs and prices for customers, since Honey Birdette products are manufactured in China 1.

Competitive position

The company competes with direct-to-consumer platforms such as Amazon and Douyin and with lingerie brands such as Agent Provocateur, Skims, Fleur du Mal and Victoria's Secret 1. In men's apparel in China it faces local and international brands such as Levi's and Lacoste 1. Larger competitors have greater financial and operational resources, which poses a meaningful challenge 1.

In sexual wellness the company competes with e-commerce platforms and physical chains such as Lovehoney and Adam & Eve, and in gaming and hospitality with other digital products and premium venues 1. Most of the named competitors are not US-listed, so their tickers are left null 1.

  • AmazonAMZN

    direct-to-consumer commerce platform named as a competitor in online sales 1

  • Victoria's Secret

    lingerie brand competing with Honey Birdette, named in the annual report 1

  • Skims

    intimate apparel and shapewear brand cited as a competitor 1

  • Lovehoney

    sexual wellness e-commerce platform cited as competing with licensed products 1

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Playboy, Inc. · 16 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Playboy, Inc. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Playboy, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.