olivLaw · US equity research
Playboy, Inc. PLBY
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
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.
Price history
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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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.4 m | 33.5 m | 28.9 m | 28.1 m | 29.0 m | 34.9 m | 30.2 m | 31.2 m |
| Cost of revenue | 11.5 m | 9.8 m | 9.1 m | 9.7 m | 7.0 m | 9.3 m | 9.5 m | 8.4 m |
| Gross profit | 18.0 m | 23.7 m | 19.8 m | 18.4 m | 22.0 m | 25.6 m | 20.7 m | 22.8 m |
| SG&A | 24.5 m | 26.9 m | 25.4 m | 22.4 m | 20.4 m | 22.8 m | 23.2 m | 19.8 m |
| Operating income | -28.3 m | -4.5 m | -6.3 m | -5.9 m | 1.4 m | 2.7 m | -1.6 m | 3.0 m |
| Depreciation & amortisation | 1.9 m ≈ | 835.0 k | 804.0 k | 778.0 k ≈ | 747.0 k ≈ | 709.0 k | 945.0 k | 707.0 k ≈ |
| Interest expense | 6.7 m | 4.0 m | 1.9 m | 1.9 m | 1.9 m | 2.5 m | 2.5 m | 2.2 m |
| Pre-tax income | -33.2 m | -11.7 m | -7.9 m | -6.8 m | -100.0 k | 938.0 k | -3.1 m | 1.3 m |
| Income tax | 594.0 k | 885.0 k | 1.1 m | 889.0 k | -560.0 k | -2.7 m | 850.0 k | 1.1 m |
| Net income | -33.8 m | -12.5 m | -9.0 m | -7.7 m | 460.0 k | 3.6 m | -4.0 m | 198.0 k |
| Diluted EPS | -0.45 | -0.15 ≈ | -0.10 | -0.08 | 0.00 | 0.03 ≈ | -0.03 | 0.00 |
| 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 ≈ |
| Capex | 456.0 k ≈ | 562.0 k | 34.0 k | 395.0 k ≈ | 317.0 k ≈ | 278.0 k | 632.0 k | 157.0 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 year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 147.7 m | 246.6 m | 185.5 m | 143.0 m | 116.1 m | 120.9 m |
| Revenue YoY | unavailable | +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 YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.24 | -2.04 | -5.86 | -2.53 | -1.04 | -0.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| 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
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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
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 147.7 m | 246.6 m | 185.5 m | 143.0 m | 116.1 m | 120.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 74.4 m | 116.8 m | 82.9 m | 54.8 m | 41.8 m | 35.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 73.3 m ≈ | 129.8 m ≈ | 102.6 m ≈ | 88.2 m | 74.4 m | 85.9 m | SEC (XBRL)· 16 Mar 2026verified |
| SG&A | 58.7 m | 197.5 m | 150.5 m | 123.1 m | 98.7 m | 91.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 13.6 m | -68.9 m | -296.1 m | -190.4 m | -50.8 m | -8.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 2.3 m | 7.3 m | 12.7 m | 7.2 m | 7.0 m | 3.0 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 15.9 m ≈ | -61.6 m ≈ | -283.4 m ≈ | -183.2 m ≈ | -43.8 m ≈ | -5.0 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 13.5 m | 13.3 m | 17.7 m | 23.3 m | 23.7 m | 8.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 1.8 m | -80.5 m | -306.4 m | -200.2 m | -76.2 m | -13.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 7.1 m | -2.8 m | -55.7 m | -13.8 m | 3.1 m | -1.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -5.3 m | -77.7 m | -277.7 m | -180.4 m | -79.4 m | -12.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -0.24 | -2.04 | -5.86 | -2.53 | -1.04 | -0.13 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 22.2 m | 38.1 m | 47.4 m | 71.3 m | 76.0 m | 100.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | — | — | — | — | 0.00 | 0.00 | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.4 m | 69.2 m | 31.8 m | 28.1 m | 30.9 m | 37.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 6.6 m | 14.1 m | 14.2 m | 7.5 m | 7.3 m | 4.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 11.8 m | 39.9 m | 20.6 m | 13.0 m | 8.9 m | 12.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 47.2 m | 138.9 m | 120.7 m | 69.7 m | 57.5 m | 65.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 5.2 m | 26.4 m | 13.8 m | 13.5 m | 4.9 m | 4.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 504.0 k | 254.2 m | 123.2 m | 54.9 m | 36.0 m | 37.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 339.0 m | 425.3 m | 236.1 m | 157.9 m | 156.0 m | 155.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 412.1 m | 935.4 m | 554.6 m | 334.3 m | 284.7 m | 292.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 8.7 m | 20.6 m | 13.6 m | 14.5 m | 10.7 m | 11.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 4.5 m | 2.8 m | 2.1 m | 304.0 k | 381.0 k | 1.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 154.2 m | 226.0 m | 191.1 m | 190.1 m | 176.2 m | 172.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 54.0 m | 117.8 m | 92.9 m | 58.9 m | 55.8 m | 63.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 329.3 m | 513.1 m | 399.5 m | 288.6 m | 268.8 m | 274.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 5.0 m | 422.5 m † | 155.3 m † | 45.9 m † | -7.7 m † | 18.4 m | SEC (XBRL)· 11 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 813.0 k | -36.7 m | -59.4 m | -43.3 m | -19.1 m | 18.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 884.0 k | 17.5 m | 7.4 m | 3.5 m | 2.3 m | 1.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | -71.0 k ≈ | -54.2 m ≈ | -66.9 m ≈ | -46.8 m ≈ | -21.4 m ≈ | -1.0 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -5.5 m | -273.2 m | 8.8 m | 13.0 m | -318.0 k | 550.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -8.5 m | 370.5 m | 11.6 m | 26.2 m | 21.6 m | 8.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Share repurchases | — | — | 0 | 1.0 m | 0 | — | SEC (XBRL)· 13 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 14 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 164.1 m USD
Key indicators
Coverage and freshness
Score by group
- Quality46
- Growth0
- Valuation4
- Balance sheet0
Estimated value range
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 – 21.9xEZPW, FCFS, SPH, WINA
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.2% | 9 (on a fixed band) | 13% |
| Net margin · Quality | 0.2% | 55 (vs peers) | 8% |
| FCF conversion · Quality | 590.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -13.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 14.5x | 0 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 609.5x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 33.7x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 1.0% | 13 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +22% / +73% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −12% / +0% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −32% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −54% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | +5% / +101% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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
Weaknesses
Opportunities
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
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Material agreement · Financial statements and exhibits
- Current report (amendment)02 Sept 2026Departure or appointment of officers
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jun 2026Material agreement · Shareholder vote · Other events · Financial statements and exhibits
- Current report04 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report15 May 2026Material agreement · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Playboy, Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Playboy, Inc. · 10 Aug 2026
- [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.