Due to the temporary closures of gyms and other public spaces enacted to slow the spread of COVID-19, Planet Fitness (NYSE: PLNT) took a big financial hit during the early stages of the pandemic. But shares eventually recovered before hitting a new peak in November 2021.

It's been a difficult ride for shareholders in this profitable and scalable business since then, though. As of April 16, this fitness growth stock is down 37% from that all-time high. Could that make Planet Fitness a once-in-a-generation investment opportunity?

Planet Fitness had a strong 2023. It grew its revenue by 14.4% to $1.1 billion, a new record for the company. This was driven by an 8.7% growth in same-store sales, as well as the opening of 165 net new locations. Planet Fitness also added 1.7 million new members, bringing its total customer count to 18.7 million as of year's end.

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Source Fool.com