LTHLife Time Group Holdings, Inc.

Services-Membership Sports & Recreation Clubs

Revenue: $3.0B; 14% YoY
Operating margin: 16.1%; 18% YoY
EBITDA: $778M; 23% YoY
Market cap: $10.1B
Employees: —
Net debt / EBITDA: 1.6×; $1.2B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
233% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$2.3B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.3B	$1.8B	$2.2B	$2.6B	$3.0B	14%
Operating income	−$495M	$111M	$225M	$357M	$481M	35%
Net income	−$579M	−$2M	$76M	$156M	$374M	139%
Operating cash flow	−$20M	$201M	$463M	$575M	$871M	51%
Capex	$329M	$591M	$698M	$525M	$891M	70%
Stock-based comp	$334M	$37M	$50M	$51M	$52M	1.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2026	Green LTF Holdings II LP	SCHEDULE 13D/A	2.6%	Passive
Jul 30, 2026	JSS LTF HOLDINGS LTD	SCHEDULE 13D/A	1.5%	Passive
May 26, 2026	Green LTF Holdings II LP	SCHEDULE 13D/A	5.9%	Passive
May 26, 2026	TPG GP A, LLC	SCHEDULE 13D/A	4.3%	Passive
May 7, 2026	Green LTF Holdings II LP	SCHEDULE 13D/A	7.2%	Passive
May 7, 2026	TPG GP A, LLC	SCHEDULE 13D/A	5.2%	Passive
Sep 15, 2025	Green LTF Holdings II LP	SCHEDULE 13D/A	11.3%	Passive
Sep 15, 2025	TPG GP A, LLC	SCHEDULE 13D/A	8.1%	Passive
Jun 10, 2025	TPG GP A, LLC	SCHEDULE 13D/A	9.8%	Passive
Jun 10, 2025	Green LTF Holdings II LP	SCHEDULE 13D/A	13.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2.3B · 58
Net: −$2.3B

Pay vs performance

No pay-versus-performance disclosure yet.