- Exercise and gym participation typically rises at the start of the year, but returns across fitness stocks remain uneven
- Most long-term gains have come from fitness companies with B2B or commercial revenue exposure
- eToro analysis shows investors have favoured business models with more predictable and consistent cash flows and pricing power over those dependent on cyclical consumer sales
LONDON, 27 January 2026: The start of the year usually brings an increase in gym memberships as people look to reset after the indulgent holiday period. That pattern has held again this year. Share prices, however, tell a different story. Analysis from trading and investing platform eToro shows an equal-weighted basket of listed fitness stocks is up 9% over the past year and 40% over three years, but just 14% over five years, despite steady growth in fitness participation.
Performance over longer periods has become increasingly uneven. Short- and medium-term gains have been driven by a small number of stocks, while five-year returns have been weighed down by sharp declines among several consumer-facing names. Companies with greater exposure to B2B, commercial or institutional demand have contributed most of the long-term upside, while businesses more reliant on discretionary consumer spending have seen weaker share price outcomes.
This split has emerged even as the fitness industry continues to expand. A 2025 HFA Global report shows global gym memberships rose 6% year-on-year, while the number of fitness facilities increased by nearly 4%, indicating that participation has continued to grow even as market performance has diverged.
Lale Akoner, Global Market Analyst at eToro, said: “Seasonal spikes in gym usage are visible every January, but equity markets look through that noise. What ultimately matters for valuation is the durability of cash flows. Fitness companies that rely heavily on discretionary consumer spend remain exposed to margin pressure and demand volatility, particularly in a higher cost environment. By contrast, businesses with commercial exposure, recurring contracts, and pricing power have delivered far more resilient returns over time.”
Among the stronger performers, commercial demand has been an important factor. Technogym, which supplies premium equipment to gyms, hotels and wellness centres, has benefited from institutional investment and replacement cycles, delivering 102% returns over five years. Garmin combines consumer sales with exposure to commercial and professional markets, including aviation and marine, supporting repeat upgrades within a broader product ecosystem and 62% returns over the same period.
At the other end of the range, companies more dependent on one-off consumer purchases and high fixed costs have seen much weaker share price performance as demand normalised after the pandemic period. Peloton remains down 96% over five years, highlighting how sensitive some fitness business models have been to changes in consumer behaviour and operating leverage.
Akoner added: “What we’re seeing is the unwinding of very different post-pandemic expectations. Some fitness stocks were priced for sustained consumer intensity that simply hasn’t materialised. As demand normalised, high fixed costs and operating leverage were exposed, and investors adjusted accordingly. Businesses aligned to institutional spending cycles have been far better insulated from that reset.”
| Brand | Returns 1 year | Returns 3 years | Returns 5 years |
| Fitness focused brands | |||
| The Gym Group | 20% | 21% | -21% |
| Peloton | -29% | -47% | -96% |
| Planet Fitness | -7% | 22% | 22% |
| Garmin | -7% | 107% | 62% |
| Technogym | 66% | 97% | 102% |
| Basket average | 9% | 40% | 14% |
Table showing performance of a basket of fitness focused stocks
Share price data taken at market close 21/01/2026. Index performance calculated in USD terms. Data from Refinitiv. Past performance is not an indication of future results
ENDS
Media contacts
Notes to editors
Surveys used in the press release:
- https://www.healthandfitness.org/2025-global-fitness-industry-report-shows-record-growth-and-whats-next-for-the-market/
- https://www.macrotrends.net/stocks/charts/NVO/novo-nordisk/profit-margins
- https://www.macrotrends.net/stocks/charts/LLY/eli-lilly/profit-margins
About eToro
eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have over 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
Disclaimers
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Past performance is not an indication of future results.
eToro is a group of companies that are authorised and regulated in their respective jurisdictions.
The regulatory authorities overseeing eToro include:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Authority (FSA) in the Seychelles
- The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
- The Monetary Authority of Singapore (MAS) in Singapore
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
Regulation and License numbers
UK
eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792
Europe
eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.
Singapore
eToro Singapore Pte. Ltd. is registered as a Private Company Limited by Shares, incorporated on 29 March 2021 in Singapore with an Unique Entity Number (“UEN”) of 202111044C. The registered Company’s address and principal place of business is 111 Somerset Road, #07-10, Singapore 238164. The Company is a Capital Markets Services Licensee (Licence number: CMS101824) regulated by the Monetary Authority of Singapore for the activities of dealing in capital markets products and providing custodial services in Singapore.
Australia
eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (“collectively, eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.