Integrity Square Launches Public-Markets Tracker for ‘HALO’ Sector Companies

The HALO 52 follows 52 publicly traded companies across fitness, wearables, nutrition, recovery, outdoor recreation and related categories

Integrity Square has launched a new public-markets tracker designed to show how investors are valuing publicly traded companies across the fitness, wellness and active lifestyle economy.

The M&A advisory firm’s HALO 52 Public Markets Tracker follows 52 publicly traded companies across 12 subsectors within what Integrity Square calls the “HALO” — health, active lifestyle and outdoors — sector.

Built for operators, investors and advisors, the quarterly report places companies spanning fitness, wearables, nutrition, recovery, resorts and outdoor recreation on a single page. It also allows users to compare public-market valuations with private equity transactions and late-stage funding rounds.

The tracker includes publicly traded companies spanning the broader fitness and wellness ecosystem, from gym operators such as Planet Fitness to connected health companies like Hinge Health, apparel brands including lululemon and Nike, nutrition players such as Glanbia and The Simply Good Foods Company, and outdoor, sports and recreation businesses including Callaway Golf, Madison Square Garden Sports and Pursuit Attractions & Hospitality.

Integrity Square founder and managing partner Pete Moore first unveiled the tracker at the ATN Innovation Summit during a discussion with Piper Sandler managing director Brian Smith about M&A valuations and capital flows.

“The public markets still treat consumer, wellness, active lifestyle, resorts, sports and entertainment as unique silos, but they are all targeting the same global HALO consumer,” Moore said.

The tracker is not an ETF or investable index. Instead, Integrity Square is positioning it as a reference tool for a broad consumer sector that has lacked a unified public-markets benchmark.

The launch builds on the firm’s broader effort to define HALO as an investment category encompassing businesses competing for consumers’ discretionary spending on health, fitness, performance and recreation.

At the ATN Innovation Summit, Moore and Smith also outlined several factors influencing current fitness and wellness valuations, including strong margins, high returns on invested capital, a differentiated concept and a clear path to cash generation.

They cautioned that operators seeking growth capital or an exit need more than ambitious expansion plans, emphasizing the importance of presenting investors with a proven and repeatable playbook.

The inaugural HALO 52 report also highlights the wide dispersion in public-market performance across the sector during the first half of 2026. Hinge Health led the tracker with an 82.2% year-to-date gain through June 30, followed by Glanbia, Pursuit Attractions & Hospitality, Callaway Golf and Madison Square Garden Sports, while Planet Fitness, lululemon, Celsius, Nike and The Simply Good Foods Company ranked among the weakest performers.

Founded in 2010, Integrity Square has advised on more than 150 transactions across the HALO sector, according to the company.