Valuing a gym, boutique fitness studio, or wellness business is not as simple as multiplying revenue by a rule of thumb. A supportable business valuation looks at the quality of the cash flow, the durability of member relationships, the lease, the equipment, the staff, the owner’s role, the local competitive environment, and the documents that prove the numbers. The same headline revenue can support very different values depending on churn, payroll, rent burden, deferred revenue, equipment replacement needs, and whether members are attached to the brand or to one irreplaceable owner or instructor.
For owners, buyers, attorneys, CPAs, lenders, and advisors, the practical question is usually this: what would a reasonable buyer pay today for the future economic benefits of this specific gym or wellness business, after considering the risks and obligations that come with it? A credible business appraisal answers that question by applying recognized valuation methods, documenting assumptions, and reconciling the income approach, market approach, and asset approach. Professional valuation organizations emphasize the importance of standards, scope, documentation, and analyst judgment in valuation work (National Association of Certified Valuators and Analysts [NACVA], n.d.; AICPA-CIMA, n.d.).
Simply Business Valuation prepares professional business valuation reports for gyms, fitness studios, wellness centers, and related service businesses. Whether the purpose is a sale, partner buyout, divorce, estate or gift planning, lender file, shareholder dispute, or internal planning, the valuation should connect the business model to the cash flow evidence rather than rely on generic industry shortcuts.
Quick Answer: What Drives Gym and Fitness Studio Value?
A gym or wellness business is typically valued based on normalized EBITDA, seller’s discretionary earnings, or free cash flow, adjusted for member retention, recurring revenue quality, lease terms, equipment condition, staffing, owner dependence, local competition, and reinvestment needs. The income approach often receives the most weight when the business has reliable financial statements and predictable membership data. The market approach can be useful when comparable sales or public-company evidence is truly comparable, but it can mislead if it ignores size, location, franchise status, profitability, and churn. The asset approach is most useful for distressed, startup, or asset-heavy facilities where current cash flow is weak or uncertain.
The most important value drivers are:
| Valuation driver | Why it matters | Evidence to request | Valuation impact |
|---|---|---|---|
| Normalized EBITDA or SDE | Shows recurring earnings after appropriate add-backs and owner compensation adjustments | Tax returns, P&Ls, payroll, owner compensation, add-back support | Directly affects income approach and market approach indications |
| Member retention and churn | Determines whether recurring revenue is durable or fragile | Member reports, cancellations, freezes, joins, cohort data | Higher risk if growth is driven by constant replacement of lost members |
| Revenue mix | Memberships, personal training, class packs, wellness services, and retail have different margins and staffing needs | POS reports, booking reports, segment revenue | Affects forecast margins and risk |
| Lease and location | Rent, renewal options, landlord consent, parking, and visibility can make or break cash flow | Lease, amendments, rent ledger, assignment language | Poor lease terms can reduce value or block a transaction |
| Equipment and facility condition | Aging equipment and deferred maintenance reduce future free cash flow | Equipment list, maintenance records, capex schedule | Affects asset approach and income approach cash flow |
| Owner and instructor dependence | A business tied to one person carries transition risk | Schedule, payroll, customer reviews, instructor agreements | Can increase risk rate, reduce transferable value, or require transition assumptions |
| Billing and cancellation practices | Membership revenue quality depends on enforceable, compliant processes | Membership agreements, cancellation policies, billing platform reports | Poor processes can create refund, chargeback, or compliance risk |
| Franchise or brand rules | Royalties, ad funds, required systems, transfer approvals, and brand obligations affect earnings | Franchise agreement, FDD, royalty reports | Changes normalized EBITDA and buyer universe |
| Local competition | Nearby low-cost clubs, boutique studios, wellness alternatives, and online options affect pricing power | Competitive map, pricing comparisons, reviews | Impacts revenue forecast and risk |
| Documentation quality | A valuation conclusion is only as reliable as the records behind it | Reconciled financial and operating data | Weak records increase uncertainty and may lower buyer confidence |
For a mature gym with reliable recurring revenue, the valuation may be driven primarily by normalized cash flow. For a boutique studio, instructor concentration and class utilization may be just as important as revenue. For a wellness business with memberships plus services and retail, a segment-level analysis may be needed. For a distressed gym, equipment, leasehold improvements, deferred revenue, and liabilities may matter more than current earnings.
What Makes a Gym or Wellness Business Different From Other Small Businesses?
Recurring Revenue Is Valuable Only If It Is Durable
Recurring membership revenue is one of the main reasons gyms can be attractive acquisition targets. Monthly dues, annual plans, corporate accounts, recurring personal training packages, and wellness subscriptions can create a predictable revenue base. But recurring billing alone does not by itself create transferable value. A valuation analyst needs to know whether the revenue is durable, transferable, and profitable.
A gym with 1,000 active members may look strong on paper, but the valuation conclusion changes if a large portion of those members are on discounted introductory rates, frozen memberships, prepaid packages, or contracts that can be cancelled with little notice. The analyst should review joins, cancellations, freezes, reactivations, upgrades, downgrades, refunds, chargebacks, and average tenure. If the business constantly spends heavily on marketing to replace departing members, the headline recurring revenue may overstate economic strength.
Recurring revenue also creates accounting and diligence questions. Prepaid memberships and unused class packs can represent obligations to provide future services. Gift cards, credits, and package balances may need to be considered in working capital or debt-like adjustments. A buyer who pays for a gym without understanding these obligations may discover that part of the cash received before closing relates to services that must be delivered after closing.
Membership billing and cancellation practices are also a valuation risk category. The Federal Trade Commission maintains a Negative Option Rule page and business guidance resources related to consumer protection and recurring billing practices (Federal Trade Commission [FTC], n.d.-a, n.d.-b). This article is not legal advice, and state health-club laws and contract requirements can vary. However, from a valuation perspective, unclear cancellation procedures, aggressive billing practices, high chargebacks, or weak membership agreements can affect revenue quality and buyer risk. Owners should have counsel review consumer agreements and billing procedures before a transaction or dispute valuation.
Location Economics and Lease Terms Can Dominate the Valuation
A gym is often a location-sensitive business. Visibility, parking, street access, nearby employers, residential density, co-tenancy, commute patterns, local income levels, and competing facilities can all affect performance. Yet the lease may be even more important than the location itself. A profitable facility with a short remaining lease term, uncertain renewal rights, steep rent escalations, or landlord consent issues may be worth less than its financial statements suggest.
A valuation should examine base rent, common area maintenance charges, property taxes, utilities, renewal options, assignment provisions, personal guaranty obligations, exclusivity clauses, permitted use language, and responsibility for repairs. Fitness facilities can have heavy utility usage, HVAC needs, restroom and locker-room demands, specialized flooring, and significant build-out requirements. If the landlord owns key improvements or can restrict assignment, the buyer may face uncertainty that reduces transferable value.
Leasehold improvements also create a common valuation trap. A seller may have spent heavily on build-out, signage, showers, flooring, lighting, sound, reception areas, or specialty rooms. Those costs may matter, but value is not automatically equal to historical cost. The valuation question is whether the improvements contribute to future cash flow and whether the buyer can actually use them under the lease. A beautiful build-out in a location that cannot be assigned to a buyer has limited transferable value.
Trainer, Instructor, and Owner Dependence
Many fitness businesses are relationship-driven. Members may join for a brand, location, price, amenities, community, instructor, coach, or owner. The more member loyalty depends on one or two people, the more transition risk a buyer faces.
In a full-service gym, the owner may manage operations, sell memberships, supervise trainers, handle bookkeeping, coordinate vendors, and solve facility problems. In a boutique studio, a few instructors may drive attendance, reviews, and member retention. In a wellness center, licensed or specialized providers may be central to the revenue stream. If those people leave after closing, the revenue forecast may not materialize.
The valuation should separate transferable business goodwill from personal goodwill. A business with documented systems, a trained management team, diversified instructor relationships, consistent programming, a strong brand, and member loyalty beyond one person may support a stronger forecast. A business where the owner teaches most classes, personally handles most sales, and is the face of the community may require a higher risk adjustment, a transition agreement, or a lower transferable cash-flow conclusion.
Official labor resources from the U.S. Bureau of Labor Statistics identify fitness trainers and instructors as a recognized occupation category, which is useful context for understanding staffing and labor inputs in the industry (U.S. Bureau of Labor Statistics [BLS], n.d.). The key valuation point is not a national wage number. It is whether the subject business has a realistic payroll structure that a buyer could maintain.
Equipment and Facility Reinvestment
Gyms and wellness businesses often require ongoing investment. Cardio machines, strength equipment, bikes, reformers, mats, recovery devices, saunas, locker rooms, flooring, sound systems, access-control systems, cameras, HVAC, signage, and member-management software all wear out or become outdated. Deferred maintenance can inflate current EBITDA because the business is postponing costs that a buyer will eventually incur.
The analyst should review the fixed asset schedule, equipment list, loan and lease documents, maintenance records, vendor contracts, and management’s replacement plan. Owned equipment, leased equipment, and financed equipment are treated differently. Equipment with a loan attached does not create the same equity value as debt-free equipment. A facility that recently replaced major equipment may have lower near-term capex than a facility running on aging machines and patched flooring.
A valuation should distinguish maintenance capital expenditures from growth capital expenditures. Replacing worn equipment to keep the current member base is different from adding a new studio room or launching a new service line. Maintenance capex reduces normalized free cash flow. Growth capex may be modeled separately if the valuation includes expansion assumptions.
Documents Needed for a Gym Business Appraisal
A professional gym business appraisal depends on source documents. The better the records, the more clearly the analyst can connect operations to value. Weak records do not automatically mean a business has no value, but they increase uncertainty and can make a buyer, lender, court, or advisor less confident in the conclusion.
Financial Records
The valuation team should request:
- Federal tax returns for the business, commonly three to five years when available.
- Year-to-date profit and loss statement and balance sheet.
- Monthly P&L reports for seasonality analysis.
- General ledger detail for add-backs and unusual expenses.
- Bank statements and merchant processing statements.
- Payroll reports, W-2s, 1099s, contractor payments, and owner compensation records.
- Loan schedules, equipment financing, and lease obligations.
- Rent ledger, lease payments, common area maintenance charges, and utility costs.
- Insurance, legal, accounting, software, marketing, repairs, and maintenance details.
- Franchise royalty, advertising fund, technology, and transfer fee schedules if applicable.
Membership and Operating Data
Financial statements tell only part of the story. A gym valuation also needs operating data, including:
- Active members by tier.
- Frozen, suspended, inactive, trial, or promotional members.
- New joins, cancellations, freezes, reactivations, upgrades, and downgrades.
- Average revenue per member or average monthly revenue per member.
- Personal training sessions, class attendance, booking utilization, and no-show trends.
- Package balances, unused class packs, prepaid memberships, credits, and refunds.
- Lead sources, conversion rates, marketing spend, referral activity, and corporate accounts.
- Reviews, complaints, chargebacks, and member service issues.
- Revenue by segment: memberships, training, classes, wellness services, retail, childcare, recovery services, and other ancillary lines.
Contracts, Compliance, and Facility Documents
The valuation should also review:
- Lease and amendments.
- Landlord consent and assignment language.
- Franchise agreement, franchise disclosure document, and franchisor approval process if applicable.
- Membership agreement templates, cancellation policies, automatic renewal disclosures, and refund procedures.
- Instructor, trainer, manager, and contractor agreements.
- Insurance policies and claim history.
- Permits, local licenses, and health or safety records where applicable.
- Equipment maintenance contracts and warranties.
- Vendor contracts for software, billing, cleaning, laundry, towels, security, and repairs.
- Any pending disputes, litigation, tax notices, or regulatory inquiries.
Valuation Data Request Checklist
| Category | Documents or data to request | Why it matters |
|---|---|---|
| Financials | Tax returns, P&Ls, balance sheets, general ledger, bank statements | Supports normalized EBITDA, SDE, and cash-flow analysis |
| Membership | Active members, cancellations, freezes, joins, tenure, tier pricing | Tests recurring revenue durability |
| Revenue segments | Memberships, training, classes, wellness, retail, corporate accounts | Identifies margin and risk differences by revenue stream |
| Payroll | Owner pay, managers, trainers, instructors, contractors, payroll taxes | Supports owner compensation and staffing normalization |
| Lease | Lease, amendments, renewal options, rent escalations, assignment consent | Determines location transferability and rent risk |
| Equipment | Equipment list, ownership, financing, leases, repairs, replacement plan | Supports capex, asset value, and debt-like obligations |
| Billing and contracts | Member agreements, cancellation procedures, chargebacks, refunds | Identifies revenue quality and compliance risk |
| Marketing | Leads, conversion, referral sources, ad spend, reviews | Supports growth and customer acquisition assumptions |
| Franchise | Franchise agreement, FDD, royalties, ad fund, transfer rules | Adjusts cash flow and transaction feasibility |
| Legal and tax | Claims, notices, disputes, tax obligations, insurance | Identifies contingent liabilities and risk |
Step 1: Normalize EBITDA, SDE, and Cash Flow
Why Normalized EBITDA Matters
EBITDA means earnings before interest, taxes, depreciation, and amortization. Seller’s discretionary earnings, or SDE, is often used for owner-operated small businesses and may begin with pre-tax earnings plus one owner’s compensation and certain discretionary or nonrecurring items. These are not magic numbers. They are starting points for estimating the cash flow a market participant could expect after appropriate adjustments.
For a gym, normalized EBITDA or SDE should reflect the operations that will transfer to a buyer. If the owner currently works full time but does not pay themselves market compensation, the valuation may need to subtract a reasonable replacement salary. If family members are paid above market or below market, payroll may need adjustment. If the business pays personal expenses, one-time legal fees, nonrecurring repairs, or unusual rebranding costs, those items may be reviewed as possible add-backs, but only if they are documented and truly nonrecurring or discretionary.
Add-backs should not be treated as automatic. A seller may describe an expense as one-time, but the analyst should test whether similar costs recur under different labels. Equipment repairs, marketing campaigns, software upgrades, and facility maintenance may look unusual in one month but still be part of the normal cost of operating a gym. A professional valuation report should explain the support for each material adjustment.
Gym-Specific Normalization Issues
Common gym-specific adjustments include:
- Owner compensation for management, sales, coaching, bookkeeping, or facility maintenance roles.
- Family payroll or contractor payments that differ from market compensation.
- Related-party rent compared with market or contract rent.
- Deferred revenue from prepaid memberships, unused class packages, and credits.
- Franchise royalties, brand fund contributions, technology fees, and required system expenses.
- Equipment leases, financed equipment, and maintenance contracts.
- Repairs that are actually maintenance capex rather than discretionary expenses.
- One-time grand opening, relocation, rebranding, or unusual local disruption costs.
- Nonoperating vehicles, travel, meals, or personal expenses if properly documented.
- Legal, accounting, or consulting expenses that relate to a nonrecurring event rather than ongoing operations.
- Payroll needed to replace owner work after a sale.
The normalization process should also consider revenue recognition. If a studio sells large class packs or annual memberships, cash receipts may not equal earned revenue in the same period. A buyer and valuation analyst should understand which revenue has been earned, which services remain to be delivered, and whether package liabilities should affect working capital or equity value.
Reported EBITDA or seller's discretionary earnings
+ documented nonrecurring expenses
+ documented discretionary owner expenses that a market participant would not incur
- required market compensation for owner roles not already paid
+/- rent, payroll, deferred revenue, equipment, and maintenance normalization
= normalized EBITDA or normalized operating cash flow
Professional valuation standards and valuation-service resources emphasize the importance of defining the engagement, documenting assumptions, and using procedures appropriate to the purpose and scope of the valuation (NACVA, n.d.; AICPA-CIMA, n.d.). In practice, that means the analyst should not simply accept a seller’s add-back schedule without support.
Step 2: Apply the Income Approach and Discounted Cash Flow
When the Income Approach Fits
The income approach values a business based on the present value of expected future economic benefits. For a gym, that usually means forecasting revenue, expenses, taxes, reinvestment, working capital, and risk. A discounted cash flow model can be especially useful when the business has reliable monthly financials, membership reports, predictable recurring revenue, and a defensible forecast.
A discounted cash flow analysis should be built from operating drivers rather than broad guesses. The analyst may start with active members by tier, monthly revenue per member, joins, cancellations, freezes, pricing, personal training revenue, class utilization, and ancillary services. Then the analyst estimates payroll, rent, utilities, marketing, software, insurance, maintenance, franchise fees, and equipment replacement. The result is a forecast of free cash flow that can be discounted at a risk rate appropriate for the company and the cash-flow definition.
Cost-of-capital data, such as the public data sets maintained by Aswath Damodaran at NYU Stern, can provide broad context for discount-rate thinking, but public-company or sector data must be adjusted carefully before being applied to a small private gym (Damodaran, n.d.). Size, customer concentration, documentation quality, lease risk, owner dependence, and marketability can make a private business materially riskier than a diversified public company.
Build the Forecast From Gym-Specific Drivers
A supportable forecast should connect assumptions to documents. For example, if management expects membership growth, the valuation should consider historical lead volume, conversion rates, marketing spend, capacity, local competition, pricing, and churn. If management expects margin improvement, the analyst should examine whether payroll, rent, utilities, and maintenance can realistically support that improvement. If a studio plans to add wellness services or retail, the forecast should reflect staffing, inventory, booking utilization, build-out, licensing or compliance considerations, and marketing.
| Forecast driver | Why it matters | Documents needed | Downside case | Upside case |
|---|---|---|---|---|
| Starting active members | Sets the recurring revenue base | Member-management reports | Member count includes inactive or discounted members | Clean active roster with stable tenure |
| Joins and cancellations | Drives net growth or shrinkage | Monthly joins, cancels, freezes | High churn requires heavy marketing | Retention improves after operational changes |
| Average revenue per member | Measures pricing and tier mix | Billing reports, pricing schedule | Discounts, freezes, and downgrades reduce ARPM | Price increases hold with limited attrition |
| Personal training and classes | Can carry different margins and labor needs | Booking and payroll reports | Revenue depends on few trainers | Utilization improves with broader staff depth |
| Rent and occupancy costs | Fixed cost that can pressure margins | Lease, rent ledger, CAM charges | Rent escalation reduces EBITDA | Favorable renewal supports stable cash flow |
| Payroll | Largest controllable operating input for many studios | Payroll reports and schedules | Owner replacement cost omitted | Management team supports transition |
| Marketing | Needed to replace churn and grow | Ad reports, lead sources | Customer acquisition cost rises | Referrals and reviews lower acquisition cost |
| Equipment capex | Converts EBITDA to free cash flow | Equipment list and maintenance records | Aging equipment requires near-term replacement | Recent upgrades reduce near-term capex |
| Working capital and deferred revenue | Affects equity value and closing adjustments | Balance sheets, package liability reports | Large unused packages transfer to buyer | Clean reconciliation supports confidence |
Illustrative monthly recurring revenue
= active recurring members × average monthly revenue per member
Illustrative annual gross revenue
= recurring membership revenue
+ personal training and class-package revenue
+ wellness, retail, and ancillary revenue
- refunds, credits, and cancellations
Illustrative free cash flow
= normalized operating income after tax
+ depreciation and amortization
- maintenance capital expenditures
- required working-capital investment
The income approach is also where macro context may be considered, but only cautiously. Consumer spending resources from the Bureau of Economic Analysis can provide broad economic context (Bureau of Economic Analysis [BEA], n.d.). Public-health resources from the CDC and the Office of Disease Prevention and Health Promotion discuss physical activity guidelines (Centers for Disease Control and Prevention [CDC], n.d.; Office of Disease Prevention and Health Promotion [ODPHP], n.d.). These sources do not prove that a specific gym will grow or command a premium. The subject company’s own retention, pricing, and cash-flow evidence remains central.
Capitalization of Earnings Versus DCF
Not every gym valuation needs a detailed multi-year DCF. If the business is mature, stable, and expected to grow at a steady long-term rate, a capitalization of earnings method may be appropriate. This method converts a representative normalized cash-flow figure into value using a capitalization rate. However, the analyst still needs to support the cash flow and the risk rate.
A DCF may be more appropriate when the business is changing. Examples include a new location approaching maturity, a studio recovering from disruption, a gym with planned expansion, a wellness center adding services, a franchise location facing royalty changes, or a business with expected near-term equipment replacement. The DCF can explicitly model different years, different reinvestment needs, and different risk scenarios.
The decision should be based on the facts of the subject company. A simple model with well-supported assumptions is usually more credible than a complex model filled with unsupported growth rates.
Step 3: Use the Market Approach Carefully
What the Market Approach Compares
The market approach estimates value by comparing the subject business to sales or valuation indicators from similar businesses. In theory, this is intuitive: buyers and sellers look at what similar gyms or studios have sold for. In practice, comparability is difficult.
A small independent gym in a local retail center may not be comparable to a national franchisor, a multi-unit franchisee, a boutique brand in a major city, a medically oriented wellness center, or a distressed asset sale. Even within the same category, differences in rent, equipment, membership mix, churn, staffing, owner involvement, deferred revenue, lease term, and local competition can be material.
A professional valuation should explain the selection and adjustment of market evidence. If comparable transaction data are limited or confidential, the report should avoid presenting unsupported multiples as fact. If public-company data are reviewed, the report should explain why public-company scale, liquidity, capital structure, reporting quality, and business model may differ from a private gym.
Why Gym Rules of Thumb Can Mislead
Rules of thumb are popular because they are quick. A buyer might hear that a gym is worth a certain percentage of revenue, a certain amount per member, or a multiple of EBITDA. These shortcuts can be useful conversation starters, but they are not a substitute for a business valuation.
A revenue rule of thumb can ignore profitability. Two gyms with the same revenue can have different payroll structures, rent burdens, equipment needs, and owner compensation. A member-count rule can ignore price, churn, utilization, and contract terms. An EBITDA shortcut can ignore deferred revenue, capex, equipment debt, and the need to replace the owner’s work.
For example, assume two studios have the same annual revenue. Studio A has stable recurring members, diversified instructors, clean books, a renewable lease, and recently updated equipment. Studio B has similar revenue but high cancellations, heavy discounts, an expiring lease, aging equipment, and a founder who teaches most classes. A rule of thumb may treat them similarly. A real valuation should not.
Public Company and Franchise Context
Public fitness-company filings can provide useful qualitative context, particularly around risk factors, franchising, revenue models, competition, growth, and operating obligations. Planet Fitness, for example, is a public company with SEC filings that disclose company-specific risks and business information (Planet Fitness, Inc., 2026; U.S. Securities and Exchange Commission [SEC], n.d.). That does not mean Planet Fitness valuation metrics should be applied directly to an independent local gym or boutique studio. Public companies may have different scale, liquidity, brand recognition, capital access, reporting systems, unit economics, and franchise structures.
Franchise gyms also require special attention. A buyer may need franchisor approval. The business may pay royalties, brand fund contributions, software fees, training fees, or transfer fees. The franchisor may impose remodel obligations, equipment standards, territory rules, or operating requirements. Those items can affect normalized EBITDA and buyer risk. A valuation should review the franchise agreement and disclosure documents rather than assume that franchise status automatically increases or decreases value.
| Comparability factor | Stronger comparability | Weaker comparability | Valuation implication | Evidence needed |
|---|---|---|---|---|
| Size | Similar revenue, member count, and facility size | Public company or much larger multi-unit operator | Larger companies may command different risk and liquidity profiles | Financials and unit data |
| Revenue mix | Similar membership, training, class, and retail mix | Different business model or service mix | Margins and risks may not transfer | Segment revenue reports |
| Franchise status | Same brand or comparable franchise obligations | Public franchisor compared to independent gym | Royalties and brand rules must be adjusted | Franchise agreement and FDD |
| Location | Similar market, rent, and demographics | Different city, rent structure, or competitive set | Location risk can change value materially | Lease and competitive map |
| Retention | Similar churn and member tenure | Unknown or materially different retention | Recurring revenue may not be comparable | Member reports |
| Lease quality | Similar term, renewal rights, and rent burden | Expiring or nonassignable lease | Transferability may be impaired | Lease and landlord consent |
| Equipment age | Similar condition and capex needs | New facility compared to aging facility | Capex affects free cash flow | Equipment inspection |
| Owner dependence | Similar management depth | Founder-driven studio compared to managed club | Transition risk differs | Payroll and schedule |
| Documentation | Clean records and reconciliations | Weak books or unverifiable add-backs | Lower confidence may increase risk | Source documents |
Step 4: Consider the Asset Approach
When the Asset Approach Is Most Relevant
The asset approach estimates value based on the value of assets minus liabilities. For a profitable gym with strong recurring cash flow, the asset approach may serve as a floor or reasonableness check rather than the primary method. For a distressed gym, startup facility, recently opened studio, asset-heavy wellness center, or business with negative EBITDA, the asset approach may become more important.
The asset approach is also useful when a valuation must identify specific assets and liabilities. Partner disputes, divorce matters, debt negotiations, wind-down planning, and certain transaction structures may require careful analysis of equipment, receivables, prepaid expenses, deposits, debt, deferred revenue, and obligations.
However, the asset approach can miss intangible value. A well-run gym may have a strong brand, member relationships, favorable location, trained staff, referral channels, reviews, programming, and systems that are not fully captured by equipment value. Conversely, a facility with expensive equipment and build-out may still have limited value if it loses money and cannot retain members.
Assets and Liabilities to Analyze
| Item | Valuation question | Common evidence | Possible adjustment |
|---|---|---|---|
| Cash | Is cash operating, excess, or excluded? | Bank statements and working-capital analysis | Add excess cash or set normal cash requirement |
| Receivables | Are amounts collectible? | AR aging, merchant statements | Discount doubtful receivables |
| Inventory and retail goods | Is inventory current and saleable? | Inventory list and sales history | Adjust obsolete or slow-moving items |
| Equipment | Is it owned, leased, financed, or obsolete? | Equipment list, invoices, loans, inspections | Adjust to market value and subtract debt |
| Leasehold improvements | Do improvements transfer and support cash flow? | Lease, build-out invoices, photos | Value may be limited by lease rights |
| Deposits | Are landlord or utility deposits recoverable? | Lease and statements | Include if transferable or refundable |
| Member list | Does it represent transferable recurring relationships? | Member reports and contracts | Usually considered in income approach or intangible analysis |
| Deferred revenue | Have members prepaid for future services? | Package liability reports | Treat as obligation or working-capital item |
| Gift cards and credits | Are there unused obligations? | POS reports | Adjust for expected redemption |
| Equipment debt | Is debt assumed or paid off? | Loan and lease documents | Subtract debt-like obligations |
| Claims and disputes | Are there contingent liabilities? | Legal correspondence and insurance | Consider risk or specific adjustment |
Illustrative equity value bridge
Enterprise value or adjusted net asset value
- interest-bearing debt
- equipment leases and debt-like obligations, if applicable
- deferred revenue or member credits, if applicable
+ excess cash and nonoperating assets, if applicable
+/- working-capital surplus or deficit versus required operating level
= indicated equity value
Intangible Assets in Gym and Wellness Valuation
A gym’s intangible assets may include trade name, member relationships, noncompete agreements, assembled workforce, programming, software configurations, online content, referral relationships, corporate accounts, and favorable lease rights. The valuation treatment depends on the purpose and standard of value. A transaction allocation may require different procedures than a general planning valuation. A divorce or dispute valuation may be governed by state law and case-specific instructions. A lender file may require a different scope.
The key is to avoid double counting. If the income approach already captures the cash flow generated by member relationships, staff, brand, and location, those same intangibles should not be added again without a clear reason. A valuation reconciliation should explain how each method contributes to the final conclusion.
Gym and Fitness Studio Risk Factors That Affect Value
Membership Retention and Churn
Retention is one of the most important indicators of revenue quality. A gym that grows by adding members faster than it loses them may be healthy, but an analyst should still understand the churn engine. High gross joins can hide high cancellations. Heavy discounts can inflate member count while weakening revenue per member. Freezes and inactive accounts can overstate active membership.
Cohort analysis can be useful. How many members who joined in January are still active in April, July, and December? How do members from corporate accounts behave compared with retail members? Do personal training clients stay longer than basic members? Does a price increase lead to cancellations? Are cancellations concentrated after introductory offers expire? These questions affect the forecast and risk rate.
Lease, Location, and Facility Risk
A gym’s location can be an asset or a liability. Strong signage, parking, access, and co-tenancy can support growth. But an unfavorable lease can reduce value even in a good location. A valuation should consider remaining lease term, renewal options, rent escalations, assignment rights, exclusivity, maintenance obligations, and landlord consent. If the business cannot transfer the lease, a buyer may be buying equipment and a member list without secure premises.
Facility condition matters too. Locker rooms, showers, flooring, HVAC, lighting, sound, cleanliness, and safety all influence member experience. Deferred maintenance can show up as churn, bad reviews, or future capex.
Founder, Trainer, and Instructor Concentration
Founder and instructor concentration can be subtle. Revenue may look recurring, but members may be loyal to a person rather than the business. A buyer should review class attendance by instructor, personal training revenue by trainer, member reviews, referral sources, and the owner’s schedule. If a small number of people drive most attendance, the valuation should reflect retention risk and the need for transition planning.
Noncompete, nonsolicitation, and contractor agreements should be reviewed by counsel because enforceability varies and legal rules change. From a valuation perspective, the question is practical: what prevents key people from leaving and taking members with them?
Billing, Cancellation, and Consumer Protection Risk
Membership businesses depend on clear contracts and clean billing practices. A valuation should examine how members sign up, how recurring billing is disclosed, how cancellations are processed, how refunds and chargebacks are handled, and whether records are complete. FTC resources on negative options and business guidance are relevant background for recurring billing risk (FTC, n.d.-a, n.d.-b). State law and specific contract terms should be reviewed by qualified counsel.
Poor billing practices can affect value in several ways. Revenue may be less durable than reported. Refund liabilities may be understated. Chargebacks may rise. Buyer diligence may uncover member complaints. A lender, attorney, or buyer may discount the valuation if the business cannot prove that revenue is collectible and compliant.
Equipment, Capex, and Deferred Maintenance
Equipment risk affects both the income approach and asset approach. A gym that has delayed replacement may show strong recent EBITDA because it avoided spending money. But a buyer will look forward, not backward. If major equipment, flooring, HVAC, or locker-room improvements are needed soon, free cash flow should reflect that.
The analyst should distinguish between normal repairs, maintenance capex, and expansion capex. Normal repairs may be operating expenses. Replacement of worn equipment may reduce free cash flow. Expansion capex may support growth only if the growth forecast is credible.
Competition, Seasonality, and Marketing Efficiency
Gyms compete with low-cost clubs, boutique studios, personal trainers, online programs, outdoor activities, wellness centers, corporate fitness options, and at-home equipment. Competition affects pricing power, member acquisition cost, retention, and service mix. Seasonality can also matter. Some businesses see strong new-year demand, summer slowdowns, or local seasonal patterns. The valuation should use the subject company’s monthly data rather than assume a generic pattern.
Marketing efficiency is a key diligence area. If the business needs constant paid advertising to replace churn, the forecast should include that cost. If referrals, reviews, corporate relationships, and community partnerships drive low-cost leads, that may support a stronger cash-flow outlook, provided the evidence is documented.
Risk Matrix for Gym Valuation
| Risk factor | Low-risk evidence | High-risk evidence | Valuation implication | Diligence documents |
|---|---|---|---|---|
| Retention | Stable cohorts, low cancellations, clean active roster | High churn, many freezes, weak reporting | Changes revenue forecast and discount rate | Member reports and cancellation logs |
| Lease | Long assignable lease with renewal options | Short term, high escalations, uncertain consent | May reduce transferable value | Lease and landlord correspondence |
| Owner dependence | Management team and documented systems | Owner teaches, sells, and manages everything | Higher transition risk | Payroll, schedules, SOPs |
| Instructor concentration | Diversified staff and brand loyalty | Few instructors drive attendance | Possible member attrition after closing | Class attendance by instructor |
| Equipment | Recent upgrades and maintenance records | Aging machines and deferred repairs | Higher capex reduces free cash flow | Equipment list and service records |
| Billing | Clear agreements and cancellation logs | Chargebacks, complaints, unclear policies | Revenue quality risk | Contracts and billing reports |
| Revenue mix | Diversified profitable streams | One fragile stream or promotional pricing | Forecast risk | Segment revenue reports |
| Competition | Defensible niche and strong reviews | New competitors and price pressure | Pricing and growth risk | Competitive map and reviews |
| Documentation | Reconciled books and reports | Cash gaps, unsupported add-backs | Lower confidence in conclusion | Tax returns, P&Ls, bank data |
| Franchise obligations | Clear royalties and transfer process | Uncertain approval or remodel costs | Transaction risk | Franchise documents |
Choosing the Right Valuation Method
A gym business valuation should not force one method onto every situation. The method emphasis should match the facts.
For a mature independent gym with stable members and reliable books, the income approach may drive the conclusion. For a franchise location with strong comparable franchise resale data, the market approach may provide useful support, but royalties and transfer requirements still matter. For a distressed gym with negative EBITDA, the asset approach and turnaround scenarios may be more relevant. For a boutique studio with excellent revenue but instructor concentration, the income approach must incorporate transition risk.
Practical Examples and Case Studies
The following examples are hypothetical and simplified. They are not based on an actual client, and they do not provide market multiples. They show how valuation reasoning changes when the facts change.
Example 1: Independent Gym With Stable Members but Aging Equipment
An independent gym has a loyal local member base, consistent monthly revenue, and normalized EBITDA that appears strong. The owner has clean financial records and a favorable lease with renewal options. At first glance, the business appears to be a straightforward income approach valuation.
Diligence shows that much of the cardio equipment is near the end of its useful life, flooring is worn, and locker-room repairs have been delayed. The reported EBITDA is real, but it overstates free cash flow because the business postponed maintenance and replacement spending. A buyer would likely require a capex plan after closing.
In this case, the valuation may still rely heavily on the income approach, but the forecast should include maintenance capex. The asset approach can help cross-check equipment value, and the final conclusion should explain why EBITDA alone is not the same as distributable cash flow.
Example 2: Boutique Studio With Excellent Revenue but Instructor Concentration
A boutique studio has strong revenue per class, enthusiastic reviews, and a premium brand image. The owner believes the business should command a strong value because revenue has grown for three years.
The class reports show that two instructors drive most attendance. Member reviews frequently mention those instructors by name. Contractor agreements are informal, and the owner teaches several of the most popular classes. If the owner and key instructors leave after a sale, the buyer may experience immediate cancellations.
The valuation should not ignore the revenue growth, but it should assess whether that revenue is transferable. The analyst may adjust the risk rate, use a more conservative forecast, or assume transition support and retention incentives. A buyer may also structure part of the price as an earnout, although transaction structure is separate from valuation.
Example 3: Wellness Center With Memberships, Services, and Retail
A wellness center offers monthly memberships, massage or recovery services, small-group classes, supplements, and retail products. Total revenue is growing, but margins differ by segment. Retail sales have lower gross margin and inventory risk. Services require specialized staff. Membership revenue is recurring but includes freezes and promotional tiers.
A valuation should separate the segments. Memberships may support recurring revenue. Services may depend on provider utilization and compensation. Retail may require inventory adjustments. The income approach should model segment margins rather than apply one blended assumption without support. The asset approach should consider inventory, equipment, deposits, and deferred revenue.
Example 4: Distressed Gym With Negative EBITDA and Valuable Assets
A distressed gym has negative EBITDA after losing members and falling behind on maintenance. The owner invested heavily in equipment and build-out, but the business is not currently profitable. A simple earnings multiple would produce little or no value.
The valuation may emphasize the asset approach, orderly liquidation, or turnaround scenarios. The analyst should examine equipment value, debt, lease obligations, deferred revenue, member list quality, and whether a buyer could restructure staffing, pricing, or marketing. If the lease is favorable and equipment is useful, there may be value even with negative EBITDA. If the lease is nonassignable and equipment is encumbered by debt, equity value may be limited.
Case Study Comparison Table
| Hypothetical business | Strengths | Red flags | Likely method emphasis | Key valuation questions | Documents to request |
|---|---|---|---|---|---|
| Mature independent gym | Stable members, clean books, good lease | Aging equipment | Income approach with capex adjustment | How much maintenance capex is needed? | Equipment records, lease, member reports |
| Boutique studio | Premium pricing, strong reviews | Instructor concentration | Income approach with transition risk | Are members loyal to brand or people? | Attendance by instructor, contracts, reviews |
| Wellness center | Multiple revenue streams | Segment margin complexity | Segmented income approach and asset cross-check | Which streams are profitable and transferable? | Segment P&Ls, booking reports, inventory |
| Distressed gym | Equipment and build-out | Negative EBITDA and possible debt | Asset approach and turnaround scenarios | Is there value beyond liabilities? | Debt schedules, lease, equipment appraisal data |
How Buyers, Sellers, and Advisors Should Use a Gym Valuation
Sellers Preparing for Sale
A seller can improve valuation readiness by organizing records before going to market. This does not mean manufacturing value. It means reducing uncertainty.
Sellers should reconcile member-management reports to accounting revenue, document add-backs, identify prepaid memberships and package liabilities, organize lease and equipment records, prepare a schedule of owner duties, and collect payroll and contractor agreements. They should also be ready to explain member trends, price changes, marketing performance, reviews, and local competition.
If the owner is central to operations, the seller should consider documenting systems, training managers, diversifying instructor relationships, and planning a transition period. If equipment is aging, the seller should decide whether to replace it, price the business accordingly, or clearly disclose the expected capex.
Buyers Evaluating a Gym Acquisition
A buyer should use a valuation as part of diligence, not as a substitute for diligence. The buyer should verify revenue, inspect equipment, review the lease, understand landlord consent, analyze churn, evaluate staff retention, and confirm deferred revenue obligations. If the acquisition will use lender financing, the buyer should also understand the lender’s requirements.
The Small Business Administration maintains SOP resources for lender and development company loan programs (U.S. Small Business Administration [SBA], n.d.). SBA-financed transactions can have specific lender expectations, and not every gym sale is an SBA transaction. Buyers should coordinate with their lender, CPA, attorney, and valuation professional.
A buyer should also be careful about deal structure. Working capital, deferred revenue, equipment debt, prepaid memberships, gift cards, deposits, and landlord consent can all affect the actual economics of the transaction. A valuation conclusion is not the same as a purchase agreement.
CPAs, Attorneys, Lenders, and Other Advisors
Advisors use gym valuations for many purposes: partner buyouts, shareholder disputes, divorce, estate planning, gift planning, lender files, tax matters, buy-sell agreements, and strategic planning. Each purpose may require a different standard of value, premise of value, valuation date, report scope, and documentation package. A divorce valuation may require attention to personal goodwill and state law. A tax-related valuation may require specific reporting and support. A lender file may focus on repayment risk and collateral. A buy-sell agreement may define the valuation formula or procedure.
Because purpose matters, the valuation engagement should be defined before the report is prepared. NACVA’s professional standards page and AICPA-CIMA valuation resources are useful reminders that valuation work is not just math. It is a documented professional process (NACVA, n.d.; AICPA-CIMA, n.d.).
Simply Business Valuation can help owners, buyers, CPAs, attorneys, lenders, and advisors obtain a professional gym, fitness studio, or wellness business valuation. A supportable business appraisal can provide a clear valuation conclusion, explain the methods used, and identify the assumptions that matter most.
Common Mistakes in Gym Valuation
| Mistake | Why it matters | How a valuation report should address it |
|---|---|---|
| Applying a generic revenue rule of thumb | Revenue ignores profitability, churn, lease risk, and capex | Analyze normalized cash flow and support any market evidence |
| Ignoring deferred revenue | Prepaid services may be obligations after closing | Review package balances, annual plans, credits, and gift cards |
| Treating every add-back as automatic | Some costs recur or are necessary to operate | Require documentation and classify adjustments carefully |
| Ignoring owner replacement cost | Buyer may need to hire management | Normalize owner compensation and duties |
| Overlooking equipment replacement | EBITDA can overstate free cash flow | Include maintenance capex and inspect equipment records |
| Missing lease assignment risk | Business may not transfer without landlord approval | Review lease terms and consent requirements |
| Ignoring instructor dependence | Members may leave with key people | Analyze attendance, reviews, and agreements |
| Using public-company data without adjustments | Public companies differ in size, liquidity, and model | Use public filings only with comparability caveats |
| Ignoring billing and cancellation risk | Revenue may be less collectible or compliant than reported | Review contracts, chargebacks, refunds, and counsel input |
| Confusing gross revenue with free cash flow | High revenue may have low margins | Segment revenue and expenses by service line |
| Ignoring franchise fees and rules | Royalties and required costs reduce earnings | Review franchise documents and normalize fees |
| Failing to reconcile methods | Different methods may indicate different values | Explain weighting and final conclusion |
A Practical Valuation Workflow for Gym Owners
Owners often ask what they should do before ordering a business valuation. The following workflow can reduce delays and improve the quality of the analysis.
- Define the purpose of the valuation. Sale planning, partner buyout, litigation, lender financing, tax planning, and internal planning can require different approaches.
- Identify the valuation date. The value of a gym can change after a lease renewal, equipment purchase, instructor departure, price increase, or member churn event.
- Gather financial records. Include tax returns, monthly P&Ls, balance sheets, bank statements, payroll records, debt schedules, and general ledger detail.
- Export member reports. Include active members, joins, cancels, freezes, tier pricing, tenure, and package liabilities.
- Organize lease and facility documents. Include amendments, renewal options, rent escalations, assignment language, and maintenance obligations.
- Prepare an equipment schedule. Identify owned, leased, financed, obsolete, and recently replaced items.
- Document owner duties. Clarify what the owner does each week and what it would cost to replace those duties.
- Identify unusual items. Provide support for nonrecurring expenses, owner perks, one-time repairs, or temporary disruptions.
- Review contracts and billing practices with counsel if needed. This is especially important for membership agreements, automatic renewals, cancellations, refunds, and state-specific rules.
- Discuss risks honestly. A valuation is more useful when it identifies real risks rather than hiding them.
How Valuation Purpose Changes the Analysis
The same gym can have different valuation considerations depending on the engagement purpose. The facts do not change, but the standard of value, audience, documentation, and assumptions may change.
Sale or Acquisition Planning
For a sale, the valuation helps the owner understand likely buyer concerns and prepare for negotiations. For an acquisition, it helps the buyer test the asking price against cash flow, retention, lease risk, and capex. The valuation may also support purchase price allocation discussions, lender conversations, or internal investment approval.
Partner Buyout or Shareholder Dispute
For a partner buyout, the governing agreement may define the valuation method, discounts, appraiser qualifications, valuation date, or buyout procedure. The analyst should review the agreement and avoid assuming a generic fair market value standard if the contract specifies something else.
Divorce
A divorce valuation may require attention to personal goodwill, active versus passive appreciation, owner compensation, and state-specific legal standards. The analyst should coordinate with counsel and avoid providing legal advice.
Estate, Gift, or Tax Planning
Tax-related valuations may require careful support for fair market value, discounts, report format, and valuation date. Advisors should coordinate with tax counsel or CPAs. The valuation should be more than a pricing estimate.
Lender Financing
A lender may need a valuation to support underwriting, collateral analysis, or SBA-related requirements. The scope should match the lender’s instructions. The SBA SOP page is a useful gateway for SBA lending program materials, but specific lender requirements should be confirmed directly with the lender (SBA, n.d.).
FAQ: How to Value a Gym, Fitness Studio, or Wellness Business
1. What is the most common valuation method for a gym?
The income approach is often central when the gym has reliable financial statements, stable members, and supportable cash-flow forecasts. The market approach may be used as a cross-check when comparable evidence is available. The asset approach may be more important for distressed, startup, or asset-heavy gyms. A professional valuation should reconcile the methods rather than rely on one shortcut.
2. Should a gym be valued on revenue, EBITDA, or seller’s discretionary earnings?
Revenue is useful for understanding scale, but it does not show profitability. EBITDA and seller’s discretionary earnings are more directly tied to economic benefit, but they must be normalized. For owner-operated gyms, SDE may help evaluate buyer economics. For larger or more professionally managed gyms, EBITDA or free cash flow may be more relevant.
3. How does member retention affect gym value?
Retention affects the durability of recurring revenue. A gym with stable cohorts and low cancellations may support a stronger forecast than a gym that constantly replaces lost members through expensive marketing. The valuation should review joins, cancels, freezes, tenure, pricing, and member behavior rather than rely only on current member count.
4. How do prepaid memberships and class packs affect valuation?
Prepaid memberships and unused class packs can represent obligations to provide future services. They may affect working capital, deferred revenue, and equity value. The analyst should review package liability reports, gift cards, credits, refunds, and the accounting treatment of prepaid revenue.
5. How does lease risk affect a gym business appraisal?
Lease risk can be material because a gym’s location and build-out may not transfer without landlord consent. A short remaining lease, high rent escalations, uncertain renewal options, or restrictive assignment language can reduce value. The valuation should review the lease, amendments, rent ledger, and landlord consent requirements.
6. How are equipment leases and replacement costs treated?
Owned equipment, financed equipment, and leased equipment are treated differently. Equipment debt or lease obligations may reduce equity value or cash flow. Replacement costs and deferred maintenance should be considered in the income approach because EBITDA before capex may overstate free cash flow.
7. Are public fitness-company multiples useful for valuing a small private gym?
Public-company information can provide qualitative context, but public-company multiples are rarely directly comparable to a small private gym without significant adjustment. Public companies differ in scale, liquidity, brand, reporting systems, capital access, and business model. SEC filings should not be used as a shortcut for private gym value.
8. How does trainer or instructor dependence affect value?
If members are loyal to one owner, trainer, or instructor, a buyer faces transition risk. The valuation should review class attendance by instructor, personal training revenue by trainer, contracts, member reviews, and owner duties. High dependence can reduce transferable value or require conservative forecast assumptions.
9. Can a gym with negative EBITDA still have value?
Yes, but the analysis changes. A gym with negative EBITDA may still have equipment, leasehold improvements, deposits, member relationships, or turnaround potential. The asset approach and scenario analysis may be more relevant. Debt, lease obligations, deferred revenue, and required capex can still limit equity value.
10. What documents are needed for a gym business valuation?
Common documents include tax returns, P&Ls, balance sheets, bank statements, payroll reports, member-management reports, cancellation data, lease documents, equipment schedules, debt records, membership agreements, billing reports, franchise documents if applicable, and support for add-backs.
11. How should a franchise gym be valued differently from an independent gym?
A franchise gym may have brand support, systems, and a defined model, but it may also have royalties, advertising fund contributions, required technology, remodel obligations, transfer approvals, and operating restrictions. The valuation should review franchise documents and normalize all required costs.
12. How do billing and cancellation policies affect valuation risk?
Billing and cancellation practices affect revenue quality, refunds, chargebacks, member satisfaction, and legal compliance risk. FTC resources provide background on negative options and business guidance, but specific compliance questions should be reviewed by counsel. From a valuation perspective, clean agreements and records support confidence in recurring revenue.
13. How often should a gym valuation be updated?
A valuation should be updated when the purpose requires it or when material facts change. Examples include a sale process, partner buyout, divorce, lender request, tax planning event, lease renewal, major equipment purchase, instructor departure, new competitor, price change, or significant membership trend change.
14. Can Simply Business Valuation prepare a valuation for a gym sale, buyout, lender request, divorce, or planning need?
Yes. Simply Business Valuation prepares professional business valuation reports for gyms, fitness studios, wellness centers, and other privately held businesses. The engagement scope should match the purpose, audience, valuation date, and documentation available.
Conclusion: A Gym Valuation Should Tell the Story Behind the Numbers
The value of a gym, fitness studio, or wellness business is not determined by a single metric. It is the result of cash flow, retention, pricing, payroll, rent, equipment, owner dependence, staff depth, compliance risk, documentation, and local market position. A business with modest revenue but strong retention, clean books, transferable systems, and a favorable lease may be more valuable than a larger facility with weak margins, high churn, and aging equipment.
A supportable valuation uses the right valuation methods for the facts. The income approach converts member economics and operating assumptions into cash flow. The market approach tests comparability without blindly applying rules of thumb. The asset approach identifies equipment, leasehold improvements, working capital, deferred revenue, and liabilities. The final business appraisal reconciles these indications into a documented conclusion.
If you need a gym valuation for a sale, acquisition, partner buyout, divorce, lender request, estate planning matter, shareholder dispute, or internal planning decision, Simply Business Valuation can help prepare a professional report that explains the value drivers, methods, assumptions, and risks in plain English.
References
-
AICPA-CIMA. (n.d.). Forensic and valuation services. https://www.aicpa-cima.com/topic/forensic-services
-
Bureau of Economic Analysis. (n.d.). Consumer spending. https://www.bea.gov/data/consumer-spending/main
-
Centers for Disease Control and Prevention. (n.d.). Physical activity basics for adults. https://www.cdc.gov/physical-activity-basics/guidelines/adults.html
-
Damodaran, A. (n.d.). Cost of capital by industry. NYU Stern School of Business. https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html
-
Federal Trade Commission. (n.d.-a). Negative Option Rule. https://www.ftc.gov/legal-library/browse/rules/negative-option-rule
-
Federal Trade Commission. (n.d.-b). Business guidance. https://www.ftc.gov/business-guidance
-
National Association of Certified Valuators and Analysts. (n.d.). Professional standards and ethics. https://www.nacva.com/standards
-
Office of Disease Prevention and Health Promotion. (n.d.). Physical Activity Guidelines for Americans. https://odphp.health.gov/our-work/nutrition-physical-activity/physical-activity-guidelines/current-guidelines
-
Planet Fitness, Inc. (2026). Form 10-K for fiscal year ended December 31, 2025. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1637207/000163720726000011/plnt-20251231.htm
-
U.S. Bureau of Labor Statistics. (n.d.). Fitness trainers and instructors. Occupational Outlook Handbook. https://www.bls.gov/ooh/personal-care-and-service/fitness-trainers-and-instructors.htm
-
U.S. Securities and Exchange Commission. (n.d.). Planet Fitness, Inc. EDGAR filings. https://www.sec.gov/edgar/browse/?CIK=1637207
-
U.S. Small Business Administration. (n.d.). SOP 50 10: Lender and development company loan programs. https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs