# Club Pilates Item 19 Deep Dive: $969K Median With Tight Cohort Spread

> Club Pilates Item 19: $969K median ($814K P25, $1.14M P75) across 849 Qualified Studios. What 'Qualified' means, how it differs from raw Item 19, and how Club Pilates compares to Orangetheory and F45.

**Last updated**: 2026-06-05
**URL**: https://vetmyfranchise.com/blog/club-pilates-item-19-deep-dive?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md

> **Quick answer:** [Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)' Item 19 reports a $969K median across 849 Qualified Studios with an unusually tight cohort spread (P25 $814K, P75 $1.14M). The compressed range is part real (pilates studios have hard capacity ceilings that limit upside) and part methodological (the "Qualified Studios" filter excludes the lower tail). The AUV-to-investment ratio at the midpoint is ~1.35× — strong for boutique fitness — but the disclosed median is mature-studio performance, not year-one expectation. Year one typically lands at 50-70% of the Qualified median.

## The Disclosure

[Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)' most recent Item 19:

| Metric | Value |
|---|---:|
| Sample size | 849 Qualified Studios |
| Sample criteria | "Qualified Studios" (tenure + operational filter) |
| Reporting period | Most recent fiscal year |
| Median annual revenue | $969,022 |
| P25 annual revenue | $814,100 |
| P75 annual revenue | $1,138,100 |
| P75/P25 ratio | 1.40 |
| Total system units | 1,029 |
| Total investment (Item 7) | $403,289 - $1,029,811 |
| Royalty rate | 8% of gross revenue |
| Ad fund | 2% |

Two things stand out in this disclosure:

1. The cohort spread (P75/P25 = 1.40) is **unusually tight** for a sample of 849 units. Most franchise Item 19 disclosures with quartile breakdowns show P75/P25 ratios of 1.8-2.5×. A 1.4× ratio means the typical "good" studio earns only 40% more than the typical "below-average" studio. That's an order of magnitude more consistency than most franchise systems.
2. The "Qualified Studios" sample definition is doing real work. Of 1,029 total system units, the disclosure covers 849 — meaning ~180 studios (17% of the system) are excluded. Those are predominantly ramp-stage and recently opened units, plus some that fail the "Qualified" definition on operational criteria.

The interaction between these two facts matters. The compressed spread isn't pure system consistency — part of it is the filter excluding the lower tail. A raw all-studios Item 19 (which [Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) does not disclose) would show a wider spread and a lower median.

## What "Qualified Studios" Actually Means

Franchisors disclose Item 19 with the methodology of their choice, provided the criteria are clearly stated. "Qualified Studios" is Club Pilates' chosen filter, and the FDD itself defines what qualifies. The common pattern across boutique-fitness Item 19s with similar filters is some combination of:

- **Tenure filter**: studios open and operating for a full reporting period (usually 12+ months, sometimes 18-24)
- **Continuous operation filter**: studios open during the entire reporting period without extended closures
- **Compliance filter**: studios in good standing on royalty payments, brand standards, and contractual obligations

For a buyer, the practical implication is that the disclosed median represents **mature studios that were already operating successfully**. It does not represent the expected outcome for a new studio in its first year. New-studio expectations should be derived from a separate year-one ramp analysis (covered below), not from the disclosed Qualified median.

This is methodologically defensible — it produces a cleaner steady-state signal — but it is also more flattering than a raw disclosure. The deal works at the Qualified median; the question is whether your ramp budget gets you there.

## Why the Cohort Is Genuinely Tight

The 1.40× P75/P25 ratio isn't all filter-driven. Pilates has structural reasons for revenue compression that membership-fitness peers like Orangetheory and F45 don't share:

**Hard capacity ceilings.** A Club Pilates reformer studio has 12 reformer machines per class. Class capacity caps at 12 per slot. Studios run 50-65 classes per week typically. Maximum theoretical class attendance is therefore 600-780 per week — a number that's structurally fixed by the physical reformer count. Demand can exceed this in strong trade areas, but revenue can't.

**Pricing band is narrow.** Club Pilates pricing typically runs $159-$249/month depending on membership tier and market. Compare to Orangetheory's $129-$229 range or F45's $159-$249. The pricing band is comparable across the category, but Club Pilates' membership-tier consistency (Foundation, Five, Ten, All Access) is more rigid than competitors that allow market-specific packaging.

**Class-and-instructor model produces operational consistency.** Pilates instruction is a higher-skilled labor input than HIIT-format fitness, and instructor scheduling discipline is tighter. A Club Pilates studio that runs the standard format produces revenue that varies primarily by membership count, not by hours of operation or class mix complexity. Operational consistency translates into revenue consistency.

For a buyer, the implication is that pilates franchise revenue is **more predictable** than most boutique-fitness peers, but the upside is capped. A Club Pilates owner-operator can underwrite confidently to a narrow band — they can't dream their way to a $2M studio.

## How Club Pilates Compares to Boutique Fitness Peers

| Brand | Sample | Median AUV | Investment | AUV/Investment | P75/P25 |
|---|---:|---:|---|---:|---:|
| Club Pilates | 849 Qualified | $969K | $403K-$1.03M | 1.35× | 1.40 |
| [Orangetheory](/franchise/otf-franchisor-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) | 1,256 | $808K | $822K-$1.38M | 0.7× | n/a |
| [F45 Training](/franchise/f45-training?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) | 699 | $407K | $349K-$786K | 0.7× | n/a |
| Solidcore | smaller | $800K-$1.2M (est.) | $400K-$700K | 1.7× | n/a |
| StretchLab | larger | $400K-$700K | $300K-$500K | 1.3× | n/a |
| Pure Barre | larger | $400K-$600K | $200K-$400K | 1.7× | n/a |

Club Pilates produces the highest absolute revenue in the pilates/reformer category at scale, and the ratio is stronger than the HIIT-format peers (Orangetheory, F45). Solidcore is competitive on ratio but smaller and tighter geographically. StretchLab and Pure Barre operate at lower revenue with smaller footprints.

For category context on the structural challenges in boutique fitness, see our [Orangetheory Item 19 deep dive](/blog/orangetheory-item-19-deep-dive?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) and [F45 vs. Orangetheory comparison](/blog/f45-vs-orangetheory-fitness-franchise?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md).

## Year-One Reality

A new Club Pilates studio in months 1-12 typically generates:

- Months 1-3: $25K-$45K monthly revenue (presale + opening, instructor team build-out)
- Months 4-6: $40K-$65K monthly revenue (membership building, schedule density growing)
- Months 7-9: $55K-$80K monthly revenue (operations stable, referral cycle starting)
- Months 10-12: $65K-$90K monthly revenue (approaching steady-state)
- Annualized year-one: $485K-$680K

That's 50-70% of the Qualified median. Year two typically reaches the $700K-$900K range as the membership base matures and classes hit consistent fill rates. Year three is when most studios cross into the Qualified cohort and approach or exceed the disclosed median.

The working capital implication is meaningful. A studio at $550K of year-one revenue against $400K-$500K of fixed annual cost (rent, base management, royalty, ad fund, instructor base pay) has very thin operating cash flow. Working capital reserves of $100K-$200K above Item 7 are commonly required to bridge to steady-state. The reformer equipment is also a meaningful capital line — replacement and maintenance cadence should be budgeted from year one.

## What This Means for Buyers

- **Read the sample definition.** Club Pilates uses a "Qualified Studios" filter that excludes ramp-stage units. The disclosed median is mature-studio performance, not year-one expectation.
- **The tight cohort is real but partially filter-driven.** Pilates studios are structurally consistent (hard capacity ceilings, narrow pricing band) — but the 1.40× P75/P25 ratio is also flattered by the filter excluding the lower tail.
- **The ratio is strong for boutique fitness.** At 1.35× midpoint, Club Pilates produces stronger unit economics than HIIT peers. The category leadership shows up in deal selection more than in operating innovation.
- **Year one is the working capital question.** New studios run at 50-70% of Qualified median during year one. Working capital depth of $100K-$200K above Item 7 is the typical bridge.
- **Upside is capped, downside is shallow.** The 1.40× cohort spread cuts both ways — a strong operator won't double the median, but a weak operator won't fall to half of it either. The deal works in a predictable band.

For broader category context, see our [boutique fitness franchise breakdown](/blog/best-fitness-franchises-under-200k?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) and [Item 19 average vs. median](/blog/item-19-average-vs-median-survivorship-bias?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md). For brand-specific cost detail, the live [Club Pilates franchise page](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md).

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## Brands mentioned in this post

- [Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)
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