# F45 Item 19 Deep Dive: $407K Median Across 699 Franchised Studios

> F45 Training Item 19: $407K median across 699 franchised studios for March 2024-Feb 2025. Why the median is lower than expected, year-one ramp, and what the post-restructuring brand looks like.

**Last updated**: 2026-06-05
**URL**: https://vetmyfranchise.com/blog/f45-item-19-deep-dive?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md

> **Quick answer:** F45's Item 19 reports a $407K median across 699 franchised studios — March 2024 through February 2025. The disclosed median is materially below the brand's pre-IPO marketing positioning. The reasons are structural: post-restructuring operating reality, boutique-fitness pricing pressure, programming variance, and category competition. F45 can work for the right operator profile, but the underwriting baseline has shifted.

## The Disclosure

| Metric | Value |
|---|---:|
| Sample size | 699 franchised studios |
| Sample criteria | All franchised studios (no tenure filter) |
| Reporting period | March 1, 2024 - February 28, 2025 |
| Median annual gross sales | $407,220 |
| Total system units | 708 |
| Total investment (Item 7) | $349,200 - $786,100 |
| Royalty rate | 7% of gross sales |

The 699-studio sample covers nearly the entire franchised system (708 total) and the reporting period is recent (through February 2025). No tenure filter is applied — the disclosed median includes both mature studios and recent openings, which produces the most representative figure for the franchised reality but doesn't isolate steady-state performance.

## The Gap Between Marketing Story and Operating Reality

F45 went public in 2021 with a marketing narrative positioning the brand as a high-growth category leader with implied unit economics consistent with premium boutique fitness. Post-IPO, the company faced operational turbulence: leadership changes, restructuring, accounting investigations, and a delisting from the NYSE in 2024.

The current Item 19 reflects post-restructuring operating reality. The $407K median is what the franchised system actually produces. It's not catastrophic — at standard fitness-franchise cost structure, a studio at $407K can be profitable for an operator running lean — but it's materially below what the pre-IPO narrative suggested.

Three structural factors compress the median:

**Programming variance.** F45's signature feature is varied workout programming — different sessions throughout the week drawn from circuit training, HIIT, and functional fitness templates. The variance creates marketing differentiation but operational complexity. Trainers need to learn multiple workouts, equipment layouts shift, and member experience varies across instructors and sessions. The result is more revenue variance across studios than in standardized programs.

**Category pricing pressure.** Post-COVID boutique fitness has been under pricing pressure. Premium boutique pricing peaked at $130-$200/month in 2019; the market has anchored toward the lower end of that range as new low-cost competitors (high-tier [Planet Fitness](/franchise/planet-fitness-franchising-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md), [Crunch](/franchise/crunch-franchising-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) Signature, lower-cost boutique alternatives) reset consumer expectations. F45 hasn't been immune to that pressure.

**Brand momentum.** A franchise system rebuilding trust after public turbulence has lower brand-driven member acquisition tailwind than systems with continuous positive momentum. F45 has stabilized operationally but is still rebuilding the consumer narrative.

## How F45 Compares to Orangetheory and Burn

| Brand | Sample | Median AUV | Investment | AUV/Investment |
|---|---:|---:|---|---:|
| Orangetheory | 1,256 | $808K | $822K-$1.38M | 0.7× |
| F45 Training | 699 | $407K | $349K-$786K | 0.7× |
| Burn Boot Camp | smaller | $500K-$900K range | $250K-$500K | 1.5× |
| [Anytime Fitness](/franchise/anytime-fitness-franchisor-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) | larger | $400K-$600K | $200K-$500K | 1.7× |
| [Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) | larger | $500K-$800K | $200K-$500K | 2× |

Orangetheory and F45 both produce AUV-to-investment ratios around 0.7× — tight by historical franchise standards. The difference is absolute AUV: Orangetheory's $808K is approaching what the broader market expects from a fully-ramped premium boutique studio; F45's $407K is below that range.

For a buyer comparing the two, the structural choice is brand stability and standardization (Orangetheory) versus lower entry cost and operator-driven upside (F45). Neither is automatically better — the right choice depends on operator profile, capital availability, and market dynamics.

For broader category context, see our [F45 vs Orangetheory comparison](/blog/f45-vs-orangetheory-fitness-franchise?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) and the [Burn Boot Camp deep dive](/blog/burn-boot-camp-franchise-cost?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) for the women-focused alternative. The [is F45 a good franchise 2026](/blog/is-f45-a-good-franchise?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) analysis covers the brand decision more broadly.

## Year-One Reality

A new F45 studio in months 1-12 typically generates:

- Months 1-3: $15K-$30K monthly revenue (presale + opening)
- Months 4-6: $25K-$45K monthly revenue (membership building)
- Months 7-9: $30K-$50K monthly revenue
- Months 10-12: $35K-$55K monthly revenue (approaching ramped)
- Annualized year-one: $300K-$450K

That's right at or just below the system median. The Item 19's no-filter methodology means some of these ramp-stage studios are already in the disclosed median — which is partly why the median sits where it does.

A buyer underwriting against the median needs to model year-one carefully. The studio doesn't reach $407K overnight; the disclosed number is what an averaged-across-tenure studio earns. Mature studios run materially above; new studios run materially below. Operating margins at $400K revenue against $400K of fixed annual cost (rent, base labor, royalty, ad fund, equipment leases) are thin.

## What This Means for Buyers

- **The Item 19 is methodologically clean and recent.** Take the $407K median as the genuine post-restructuring operating reality.
- **The pre-IPO narrative is obsolete.** Don't underwrite against 2019-2021 implied economics. The current numbers are what the system actually produces.
- **The AUV-to-investment ratio is tight.** The deal works at the median but requires operator discipline. There's no buffer for execution miss.
- **Operator profile is the dominant variable.** F45 rewards operators who can run lean, manage programming variance, and build local community. First-time single-unit buyers without operational depth tend to struggle.
- **The brand has stabilized but the upside is constrained.** Premium boutique fitness category headwinds are structural. Underwrite to the median, not to the historical peak.

For brand-specific cost detail, the live `/franchise/f45-training-incorporated` page. For the broader category competitive set, [best fitness franchises under 200K](/blog/best-fitness-franchises-under-200k?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) covers the lower-investment alternatives and [best personal training boot camp franchises](/blog/best-personal-training-bootcamp-franchises?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md) covers the broader boutique-fitness landscape.

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## Brands mentioned in this post

- [Anytime Fitness](/franchise/anytime-fitness-franchisor-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)
- [Planet Fitness](/franchise/planet-fitness-franchising-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)
- [Club Pilates](/franchise/club-pilates-franchise-spv-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)
- [Crunch](/franchise/crunch-franchising-llc?utm_source=claude&utm_medium=ai_referral&utm_campaign=vmf_agent_md)
<!-- /brand-links-injected -->