ANYTIME FITNESS

Franchising since 2002, Anytime Fitness peaked at 2290 locations in 2024 but contracted to 2271 in 2025—a 1% decline signaling potential market saturation or operational strains. System health shows strain: 39 terminations, 30 non-renewals, and 169 transfers suggest franchisee dissatisfaction, possibly tied to litigation over terminations, non-competes, inadequate support, and fees (including disputes from Spain). Projected new units at 38 indicate modest growth ahead, while 1050 SBA loans averaging $430K with a 7% default rate reflect accessible financing but elevated risk. Item 7 pegs initial investment at $539,329-$905,482, with ongoing fees hitting $842/mo royalty, $900/mo marketing, and $799/mo tech—totaling over $30K/year.

Item 19 discloses avg gross revenue of $446,814 (median $398,982), but the stark 0% EBITDA margin underscores razor-thin—or negative—profits after expenses, with estimated profits ranging $150K-$196K only for top performers. This gap explains high transfers and disputes, as many owners likely struggle in competitive fitness markets against chains and boutiques. For investors eyeing scale, the mature network offers brand pull, but contraction, zero margins, and litigation red flags demand scrutinizing local demographics and support before committing over half a million.