Alloy Franchise Cost, Revenue & Review 2026
- Investment
- $299K – $541K
- Disclosed sales
- $387K
- gross sales, not profit
- SBA charge-off
- Limited · 103 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Alloy Personal Training is a boutique-fitness franchise offering coached small-group and one-on-one strength training, largely for adults over 40. Franchisees run studios on a membership model, staffing trainers and managing member results.
FranchiseVerdict summary · 2026
A Alloy franchise requires a total initial investment of $299K – $541K, including a $60K franchise fee and an ongoing 7.0% royalty[2]. Per the 2025 FDD, average unit revenue was $387K[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored7 of 7 headline figures on this page cite a page of the filing.
Overview
- Investment
- $299K – $541K
- 55th pct Education
- Avg gross sales
- $387K
- 16th pct Education
- Royalty
- 7.0%
- 21st pct Education
- Units
- 77
- 60th pct Education
- SBA charge-off
- N/A
Quick verdict · Education · color = vs category peers
Green = favorable by >10% vs Education median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $299K – $541K including a $60K franchise fee, 7.0% ongoing royalty.
- RETURNSAverage unit revenue of $387K/year.
- RISKVerdict B (Above average), verdict score 46/100 (higher is better).
- GROWTHPositive: net +46 franchised outlets in the latest year (47 opened, 1 closed) (Item 20).
- GROWTHSystem growing at 533.3% CAGR over 3 years with 77 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Alloy Personal Training, LLC
- Parent company
- Alloy Inter HoldCo, LLC (Alloy Holdings)
- FDD Item 1, page 10 of the 2025 FDD
- Ultimate parent
- CapitalSpring
- FDD Item 1, page 10 of the 2025 FDD
- Predecessor
- None
- Prior franchisor entity
- CEO title
- Chief Executive Officer/Founder
- Rick Mayo
- Incorporated in
- GA
- HQ
- 2500 Old Alabama Road, Suite 24, Roswell, Georgia 30076
- Auditor
- Citrin Cooperman & Company, LLP
- Audited financials
- Franchisor revenue
- $4.0M
- vs $1.9M prior year
Affiliated brands
- is Alloy Personal Training Solutions
- Alloy Personal Training Center
Other brands the franchisor or its parent operates (Item 1).
Same owner · FDD Item 1, page 10
2 other brands on this site name CapitalSpring as parent or ultimate parent in their own FDD.
Grouped by the owner's name as each filing prints it (this page: the 2025 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Rick Mayo
- Headquarters
- GA
- Founded
- 2019
- FDD year
- 2025
- States available
- 25
Can you afford it, and what does the money buy?
Entry cost runs 116% above the typical education franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $60K | $60K | |
| Rent - 3 Monthsnot refundable | $14K | $32K | |
| Lease and Utility Security Deposits | $4K | $8K | |
| Architect/Project Managementnot refundable | $10K | $33K | |
| Leasehold Improvementsnot refundable | $95K | $180K | |
| Furniture, Fixtures and Equipmentnot refundable | $38K | $81K | |
| Signagenot refundable | $17K | $24K | |
| Initial Inventorynot refundable | $250 | $500 | |
| Permits and Licensesnot refundable | $1K | $3K | |
| Insurance - 3 Months of Annual Premiumnot refundable | $600 | $2K | |
| Grand Opening Marketingnot refundable | $30K | $40K | |
| Training Expensesnot refundable | $2K | $3K | |
| Computer Systemnot refundable | $5K | $7K | |
| Professional Feesnot refundable | $5K | $10K | |
| Office Suppliesnot refundable | $300 | $1K | |
| Miscellaneousnot refundable | $2K | $3K | |
| Additional Funds - 3 Monthsnot refundable | $15K | $55K | |
| Total initial investment | $299K | $541K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $299K – $541K
- Middle of category vs category
- Liquid capital req'd
- $15K – $55K
- Top 40% of category vs category
- Franchise fee
- $60K – $60K
- Middle of category vs category
- Royalty
- 7.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $286 |
| Training fee | $3K |
| Transfer fee | $10K |
| Renewal fee | $5K |
| Inventory (initial) | $250 – $500 |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales land near the education norm.
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Alloy until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$455K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Alloy unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
- Avg gross sales
- $387K
- Per unit, per year
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross revenue
- Sample size
- 28 outlets
- vs category median 16
- Range (low → high)
- $158K→$691KCited, not corroborated — printed on page 58 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 204 Education brands
Revenue is only 0.9x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $387K/year in gross sales. Revenue-to-investment ratio: 0.9x.
Fee burden
Total ongoing fee load of 9.0% (near the Education median).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 533.3% CAGR over 3 years across 77 units — operators are staying and new ones are joining.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Education medians
How Alloy Compares
Category median of published Education brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 77
- Opened
- 47
- Last reporting year
- Closed
- 1
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 1.3%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 99%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Not renewed
- 0
- Transferred
- 5
- Reacquired
- 0
- Franchisor bought back
- Transfer rate
- 6.6%
- Owners selling to other franchisees
- Continuity rate
- 98.7%
- Units that stayed open
- Termination rate
- 1.3%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 26 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Available to sell in · Item 12
- California
- Illinois
- Indiana
- Maryland
- Michigan
- Minnesota
- New York
- Rhode Island
- South Dakota
- Virginia
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
84 current owners across 26 states.
- CA 15
- TX 13
- GA 7
- FL 5
- IL 5
- OH 5
- VA 4
- CO 3
- NY 3
- IN 2
- KY 2
- MI 2
- +14 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 103
- Loan volume
- $25.5M
- Median loan
- $248K
- average
- Charge-off rate
- Limited · 103 loans
- Limited SBA coverage: 103 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 103 loans
- 5-yr charge-off
- Limited · 103 loans
- Loans approved 2021+
- Active lenders
- 16
- Defaults
- 0
Vintage analysis
Alloy charge-off rate by loan vintage
Top lenders financing Alloy franchisees
Showing 3 of 16 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Alloy from SBA 7(a) FOIA data.
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 82 | $18.0M | 0.0% |
| 2 | First Bank of the Lake | 3 | $1.1M | N/A |
| 3 | First Commonwealth Bank | 3 | $937K | 0.0% |
| 4 | U.S. Bank, National Association | 2 | $673K | N/A |
| 5 | Tompkins Community Bank | 2 | $440K | N/A |
| 6 | Barrington Bank & Trust Company, National Association | 1 | $360K | N/A |
| 7 | VelocitySBA, LLC | 1 | $533K | N/A |
| 8 | Schaumburg Bank & Trust Company, National Association | 1 | $350K | N/A |
| 9 | Magnifi Financial CU | 1 | $427K | N/A |
| 10 | First Command Bank | 1 | $500K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 21 | 0 | -- |
| CACalifornia | 10 | 0 | -- |
| ILIllinois | 10 | 0 | 0.0% |
| NYNew York | 8 | 0 | -- |
| COColorado | 6 | 0 | -- |
| OHOhio | 6 | 0 | -- |
| AZArizona | 5 | 0 | -- |
| GAGeorgia | 4 | 0 | 0.0% |
| MDMaryland | 4 | 0 | -- |
| NJNew Jersey | 4 | 0 | -- |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation is required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Citrin Cooperman & Company, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 46 / 100 verdict
- 01MEDNet Income not disclosed in Item 19 prevents accurate ROI analysis; franchisees cannot validate profitability claims
- 02MINORAggressive 153.3% YoY unit growth is unsustainable and suggests possible recruitment-driven model rather than organic expansion
- 03MINORAverage revenue of $386,914 against $298,650-$541,120 investment creates tight margin for profitability after 7% royalties and operating costs
- 04MEDNo litigation disclosed but Going Concern flag suggests potential undisclosed disputes or financial distress
- 05MINORHigh franchise fee ($60,000) combined with non-disclosure of net income creates earnings visibility gap
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Territory population | 30,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 15 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Arbitration location | Roswell, Georgia (county of franchisor headquarters) |
| Jury trial waiver | Yes |
| Governing law | GA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 51 hrs
- On-the-job training
- 0 hrs
- Training location
- Alloy Headquarters, Roswell, Georgia
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- franchisor
- POS system
- Mindbody
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Mindbody
Item 20 · call current owners
Franchisee Contacts
84 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Alloy franchise?
The total investment to open a Alloy franchise ranges from $299K – $541K, with an initial franchise fee of $60K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Alloy franchise owners earn?
According to Item 19 of the Alloy FDD, the average gross sales per unit is $387K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Alloy?
Alloy is franchised by Alloy Personal Training, LLC. Its parent company is Alloy Inter HoldCo, LLC (Alloy Holdings). The ultimate parent named in the FDD is CapitalSpring. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Alloy FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Alloy FDD and qualifies whose outlets they describe.
What is Alloy's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Alloy (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Alloy franchise locations are there?
As of their most recent FDD filing, Alloy has 77 total units in the United States, including 76 franchised units and 1 company-owned units. 47 new units were opened in the latest reporting year.
Is Alloy a good franchise to buy?
FranchiseVerdict rates Alloy as a B-grade franchise with a verdict score of 46 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.