Conquer Ninja Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Conquer Ninja is a recreation franchise operating ninja-warrior obstacle gyms with classes and open play for kids and adults. Franchisees run the facilities, managing instructors, safety, and memberships.
FranchiseVerdict summary · 2026
A Conquer Ninja franchise requires a total initial investment of $360K – $598K, including a $45K franchise fee and an ongoing 7.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $360K – $598K
- 67th pct Health & Fitn…
- Avg gross sales
- N/A
- Royalty
- 7.0%
- 30th pct Health & Fitn…
- Units
- 12
- 38th pct Health & Fitn…
- SBA charge-off
- N/A
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness avg · 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 $360K – $598K including a $45K franchise fee, 7.0% ongoing royalty.
- RETURNSFY2024 audited total revenues of $240,442: Royalties $53,341, Marketing fees $157,392, Franchise fees $22,709, Management fees $5,000, Technology fees $2,000. Net loss of $4,424; members' deficit of $81,618. Audited by DNJ & Associates (Arcadia, CA), report dated April 8, 2025.
- RISKVerdict B (Above average), verdict score 55/100 (higher is better).
- DATANo Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Conquer Franchising, LLC
- Parent company
- Fun Entertainment Industrial Companies LLC / Ragged Rock International Investments LLC
- Predecessor
- Conquer Athletics LLC
- Prior franchisor entity
- CEO title
- Chief Executive Officer and Governor
- Jake Marshman
- Incorporated in
- MN
- HQ
- 3203 Corporate Center Drive, Suite 190, Burnsville, Minnesota 55306
- Auditor
- DNJ & Associates
- Audited financials
- Franchisor revenue
- $240K
- vs $197K prior year
Overview
About
- CEO
- Jake Marshman
- Headquarters
- MN
- Founded
- 2018
- FDD year
- 2025
- States available
- 4
Can you afford it, and what does the money buy?
Entry cost runs 17% below the typical health & fitness franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $45K | $45K |
| Working capital (3–6 mo) | $50K | $95K |
| Equipment, build-out, other | $265K | $458K |
| Total initial investment | $360K | $598K |
Source: Conquer Ninja 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $360K – $598K
- Middle of category vs category
- Liquid capital req'd
- $50K – $95K
- Bottom third — review vs category
- Franchise fee
- $45K – $45K
- Top 40% of category vs category
- Royalty
- 7.0%
- percentage · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $200 |
| Transfer fee | $23K |
| Renewal fee | $11K |
| Inventory (initial) | $8K – $10K |
| Total fee load | 10.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Conquer Ninja did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Conquer Ninja unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
38%
Within the 30–60% "attractive franchise" band
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
FY2024 audited total revenues of $240,442: Royalties $53,341, Marketing fees $157,392, Franchise fees $22,709, Management fees $5,000, Technology fees $2,000. Net loss of $4,424; members' deficit of $81,618. Audited by DNJ & Associates (Arcadia, CA), report dated April 8, 2025.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 10.0% — above the Health & Fitness average of 8.4%.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System expanding at 150.0% CAGR over 3 years across 12 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 Health & Fitness averages
How Conquer Ninja Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 12
- Opened
- 2
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 20.0%
- Company-owned
- 7
- Corporate units in the system
- % franchised
- 42%
- vs corporate-owned
- Net growth (3-yr)
- +150.0%
- Net unit change over 3 years
- 3-yr CAGR
- +150.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 2
- Closed (3yr)
- 1
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 5
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 7 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.
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 loan disclosures. This brand has only 5 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 5
- Loan volume
- $1.1M
- Median loan
- $240K
- 50th percentile
- Charge-off rate
- N/A
- limited sample (5 loans) — rate not shown below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 3
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
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
Early-stage ninja/fitness franchise with aggressive unit growth from tiny base, high capital requirements, and zero financial transparency prevents reliable ROI validation.
Litigation (Item 3)
No litigation is required to be disclosed in this Item.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · DNJ & Associates
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 55 / 100 verdict
- 01MEDNo average revenue or net income disclosed — inability to assess ROI on $360k-$597.5k investment
- 02MEDOnly 12 units system-wide suggests early/unproven franchise model with limited track record
- 03MINOR67% YoY growth rate appears strong but from extremely small base (only ~7 units existed one year ago)
- 04MINORNo Item 19 financial performance data published — franchisees cannot validate earnings claims independently
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% 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 | 7 years |
|---|---|
| Renewal term | 7 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 30 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Minnesota |
| Jury trial waiver | No |
| Governing law | MN |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in this Item.
Items 10, 11
Training & Operations
- Classroom training
- 29 hrs
- On-the-job training
- 27 hrs
- Training location
- Burnsville, Minnesota headquarters, affiliate-owned gyms in Minnesota or Arizona, or virtual
- Ongoing training
- Required
- Time to open
- 3 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
12 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Conquer Ninja · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Conquer Ninja franchise?
The total investment to open a Conquer Ninja franchise ranges from $360K – $598K, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Conquer Ninja franchise owners earn?
Conquer Ninja does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Conquer Ninja 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 Conquer Ninja FDD and qualifies whose outlets they describe.
What is Conquer Ninja's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Conquer Ninja (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 Conquer Ninja franchise locations are there?
As of their most recent FDD filing, Conquer Ninja has 12 total units in the United States, including 5 franchised units and 7 company-owned units. 2 new units were opened in the latest reporting year.
Is Conquer Ninja a good franchise to buy?
FranchiseVerdict rates Conquer Ninja as a B-grade franchise with a verdict score of 55 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.