Fs8
Formerly known as F45 Training
Bottom line
- Total investment $349K – $841K including a $60K franchise fee, 7.0% ongoing royalty.
- Average unit revenue of $389K/year (median $389K).
- Rated MODERATE with a risk score of 62/100. SBA loan default rate of 0.0% across 8 loans (below the industry average).
- System growing at 900.0% CAGR over 3 years with 31 total units — strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one FS8 unit return on the cash you put in?
Unlevered ROIC · per unit
17%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 FS8 units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.7M
on $8.5M purchase
Total debt
$6.8M
SBA $4.3M + senior + seller note
Overview
About
FS8 franchisees operate boutique fitness studios offering group training classes and personalized coaching. Day-to-day operations include managing class schedules, instructor staff, member retention, facility maintenance, and driving local marketing and membership sales to meet revenue targets.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 14 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 phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
FS8 presents elevated risk due to explosive unproven growth, non-disclosure of net income, litigation history tied to disclosure failures, and unclear unit-level profitability relative to high capital requirements.
Score breakdown · what drove the 62 / 100 rating
- 01MEDNet income not disclosed in Item 19 — unable to assess actual profitability despite $388K avg revenue
- 02MINORExplosive unit growth (500% YoY) suggests rapid expansion without proven unit economics or stability
- 03HIGHMultiple litigation matters and consent orders involving F45 affiliates indicate franchise disclosure/compliance issues
- 04MINOROfficer (Luke Armstrong) confidential settlement raises governance and transparency concerns
- 05MEDHigh initial investment ($349K–$840K) paired with undisclosed profitability creates misaligned risk/reward
- 06MINOR7% royalty on gross sales (not net) compounds pressure on thin fitness studio margins
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
15 numbers
One-time purchase · CSV download · Validation questions included
FDD download
FS8 · FDD (2026) PDF