Iron 24 Franchise Cost, Revenue & Review 2026
- Investment
- $169K – $422K
- Disclosed sales
- partial, no system average
- SBA charge-off
- Under 10 loans (8)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Iron 24 is a gym franchise offering 24/7 access, digital memberships, and fitness plus recovery amenities. Franchisees run the clubs, managing memberships, equipment, and personal training.
FranchiseVerdict summary · 2026
A Iron 24 franchise requires a total initial investment of $169K – $422K, including a $30K franchise fee and an ongoing 6.0% royalty[2]. The 2023 FDD on file does not yield a unit-revenue figure we can publish. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2023 filing · Data extracted: · Last cited check: · Staleness risk: high - figures are from a filing two or more years old
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 scored4 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $169K – $422K
- 30th pct Health & Fitn…
- Avg gross sales
- N/A
- Company-owned onlyPartial periodn=1
- Royalty
- 6.0%
- 13th pct Health & Fitn…
- Units
- 0
- 0th pct Health & Fitn…
- SBA charge-off
- N/A
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness 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 $169K – $422K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSItem 19 reports weekly revenue and member count rather than annual gross sales, so unit revenue is not directly comparable.
- RISKVerdict D (Below average), verdict score 36/100 (higher is better).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed); 3 signed but not yet open (Item 20).
- DATAItem 19 reports weekly revenue and member count rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Iron 24 Franchising, LLC
- Parent company
- Iron 24 Holdings, LLC
- FDD Item 1, page 11 of the 2023 FDD
- Ultimate parent
- Graham Ventures, Inc.
- FDD Item 1, page 11 of the 2023 FDD
- CEO title
- Chairman of the Board
- David Graham
- Incorporated in
- TX
- HQ
- 2880 Broadway Bend Drive, Building #1, Pearland, Texas 77584
- Auditor
- SST Accountants & Consultants
- Audited financials
- Franchisor revenue
- $21K
- vs $214K prior year
Same owner · FDD Item 1, page 11
2 other brands on this site name Graham Ventures, Inc. as parent or ultimate parent in their own FDD.
Grouped by the owner's name as each filing prints it (this page: the 2023 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
- David Graham
- Headquarters
- TX
- Founded
- 2021
- FDD year
- 2023
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 25% below the typical health & fitness franchise.
Source: FDD 2023 · Items 5–7
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $17K | $30K |
| Equipment, build-out, other | $122K | $363K |
| Total initial investment | $169K | $422K |
Source: Iron 24 2023 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
- $169K – $422K
- Top 40% of category vs category
- Liquid capital req'd
- $17K – $30K
- Top 40% of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 6.0%
- Set by a formula · typical 6–8%
- Ad fund
- 5.0%
- typical 3–5%
- Total fee load
- 12.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of net sales |
| Marketing / ad fund | 5.0% of net sales |
| Technology fee | $250 |
| Transfer fee | $5K |
| Renewal fee | $2K |
| Total fee load | 12.0% of rev |
What do units actually make?
Source: FDD 2023 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for Iron 24 is on file. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Iron 24 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 annual revenue, 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.
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: 2023 FDD
Financial Performance
Company-owned outlets only - not franchisee performance
Covers a partial period, not a full year
Based on a single reporting unit - not a system average
- Item 19 type
- weekly revenue and member count
- Sample size
- 1
- vs category median 11 · small
- Reporting year
- 2023
- Fiscal year the figures cover
- Source filing
- FDD 2023
- The FDD edition these figures were read from
Compared against 173 Health & Fitness brands
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 12.0% — above the Health & Fitness median of 9.0%.
Disclosure
Item 19 reports weekly revenue and member count rather than annual gross sales, so unit revenue is not directly comparable.
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 medians
How Iron 24 Compares
Category median of published Health & Fitness 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 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 0
- Opened
- 0
- Last reporting year
- Closed
- 0
- Turnover rate
- N/A
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Signed, not yet open
- 3
- Item 20 Table 5
- Projected new
- 14
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 5 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.
Where the owners are · Item 20 owner list
8 current owners across 5 states.
- TX 3
- FL 2
- IN 1
- MI 1
- NV 1
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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 8 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 8
- Loan volume
- $1.9M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- Under 10 loans (8)
- Insufficient SBA coverage: 8 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (8)
- 5-yr charge-off
- Under 10 loans (8)
- 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
Iron 24 presents high-risk investment due to going concern status, minimal unit scale, non-disclosed financials, and unclear growth momentum.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Code Ninjas, LLC (involving David Graham, now Chairman of Iron 24) v. Beyond Gravity Media, Inc. and Branden Scott Matalon — non-compete/misrepresentation dispute settled April 2020 with mutual dismissal of claims
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SST Accountants & Consultants
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Franchisor total revenue of $21,400 for fiscal year ended December 31, 2022, stated in Item 8 (required-purchase rebate disclosure). Audited financial statements (Exhibit H) referenced in Item 21 but not present/rendered in extracted text, so balance-sheet figures and auditor name are unavailable. Franchisor formed Aug 19, 2021; less than 3 years in business, only partial statements included.
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 36 / 100 verdict
- 01HIGHGoing Concern status indicates franchisor financial distress or operational instability
- 02MEDOnly 7 operating units suggests minimal system scale, limited support infrastructure, and high failure risk
- 03MINORNo average revenue or net income disclosure prevents ROI validation and suggests poor unit economics or franchisor reluctance to disclose
- 04MINORUnknown growth trajectory with stagnant unit count raises questions about franchisee recruitment and retention
- 05MINORMinimum royalty of $500/month ($6,000 annually) creates fixed cost burden even if location underperforms
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 12.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2023 · 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 | 2 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| 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 | 20 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Pearland, Texas (within 5 miles of principal place of business) |
| Jury trial waiver | Yes |
| Governing law | TX |
| Litigation count | 1 |
View Item 3 litigation summary
Code Ninjas, LLC (involving David Graham, now Chairman of Iron 24) v. Beyond Gravity Media, Inc. and Branden Scott Matalon — non-compete/misrepresentation dispute settled April 2020 with mutual dismissal of claims
Items 10, 11
Training & Operations
- Classroom training
- 60 hrs
- On-the-job training
- 44 hrs
- Training location
- Virtually, at Iron 24 headquarters in Pearland, Texas, and/or at designated Iron 24 Centers
- Time to open
- 8 mo
- From signing to launch
- Site selection
- Franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- FranchiCzar Operating Software
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: FranchiCzar Operating Software
Item 20 · call current owners
Franchisee Contacts
8 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 Iron 24 franchise?
The total investment to open a Iron 24 franchise ranges from $169K – $422K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Iron 24 franchise owners earn?
Item 19 of the Iron 24 FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Iron 24?
Iron 24 is franchised by Iron 24 Franchising, LLC. Its parent company is Iron 24 Holdings, LLC. The ultimate parent named in the FDD is Graham Ventures, Inc.. Source: FDD Item 1, 2023 filing.
What is Item 19 in the Iron 24 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 Iron 24 FDD and qualifies whose outlets they describe.
What is Iron 24's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Iron 24 (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.
Is Iron 24 a good franchise to buy?
FranchiseVerdict rates Iron 24 as a D-grade franchise with a verdict score of 36 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.