Iron 24 Franchise Cost, Revenue & Review 2026
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. The 2023 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2023 FDD issuance
Overview
- Investment
- $169K – $422K
- 30th pct Health & Fitn…
- Avg gross sales
- N/A
- Company-owned onlyn=1
- Royalty
- N/A
- 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 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 $169K – $422K including a $30K franchise fee.
- RETURNSFranchisor 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.
- RISKVerdict D (Below average), verdict score 36/100 (higher is better).
- 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
- Ultimate parent
- Graham Ventures, Inc.
- 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
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 48% 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
- Middle of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- The greater of (i) 6% of Net Sales or (ii) the Minimum Ro…
- Ad fund
- 5.0%
- typical 3–5%
- Total fee load
- 12.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 5.0% of gross 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
Iron 24 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 Iron 24 unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
63%
Above the 30–60% band. Verify revenue is per-unit average
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
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.
Company-owned outlets only - not franchisee performance
Based on a single reporting unit - not a system average
- Item 19 type
- weekly revenue and member count
- Sample size
- 1
- vs category median 12 · small
- Reporting year
- 2023
- Fiscal year the figures cover
- Source filing
- FDD 2023
- The FDD edition these figures were read from
- Transparency
- 0 / 10
- vs category median 4 / 10 · below
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 average of 8.4%.
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 averages
How Iron 24 Compares
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
- 0.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
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.
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
- N/A
- limited sample (8 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
Iron 24 presents high-risk investment due to going concern status, minimal unit scale, non-disclosed financials, and unclear growth momentum.
Litigation (Item 3)
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)
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 |
| 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
FDD download
Iron 24 · FDD (2023) PDF
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?
Iron 24 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 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), 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
Are you the franchisor?
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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.