USA Ninja Challenge Franchise Cost, Revenue & Review 2026
- Investment
- $413K – $644K
- Disclosed sales
- $304K
- gross sales, not profit
- SBA charge-off
- Limited · 31 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
USA Ninja Challenge is a youth fitness franchise running ninja-warrior obstacle training gyms with classes, camps, and parties. Franchisees run the facilities, managing instructors, safety, and enrollment.
FranchiseVerdict summary · 2026
A USA Ninja Challenge franchise requires a total initial investment of $413K – $644K, including a $60K franchise fee and an ongoing 7.5% royalty[2]. Per the 2025 FDD, average unit revenue was $304K[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $413K – $644K
- 77th pct Health & Fitn…
- Avg gross sales
- $304K
- Outlet subset8th pct Health & Fitn…
- Royalty
- 7.5%
- 69th pct Health & Fitn…
- Units
- 32
- 63rd 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 $413K – $644K including a $60K franchise fee, 7.5% ongoing royalty.
- RETURNSAverage unit revenue of $304K/year (median $261K) (reported for a subset of outlets rather than the whole system).
- RISKVerdict B (Above average), verdict score 53/100 (higher is better).
- GROWTHPositive: net +7 franchised outlets in the latest year (7 opened, 0 closed) (Item 20).
- GROWTHSystem growing at 47.6% CAGR over 3 years with 32 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Ninja Franchising, Inc.
- CEO title
- Managing Member
- Dale Grant
- Incorporated in
- Delaware
- HQ
- 14 Chenell Drive, Concord, NH 03301
- Auditor
- Kezos & Dunlavy, LLC
- Audited financials
- Franchisor revenue
- $2.7M
- vs $1.5M prior year
Overview
About
- CEO
- Dale Grant
- Headquarters
- NH
- Founded
- 2015
- FDD year
- 2025
- States available
- 14
Can you afford it, and what does the money buy?
Entry cost runs 35% above 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 | $60K | $60K |
| Working capital (3–6 mo) | $60K | $60K |
| Equipment, build-out, other | $293K | $524K |
| Total initial investment | $413K | $644K |
Source: USA Ninja Challenge 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
- $413K – $644K
- Bottom third — review vs category
- Liquid capital req'd
- $60K – $60K
- Bottom third — review vs category
- Franchise fee
- $60K – $60K
- Bottom third — review vs category
- Royalty
- 7.5%
- typical 6–8%
- Ad fund
- 1.5%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.5% of gross sales |
| Marketing / ad fund | 1.5% of gross sales |
| Transfer fee | $15K |
| Renewal fee | $0 |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales run 36% below the health & fitness norm.
Reported for a subset of outlets rather than the whole system
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 USA Ninja Challenge 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
$589K
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 USA Ninja Challenge 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
Reported for a subset of outlets rather than the whole system
- Avg gross sales
- $304K
- Per unit, per year
- Median gross sales
- $261K
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 Income
- Sample size
- 18 outlets
- vs category median 11
- Range (low → high)
- $98K→$664KCited, not corroborated — printed on page 36 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 173 Health & Fitness brands
Revenue is only 0.6x 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 $304K/year in gross sales. Revenue-to-investment ratio: 0.6x. Reported for a subset of outlets rather than the whole system.
Fee burden
Total ongoing fee load of 9.0% (near the Health & Fitness 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 47.6% CAGR over 3 years across 32 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 medians
How USA Ninja Challenge 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 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 32
- Opened
- 7
- 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
- N/A
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (3-yr)
- +47.6%
- Net unit change over 3 years
- 3-yr CAGR
- +47.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 5
- Reacquired
- 0
- Franchisor bought back
- Transfer rate
- 15.6%
- Owners selling to other franchisees
- Ceased ops
- 3.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 23 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
55 current owners across 23 states.
- TX 6
- CA 5
- FL 5
- OH 5
- NH 4
- PA 4
- MA 3
- NC 3
- TN 3
- CO 2
- CT 2
- GA 2
- +11 more states
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. 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
- 31
- Loan volume
- $10.5M
- Median loan
- $225K
- 50th percentile
- Charge-off rate
- Limited · 31 loans
- Limited SBA coverage: 31 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 · 31 loans
- 5-yr charge-off
- Limited · 31 loans
- Loans approved 2021+
- Active lenders
- 17
- Defaults
- 1
- Typical loan rate
- 8.7%
- avg rate to borrowers
- Franchised industry avg
- 15.8%
- n=7,965 loans
- Jobs supported
- 161
- 2.0 per loan
- Lender concentration
- 32%
- top lender's share
Borrower mix: 96% went to startups / new businesses, 4% to established operators
Franchise vs independent — in fitness and recreational sports centers, franchised businesses charge off at 15.8% vs 18.2% for independents — franchising is associated with 13% lower SBA default risk in this category.
Top lenders financing USA Ninja Challenge franchisees
Showing 3 of 17 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 USA Ninja Challenge from SBA 7(a) FOIA data.
- Principal loss rate
- 0.9%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 8.68%
- Avg chargeoff amount
- $77K
- Lender concentration
- 32.0%
- Job velocity
- 2.0 per $100K
- NAICS benchmark
- 12.5%
- NAICS 713940
- Jobs supported
- 161
Top SBA lendersTop lender holds 32% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 8 | $1.5M | 0.0% |
| 2 | Citizens Bank | 3 | $1.9M | 0.0% |
| 3 | Simmons Bank | 2 | $450K | 0.0% |
| 4 | Stearns Bank National Association | 1 | $103K | 100.0% |
| 5 | Cyprus Federal Credit Union | 1 | $150K | 0.0% |
| 6 | KeyBank National Association | 1 | $150K | N/A |
| 7 | Magyar Bank | 1 | $400K | N/A |
| 8 | Community Bank of Santa Maria | 1 | $454K | N/A |
| 9 | Frost Bank | 1 | $182K | 0.0% |
| 10 | CDC Small Business Finance Corp. | 1 | $180K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 7 | 0 | 0.0% |
| OHOhio | 5 | 0 | 0.0% |
| CACalifornia | 3 | 0 | -- |
| GAGeorgia | 2 | 0 | -- |
| PAPennsylvania | 2 | 0 | -- |
| FLFlorida | 1 | 1 | 100.0% |
| MDMaryland | 1 | 0 | -- |
| NJNew Jersey | 1 | 0 | -- |
| TNTennessee | 1 | 0 | -- |
| UTUtah | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
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
Negative franchisor net worth of -$141,063, but the company is profitable with net income of $203,694 on $2.74M revenue and growing (47.6% net growth, 32 units). No litigation, bankruptcy, or going-concern doubt; Item 19 disclosed. Negative equity is the single concern, offset by positive earnings.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy, LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Franchisor total operating revenue for FY2024 was $2,743,342 (includes equipment sales, initial franchise fees, royalties, marketing/technology fees). Net worth is negative (members' deficit of $141,063) as of 12/31/2024.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 53 / 100 verdict
- 01MINORNegative franchisor net worth: -$141,063
- 02MINORPositive net income: $203,694 on $2.74M revenue
- 03MINOR32 units, 47.6% net growth, 0% turnover
- 04MINORfinancial_distress flag set but earnings are positive; no going-concern
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 | 2 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory population | 100,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | No |
| Arbitration location | Concord, New Hampshire |
| Jury trial waiver | Yes |
| Governing law | New Hampshire |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 122 hrs
- On-the-job training
- 0 hrs
- Training location
- franchisee location
- Ongoing training
- Required
- Field support
- 32 hrs/yr
- On-site visits per year
- Time to open
- 15 mo
- From signing to launch
- Site selection
- Franchisee (subject to franchisor approval)
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
56 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 USA Ninja Challenge franchise?
The total investment to open a USA Ninja Challenge franchise ranges from $413K – $644K, 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 USA Ninja Challenge franchise owners earn?
According to Item 19 of the USA Ninja Challenge FDD, the average gross sales per unit is $304K. The median is $261K. Important context: Reported for a subset of outlets rather than the whole system. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns USA Ninja Challenge?
USA Ninja Challenge is franchised by Ninja Franchising, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the USA Ninja Challenge 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 USA Ninja Challenge FDD and qualifies whose outlets they describe.
What is USA Ninja Challenge's franchise failure rate?
SBA 7(a) loan charge-off data is not available for USA Ninja Challenge (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 USA Ninja Challenge franchise locations are there?
As of their most recent FDD filing, USA Ninja Challenge has 32 total units in the United States, including 31 franchised units and 1 company-owned units. 7 new units were opened in the latest reporting year.
Is USA Ninja Challenge a good franchise to buy?
FranchiseVerdict rates USA Ninja Challenge as a B-grade franchise with a verdict score of 53 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.