TRI / Tenant Scores / F45 Training
38
Health Score
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Updated March 18, 2026
Limited public data · Score may be revised
Based on limited public data. Private data significantly improves this score — request a detailed report.
Based on public data sources. Private data layer available in detailed reports.
Fitness Studio
Scored as: Fitness Studio

F45 Training

F45 Training is a global fitness franchise operating high-intensity group workout studios founded in Australia in 2013. The company operates over 1,750 studios worldwide through a franchise model offering 45-minute functional training classes.

F45 Training filed Chapter 11 bankruptcy in May 2023 and experienced hundreds of franchise closures during 2022-2023. The company went public in July 2021 with an $845M valuation but struggled with debt and franchise performance. Corporate restructuring included significant layoffs and headquarters relocation back to Australia.
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Category Scores

What the signals show.

Each category is scored 0 to 100 based on public data signals. Weights adjust by tenant type. Scores update monthly.

Business Health
Entity status, filings, financial signals, press
5
Employment & Operations
Job postings, store status, website activity
50
Customer Sentiment
Reviews, ratings, response rate
60
Legal & Compliance
UCC liens, court records, BBB, regulatory
50
Local Market
Demographics, competition, local conditions
N/A
Industry & Sector
Sector health, competitive risk, labor costs
45
How F45 Training compares to Fitness Studio tenants nationally
This tenant
38
Category average
69
About This Rating

What this score means.

Fitness tenants require strong operational health due to high lease obligations and equipment costs relative to revenue. Legal issues and franchise disputes are highly predictive of lease performance problems in this category.

This score of 38 indicates critical risk compared to the fitness category average of 69, primarily due to bankruptcy filing and widespread franchise closures.

Signal Detail

What we found.

Signal detail is available to free account holders. Enter your email below to view all detected signals for F45 Training.

Business Health 3 signals detected
↓ Revenue declined from $181.2 million in 2021 to $140 million in 2022
→ Taken private December 2022 for $10.50 per share after trading low of $1.60
→ Corporate restructuring and leadership changes — 2023
Employment & Operations 3 signals detected
→ Corporate layoffs during 2022 restructuring period
→ Corporate job postings decreased significantly from 2021 peak levels
↑ Regional hiring stronger in established markets versus new territories — 2023
Customer Sentiment 0 signals detected
No specific customer sentiment signals detected in public data — monitoring continues
Legal & Compliance 3 signals detected
⚠ Multiple franchise-related lawsuits filed 2022-2023 regarding territory disputes
→ UCC filings related to equipment financing at various locations
⚠ Individual franchise bankruptcies reported — no corporate filings — 2022-2023
Local Market N/A
Not applicable for this tenant type
Industry & Sector 0 signals detected
No specific industry & sector signals detected in public data — monitoring continues
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Recommendation

What to do next.

Initiate contact within 30 days. The combination of legal filing activity and employment contraction represents a high-correlation distress pattern for this tenant category. We recommend a direct conversation before the renewal window opens. Consider lease restructuring options and begin preliminary replacement tenant outreach in parallel.

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Other Fitness Studio tenants in the directory
Planet Fitness
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86
Planet Fitness shows strong financial performance with Q3 2024 revenue of $278.5 million, up 6.8% year-over-year. The company opened 71 new locations in Q3 2024 and reported same-store sales growth of 7.4%. No major legal issues or regulatory actions have been identified in recent public records.
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↓8 Mar 15, 2026
Orangetheory Fitness
Fitness Studio
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No significant legal issues identified with clean PACER search results as of March 2024. Self Action Holdings acquired majority stake in 2017 from private equity firm KKR, providing stable ownership structure. Limited public data available due to private company status and franchise model.
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↓19 Mar 14, 2026
Anytime Fitness
Fitness Studio
75
Anytime Fitness shows stable operations with no legal issues identified and maintains an active business presence. The company operates 4,000+ locations globally as of 2023 but faces industry pressures from digital competitors and labor cost challenges. Limited public data availability due to private company status affects visibility into specific operational metrics.
Send me this report →
↓2 Mar 18, 2026
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