Gym Valuation Multiples and How Much a Gym or Fitness Center Is Worth
Enter the gym's revenue and owner earnings and read a range benchmarked to what gyms, studios and fitness centers actually closed at, whether you are setting an asking price or checking a gym for sale before you make an offer.
Estimated business value
Method breakdown
What moves this number
Estimate, not a certified appraisal. Your figures are not stored.
400 US gyms and fitness centers sold across 2021 to 2025 at a median of 2.42x seller discretionary earnings, or 0.65x annual revenue, with a lower quartile of 1.72x and an upper quartile of 3.00x. The median gym sold for $210,500 against a median asking price of $249,900, on median revenue of $400,000 and median owner earnings of $99,389, after a median 171 days on the market.
The median gym is a job with a business attached. A buyer paying $210,500 on a 10 year SBA loan can take out at most about $61,044 a year, and hiring a general manager instead would leave $13,786. That is why most gyms are bought by coaches and operators who will run them, and why the price climbs fast once a gym is big enough to pay a team. This is a benchmark and an estimator, not a certified appraisal.
Gyms, median asking price against sale price
2021
2022
2023
2024
2025
$172k
0.89
$187k
0.87
$250k
0.88
$308k
0.91
$175k
0.87
BizBuySell, gyms and fitness centers sold 2021 to 2025. Light bar median asking price, dark bar median sale price, average sale to ask below each year.
Closed transactions
01What gyms and fitness centers actually sold for
These are 400 gyms, training centers, bootcamps and fitness centers reported sold across the five years 2021 to 2025. The source describes them as mostly locally owned independent brands, with franchise units commonly included, from small group fitness studios to large equipment gyms where members train on their own. Yoga, Pilates and dance studios are counted separately (section 07). If you have been pricing from a listing site's instant estimate, our comparison of BizBuySell valuation alternatives explains what those tools leave out.
Median sale price
$210,500
What the middle gym or fitness center actually closed at, 2021 to 2025
Median asking price
$249,900
What the same sold gyms were listed at
Median revenue
$400,000
Annual membership, class and training revenue of the middle gym sold
Median owner earnings (SDE)
$99,389
Seller discretionary earnings, a 24.8 percent owner margin
| Gyms and fitness centers, 2021 to 2025 | Lower quartile | Median | Average | Upper quartile |
|---|---|---|---|---|
| Earnings multiple, sold | 1.72x | 2.42x | 2.55x | 3.00x |
| Earnings multiple, current listings | 2.04x | 2.75x | 3.24x | 3.53x |
| Revenue multiple, sold | 0.40x | 0.65x | 0.71x | 0.90x |
| Revenue multiple, current listings | 0.47x | 0.75x | 0.93x | 1.14x |
| Owner earnings, sold | $51,183 | $99,389 | $155,519 | $199,579 |
| Owner earnings, current listings | $59,980 | $96,030 | $148,930 | $167,116 |
| Revenue, sold | $232,673 | $400,000 | $557,793 | $612,297 |
| Revenue, current listings | $199,323 | $336,166 | $507,043 | $548,337 |
Source: BizBuySell gym and fitness center business valuation benchmarks, 400 businesses reported sold on the platform 2021 to 2025, read October 2026. Shaded rows are current and recent listings at their asking prices. Benchmarks, not quotes.
Three things stand out. First, the readings disagree, and you should know which one the other side is quoting. The median multiple is 2.42x, the average 2.55x, but the median sale over the median earnings is only 2.12x. Multiplying medians gives $240,521, 14.3 percent above the median sale; the revenue route, $400,000 at 0.65x, gives $260,000, 23.5 percent above. When a broker multiplies your earnings by 2.5, the result sits above what the middle gym actually fetched.
Second, listings are priced higher than gyms sell for. Gyms on the market now report median owner earnings of $96,030, 3.4 percent below the sold set, yet ask a median 2.75x against 2.42x paid. Sold gyms closed at an average 0.89 of their asking price, so a seller listing at the current median should expect to come down by about a tenth.
Third, the gyms that sell are small. The sold revenue quartiles run from $232,673 to $612,297, and a quarter of sold gyms produced $51,183 or less of owner earnings, roughly one full-time salary. At that size the buyer is buying a job and a fit-out, and the price reflects it: 1.72x on $51,183 is $88,035.
If you are working out how to calculate SDE for the gym in front of you, start with what the owner does. An owner who coaches ten classes a week, opens the doors and sells every membership is doing work a buyer will have to pay for or do. Separate one-time costs from the payroll that repeats, then find your row in section 05.
| Year | Median sale | Median ask | Sale to ask | Average SDE multiple | Average revenue multiple | Median revenue | Median SDE | Margin |
|---|---|---|---|---|---|---|---|---|
| 2021 | $172,394 | $207,500 | 0.89 | 2.77x | 0.69x | $301,028 | $79,195 | 26.3% |
| 2022 | $187,000 | $226,492 | 0.87 | 2.62x | 0.62x | $347,348 | $86,127 | 24.8% |
| 2023 | $250,000 | $299,000 | 0.88 | 2.47x | 0.72x | $418,350 | $108,541 | 25.9% |
| 2024 | $307,500 | $320,000 | 0.91 | 2.54x | 0.85x | $470,286 | $150,971 | 32.1% |
| 2025 | $175,000 | $207,500 | 0.87 | 2.44x | 0.64x | $344,478 | $95,460 | 27.7% |
Source: BizBuySell, same page. The median sale rose 23 percent in 2024 and fell 43.1 percent in 2025, when median revenue fell 26.8 percent and owner earnings 36.8 percent. The source puts the 2025 drop down to more small gyms selling, not cheaper multiples: the average earnings multiple moved only from 2.54x to 2.44x.
Our calculation
02The median gym finances only if the buyer pays themselves little
Most small business buyers use an SBA 7(a) loan, so what a lender will finance sets a practical ceiling on price. The table runs a business only loan at 10.5 percent over 10 years, 1.25x debt service coverage and a 10 percent injection against the median $99,389 of owner earnings. Gyms almost always lease their space, so there is no building loan here. Everything in it is computed here, not quoted.
SBA-supportable price at two owner draws, against the median sale
Scale $0 to $300,000
$106,438
What $99,389 supports at an $80,000 draw (black line).
$210,500
What the median gym sold for.
$216,230
What it supports at a $60,000 draw.
| Owner draw the buyer takes | Left for debt service | Supportable price, 10 years |
|---|---|---|
| $0 (buyer takes no salary) | $99,389 | $545,607 |
| $40,000 | $59,389 | $326,023 |
| $50,000 | $49,389 | $271,126 |
| $60,000 | $39,389 | $216,230 |
| $61,044 (the most a buyer can draw at $210,500) | $38,345 | $210,500 |
| $80,000 | $19,389 | $106,438 |
Computed here. Annual loan constant 0.16192 for 10 years at 10.5 percent. Supportable price is (SDE minus draw) divided by 1.25, divided by the loan constant, divided by 0.90. Illustrative arithmetic, not a loan offer or a credit decision.
Work it backwards and a buyer paying the median price can draw at most $61,044 a year, or needs $118,345 of earnings to draw $80,000. That is close to what the gym would pay a full-time trainer ($47,160 BLS median) and below what it would pay a manager ($79,520). In plain terms, the median gym pays its owner a coach's wage plus the equity that builds as the loan is repaid.
The rate makes it tighter. SBA caps variable rates on loans of $50,000 to $250,000 at prime plus 6 points, so a loan of this size can price above the 10.5 percent used here. At 12.75 percent the most a buyer can draw at $210,500 falls to about $57,377. Lenders also want to see the buyer has run a gym or coached in one, because the earnings depend on the person.
Cash to close on the median gym
$25,313
A $210,500 purchase at 10 percent down is a $21,050 injection and a $189,450 loan. The guaranteed portion is $142,088, so the 3 percent SBA guaranty fee is $4,263. Debt service is about $30,676 a year, covered 3.24 times by $99,389, which leaves $68,713 before anything else. Add a security deposit on the lease, any equipment payoff and a cushion for the slow summer months on top.
The lower quartile gym
$88,035
That is the lower quartile multiple on lower quartile earnings of $51,183. Those earnings do not cover a $60,000 owner draw before any debt, so a gym this size does not finance on an SBA loan at all on its own numbers. These deals close in cash, with seller financing, or with a buyer who keeps another income while the gym grows.
The lender may value it in house
Under SOP 50 10 8.1 the lender may value the business itself when the price is $350,000 or less and buyer and seller are not closely related. The median gym is well under that line, so your estimate and the lender's own analysis may be the only valuations in the deal.
Prepaid memberships are a liability
Annual memberships and class packs paid before closing are services the buyer must deliver with no cash coming in. Agree on a credit at closing for unearned dues, or the buyer pays for the same months twice.
Seller financing fills the gap
Because many gyms do not finance fully, a seller note for part of the price is common. A seller who believes the members will stay can get a higher headline price that way, and the buyer pays it only if they do.
Sources: SBA SOP 50 10 8.1 (changes of ownership: valuation). SBA 7(a) maximum interest rates. FY2026 guaranty fee tiers. A summary for pricing, not legal or lending advice.
What makes gyms different
03You buy a member base, a fit-out and a lease that outlives the owner
A gym looks like an equipment business and prices like a membership business. The machines are worth a fraction of their cost the day after closing. What carries the price is a base of members who keep paying every month, a space they can get to, and the people who coach them. Each needs its own evidence before you agree a price.
The members
Recurring dues are the reason anyone pays more than the equipment is worth. What matters is how many members pay every month, how long they stay and how many are on contracts that end soon. Ask for the active member count by month for two years, new joins and cancellations by month, and revenue split into dues, personal training, classes and retail.
The equipment
Cardio machines and strength equipment wear out on a schedule, and many gyms lease them. Get the equipment list with purchase dates and condition, every equipment lease or loan with its payoff, and the repair log. Leased machines are debt the buyer either assumes or pays off at closing, which comes straight out of the price.
The lease
A gym needs a large space at a rent the dues can carry, and the lease usually outlives any one owner. Read the remaining term, renewal options, the rent as a share of revenue, the personal guaranty and whether the landlord must consent to an assignment. A short lease with no renewal option can be worth more than the equipment to the buyer, in the wrong direction.
Owner earnings as a share of revenue, sold gyms
2021
26.3%
2022
24.8%
2023
25.9%
2024
32.1%
2025
27.7%
BizBuySell median revenue and median owner earnings by year of sale. 2024 stands out: the gyms that sold that year were the largest and the most profitable in the five years, which is why its median price is the highest.
Read the billing export like a balance sheet
Ask for the member management system's export of every active, frozen and cancelled membership with join dates, plus twelve months of bank deposits. Revenue the deposits do not confirm is revenue a lender will not count. A member count that includes frozen and comped accounts can overstate the paying base by a wide margin.
Franchise gyms add a second approval
A franchise unit cannot be sold without the franchisor's consent, and the franchise agreement usually sets a transfer fee, training for the new owner and sometimes a required remodel. Read the transfer section of the agreement and the current disclosure document before you price it, because those costs come out of the buyer's budget.
Sources: BizBuySell gym and fitness center benchmarks, 2021 to 2025. A summary for pricing, not legal advice. Health club contract rules are set by each state.
Our calculation
04What the gym is worth if you will not coach or manage it
Seller discretionary earnings include the owner's pay, and in most small gyms the owner is the manager, the head coach and the salesperson. A buyer who will not do that work has to pay someone who will. The rows below use the Bureau of Labor Statistics national median wages for May 2025, plus employer FICA.
The same $210,500 price
2.12x
to an owner who runs it and coaches
4.33x
owner manages, trainer hired
15.27x
general manager hired
| Who does the owner work | Earnings left | Price as a multiple | SBA-supportable price, 10 years |
|---|---|---|---|
| Owner runs the gym and coaches | $99,389 | 2.12x | $216,230 at a $60,000 draw |
| Owner manages, hires a full-time trainer ($50,768) | $48,621 | 4.33x | $266,912 at no owner draw |
| General manager hired ($85,603) | $13,786 | 15.27x | $75,678 at no owner draw |
Computed here. BLS Occupational Employment and Wage Statistics, national estimates for May 2025: fitness trainers and aerobics instructors (SOC 39-9031), median $47,160 a year, 322,930 jobs; entertainment and recreation managers except gambling (SOC 11-9072), median $79,520, 37,980 jobs. Plus 7.65 percent employer FICA.
To an owner who runs the gym and coaches, $210,500 is 2.12x earnings, inside the middle half of sales. Hand the coaching to one full-time trainer and the same price is 4.33x; hire a general manager and it is 15.27x, a price no investor would pay. Compare that with home care agencies, where a hired administrator still leaves a financeable business. A gym only becomes an investment you do not work in once owner earnings reach roughly the upper quartile, near $200,000, where a manager's salary leaves real profit behind.
Find your row
05What a gym at your earnings is worth
Each row takes an earnings level and prices it at the lower quartile, median and upper quartile multiple, next to what an SBA buyer could finance on a 10 year business loan at a $60,000 and an $80,000 owner draw.
| Owner earnings (SDE) | At 1.72x | At 2.42x | At 3.00x | SBA, $60,000 draw | SBA, $80,000 draw |
|---|---|---|---|---|---|
| $51,183 (lower quartile sold) | $88,035 | $123,863 | $153,549 | Does not finance | Does not finance |
| $75,000 | $129,000 | $181,500 | $225,000 | $82,344 | Does not finance |
| $99,389 (median sold) | $170,949 | $240,521 | $298,167 | $216,230 | $106,438 |
| $125,000 | $215,000 | $302,500 | $375,000 | $356,825 | $247,033 |
| $155,519 (average sold) | $267,493 | $376,356 | $466,557 | $524,362 | $414,570 |
| $199,579 (upper quartile sold) | $343,276 | $482,981 | $598,737 | $766,235 | $656,442 |
Computed here. SBA columns on the same terms as section 02, before working capital. "Does not finance" means the earnings do not cover the draw. Illustrative arithmetic, not a loan offer.
The pattern is steep. Below the median, the loan is the binding limit and the price follows it. At the average earnings of $155,519, a buyer drawing $60,000 can finance even the upper quartile price, and at the upper quartile earnings the $80,000 draw covers it too. That is why bigger gyms trade at higher multiples: more buyers can finance them and still pay themselves. If your numbers sit between rows, the estimator at the top of the page will place them.
Value drivers
06What moves a gym between the quartiles
The distance between the lower and upper quartile multiple is 1.72x to 3.00x, which on $99,389 of earnings is the difference between $170,949 and $298,167. The scale shows where the published readings fall, and how far a hired trainer pushes the same price.
Gym earnings multiples on one scale
0x to 5x
1.72x
Lower quartile
2.12x
Median sale over median SDE
2.42x
Median multiple
3.00x
Upper quartile
4.33x
Median price with a trainer hired
BizBuySell gym and fitness center benchmarks, 2021 to 2025. Dark band, 1.72x to 3.00x, the middle half of sales. The 2.12x and 4.33x readings are computed here.
Revenue and size
BizBuySell states that a gym with annual sales over $600,000 may sell for an earnings multiple near 3, while a less popular gym with sales below $250,000 may sell for a multiple below 2. Those thresholds sit near the sold revenue quartiles of $232,673 and $612,297.
Owner involvement
An owner who opens at 5 a.m., coaches the classes and sells the memberships is most of the SDE. A gym with coaches, a front desk and a sales process that run without the owner sells toward the upper quartile because a buyer can step in without doing three jobs.
Member retention and billing
Two gyms with the same revenue can have very different member churn. Monthly cancellations, the share of members on autopay and how many paid in advance (deferred revenue the buyer has to honor) decide whether the revenue survives the sale.
The lease and rent
Rent is usually the largest fixed cost after payroll. A long lease with renewal options at a rent the gym can carry supports the multiple; a lease with two years left and no option can stall financing altogether.
Equipment age and debt
Machines near the end of their life mean capital spending in year one. Equipment on a lease or loan is debt that comes off the price. Buyers discount for both, so a recent, owned fit-out is worth more than its book value suggests.
Membership contract rules
Most states regulate health club contracts, from cancellation rights to bonding for prepaid memberships, and California and other states require easy cancellation for automatic renewals. The FTC click-to-cancel rule was vacated in July 2025, but the federal ROSCA law and state automatic renewal laws still apply. A gym with clean, compliant contracts is easier to finance.
Same margin, different multiple, illustrative
$113,088
$240k revenue
about 1.9x on $59,520
$210,500
Median gym
sold, 2.12x on $99,389
$483,600
$650k revenue
about 3x on $161,200
Computed here. Earnings at the median 24.8 percent owner margin, multiples from BizBuySell's size statement (near 3 above $600,000 of sales, below 2 under $250,000). Revenue rises 2.7 times; value rises 4.3 times.
Against other health and fitness businesses
07Gyms against yoga studios, dental practices and home care
Gyms are the second smallest business in the group, ahead only of dance, Pilates and yoga studios, which sold at a median $135,000 and 1.74x on the medians. Gyms trade at 2.12x, level with medical practices at 2.13x, on an owner margin of 24.8 percent, the second thinnest after home care. BizBuySell reads it as a very slight premium for gyms relative to their financial performance, provided equipment, staff and the lease are in order. SDE multiples by industry shows the whole market.
| Category | Median revenue | Median SDE | Average SDE multiple | Median sale over median SDE | Owner margin | Median sale | Sale to ask |
|---|---|---|---|---|---|---|---|
| Gyms and fitness centers | $400,000 | $99,389 | 2.55x | 2.12x | 24.8% | $210,500 | 0.89 |
| Dance, Pilates and yoga studios | $281,709 | $77,500 | 2.07x | 1.74x | 27.5% | $135,000 | 0.88 |
| Dental practices | $557,518 | $149,838 | 2.63x | 2.34x | 26.9% | $350,000 | 0.84 |
| Medical practices | $790,052 | $227,196 | 2.37x | 2.13x | 28.8% | $485,000 | 0.97 |
| Other health care and fitness | $742,950 | $200,000 | 2.71x | 2.25x | 26.9% | $450,000 | 0.91 |
| Assisted living and nursing homes | $551,785 | $168,000 | 4.25x | 3.63x | 30.4% | $610,000 | 0.94 |
| Home health care businesses | $1,300,000 | $263,436 | 3.01x | 2.66x | 20.3% | $700,000 | 0.92 |
Source: BizBuySell health and medical comparisons, 2021 to 2025. Owner margin and median sale over median SDE computed here.
Outside the health group, gyms sit close to other membership and service businesses that rent a large space: laundromats sold at a median $250,000 and day care centers at $395,000. The dental practice valuation page covers the clinical side of the group.
Methods
08The five ways a gym gets valued
You will meet most of them in one sale. The lender counts earnings after the owner's salary, a multi-site operator talks EBITDA, an equipment dealer quotes resale value, and a coach buying a first gym usually starts from SDE. Knowing which one the other side is using is most of the negotiation.
Seller discretionary earnings multiple
The primary method for an owner-run gym and the one an SBA lender underwrites. Normalized SDE times a multiple, where half of all sales landed between 1.72x and 3.00x. Normalize first: family members on payroll, the owner coaching classes for free, personal vehicles and phones, and one-time costs like a flood repair or a rebrand.
Revenue multiple
Gyms sold at a median 0.65x revenue and an average 0.71x. Use it as a cross-check only. A $400,000 gym paying 12 percent of revenue in rent and one paying 25 percent are very different businesses at the same multiple.
Adjusted EBITDA multiple
Multi-site operators and franchise groups are priced on EBITDA after a market salary for a general manager. For a single gym that figure is far lower than SDE. On the median gym, paying a manager at the BLS median cuts earnings from $99,389 to $13,786, which is why EBITDA language rarely fits a one-location gym.
Price per member
Some buyers check the price against the active paying members. Use it only as a sanity check, and only on members who paid in each of the last three months. A count that includes frozen, comped or lapsed memberships inflates the figure.
Asset approach
The floor for a gym that is losing money: equipment at what a used dealer would pay, plus any transferable lease value. A buyer paying close to that figure is buying a fit-out and a location, not earnings.
Our guide to business valuation for an SBA loan lists what the lender will ask for, and business valuation cost shows what each kind of report costs. On a $210,500 gym, a $1,500 to $8,000 calculation engagement is 0.71 to 3.80 percent of the price, and a $5,000 to $15,000 conclusion of value is 2.38 to 7.13 percent, which is why most gym deals start from an estimate.
Questions
Gym valuation questions, answered against the sold record
How much is a gym worth?
The median US gym or fitness center sold between 2021 and 2025 went for $210,500, on median revenue of $400,000 and median owner earnings of $99,389. Half of all sales landed between 1.72x and 3.00x owner earnings, which on $99,389 is $170,949 to $298,167. Size, member retention, the lease and owner involvement decide where a gym lands.
What is the valuation multiple for a gym?
Gyms and fitness centers sold at a median 2.42 times seller discretionary earnings and an average of 2.55x across 2021 to 2025, with a lower quartile of 1.72x and an upper quartile of 3.00x. On revenue the median was 0.65x and the average 0.71x. In 2025 the average earnings multiple was 2.44x.
How do you value a gym business?
Normalize the owner earnings first, then apply a multiple between about 1.72x and 3.00x, higher for gyms above roughly $600,000 of sales with coaches and a front desk in place. Check it against revenue at 0.40x to 0.90x, subtract equipment debt, and test what an SBA lender would finance at a realistic owner draw.
How much do gym owners make?
The median gym sold between 2021 and 2025 produced $99,389 of owner earnings on $400,000 of revenue, a 24.8 percent owner margin. The lower quartile earned $51,183 and the upper quartile $199,579. Those earnings include the pay of an owner who usually manages, sells memberships and coaches.
Is a gym a profitable business?
Usually, at a modest level. The median sold gym kept 24.8 percent of revenue as owner earnings, below dental and medical practices and assisted living. The margin peaked at 32.1 percent in 2024 and was 27.7 percent in 2025. Rent, payroll for coaches and member churn move it more than anything else.
How much does it cost to buy a gym?
The median gym sold for $210,500. Financed with an SBA 7(a) loan at 10 percent down, that is a $21,050 injection plus a $4,263 guaranty fee, about $25,313 of cash at closing before working capital, deposits on the lease and any equipment payoffs.
Can you get an SBA loan to buy a gym?
Yes, but the median gym only just finances. On a 10 year loan at 10.5 percent, the median $99,389 of earnings supports about $216,230 at a $60,000 owner draw, just above the $210,500 median sale, and only $106,438 at an $80,000 draw. Below $350,000 the lender may value the business in house.
How long does it take to sell a gym?
BizBuySell reports a median of 171 days on the market for gyms and fitness centers that sold, a little under six months from listing to an accepted deal. Landlord consent to assign the lease and any franchisor approval usually add several weeks before closing.
Asked another way
What gym owners and buyers ask when they are deciding
These come up once the numbers are understood and the decision is the real problem, whether that is answering a listing, buying without coaching yourself or deciding whether to wait for a better market. Answered against the same sold record.
Is a gym listed at 3 times earnings a fair price?
Only for a larger, well-run gym. Sold gyms closed at a median 2.42x and an upper quartile of 3.00x, and BizBuySell ties a multiple near 3 to gyms with sales over $600,000. Current listings ask a median 2.75x, so a 3x asking price on a $400,000 gym should come down.
Can I buy a gym without running it myself?
Not at the median size. A general manager at the BLS median plus payroll tax costs $85,603, which leaves $13,786 of the median $99,389 and makes a $210,500 price 15.27x earnings. Absentee ownership starts to work around the upper quartile, near $200,000 of owner earnings, or with several locations.
Are gyms cheaper to buy now than in 2024?
Yes, mostly because smaller gyms sold. The median sale fell 43.1 percent, from $307,500 in 2024 to $175,000 in 2025, while median revenue fell 26.8 percent and median owner earnings 36.8 percent. The average earnings multiple only eased from 2.54x to 2.44x, so the price per dollar of earnings barely moved.
Why do gyms sell below the asking price?
Because sellers list high. Sold gyms closed at an average 0.89 of their asking price, and current listings ask a median 2.75x earnings against 2.42x paid. Buyers also deduct leased equipment and prepaid memberships they must honor, which a seller often leaves out of the asking price.
Do I need a formal appraisal or is an estimate enough?
An estimate is enough to set an asking range or decide whether a listing deserves an offer. For an SBA purchase of $350,000 or less between unrelated parties, the lender may value the gym in house; above that it orders an independent valuation. Know your range before either happens.
Benchmarks behind the estimate
Buying or selling a membership or service business
Know the range before you sign a letter of intent
Enter revenue and owner earnings, for your own gym or for one you are considering, and read a value range against real gym and fitness center sales. An estimate in a few minutes, before you pay a broker or an appraiser.