FYZICAL franchise unit economics
FYZICAL franchisees run physical therapy, balance and rehabilitation centers staffed by licensed physical therapists, billing patients and insurers for visits.
FYZICAL in the news
- Fyzical Therapy and Balance Center now offering physical, occupational therapy in Allen · Community Impact ·
- Open for Business: Fyzical opens new wellness and recovery location in South Reno · KOLO 8 News Now ·
Each FYZICAL headline above is the publisher's own and links to the publisher. Averan Advisors checked these FYZICAL links on 11 October 2026. Franchise news lists news on 95 franchise brands. FYZICAL is in the Clinics and Medical Services franchise guide.
FYZICAL franchise at a glance
Item 19 of the 2026 FDD reports 2025 gross revenue for 286 franchisee-owned centers, 48 affiliate-owned centers and both groups together.
FYZICAL’s 286 franchisee-owned centers in Item 19 averaged $522,212 of gross revenue in 2025, with a median of $398,320, according to Item 19 of FYZICAL’s 2026 FDD, issued 30 April 2026. Fees paid to FYZICAL come to about 6.89%* of sales. A FYZICAL franchise costs $125,392 to $481,536 to open.
- A new FYZICAL center with a licensed physical therapist as operating principal costs $125,392 to $481,536 to open, according to Table A of Item 7 in the 2026 FDD.
- FYZICAL charges an initial franchise fee of $49,000 for a single center, plus $5,000 to $18,000 of grand opening marketing paid to the franchisor.
- FYZICAL charges a royalty of 6% of gross revenue with a monthly minimum of $1,000 in year one, $2,000 in year two and $3,000 in years three to ten.
- FYZICAL’s 48 affiliate-owned centers in Item 19 averaged $984,482 of gross revenue in 2025, 1.89* times the franchisee-owned average.
- FYZICAL’s $3,000 monthly minimum royalty in years three to ten comes to 6.89%* of gross revenue at the franchisee-owned average on Averan’s reading.
- FYZICAL reported 489 franchised centers and 50 affiliate-owned centers at December 31, 2025, down from 523 and 56 a year earlier.
These figures come from FYZICAL's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors. The 1.89 ratio and the 6.89% share are Averan calculations: $984,482 / $522,212, and the $3,000 monthly minimum royalty times 12 ($36,000) divided by $522,212.
From the 22 September 2026 filing
- The FYZICAL FDD issued April 30, 2026 and registered in Minnesota September 22, 2026 names Michael Weaver Vice President of Franchise Development since April 2026. (Item 2, PDF page 12)
- The FYZICAL FDD registered in Minnesota September 22, 2026 says the franchisor's parent, Fyzical Acquisition Holdings LLC, was formed to invest in FYZICAL, LLC by New Harbor Capital Fund II, LP and New Harbor Capital Fund II-A, L.P., funds that are part of New Harbor Capital, LLC. (Item 1, PDF page 8)
Each line above names the FYZICAL Franchise Disclosure Document (FDD) it comes from, with the Item and the page of the PDF it appears on. Averan Advisors read the FYZICAL filing on 11 October 2026.
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Talk to Averan → Move your books and accounting to Averan →- The 286 franchisee-owned FYZICAL centers averaged $522,212 of 2025 gross revenue, and 104 of them, 36%, met or passed that average. The median was $398,320, $123,892* below the average. The highest franchisee-owned center reported $3,570,143 and the lowest $52,539.
- The 48 affiliate-owned FYZICAL centers averaged $984,482, and all 334 centers together averaged $588,646. The affiliate-owned median was $893,249. The combined figure mixes both groups, so it is higher than the franchisee-owned average of $522,212.
- FYZICAL’s 159 mature franchisee-owned centers, open 36 months or more, averaged $626,845; the 127 younger ones averaged $391,215. The mature group’s average is 60.2%* higher. These are two different sets of centers in the same year, not one set followed over time.
- The FYZICAL royalty is 6% of gross revenue or a monthly minimum, whichever is greater, and the minimum rises to $3,000 a month from year three. Below $600,000* of annual revenue the $3,000 minimum is larger than 6%. At the franchisee-owned median of $398,320 it comes to 9.04%* of revenue. The marketing fund and technology fee are not currently charged.
- FYZICAL franchised centers fell from 523 to 489 in 2025, with 47 openings, 64 terminations and 17 non-renewals. Affiliate-owned centers fell from 56 to 50, with 7 sold to franchisees. At the end of 2025 the franchisor reported 322 franchise agreements signed for centers not yet open.
Revenue
How much does a FYZICAL franchise make?
| Measure | Figure |
|---|---|
| Centers included | 286 |
| Aggregate gross revenue | $149,352,634 |
| Average gross revenue | $522,212 |
| Median gross revenue | $398,320 |
| Highest gross revenue | $3,570,143 |
| Lowest gross revenue | $52,539 |
| Met or exceeded the average | 104 (36%) |
| Average revenue per patient visit | $88.98 |
Source: FYZICAL 2026 FDD, Item 19, Table 2 (page 48) and note 5 (page 50). Revenue per visit covers the 212 of 286 centers that reported patient visits. The FDD does not state whether the figures are audited.
The 286 qualifying franchisee-owned FYZICAL centers averaged $522,212 of gross revenue in 2025, and the median was $398,320. 104 of the 286, 36%, met or exceeded the average. The highest center reported $3,570,143 and the lowest $52,539.
FYZICAL excluded 203 of the 489 franchisee-owned centers open at December 31, 2025 from this group. 45 opened during 2025 and 158 operated all year but did not report gross revenue for the full year. Item 19 also excludes 2 centers that opened and closed in 2025. The 286 centers are 64.4%* of the 444* franchisee-owned centers that operated all of 2025 and were open at year end.
FYZICAL franchisee-owned centers averaged $88.98 of gross revenue per patient visit. That figure covers the 212 of the 286 centers that reported visit counts. Item 19 reports gross revenue and no costs or profit for franchisee-owned centers.
By group
Revenue by center group, 2025
| Group | Centers | Average | Median | Highest | Lowest | Met or exceeded average | Revenue per visit |
|---|---|---|---|---|---|---|---|
| Franchisee-owned, all qualifying | 286 | $522,212 | $398,320 | $3,570,143 | $52,539 | 104 (36%) | $88.98 |
| Franchisee-owned, 36 months or more | 159 | $626,845 | $510,872 | $3,570,143 | $52,539 | 64 (40%) | $91.25 |
| Franchisee-owned, under 36 months | 127 | $391,215 | $329,696 | $1,688,385 | $74,193 | 47 (37%) | $86.21 |
| Affiliate-owned, all qualifying | 48 | $984,482 | $893,249 | $2,130,451 | $428,877 | 21 (44%) | $77.41 |
| Affiliate-owned, 36 months or more | 45 | $1,007,137 | $900,541 | $2,130,451 | $428,877 | 18 (40%) | $77.55 |
| Affiliate-owned, under 36 months | 3 | $644,660 | $475,423 | $1,026,011 | $432,548 | 1 (33%) | $74.22 |
| Both groups, all qualifying | 334 | $588,646 | $466,567 | $3,570,143 | $52,539 | 123 (37%) | $85.07 |
Source: FYZICAL 2026 FDD, Item 19, Tables 1 to 8 (pages 48–49) and notes 4 to 9 (page 50). Affiliate-owned centers are owned by affiliates of the franchisor; 2 of the 50 were excluded. Franchisee-owned revenue per visit covers 212 of 286 centers (96 of 159 mature, 116 of 127 under 36 months).
Item 19 does not split FYZICAL centers into quartiles or revenue bands. It reports each group’s average, median, highest and lowest, and how many centers met or exceeded the group average, split by ownership and by whether a center had operated for 36 months by December 31, 2025.
The 159 mature franchisee-owned FYZICAL centers averaged $626,845, and the 127 centers under 36 months averaged $391,215. The medians were $510,872 and $329,696. The mature group’s average is 60.2%* above the younger group’s.
The 48 affiliate-owned FYZICAL centers averaged $984,482, 1.89* times the franchisee-owned average. Their median was $893,249 and their lowest center reported $428,877. The combined average of $588,646 covers all 334 centers and is weighted by the 286 franchisee-owned centers.
Affiliate centers
Clinicians, visits and salaries at affiliate-owned centers, 2025
| Measure | Figure |
|---|---|
| Aggregate gross revenue | $47,255,129 |
| Weighted average full-time equivalent clinicians | 245 |
| Average gross revenue per full-time clinician | $192,557 |
| Median gross revenue per full-time clinician | $196,100 |
| Patient visits (orthopedic and traditional therapy) | 610,485 |
| Cases | 53,074 |
| Patient visits per case | 11.50 |
| Physical therapist (staff), average salary | $91,343 |
| Physical therapist (clinical director), average salary | $94,385 |
| Physical therapist assistant, average salary | $64,158 |
| Customer care specialist, average salary | $38,799 |
Source: FYZICAL 2026 FDD, Item 19 (pages 51–52). These figures cover affiliate-owned centers only. Visit counts exclude balance, pelvic and audiology visits. Hourly wages were annualized at 2,080 hours.
FYZICAL reports clinician productivity, patient visits and salaries for its 48 affiliate-owned centers only. No staffing, visit-count or salary figures are given for franchisee-owned centers.
The 48 affiliate-owned FYZICAL centers averaged $192,557 of gross revenue per full-time equivalent clinician in 2025. 28 centers met or exceeded that figure, the highest center reported $308,261 per clinician and the lowest $107,439.
The average FYZICAL affiliate staff physical therapist salary was $91,343 in 2025. Item 19 gives salaries in dollars and does not state wages as a share of revenue.
Fees
Brand charges
| Charge | Amount | At $522,212 a year |
|---|---|---|
| Royalty, year 1 | Greater of 6% of gross revenue or $1,000 a month | $31,333* (6%) |
| Royalty, year 2 | Greater of 6% of gross revenue or $2,000 a month | $31,333* (6%) |
| Royalty, years 3 to 10 | Greater of 6% of gross revenue or $3,000 a month | $36,000* (6.89%*) |
| Marketing fund | Not currently charged; estimated up to 2% of gross revenue | Not charged |
| Technology fee | Not currently charged | Not charged |
| Business Intelligence Program | Not currently charged; estimated $500 a month | Not charged |
| Local advertising | May be required at 5% to 8% of gross revenue; not currently required | Not required |
| Medical billing service (affiliate) | Required for the first two years or until revenue reaches $1,000,000; price not stated | Not stated |
| Total in years 3 to 10 | $36,000* (6.89%*) |
Source: FYZICAL 2026 FDD, Item 6 (pages 14–18), Item 8 (page 23) and Item 11 (page 35). Averan figures assume revenue spread evenly over 12 months: $43,518* a month, where 6% is $2,611*. Where state law bars a revenue-based royalty, the royalty is $800 a month per therapist.
The FYZICAL royalty is the greater of 6% of gross revenue or a monthly minimum of $1,000 in year one, $2,000 in year two and $3,000 in years three to ten. The minimum is larger than 6% below $200,000*, $400,000* and $600,000* of annual revenue in those years. At the franchisee-owned average of $522,212, a center in years three to ten pays the $36,000* minimum, 6.89%* of revenue.
FYZICAL does not currently charge the marketing fund, the technology fee or the Business Intelligence Program fee. Item 6 estimates the marketing fund at up to 2% of gross revenue once started. Item 11 states the franchisor may require 5% to 8% of gross revenue on local advertising, spent by the franchisee, and does not currently require it.
FYZICAL franchisees must buy medical billing services from the franchisor’s affiliate, The Provider Connection, for the first two years or until a center’s gross revenue reaches $1,000,000 in a year, whichever is longer. The FDD does not state the price. The affiliate received $2,184,004 from franchisee-owned centers for billing services in 2025.
The FYZICAL transfer fee and the successor franchise fee are each $4,900. A franchisee signing a development rights rider for at least 5 centers pays a royalty of 3.9% with the same monthly minimums.
Cost to open
Cost to open
| Item | Low | High |
|---|---|---|
| Initial franchise fee | $49,000 | $49,000 |
| Grand opening marketing (paid to franchisor) | $5,000 | $18,000 |
| Training expenses | $1,750 | $5,000 |
| Lease deposit and rent | $2,200 | $6,227 |
| Build-out and improvements | $20,000 | $225,000 |
| Furniture, fixtures and equipment | $14,635 | $78,941 |
| Signage, branding and design | $1,307 | $29,368 |
| Security system | $500 | $2,000 |
| Computer system | $1,000 | $3,000 |
| Utility deposits, licenses and prepaid expenses | $1,000 | $5,000 |
| Insurance (12 months) | $3,000 | $5,000 |
| Miscellaneous opening costs | $1,000 | $5,000 |
| Additional funds (5 months) | $25,000 | $50,000 |
| Total | $125,392 | $481,536 |
Source: FYZICAL 2026 FDD, Item 7, Table A (page 18). Excludes real estate purchase. A second center signed at the same time carries a $35,000 fee, and a third or later center $20,000.
Discounts available
- FYZICAL charges $35,000 for a second center and $20,000 for third and later centers signed at the same time.
- FYZICAL takes 10% off the first center's fee for qualified veterans with majority ownership.
From Item 5 of the FYZICAL 2026 FDD. The costs on this page use the full initial franchise fee for one unit, before any discount.
A new FYZICAL center with a licensed physical therapist as operating principal costs $125,392 to $481,536 to open. Build-out is the widest line at $20,000 to $225,000. Of the total, $54,000 to $67,000 is paid to the franchisor, the $49,000 initial fee plus grand opening marketing.
Item 7 gives FYZICAL totals for three other formats. A new center run with a hired clinical director costs $175,392 to $582,036, because it budgets 9 months of additional funds at $75,000 to $150,000. A conversion of an existing therapy practice costs $75,085 to $191,385. An MD Affiliate center, added to an existing medical practice, costs $173,192 to $581,409.
FYZICAL expects 210 to 270 days from signing to opening for a new center or MD Affiliate center, and 30 to 45 days for a conversion. The protected area is typically a radius covering about 40,000 people, kept while the center meets minimum annual gross revenue of $100,000 in year two, rising to $400,000 from year five.
The FYZICAL FDD’s state risk page states that the franchisor’s financial condition, as shown in its financial statements, calls into question its financial ability to provide services and support. The audited statements are in Exhibit B.
Locations
Locations, 2023 to 2025
| Year | Franchised at start | Opened | Terminated | Not renewed | Reacquired | Ceased, other | Franchised at end | Affiliate-owned at end |
|---|---|---|---|---|---|---|---|---|
| 2023 | 444 | 76 | 20 | 0 | 5 | 1 | 494 | 60 |
| 2024 | 494 | 81 | 36 | 16 | 0 | 0 | 523 | 56 |
| 2025 | 523 | 47 | 64 | 17 | 0 | 0 | 489 | 50 |
Source: FYZICAL 2026 FDD, Item 20, Tables 1, 3 and 4 (pages 53–60). Table 1 prints the 2025 franchised net change as “-30” and the total as “-41”; the start and end counts give 34* and 40*.
FYZICAL franchised centers fell from 523 to 489 in 2025, a net decrease of 34*. 47 centers opened, 64 were terminated and 17 were not renewed, 81* exits in all.
Over 2023 to 2025, FYZICAL franchised centers rose from 444 to 489. 204* centers opened, 120* were terminated and 33* were not renewed.
FYZICAL affiliate-owned centers fell from 56 to 50 in 2025. 1 opened and 7 were sold to franchisees. There were 12 transfers between franchisees in 2025.
At December 31, 2025, FYZICAL reported 322 franchise agreements signed for centers not yet open. It projected 61 new franchised centers in 2026. A separate FYZICAL disclosure document covers area representatives.
Questions we get asked
Questions owners ask
How much does a FYZICAL franchise make?
FYZICAL’s 286 franchisee-owned centers in Item 19 averaged $522,212 of gross revenue in 2025, with a median of $398,320, according to Item 19 of FYZICAL’s 2026 FDD, issued 30 April 2026. Fees paid to FYZICAL come to about 6.89%* of sales. A FYZICAL franchise costs $125,392 to $481,536 to open.
How much does it cost to open a FYZICAL franchise?
The 2026 FDD estimates $125,392 to $481,536 for a new center with a licensed physical therapist as operating principal. A new center run with a hired clinical director is estimated at $175,392 to $582,036, a conversion of an existing practice at $75,085 to $191,385, and an MD Affiliate center at $173,192 to $581,409. The initial franchise fee is $49,000.
What fees does a FYZICAL franchisee pay?
FYZICAL charges a royalty of 6% of gross revenue with a monthly minimum of $1,000 in year one, $2,000 in year two and $3,000 in years three to ten. The marketing fund, technology fee and Business Intelligence Program fee are not currently charged. Medical billing must be bought from the franchisor’s affiliate for at least the first two years, at a price the FDD does not state. At the franchisee-owned average, Averan reads the royalty in years three to ten as 6.89%* of revenue.
What is the average revenue of a FYZICAL franchise?
The 286 qualifying franchisee-owned FYZICAL centers averaged $522,212 of gross revenue in 2025, with a median of $398,320. The 159 open 36 months or more averaged $626,845. The 48 affiliate-owned centers averaged $984,482.
Does the FYZICAL FDD show profit?
No. Item 19 reports gross revenue, revenue per visit, and for affiliate-owned centers only, revenue per clinician and salaries by position. It does not report costs or profit.
How many FYZICAL locations are there?
Item 20 reports 489 franchised centers and 50 affiliate-owned centers at December 31, 2025. Franchised centers fell from 523 during 2025, with 47 openings, 64 terminations and 17 non-renewals. 322 signed franchise agreements were for centers not yet open.
How long does it take to open a FYZICAL center?
The FDD estimates 210 to 270 days from signing to opening for a new center or MD Affiliate center, and 30 to 45 days for a conversion of an existing practice.
Questions worth putting to FYZICAL
These are questions the filing leaves open. An owner or a buyer can put them to the franchisor directly.
- Is the revenue in Item 19 gross sales or collected revenue, and how many locations sit below the average?
- Which factors does FYZICAL see in its highest-selling locations, such as territory, years open and staffing?
- How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
- At what level of sales do the minimum charges stop applying and the percentage take over?
- How many FYZICAL locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Numbers Check runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. It also checks whether you are ready to open another one. It is free and it runs in your browser.
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Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- At what level of sales does a minimum fee stop costing me more than the percentage?It works out the sales level where a minimum fee stops applying.
- How much cash do I fund before a new location covers its own costs?It builds a 13-week forecast for the months before break-even.
- What does this location earn on the money I put into it?It works out the payback period and cash-on-cash return for one unit.
- How much of Item 19 can I rely on?It explains what an Item 19 financial performance representation tells you and what it leaves out.
Where these figures come from
Every figure here comes from FYZICAL, LLC’s 2026 FDD and is unaudited by us. We are unaffiliated with the brand. Calculations of our own are labeled where they appear. The figures describe past performance at other businesses and are not a projection of yours. This page is an educational summary. It is not an offer to sell a franchise, and it is not financial, legal or tax advice. FYZICAL is a trademark of its owner. How Averan reads a Franchise Disclosure Document.
These figures come from the brand's disclosure. They are not a forecast, an offer to sell a franchise or advice. Source: FYZICAL, LLC, 2026 Franchise Disclosure Document, issued 30 April 2026.