Fast Fitness Japan Incorporated
7092・Prime Market・Services
Business
Fast Fitness Japan Inc., as the master franchisee in Japan for "Anytime Fitness," a US-originated 24-hour, machine-gym-focused fitness chain, has expanded to 1,194 locations (184 directly-operated stores and 1,010 franchise stores, as of end-March 2025) across all 47 prefectures nationwide since its founding in 2010. Its main customers are health-conscious general consumers across a wide range of age groups, and the company appeals to them through the convenience of low prices, 24-hour access, and usability at all locations worldwide. Under its medium-term management plan (FY2025 (ending March 2025) to FY2027 (ending March 2027)), in addition to expanding the scale of its domestic business, the company has positioned overseas expansion into Germany and Singapore, the new brand "The Bar Method," and the EC & Merchandise Business "A PROP" as new growth areas, promoting diversification of its business portfolio.
Business Model
The revenue pillars consist of two components: fixed-rate royalty income received monthly from 1,010 FC stores on a per-store basis (FC sales of ¥6,468 million, FY2025 (ending March 2025)), and membership fee income from members of 184 directly-operated stores (store sales of ¥10,786 million). Under the fixed royalty structure, FC-side revenue expands as membership numbers increase, providing the company with stable, recurring stock-type income. Franchise fees, system operation fees, promotional cooperation fees, and other items also accumulate as additional revenue sources.
Company Strengths
As of the end of March 2025, the company operated a total of 1,194 stores nationwide, comprising 184 directly-managed stores and 1,010 franchise (FC) stores, spanning all 47 prefectures. Large-scale nationwide promotions (held twice a year) leveraging this scale have created a positive cycle in member acquisition, resulting in a domestic membership count of 974 thousand as of the end of March 2025 (up 133 thousand from the end of the previous fiscal year).
Under the structure whereby a fixed monthly royalty is received from each FC store, the company secures stable income proportional to the number of stores regardless of fluctuations in membership numbers. In FY2025 (ending March 2025), the operating margin on sales was 18.5%, and the equity ratio stood at 63.4%, maintaining a high level of financial soundness.
The Master Franchise Agreement with Anytime Fitness Franchisor, LLC, renewed in June 2025, is valid until June 2040 (with unlimited renewal rights every 15 years). As the sole master franchisee in Japan, the company holds a high barrier to entry and an exclusive position that makes it impossible for competitors to operate under the same brand.
ENVALITH's Perspective
Performance Trend
Revenue rose for five consecutive fiscal years, from ¥11,164 million in FY2021 to ¥18,009 million in FY2025. However, in FY2025 operating profit declined for the first time in four years to ¥3,339 million, due to upfront investment. In cumulative Q3 FY2026 (ending March 2026) (nine months), revenue reached ¥15,392 million (up 15.8% year on year), operating profit ¥3,304 million (up 35.2% year on year), and EBITDA ¥4,173 million (up 30.1% year on year), showing a clear acceleration in business momentum. As an external factor, the rising fitness participation rate in Japan (5.02% in 2024) is supporting market expansion. Non-operating expenses included ¥197 million in commission fees paid (believed to be MBO-related costs), but ordinary profit remained solid at ¥3,285 million (up 32.4% year on year). The equity ratio stood at 65.2%, maintaining sound financial health.
Growth Strategy
Diversifying the business portfolio through overseas expansion, new brands, and EC on the foundation of scaling up domestic Anytime Fitness
Achieved 1.089 million members (up 152 thousand year-on-year) and 1,235 stores (up 62 stores year-on-year) as of the end of December 2025. Accelerated member acquisition through large-scale nationwide promotions leveraging the scale merit of nationwide deployment across all 47 prefectures, and the "Anytime YEAR" campaign. Average membership per store also improved to 882 members (up 84 members year-on-year), indicating rising fill rates.
FC store count reached 1,046 stores as of the end of December 2025. Made Best Fitness Co., Ltd. (formerly Best Life) a wholly owned subsidiary (acquisition cost of ¥1,132 million) and took over 7 Anytime Fitness stores. The company's Anytime Fitness business is scheduled to be integrated into the wholly owned subsidiary AFJ Project Co., Ltd., aiming for business consolidation and operational efficiency within the group.
Holds master FC rights in Germany (fitness participation rate of 13.4%) and opened the second company-operated store in April 2025. Plans to open 3 more company-operated stores within the current fiscal year, with FC contracts for 3 stores already signed. In Singapore, opened the NTU store (3rd store) in July 2025. Delays in obtaining building permits have occurred at some stores, causing store opening schedules to be pushed back in certain cases.
Promoting the domestic rollout of "The Bar Method," a bar exercise brand originating in the US. Opened the first company-operated store (Jiyugaoka) in November 2024, and the second company-operated store (Futako-tamagawa) on June 14, 2025. Aiming to cultivate a customer base different from Anytime Fitness, primarily in urban areas, and accumulating multi-store operation know-how with an eye toward early FC expansion.
Opened the official online shop "A PROP" in December 2024. Offering three categories: apparel, general merchandise, and nutrition, launched the protein product "A PROP WHEY PROTEIN" in July 2025 and implemented a subscription model. From October 2025, implemented an affiliate model in cooperation with FC stores (a reverse O2O initiative), strengthening the growth foundation for the overall EC business.
Last updated: July 17, 2026