SMFT3 Franchise Model: 56% International Revenue
Smart Fit (SMFT3) is not only a Brazil gym roll-up. The FRE business description shows a multi-brand franchise platform with majority international revenue and contractual options to buy franchisees.
This page summarizes a business-model analysis from the 2025 FRE. apicvm supplies the filings.
The research question
> Describe history, business model, strategy, advantages, and market position.
Model mechanics
- Brands include Smart Fit, Bio Ritmo, Studios; 2024 acquisition of Grupo Velocity (Velocity, Kore)
- Franchisor licenses brands, software, and operating models; also runs owned clubs
- Franchise contracts include franchisor purchase options from month 36, typically at 5.0–6.5× EBITDA (Smart Fit / Bio Ritmo) or 3.0–6.5× (Studios), with independent EBITDA audit
- Novo Mercado governance: statutory Audit Committee; outsourced internal audit (PwC cited)
Geography of revenue (2024)
| Region | Net operating revenue | Share |
|---|---|---|
| International (Mexico + other LatAm) | R$ 3.129 billion | 56% |
| Brazil | R$ 2.451 billion | 44% |
| Consolidated | R$ 5.580 billion | 100% |
No customer exceeded 5% of net operating revenue in the disclosed period.
Capital structure snapshot (as reported)
Net debt R$ 8.24 billion against equity R$ 5.46 billion — leverage context for the expansion/FX risk pages already published.
Use this FRE section when you need the franchise economics and LatAm mix, not just unit counts.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=SMFT3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=SMFT3&type=FRE&year=2025&name=Hist"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
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