Dashboard › Demo Universe › Cascade Fitness

Cascade Fitness · CSFT

DEMO DATAUNDERWRITING ASSUMPTIONHOLD
DEMO DATA — fictional company with illustrative numbers.

Membership-based boutique fitness operator with high lease obligations and growth-by-leverage strategy.

Recommendation
HOLD
2 core test(s) failed
Credit score
47 / 100
Elevated
Base IRR
7.3%
vs hurdle 12.0%
Downside IRR
2.7%
default case
Severe recovery
0%
IRR -66.0%
Net leverage
5.4x
FY2025A
EBITDA / interest
2.01x
FY2025A
Open high-priority DD
6
Diligence →

Overview

Sector / industryConsumer / Boutique Fitness Clubs
HeadquartersPortland, OR
Revenue (FY2025A)$900M
EBITDA (FY2025A)$198M
Total debt (face value)$1.1B
Cash$90M
Net debt$1.1B
Asset / collateral base$600M
Enterprise value (assumed multiple)$2.0B

Investment thesis UNDERWRITING ASSUMPTION

Priced above par with ~5.4x net leverage, thin asset coverage (0.5x) and discretionary consumer exposure. Downside recovery on the notes is poor and call protection caps the upside. Avoid at current levels.

InstrumentSenior Notes 9.00%
Face value / purchase price / cash investment$100M / 104.0 / $104.5M UNDERWRITING ASSUMPTION
Current yield · yield to maturity8.7% · 8.0%

Key protections

  • Membership revenue visibility
  • Unit growth

Key risks

  • Membership churn in a downturn
  • Lease obligations behave like debt
  • Thin asset coverage

Key catalysts

  • Call date on notes
  • Same-store membership trends

Data-quality notes

  • All figures are fictional and illustrative.
Sources & data lineage (3)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
CreditIQ demo datasetCascade Fitness — illustrative financial statements FY2022–FY2025Income statement / cash flowFY2022–FY2025—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetCascade Fitness — illustrative capital structure & covenantsDebt scheduleAs of 2026-03-31—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIllustrative indicative bid marks (% of par)Market price2026-03-31—2026-03-312026-03-31DEMO DATA