Recurring memberships are the asset
Look at active member count and tenure. Healthy yoga studios have 200–600 active members paying $80–$200/month for unlimited classes or class-pack subscriptions. Membership tenure matters: a studio where the average member has been there 18+ months is more durable than one where the average member churned in within 6 months. Pull the member roster with join dates and recent activity. Also pull the cancellation pipeline — how many members are in their cancellation notice period?