Figaro's Pizza / Nick-N-Willy'sFranchise Cost, Revenue & Review 2026
Formerly known as Nick-N-Willy's Pizza
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Figaro's Pizza / Nick-N-Willy's franchise requires a total initial investment of $87K – $549K, including a $39K franchise fee. Per the 2026 FDD, average unit revenue was $613K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $87K – $549K
- 6th pct Service Resta…
- Avg gross sales
- $613K
- 15th pct Service Resta…
- Royalty
- N/A
- Units
- 35
- 57th pct Service Resta…
- SBA default
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchising since 1986. Systems this mature have refined operations and brand recognition.
Bottom line
- Total investment $87K – $549K including a $39K franchise fee.
- Average unit revenue of $613K/year.
- Verdict A (Top Quintile) with a risk score of 22/100.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Figaro’s Italian Pizza, Inc.
- Incorporated in
- OR
- HQ
- 1500 Liberty Street SE, Suite 160, Salem, Oregon 97302
- Auditor
- SingerLewak LLP
- Audited financials
- Franchisor revenue
- $1.2M
- vs $1.2M prior year
Overview
About
Franchisees operate pizza restaurants under the Figaro's Pizza or Nick-N-Willy's brand, managing daily food preparation, customer service, delivery operations, and staff scheduling. Revenue comes from dine-in, carryout, and delivery channels, with success dependent on local market penetration and operational execution in a competitive QSR segment.
- CEO
- Ron Berger
- Headquarters
- OR
- Founded
- 1981
- FDD year
- 2026
- States available
- 7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $39K | $39K |
| Working capital (3–6 mo) | $15K | $50K |
| Equipment, build-out, other | $33K | $460K |
| Total initial investment | $87K | $549K |
Source: Figaro's Pizza / Nick-N-Willy's 2026 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$80K
13.0% margin
Unlevered ROIC
23%
EBITDA / total invested capital
Payback
4.4 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $87K – $549K
- Better than avg vs category
- Liquid capital req'd
- $15K – $50K
- Better than avg vs category
- Franchise fee
- $39K
- Near category avg vs category
- Royalty
- Greater of $150 per week or 6% of Gross Receipts
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 3.0% of gross sales |
| Transfer fee | $16K |
| Renewal fee | $0 |
| Total fee load | 9.0% of rev |
Financial Performance
- Avg gross sales
- $613K
- Per unit, per year
- Median gross sales
- N/A
- Item 19 type
- gross_sales
- Sample size
- 24 units
- vs category median 28
- Range (low → high)
- $38K→$1.2M
- Cohort dispersion (min → max)
- Reporting year
- 2025
- Fiscal year the figures cover
- Transparency
- 0 / 5
- vs category median 4 / 5 · below
Compared against 453 Quick-Service Restaurants brands
vs Quick-Service Restaurants averages
How Figaro's Pizza / Nick-N-Willy's Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 35
- Opened
- 2
- Last reporting year
- Closed
- 3
- Turnover rate
- 8.6%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -2.8%
- Net unit change last year
- 3-yr CAGR
- +6.1%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 3
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 24 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 40
- Loan volume
- N/A
- Amount data pending
- Median loan
- N/A
- Charge-off rate
- N/A
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 0
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Shrinking franchise system with no financial transparency, contradictory going concern status, and declining unit performance raises material concerns about franchisor viability and franchisee profitability.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SingerLewak LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 22 / 100 rating
- 01MINORDeclining unit count (-2.8% YoY) suggests system contraction and potential franchisee dissatisfaction
- 02MINORNo Item 19 financial disclosure (avg revenue/net income) prevents ROI validation and is a major transparency gap
- 03MINORWide investment range ($86.5K-$549K) indicates inconsistent unit economics or unclear cost structure
- 04MINORDual royalty structure (greater of $150/week or 6%) creates unpredictability; minimum $7,800/year even at zero revenue
- 05MINOR10-year term is longer than industry standard (7-8 years typical), reducing franchisee exit flexibility
- 06HIGHGoing Concern = False status suggests potential franchisor financial instability or accounting issues
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Oregon |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 55 hrs
- On-the-job training
- 59 hrs
- Training location
- On-site and corporate
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
66 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Figaro's Pizza / Nick-N-Willy's · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Figaro's Pizza / Nick-N-Willy's franchise?
The total investment to open a Figaro's Pizza / Nick-N-Willy's franchise ranges from $87K – $549K, with an initial franchise fee of $39K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Figaro's Pizza / Nick-N-Willy's franchise owners earn?
According to Item 19 of the Figaro's Pizza / Nick-N-Willy's FDD, the average gross sales per unit is $613K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Figaro's Pizza / Nick-N-Willy's's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Figaro's Pizza / Nick-N-Willy's (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Figaro's Pizza / Nick-N-Willy's franchise locations are there?
As of their most recent FDD filing, Figaro's Pizza / Nick-N-Willy's has 35 total units in the United States, including 33 franchised units and 0 company-owned units. 2 new units were opened in the latest reporting year.
Is Figaro's Pizza / Nick-N-Willy's a good franchise to buy?
FranchiseVerdict rates Figaro's Pizza / Nick-N-Willy's as a A-grade franchise with a risk score of 22 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.