iFoamFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A iFoam franchise requires a total initial investment of $172K – $266K, including a $15K franchise fee. Per the 2025 FDD, average unit revenue was $1.4M[2]. SBA 7(a) loans show a 6.1% charge-off rate across 66 loans[1]. Verdict grade: C. Run a live ROI scan →
Data last verified June 21, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $172K – $266K
- 65th pct Home Services
- Avg gross sales
- $1.4M
- 37th pct Home Services
- Royalty
- N/A
- Units
- 90
- 51st pct Home Services
- SBA default
- 6.1%
- system-wide median varies by category
Quick verdict · Home Services · color = vs category peers
Green = >15% above Home Services 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
Each dollar invested generates 6.2x in gross revenue, well above the typical 1.5-2.5x range.
Franchised units fell from 116 to 86 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $172K – $266K including a $15K franchise fee.
- Average unit revenue of $1.4M/year (median $1.2M).
- Verdict C (Average) with a risk score of 68/100. SBA loan charge-off rate of 6.1% across 66 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System growing at 196.6% CAGR over 3 years with 90 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- HPB Foam LLC
- Parent company
- JEZ Investments LLC
- Incorporated in
- PA
- HQ
- 2525 N. 117th Avenue, Third Floor, Omaha, NE 68164
- Auditor
- Forvis Mazars, LLP
- Audited financials
- Franchisor revenue
- $3.1M
- vs $4.0M prior year
Affiliated brands
- HorsePower Nation
- HPB Accounting
- HPB Foam Holdings
Other brands the franchisor or its parent operates (Item 1).
Overview
About
iFoam franchisees operate foam insulation and spray foam application services, providing commercial and residential insulation solutions. Daily operations involve managing spray foam crews, scheduling jobs, sourcing materials, and handling client estimates and project completion.
- CEO
- Tony Hulbert
- Headquarters
- NE
- Founded
- 2021
- FDD year
- 2025
- States available
- 16
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $15K | $15K |
| Working capital (3–6 mo) | $20K | $40K |
| Equipment, build-out, other | $137K | $211K |
| Total initial investment | $172K | $266K |
Source: iFoam 2025 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
$136K
10.0% margin
Unlevered ROIC
55%
EBITDA / total invested capital
Payback
22 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $172K – $266K
- Near category avg vs category
- Liquid capital req'd
- $20K – $40K
- Near category avg vs category
- Franchise fee
- $15K – $20K
- Better than avg vs category
- Royalty
- The greater of (i) $3,000 per month; or (ii) $3.00 per 1,…
- Ad fund
- -n/d
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Technology fee | $60 |
| Transfer fee | $10K |
| Renewal fee | $5K |
| Inventory (initial) | $19K – $25K |
Financial Performance
- Avg gross sales
- $1.4M
- Per unit, per year
- Median gross sales
- $1.2M
- Item 19 type
- gross_sales
- Sample size
- 20 units
- vs category median 25
- Range (low → high)
- $88K→$5.4M
- Cohort dispersion (min → max)
- Quartile band
- $355K→$2.7M
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 349 Home Services brands
Revenue is 6.2x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
vs Home Services averages
How iFoam Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 90
- Opened
- 18
- Last reporting year
- Closed
- 48
- Non-renewed
- 48
- Term expired, not renewed (per Item 20)
- Turnover rate
- 53.3%
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 96%
- vs corporate-owned
- Net growth (yr3)
- -25.9%
- Net unit change last year
- 3-yr CAGR
- +196.6%
- Compounded over last 3 years
3-year detail · Item 20
- Closed (3yr)
- 30
- Transfers (3yr)
- 3
- Transfer rate
- 2.5%
- Owners selling to other franchisees
- Continuity rate
- 64.2%
- Units that stayed open
- Termination rate
- 40.0%
- Franchisor-initiated terminations
- Ceased ops
- 25.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 15 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.
Available to sell in · Item 12
- California
- Hawaii
- Maryland
- New York
- Washington
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 66
- Loan volume
- $28.4M
- Median loan
- $626K
- 50th percentile
- Charge-off rate
- 6.1%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 73.3%
- 5-yr charge-off
- 26.7%
- Loans approved 2021+
- Active lenders
- 4
- Defaults
- 4
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into iFoam's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 4 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
- 3-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
iFoam presents HIGH RISK due to collapsing unit count (-25.9%), active fraud litigation, going concern issues, and lack of financial transparency—avoid unless substantial evidence of turnaround emerges.
Litigation (Item 3)
2 case reference(s): 3 pending, 0 settled.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Forvis Mazars, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
Score breakdown · what drove the 68 / 100 rating
- 01MEDSevere unit decline of -25.9% YoY (90 units) signals system deterioration and franchisee dissatisfaction
- 02HIGHGoing Concern = False indicates franchisor may lack financial stability to support franchise operations
- 03HIGHActive fraud/misrepresentation lawsuit from former franchisee combined with internal ownership arbitration suggests governance dysfunction and potential credibility issues
- 04MEDNet income not disclosed despite $1.36M average revenue—lack of transparency on profitability is a major red flag
- 05MEDHigh royalty structure (greater of $3,000/month or $3 per 1,000 population) may be unsustainable given undisclosed margins and shrinking unit base
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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | Population-based |
| Protected territory | Yes |
| Territory population | 200,000 |
| 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 | No |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Pennsylvania |
| Litigation count | 2 |
View Item 3 litigation summary
2 case reference(s): 3 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 112 hrs
- On-the-job training
- 32 hrs
- Training location
- On-site and franchisor location
- Franchisor financing
- Not offered
- Item 10
- POS system
- ServiceTitan
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: ServiceTitan
Item 20 · call current owners
Franchisee Contacts
22 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
iFoam · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a iFoam franchise?
The total investment to open a iFoam franchise ranges from $172K – $266K, with an initial franchise fee of $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do iFoam franchise owners earn?
According to Item 19 of the iFoam FDD, the average gross sales per unit is $1.4M. The median is $1.2M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is iFoam's franchise failure rate?
Based on SBA 7(a) loan data, iFoam has a charge-off rate of 6.1% across 66 loans, meaning 6.1% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many iFoam franchise locations are there?
As of their most recent FDD filing, iFoam has 90 total units in the United States, including 116 franchised units and 4 company-owned units. 18 new units were opened in the latest reporting year.
Is iFoam a good franchise to buy?
FranchiseVerdict rates iFoam as a C-grade franchise with a risk score of 68 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.
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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.