Koa Franchise Cost, Revenue & Review 2026
- Investment
- $5.0M – $16.4M
- Disclosed sales
- partial, no system average
- SBA charge-off
- 1.5%
- on 76 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
KOA (Kampgrounds of America) is a franchise of campgrounds and RV parks offering tent sites, RV hookups, cabins, and amenities. Franchisees own and operate a campground managing registrations, grounds, activities, and seasonal staff.
FranchiseVerdict summary · 2026
A KOA franchise requires a total initial investment of $5.0M – $16.4M, including a $15K – $45K franchise fee and an ongoing 8.0% royalty[2]. The 2025 FDD on file does not yield a unit-revenue figure we can publish. SBA 7(a) loans show a 1.5% charge-off rate across 76 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $5.0M – $16.4M
- 32nd pct Lodging
- Avg gross sales
- N/A
- Projection
- Royalty
- 8.0%
- 67th pct Lodging
- Units
- 478
- 63rd pct Lodging
- SBA charge-off
- 1.5%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Lodging · color = vs category peers
Green = favorable by >10% vs Lodging median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $5.0M – $16.4M including a $45K franchise fee, 8.0% ongoing royalty.
- RETURNSItem 19 reports per site revenue rather than annual gross sales, so unit revenue is not directly comparable.
- RISKVerdict A (Strongest tier), verdict score 78/100 (higher is better). SBA loan charge-off rate of 1.5% across 76 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -5 franchised outlets in the latest year (10 opened, 15 closed); 22 signed but not yet open (Item 20).
- DATAItem 19 reports per site revenue rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Kampgrounds of America, Inc.
- Parent company
- KOAH, Inc.
- FDD Item 1, page 9 of the 2025 FDD
- CEO title
- Director, President and Chief Executive Officer
- Toby L. O'Rourke
- Incorporated in
- MT
- HQ
- 1205 N. Transtech Way, Billings, Montana 59102
- Auditor
- Eide Bailly LLP
- Audited financials
- Franchisor revenue
- $184.6M
- vs $190.0M prior year
Affiliated brands
- Kampgrounds of America
Other brands the franchisor or its parent operates (Item 1).
Same owner · FDD Item 1, page 9
3 other brands on this site name KOAH, Inc. as parent or ultimate parent in their own FDD.
Grouped by the owner's name as each filing prints it (this page: the 2025 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Toby L. O'Rourke
- Headquarters
- MT
- Founded
- 1960
- FDD year
- 2025
- States available
- 46
Can you afford it, and what does the money buy?
Entry cost runs 20% above the typical lodging franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $45K | $45K |
| Working capital (3–6 mo) | $16K | $116K |
| Equipment, build-out, other | $4.9M | $16.3M |
| Total initial investment | $5.0M | $16.4M |
Source: KOA 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $5.0M – $16.4M
- Top 40% of category vs category
- Liquid capital req'd
- $16K – $116K
- Top 40% of category vs category
- Franchise fee
- $15K – $45K
- Top 40% of category vs category
- Royalty
- 8.0%
- Tiered by sales volume · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 8.0% of gross sales |
| Marketing / ad fund | 2.0% |
| Technology fee | $2K |
| Training fee | $4K |
| Transfer fee | $10K |
| Renewal fee | $8K |
| Inventory (initial) | $1K – $40K |
| Total fee load | 10.0% of rev |
What do units actually make?
Source: FDD 2025 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for KOA is on file. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one KOA unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Reported per transaction, not per outlet
- Item 19 type
- per-transaction figures
- Sample size
- 417
- vs category median 98 · large
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
Compared against 175 Lodging brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 10.0% — above the Lodging median of 8.5%.
Disclosure
Item 19 reports per site revenue rather than annual gross sales, so unit revenue is not directly comparable.
Operator retention
System roughly stable (+0.2% 3-year CAGR) with 478 units.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Lodging medians
How Koa Compares
Category median of published Lodging brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 478
- Opened
- 10
- Last reporting year
- Closed
- 15
- Terminated
- 6
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 4
- Term expired, not renewed (per Item 20)
- Turnover rate
- 3.1%
- Company-owned
- 51
- Corporate units in the system
- % franchised
- 89%
- vs corporate-owned
- Net growth (3-yr)
- -1.2%
- Net unit change over 3 years
- 3-yr CAGR
- +0.2%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 6
- Not renewed
- 4
- Transferred
- 20
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 22
- 0.05 per open outlet · Item 20 Table 5
- Projected new
- 24
- Franchisor's next-year forecast
- Transfer rate
- 4.1%
- Owners selling to other franchisees
- Termination rate
- 3.1%
- Franchisor-initiated terminations
- Ceased ops
- 3.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 32 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
- Illinois
- Indiana
- Michigan
- New York
- South Dakota
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
99 current owners across 9 states; 39 former (terminated, transferred or not renewed) listed separately.
- CA 25
- CO 22
- FL 17
- AZ 10
- GA 8
- AR 7
- AK 4
- AL 4
- CT 2
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 76
- Loan volume
- $49.1M
- Median loan
- $646K
- average
- Charge-off rate
- 1.5%
- on 76 loans · 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)
- 98.5%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 44
- Defaults
- 1
- Typical loan rate
- 5.5%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- N/A
- Lender concentration
- 17%
- top lender's share
Vintage analysis
Koa charge-off rate by loan vintage
Top lenders financing Koa franchisees
Showing 3 of 44 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Koa from SBA 7(a) FOIA data.
- Avg interest rate
- 5.46%
- Lender concentration
- 17.1%
Top SBA lendersTop lender holds 17% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Wells Fargo Bank National Association | 13 | $6.0M | 0.0% |
| 2 | Celtic Bank Corporation | 5 | $4.6M | 0.0% |
| 3 | Glacier Bank | 3 | $1.2M | 0.0% |
| 4 | First Northern Bank of Wyoming | 3 | $924K | 0.0% |
| 5 | First Interstate Bank | 3 | $1.7M | 0.0% |
| 6 | Florence Bank | 3 | $378K | 0.0% |
| 7 | The Huntington National Bank | 2 | $1.5M | 0.0% |
| 8 | Meridian Bank, National Association | 2 | $1.1M | 0.0% |
| 9 | Bank of America, National Association | 2 | $1.0M | 0.0% |
| 10 | U.S. Bank, National Association | 2 | $1.1M | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 12 | 0 | 0.0% |
| WYWyoming | 9 | 0 | 0.0% |
| MTMontana | 7 | 0 | 0.0% |
| COColorado | 6 | 0 | 0.0% |
| AZArizona | 5 | 0 | 0.0% |
| MAMassachusetts | 4 | 0 | 0.0% |
| TXTexas | 4 | 0 | 0.0% |
| OKOklahoma | 3 | 0 | 0.0% |
| WIWisconsin | 3 | 0 | 0.0% |
| INIndiana | 2 | 1 | 50.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
With a 1.5% charge-off rate across 76 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 1.5% — 91% below the 16.0% national norm, i.e. lower lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
KOA presents moderate-to-cautious risk due to shrinking unit count, missing financial transparency, IP litigation, and royalty structure that penalizes lower-performing locations.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Mark Polk, RV Savvy Productions, Inc. v. KOA (filed August 2024, E.D. North Carolina) - copyright infringement, trademark infringement, and related claims regarding use of plaintiffs' intellectual property on koa.com. KOA disputes and filed answer November 2024.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Eide Bailly LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
FY ended December 31, 2024 (yr1) and December 31, 2023 (yr2), per Consolidated Statements of Operations of Kampgrounds of America, Inc. and Subsidiaries. Total sales and operating revenue includes franchisee continuing fees ($34,056,589), other franchise revenue ($12,403,431), company-owned campground revenue ($147,925,762), and is net of losses on insurance recoveries, disposals, and impairment. 'Other' revenue line = $259,713.
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 78 / 100 verdict
- 01MINORUnit count declining 1.4% YoY (478 units) suggests system contraction and potential market saturation
- 02HIGHActive litigation over intellectual property use indicates brand management/compliance issues
- 03MINOR8% royalty on gross receipts is high for hospitality; unprofitable units pay royalties on total registrations regardless of net income
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 1 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | No |
| Arbitration location | Montana (mediation then litigation) |
| Jury trial waiver | No |
| Governing law | MT |
| Litigation count | 1 |
View Item 3 litigation summary
Mark Polk, RV Savvy Productions, Inc. v. KOA (filed August 2024, E.D. North Carolina) - copyright infringement, trademark infringement, and related claims regarding use of plaintiffs' intellectual property on koa.com. KOA disputes and filed answer November 2024.
Items 10, 11
Training & Operations
- Classroom training
- 12 hrs
- On-the-job training
- 14 hrs
- Training location
- KOA Headquarters, Billings, Montana
- Ongoing training
- Required
- Site selection
- Franchisee selects, franchisor must approve
- Franchisor financing
- Not offered
- Item 10
- POS system
- KampSight/K2
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: KampSight/K2
Item 20 · call current owners
Franchisee Contacts
138 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a KOA franchise?
The total investment to open a KOA franchise ranges from $5.0M – $16.4M, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do KOA franchise owners earn?
Item 19 of the KOA FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns KOA?
KOA is franchised by Kampgrounds of America, Inc.. Its parent company is KOAH, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the KOA FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the KOA FDD and qualifies whose outlets they describe.
What is KOA's franchise failure rate?
Based on SBA 7(a) loan data, KOA has a charge-off rate of 1.5% across 76 loans, meaning 1.5% 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 KOA franchise locations are there?
As of their most recent FDD filing, KOA has 478 total units in the United States, including 427 franchised units and 51 company-owned units. 10 new units were opened in the latest reporting year.
Is KOA a good franchise to buy?
FranchiseVerdict rates KOA as a A-grade franchise with a verdict score of 78 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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
Are you the franchisor?
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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.