Mad Science Franchise Cost, Revenue & Review 2026
- Investment
- $132K – $192K
- Disclosed sales
- $388K
- gross sales, not profit
- SBA charge-off
- Limited · 34 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Mad Science is a children's STEM education franchise delivering hands-on science programs through schools, camps, birthday parties, and events. Franchisees run mobile operations, scheduling instructors and managing equipment and school partnerships.
FranchiseVerdict summary · 2026
A Mad Science franchise requires a total initial investment of $132K – $192K, including a $49K franchise fee and an ongoing 8.0% royalty[2]. Per the 2025 FDD, average unit revenue was $388K[2]. 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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $132K – $192K
- 39th pct Education
- Avg gross sales
- $388K
- 17th pct Education
- Royalty
- 8.0%
- 44th pct Education
- Units
- 70
- 58th pct Education
- SBA charge-off
- N/A
Quick verdict · Education · color = vs category peers
Green = favorable by >10% vs Education 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 $132K – $192K including a $49K franchise fee, 8.0% ongoing royalty.
- RETURNSAverage unit revenue of $388K/year (median $323K).
- RISKVerdict A (Strongest tier), verdict score 75/100 (higher is better).
- GROWTHPositive: net +1 franchised outlets in the latest year (1 opened, 0 closed) (Item 20).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Mad Science Group Inc.
- Parent company
- 3908160 Canada Inc.
- FDD Item 1, page 8 of the 2025 FDD
- CEO title
- Chief Executive Officer and Director
- Ariel Shlien
- Incorporated in
- Canada
- HQ
- 8360 Bougainville Street, Suite 201, Montreal, Quebec, Canada, H4P 2G1
- Auditor
- Raymond Chabot Grant Thornton
- Audited financials
- Franchisor revenue
- $4.6M
- vs $4.4M prior year
Overview
About
- CEO
- Ariel Shlien
- Headquarters
- Quebec, Canada
- Founded
- 1993
- FDD year
- 2025
- States available
- 21
Can you afford it, and what does the money buy?
Entry cost runs 17% below the typical education franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $49K | $49K |
| Working capital (3–6 mo) | $14K | $21K |
| Equipment, build-out, other | $70K | $122K |
| Total initial investment | $132K | $192K |
Source: Mad Science 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
- $132K – $192K
- Top 40% of category vs category
- Liquid capital req'd
- $14K – $21K
- Top 40% of category vs category
- Franchise fee
- $49K – $49K
- Middle of category vs category
- Royalty
- 8.0%
- 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 | $227 |
| Transfer fee | $10K |
| Renewal fee | $5K |
| Total fee load | 10.0% of rev |
What do units actually make?
Average unit sales land near the education norm.
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Mad Science until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
Total invested capital · disclosed
$179K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Mad Science 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 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.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
- Avg gross sales
- $388K
- Per unit, per year
- Median gross sales
- $323K
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross revenues
- Sample size
- 57 franchisees
- vs category median 16 · large
- Range (low → high)
- $85K→$1.3MCited, not corroborated — printed on page 60 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 204 Education brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $388K/year in gross sales. Median is $323K — top performers pull the average up, so a typical unit earns less. Revenue-to-investment ratio: 2.4x.
Fee burden
Total ongoing fee load of 10.0% (near the Education median).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System roughly stable (-1.7% 3-year CAGR) with 70 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 Education medians
How Mad Science Compares
Category median of published Education 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
- 70
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 12
- Corporate units in the system
- % franchised
- 83%
- vs corporate-owned
- Net growth (3-yr)
- +1.8%
- Net unit change over 3 years
- 3-yr CAGR
- -1.7%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 5
- Reacquired
- 0
- Franchisor bought back
- Projected new
- 8
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 18 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.
Where the owners are · Item 20 owner list
27 current owners across 18 states.
- CA 3
- NJ 3
- TX 3
- FL 2
- PA 2
- WI 2
- CO 1
- CT 1
- MA 1
- MD 1
- MI 1
- MO 1
- +6 more states
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
- 34
- Loan volume
- $3.2M
- Median loan
- $54K
- 50th percentile
- Charge-off rate
- Limited · 34 loans
- Limited SBA coverage: 34 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 34 loans
- 5-yr charge-off
- Limited · 34 loans
- Loans approved 2021+
- Active lenders
- 18
- Defaults
- 5
- Typical loan rate
- 5.8%
- avg rate to borrowers
- Franchised industry avg
- 13.9%
- n=1,279 loans
- Jobs supported
- 71
- 2.3 per loan
- Lender concentration
- 50%
- top lender's share
Borrower mix: 0% went to startups / new businesses, 100% to established operators
Franchise vs independent — in all other amusement and recreation industries, franchised businesses charge off at 13.9% vs 16.2% for independents — franchising is associated with 14% lower SBA default risk in this category.
Top lenders financing Mad Science franchisees
Showing 3 of 18 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 Mad Science from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 75%
- Avg interest rate
- 5.81%
- Lender concentration
- 50.0%
- Job velocity
- 2.3 per $100K
- NAICS benchmark
- 7.0%
- NAICS 713990
- Jobs supported
- 71
Top SBA lendersTop lender holds 50% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Bank Five Nine | 2 | $2.5M | 0.0% |
| 2 | University FCU | 1 | $350K | 0.0% |
| 3 | Stearns Bank National Association | 1 | $233K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| MDMaryland | 2 | 0 | 0.0% |
| NCNorth Carolina | 1 | 0 | 0.0% |
| TXTexas | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
1) Maryland Consent Order (2013) for unregistered franchise offers; paid $5,000 penalty and refunded $13,500 franchise fee. 2) Paris Commercial Court lawsuit by Fun Science (filed 2020) alleging Mad Science disrupted its franchise network; seeking ~3,260,000 Euros; pending.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Raymond Chabot Grant Thornton
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
FY ending 3/31/2025 audited revenues of $4,617,768 comprise: Royalties $2,732,873; Trade sales $1,009,335; Other franchise fees $433,674; Initial/Franchise fees $176,488; Shared services $166,074; Partnerships $91,877; Administrative and other charges $7,447. Statements in U.S. dollars (franchisor is a Canadian corporation).
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 75 / 100 verdict
- 01MEDNet income not disclosed in Item 19 — unable to verify profitability claims; only $388k average revenue provided
- 02MINORMinimal unit growth (1.8% YoY) — system is essentially stagnant with only ~70 locations
- 03HIGHOngoing Paris litigation (2020) with competitor alleging reputation damage and network disruption — material reputational risk
- 04MINORFDD registration violation in Maryland (2012) with consent order — compliance/governance red flag
- 05MEDHigh franchise fee ($49k) relative to slow growth and undisclosed margins — ROI unclear
- 06MINOR8% royalty on $388k avg revenue = ~$31k annual fee — materially impacts unit economics with unknown net profitability
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 | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 450,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 50 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Montreal, Quebec, Canada |
| Jury trial waiver | Yes |
| Governing law | Quebec, Canada |
| Litigation count | 2 |
View Item 3 litigation summary
1) Maryland Consent Order (2013) for unregistered franchise offers; paid $5,000 penalty and refunded $13,500 franchise fee. 2) Paris Commercial Court lawsuit by Fun Science (filed 2020) alleging Mad Science disrupted its franchise network; seeking ~3,260,000 Euros; pending.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 48 hrs
- Training location
- Onsite at franchisee's location or virtually
- Ongoing training
- Required
- Time to open
- 3 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- QuickBooks
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: QuickBooks
Item 20 · call current owners
Franchisee Contacts
27 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 Mad Science franchise?
The total investment to open a Mad Science franchise ranges from $132K – $192K, with an initial franchise fee of $49K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Mad Science franchise owners earn?
According to Item 19 of the Mad Science FDD, the average gross sales per unit is $388K. The median is $323K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Mad Science?
Mad Science is franchised by Mad Science Group Inc.. Its parent company is 3908160 Canada Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Mad Science 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 Mad Science FDD and qualifies whose outlets they describe.
What is Mad Science's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Mad Science (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 Mad Science franchise locations are there?
As of their most recent FDD filing, Mad Science has 70 total units in the United States, including 58 franchised units and 12 company-owned units. 1 new units were opened in the latest reporting year.
Is Mad Science a good franchise to buy?
FranchiseVerdict rates Mad Science as a A-grade franchise with a verdict score of 75 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?
If you represent Mad Science, you can request corrections or provide updated information.
Other Education franchises
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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.