Nick the Greek Franchise Cost, Revenue & Review 2026
- Investment
- $415K – $597K
- Disclosed sales
- $1.5M
- gross sales, not profit
- SBA charge-off
- Under 10 loans (8)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Nick the Greek is a fast-casual franchise serving Greek street food, gyros, souvlaki, pitas, and bowls. Franchisees run restaurants managing food prep, counter service, and staffing.
FranchiseVerdict summary · 2026
A Nick the Greek franchise requires a total initial investment of $415K – $597K, including a $35K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.5M[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 scored6 of 6 headline figures on this page cite a page of the filing.
Overview
- Investment
- $415K – $597K
- 66th pct Service Resta…
- Avg gross sales
- $1.5M
- 28th pct Service Resta…
- Royalty
- 6.0%
- 48th pct Service Resta…
- Units
- 79
- 73rd pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants 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 $415K – $597K including a $35K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.5M/year.
- RISKVerdict A (Strongest tier), verdict score 74/100 (higher is better).
- GROWTHPositive: net +10 franchised outlets in the latest year (11 opened, 1 closed); 26 signed but not yet open (Item 20).
- GROWTHSystem growing at 76.9% CAGR over 3 years with 79 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- NTG Franchising, LLC
- Parent company
- NTG Intermediate Holdings, LLC
- FDD Item 1, page 6 of the 2025 FDD
- Ultimate parent
- YTG Enterprises, LLC
- FDD Item 1, page 6 of the 2025 FDD
- Predecessor
- Taco Cabana
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Anil Yadav
- Incorporated in
- CA
- HQ
- 5765 Winfield Blvd., Suite 1, San Jose, California 95123
- Auditor
- Baker Tilly US, LLP
- Audited financials
- Franchisor revenue
- $6.9M
- vs $4.8M prior year
Affiliated brands
- Taco Cabana Franchising
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Anil Yadav
- Headquarters
- CA
- Founded
- 2018
- FDD year
- 2025
- States available
- 7
Can you afford it, and what does the money buy?
Entry cost is about typical for a quick-service restaurants franchise (near the category median).
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown16 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $35K | $35K | |
| Rent | $8K | $16K | |
| Lease, Utility & Security Deposits | $9K | $17K | |
| Licenses & Permits | $6K | $23K | |
| Design & Architectural Fees | $9K | $15K | |
| Leasehold Improvements | $193K | $222K | |
| Signage | $5K | $13K | |
| Furniture & Fixtures | $19K | $33K | |
| POS/Computer Back Office System | $8K | $20K | |
| Equipment | $60K | $88K | |
| Professional Services | $2K | $5K | |
| Initial Inventory | $16K | $22K | |
| Insurance | $2K | $4K | |
| Travel & Living Expenses While Training | $5K | $10K | |
| Grand Opening Advertising | $10K | $15K | |
| Additional Funds - 3 Months | $30K | $60K | |
| Total initial investment | $415K | $597K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $415K – $597K
- Middle of category vs category
- Liquid capital req'd
- $30K – $60K
- Middle of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $300 |
| Transfer fee | $18K |
| Renewal fee | $0 |
| Inventory (initial) | $16K – $22K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales run 49% above the quick-service restaurants 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 Nick the Greek 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
$551K
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 Nick the Greek 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
- $1.5M
- Per unit, per year
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Average Unit Volume by Quartile (Net Sales)
- Sample size
- 40 outlets
- vs category median 19 · large
- Quartile band
- $1.1M→$1.9M
- Bottom 25% → top 25%
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 781 Quick-Service Restaurants 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 $1.5M/year in gross sales. Revenue-to-investment ratio: 2.9x.
Fee burden
Total ongoing fee load of 8.0% (near the Quick-Service Restaurants median).
Disclosure
Transparency score 6/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 76.9% CAGR over 3 years across 79 units — operators are staying and new ones are joining.
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 Quick-Service Restaurants medians
How Nick the Greek Compares
Category median of published Quick-Service Restaurants 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
- 79
- Opened
- 11
- Last reporting year
- Closed
- 1
- Turnover rate
- 1.4%
- Company-owned
- 10
- Corporate units in the system
- % franchised
- 87%
- vs corporate-owned
- Net growth (3-yr)
- +76.9%
- Net unit change over 3 years
- 3-yr CAGR
- +76.9%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Signed, not yet open
- 26
- 0.33 per open outlet · Item 20 Table 5
- Projected new
- 22
- Franchisor's next-year forecast
- Ceased ops
- 2.9%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 6 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
- Michigan
- Minnesota
- North Dakota
- Rhode Island
- South Dakota
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
48 current owners across 6 states.
- CA 42
- NV 2
- AZ 1
- KS 1
- TN 1
- UT 1
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.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 8 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 8
- Loan volume
- $3.8M
- Median loan
- $250K
- 50th percentile
- Charge-off rate
- Under 10 loans (8)
- Insufficient SBA coverage: 8 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (8)
- 5-yr charge-off
- Under 10 loans (8)
- Loans approved 2021+
- Active lenders
- 5
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
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: officers or affiliates. The franchisor is not a named party in these cases.
0 case reference(s): 0 pending, 0 settled.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Baker Tilly US, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
NTG Franchising, LLC audited Statements of Operations, fiscal years ended Dec 29, 2024 and Dec 31, 2023. 2024 total revenues $6,890,195 (franchise fees $147,397; royalty fees $4,889,866; marketing fund fees $1,634,058; rebate income $218,874). Net loss $(2,953,649). Audited by Baker Tilly US, LLP.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 74 / 100 verdict
- 01MEDNet income not disclosed in Item 19 — cannot assess actual profitability or ROI against $414,750-$597,000 investment
- 02MINOR16.9% YoY unit growth is modest for QSR segment — may indicate market saturation, franchisee struggles, or slower-than-expected expansion
- 03MINORAverage revenue of $1.45M against high investment range requires scrutiny — payback period and profit margins unknown
- 04MEDOnly 80 total units — relatively small franchise system with limited data points and economy of scale
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 radius | 1 mi |
| Territory population | 30,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 20 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 6 |
| Mandatory arbitration | Yes |
| Arbitration location | Santa Clara County, California |
| Jury trial waiver | No |
| Governing law | CA |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 31 hrs
- On-the-job training
- 166 hrs
- Training location
- San Jose, CA
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- Franchisee selects with franchisor approval; franchisor designates real estate brokers franchisee must use
- Franchisor financing
- Not offered
- Item 10
- POS system
- Xenial
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Xenial
Item 20 · call current owners
Franchisee Contacts
48 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 Nick the Greek franchise?
The total investment to open a Nick the Greek franchise ranges from $415K – $597K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Nick the Greek franchise owners earn?
According to Item 19 of the Nick the Greek FDD, the average gross sales per unit is $1.5M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Nick the Greek?
Nick the Greek is franchised by NTG Franchising, LLC. Its parent company is NTG Intermediate Holdings, LLC. The ultimate parent named in the FDD is YTG Enterprises, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Nick the Greek 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 Nick the Greek FDD and qualifies whose outlets they describe.
What is Nick the Greek's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Nick the Greek (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 Nick the Greek franchise locations are there?
As of their most recent FDD filing, Nick the Greek has 79 total units in the United States, including 69 franchised units and 10 company-owned units. 11 new units were opened in the latest reporting year.
Is Nick the Greek a good franchise to buy?
FranchiseVerdict rates Nick the Greek as a A-grade franchise with a verdict score of 74 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 Nick the Greek, you can request corrections or provide updated information.
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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.