Noble Locksmith
Formerly known as Noble Ground Coffee
Bottom line
- Total investment $82K – $244K including a $34K franchise fee.
- Average unit revenue of $895K/year.
- Rated STRONG with a risk score of 47/100. SBA loan default rate of 0.0% across 2 loans (below the industry average).
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one Noble Locksmith unit return on the cash you put in?
Unlevered ROIC · per unit
60%
Above typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Noble Locksmith units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$895K
on $4.5M purchase
Total debt
$3.6M
SBA $2.2M + senior + seller note
Overview
About
Noble Locksmith franchisees operate emergency and residential locksmith services, handling lock installations, rekeying, emergency callouts, and key duplication. Day-to-day work involves managing service calls (often 24/7), maintaining vehicle inventory, scheduling technicians, and managing customer relationships while operating under the Noble brand.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 13 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 phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Compliance violations, undisclosed profitability metrics, small system size, and high relative investment costs create material risk despite stable average unit revenue.
Score breakdown · what drove the 47 / 100 rating
- 01MINORRegulatory violation in California (2020) for unregistered franchise sales — indicates compliance gaps and potential franchisor oversight issues
- 02MEDNo average net income disclosed — cannot validate actual profitability despite $895K average revenue; royalty structure (7% or $350–$1,350/week minimum) could consume 15–20% of net income at lower revenue levels
- 03MEDSmall unit base (14 franchises) with modest growth (18.2% YoY) — limited scale, higher systemic risk if units underperform or churn accelerates
- 04MINORHigh investment-to-revenue ratio — $243,600 max investment against $895K average revenue creates 3.6-year ROI hurdle; 7% royalty plus mandatory weekly minimums create front-loaded cost burden
- 05MINORItem 19 (Financial Performance Representations) not provided — franchisor disclosure gaps prevent validation of revenue and profitability claims
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
19 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Noble Locksmith · FDD (2025) PDF