Noble LocksmithFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Noble Locksmith franchise requires a total initial investment of $82K – $244K, including a $34K franchise fee. Per the 2025 FDD, average unit revenue was $258K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $82K – $244K
- 22nd pct Home Services
- Avg gross sales
- $258K
- 5th pct Home Services
- Royalty
- N/A
- Units
- 14
- 23rd pct Home Services
- SBA default
- N/A
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
Franchised units fell from 13 to 3 over 3 years. Investigate why operators are leaving.
128% cash-on-cash return (based on Actual Financial Performance (P&L)). Above the 20% threshold most investors target.
Bottom line
- Total investment $82K – $244K including a $34K franchise fee.
- Average unit revenue of $258K/year, with an estimated 128% cash-on-cash return (based on Actual Financial Performance (P&L)).
- Verdict A (Top Quintile) with a risk score of 44/100.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Noble Franchising, Inc.
- Ultimate parent
- None
- CEO title
- Chief Executive Officer
- Shawn Michael Fago
- CEO experience
- 9 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CA
- HQ
- 1150 J Street, Unit 404, San Diego, California 92101
- Auditor
- Metwally CPA PLLC
- Audited financials
- Franchisor revenue
- $194K
- vs $305K prior year
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.
- CEO
- Shawn Michael Fago
- Headquarters
- CA
- Founded
- 2021
- FDD year
- 2025
- States available
- 13
FDD Item 7 · 2025 filing · 12 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $34K | $34K | |
| Construction and Leasehold Improvements | $0 | $55K | |
| Lease Deposits - Three Months | $0 | $12K | |
| Equipment | $13K | $23K | |
| Initial Opening Inventory | $15K | $25K | |
| Computer, Software and Point of Sales System and Website | $3K | $5K | |
| Insurance Deposits - Three Months | $450 | $900 | |
| Travel for Initial Training | $4K | $5K | |
| Professional Fees | $2K | $5K | |
| Service Vehicle | $2K | $2K | |
| Licenses and Permits | $50 | $250 | |
| Additional Funds - Three months | $10K | $20K | |
| Total initial investment | $82K | $188K |
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.
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
$31K
12.0% margin
Unlevered ROIC
17%
EBITDA / total invested capital
Payback
5.7 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $82K – $244K
- Better than avg vs category
- Liquid capital req'd
- $10K – $20K
- Better than avg vs category
- Franchise fee
- $34K – $90K
- Better than avg vs category
- Royalty
- Greater of 7% of Gross Sales or Minimum Weekly Royalty Re…
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 0.8 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | Greater of 7% of Gross Sales or Minimum Weekly Royalty Requirements |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $500 |
| Transfer fee | $15K |
| Renewal fee | $10K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $258K
- Per unit, per year
- Median gross sales
- N/A
- Avg actual financial performance (p&l)
- $208K
- Reported as Actual Financial Performance (P&L) in FDD Item 19
- Cash-on-cash
- 127.9%
- Based on Actual Financial Performance (P&L) / investment midpoint
- Item 19 type
- Actual Financial Performance
- Sample size
- 10 units
- vs category median 25 · small
- Range (low → high)
- $15K→$501K
- Cohort dispersion (min → max)
- Transparency
- 6 / 5
- vs category median 4 / 5 · above
Compared against 349 Home Services brands
vs Home Services averages
How Noble Locksmith Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 14
- Opened
- 4
- Last reporting year
- Closed
- 2
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 14.3%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 93%
- vs corporate-owned
- Net growth (yr3)
- +18.2%
- Net unit change last year
- 3-yr CAGR
- Outlier (see FDD)
- Likely small-sample artifact
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 5
- Franchisor's next-year forecast
- Termination rate
- 14.3%
- Franchisor-initiated terminations
- Ceased ops
- 14.3%
- Units that stopped operating
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 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $135K
- Median loan
- $135K
- 50th percentile
- Charge-off rate
- N/A
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 1
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Noble Locksmith's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 1 lenders with concentration factor
- Per-state charge-off rates across 1 states
- Startup risk premium and job creation velocity
- 1-year lending trend
Instant access. No subscription.
Risk analysis
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.
Litigation (Item 3)
Administrative proceeding with California Commissioner of Financial Protection and Innovation regarding violation of California Franchise Investment Law for offering franchises while unregistered. Settled via Consent Order on February 7, 2020 with $4,000 penalty.
Largest disclosed settlement: $4,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Metwally CPA PLLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 44 / 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
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 2 |
| Territory type | Population-based |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 750,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | San Diego County, California |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 1 |
View Item 3 litigation summary
Administrative proceeding with California Commissioner of Financial Protection and Innovation regarding violation of California Franchise Investment Law for offering franchises while unregistered. Settled via Consent Order on February 7, 2020 with $4,000 penalty.
Items 10, 11
Training & Operations
- Classroom training
- 80 hrs
- On-the-job training
- 0 hrs
- Training location
- San Diego, California
- Time to open
- 2 mo
- From signing to launch
- POS system
- Workiz
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Workiz
Item 20 · call current owners
Franchisee Contacts
19 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Noble Locksmith · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Noble Locksmith franchise?
The total investment to open a Noble Locksmith franchise ranges from $82K – $244K, with an initial franchise fee of $34K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Noble Locksmith franchise owners earn?
According to Item 19 of the Noble Locksmith FDD, the average gross sales per unit is $258K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Noble Locksmith's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Noble Locksmith (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 Noble Locksmith franchise locations are there?
As of their most recent FDD filing, Noble Locksmith has 14 total units in the United States, including 13 franchised units and 1 company-owned units. 4 new units were opened in the latest reporting year.
Is Noble Locksmith a good franchise to buy?
FranchiseVerdict rates Noble Locksmith as a A-grade franchise with a risk score of 44 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.
For franchisors
Are you the franchisor?
If you represent Noble Locksmith, you can request corrections or provide updated information.
Claim this brandOther Home Services franchises
Compare similar franchise opportunities in the Home Services category
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.