Noble Roman's PizzaFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Noble Roman's Pizza franchise requires a total initial investment of $32K – $142K, including a $8K franchise fee. The 2025 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 61.8% charge-off rate across 34 loans[1]. Verdict grade: D. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $32K – $142K
- 2nd pct Service Resta…
- Avg gross sales
- N/A
- 59th pct Service Resta…
- Royalty
- N/A
- Units
- 414
- 87th pct Service Resta…
- SBA default
- 61.8%
- system-wide median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-Service Restaurants 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
61.8% of SBA loans charged off across 34 loans, above the 16% franchise average.
Franchising since 1972. Systems this mature have refined operations and brand recognition.
The system contracted 86% year-over-year. Investigate why units are closing.
Bottom line
- Total investment $32K – $142K including a $8K franchise fee.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict D (Below Average) with a risk score of 77/100. SBA loan charge-off rate of 61.8% across 34 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System contracting at -85.3% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Noble Roman's, Inc.
- Incorporated in
- IN
- HQ
- 6612 E. 75th Street, Suite 450, Indianapolis, Indiana 46250
- Auditor
- Sassetti LLC
- Audited financials
- Franchisor revenue
- $14.5M
- vs $14.4M prior year
Overview
About
Franchisees operate pizza restaurants (in-store and delivery) or co-branded kiosks in convenience stores and non-traditional venues. Day-to-day operations include food preparation, customer service, delivery management, inventory control, and adherence to brand standards. Many units operate in high-volume, low-margin environments with significant labor and food cost pressures.
- CEO
- A. Scott Mobley
- Headquarters
- IN
- Founded
- 1972
- FDD year
- 2025
- States available
- 26
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $8K | $8K |
| Working capital (3–6 mo) | $3K | $8K |
| Equipment, build-out, other | $22K | $126K |
| Total initial investment | $32K | $142K |
Source: Noble Roman's Pizza 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
- $32K – $142K
- Better than avg vs category
- Liquid capital req'd
- $3K – $8K
- Better than avg vs category
- Franchise fee
- $8K – $10K
- Better than avg vs category
- Royalty
- Greater of $175.00 per week or 7% of gross sales (9% for …
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 0.0% of gross sales |
| Transfer fee | $2K |
| Renewal fee | $2K |
| Total fee load | 7.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Quick-Service Restaurants averages
How Noble Roman's Pizza Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 414
- Opened
- 68
- Last reporting year
- Closed
- N/A
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -85.6%
- Net unit change last year
- 3-yr CAGR
- -85.3%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 19
Last reporting year only, multi-year history not disclosed in this brand's FDD.
Item 20 · 43 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.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
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
- $10.7M
- Median loan
- $315K
- average
- Charge-off rate
- 61.8%
- 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 14
- Defaults
- 21
Explore lender portfolios on Bank Reports or regional data on State Reports.
A 61.8% charge-off rate means roughly 1 in 2 franchisees failed to repay their SBA loan. Investigate what changed.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Noble Roman's is in acute decline with 85.6% unit contraction, missing financial disclosures, and going concern uncertainty—representing extreme systemic risk unsuitable for most investors.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Sassetti LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
Score breakdown · what drove the 77 / 100 rating
- 01MEDCatastrophic unit decline of 85.6% YoY (414 units remaining) indicates systemic failure or mass exit
- 02MINORNo average revenue or net income disclosure (Item 19) prevents ROI validation and suggests poor performance
- 03HIGHGoing concern status FALSE indicates franchisor may lack financial stability to support franchisees
- 04MINORUnprotected territory creates cannibalization risk and direct competition from other franchisees
- 05MEDHigh royalty floor ($175/week minimum = $9,100/year) on undisclosed revenue creates break-even risk
- 06MINORWide investment range ($32.1K–$141.7K) with no performance benchmarks suggests inconsistent unit economics
- 07MINORFranchise fee ($7,500) is low relative to royalty burden, indicating franchisor prioritizes recurring fees over franchisee success
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 | 5 years |
| Territory type | Specific site |
| Protected territory | No |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | No |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Governing law | Indiana |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 36 hrs
- Training location
- On-site and corporate
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
47 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Noble Roman's Pizza · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Noble Roman's Pizza franchise?
The total investment to open a Noble Roman's Pizza franchise ranges from $32K – $142K, with an initial franchise fee of $8K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Noble Roman's Pizza franchise owners earn?
Noble Roman's Pizza does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Noble Roman's Pizza's franchise failure rate?
Based on SBA 7(a) loan data, Noble Roman's Pizza has a charge-off rate of 61.8% across 34 loans, meaning 61.8% 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 Noble Roman's Pizza franchise locations are there?
As of their most recent FDD filing, Noble Roman's Pizza has 414 total units in the United States. 68 new units were opened in the latest reporting year.
Is Noble Roman's Pizza a good franchise to buy?
FranchiseVerdict rates Noble Roman's Pizza as a D-grade franchise with a risk score of 77 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
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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.