Noble Roman's Pizza Franchise Cost, Revenue & Review 2026
- Investment
- $32K – $142K
- Disclosed sales
- not disclosed
- SBA charge-off
- Limited · 34 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Noble Roman's Pizza is a pizza franchise offering standalone restaurants and co-branded counters inside convenience stores and non-traditional venues. Franchisees run a compact pizza operation managing food prep, service, and delivery.
FranchiseVerdict summary · 2026
A Noble Roman's Pizza franchise requires a total initial investment of $32K – $142K, including a $8K – $10K franchise fee and an ongoing 7.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: C (Average), 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 scored2 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $32K – $142K
- 2nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 7.0%
- 90th pct Service Resta…
- Units
- 414
- 88th 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 $32K – $142K including a $8K franchise fee, 7.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict C (Average), verdict score 38/100 (higher is better).
- GROWTHNegative: net -2,458 franchised outlets in the latest year (Item 20).
- DECLINESystem 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
Corporate structure & franchisor financials
- Legal entity
- Noble Roman's, Inc.
- CEO title
- President, Chief Executive Officer, Secretary and Director
- A. Scott Mobley
- Incorporated in
- IN
- HQ
- 6612 E. 75th Street, Suite 450, Indianapolis, Indiana 46250
- Auditor
- Sassetti LLC (2024 audit) and Assurance Dimensions LLC (2023 audit)
- Audited financials
- Franchisor revenue
- $15.1M
- vs $14.4M prior year
Overview
About
- CEO
- A. Scott Mobley
- Headquarters
- IN
- Founded
- 1972
- FDD year
- 2025
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost runs 82% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
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
- Top 40% of category vs category
- Liquid capital req'd
- $3K – $8K
- Top 40% of category vs category
- Franchise fee
- $8K – $10K
- Top 40% of category vs category
- Royalty
- 7.0%
- Set by a formula · typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 0.0% |
| Training fee | $500 |
| Transfer fee | $2K |
| Renewal fee | $2K |
| Inventory (initial) | $3K – $10K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Noble Roman's Pizza makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Noble Roman's Pizza 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 annual revenue, 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.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 7.0% (near the Quick-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -85.3% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 Noble Roman's Pizza 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
- 414
- Opened
- 68
- Last reporting year
- Closed
- N/A
- Turnover rate
- 88.0%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -85.3%
- Net unit change over 3 years
- 3-yr CAGR
- -85.3%
- Compounded over last 3 years
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 27 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
28 current owners across 27 states.
- WV 2
- AR 1
- AZ 1
- CO 1
- CT 1
- DE 1
- FL 1
- ID 1
- IL 1
- KS 1
- KY 1
- MA 1
- +15 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.
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
- 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
- 14
- Defaults
- 21
Vintage analysis
Noble Roman's Pizza charge-off rate by loan vintage
Top lenders financing Noble Roman's Pizza franchisees
Showing 3 of 14 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 Noble Roman's Pizza from SBA 7(a) FOIA data.
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Comerica Bank | 10 | $3.4M | 100.0% |
| 2 | PNC Bank, National Association | 5 | $750K | 100.0% |
| 3 | First Financial Bank | 3 | $2.2M | 33.3% |
| 4 | Fifth Third Bank | 2 | $291K | 100.0% |
| 5 | OakStar Bank | 2 | $1.1M | 100.0% |
| 6 | Federal Deposit Insurance Corporation | 2 | $25K | 0.0% |
| 7 | Busey Bank | 1 | $71K | 0.0% |
| 8 | First-Citizens Bank & Trust Company | 1 | $340K | 100.0% |
| 9 | Northbrook Bank & Trust Company, National Association | 1 | $115K | N/A |
| 10 | Readycap Lending, LLC | 1 | $345K | 100.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| INIndiana | 10 | 3 | 37.5% |
| CACalifornia | 6 | 6 | 100.0% |
| KYKentucky | 3 | 3 | 100.0% |
| OHOhio | 3 | 2 | 100.0% |
| ILIllinois | 2 | 1 | 50.0% |
| MDMaryland | 2 | 1 | 100.0% |
| TXTexas | 2 | 2 | 100.0% |
| UTUtah | 2 | 1 | 100.0% |
| GAGeorgia | 1 | 0 | -- |
| MOMissouri | 1 | 1 | 100.0% |
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: officers or affiliates. The franchisor is not a named party in these cases.
No litigation required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Sassetti LLC (2024 audit) and Assurance Dimensions LLC (2023 audit)
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Total revenue for FY ended Dec 31, 2024 of $15,149,600 includes company-owned restaurant revenue ($8,577,148), company-owned non-traditional ($953,574), franchising revenue ($5,540,968), and administrative fees and other ($77,910). Audited consolidated statements of Noble Roman's, Inc. and Subsidiaries.
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
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 38 / 100 verdict
- 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
- 03MINORUnprotected territory creates cannibalization risk and direct competition from other franchisees
- 04MEDHigh royalty floor ($175/week minimum = $9,100/year) on undisclosed revenue creates break-even risk
- 05MINORWide investment range ($32.1K–$141.7K) with no performance benchmarks suggests inconsistent unit economics
- 06MINORFranchise 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
What are you signing up for?
Ongoing fees run about 7.0% 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 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 1 mi |
| Right of first refusalℹ | No |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Indianapolis, Indiana |
| Governing law | IN |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 36 hrs
- Training location
- Franchisee's location
- Ongoing training
- Optional
- Time to open
- 0 mo
- From signing to launch
- Site selection
- Franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
28 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 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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Noble Roman's Pizza?
Noble Roman's Pizza is franchised by Noble Roman's, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Noble Roman's Pizza 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 Noble Roman's Pizza FDD and qualifies whose outlets they describe.
What is Noble Roman's Pizza's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Noble Roman's Pizza (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 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, including 413 franchised units and 1 company-owned units. 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 C-grade franchise with a verdict score of 38 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?
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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.