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.
- Rated AVOID with a risk score of 79/100. SBA loan default rate of 0.0% across 2 loans (below the industry average).
- 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
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 Roman's Pizza unit return on the cash you put in?
Unlevered ROIC · per unit
97%
Above typical band (30–60%)
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.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
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 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
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.
Score breakdown · what drove the 79 / 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
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
45 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Noble Roman's Pizza · FDD (2025) PDF