Onward Physical Therapy Franchise Cost, Revenue & Review 2026
- Investment
- $37K – $147K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Onward Physical Therapy is a healthcare franchise operating outpatient physical therapy and rehabilitation clinics. Franchisees run the clinics, managing therapists, patient scheduling, treatment, and insurance billing.
FranchiseVerdict summary · 2026
A Onward Physical Therapy franchise requires a total initial investment of $37K – $147K and an ongoing 10.0% 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: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Limited operating history: franchising since 2025. A system this young has fewer than three years of Item 20 outlet history and rarely enough SBA loans for a charge-off rate, so its grade rests on less evidence than an established system's. Read its Item 20 tables and talk to its first franchisees before relying on the grade. Other new franchisors
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: partial✓ 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 4 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $37K – $147K
- 4th pct Healthcare
- Avg gross sales
- N/A
- Royalty
- 10.0%
- 68th pct Healthcare
- Units
- 49
- 55th pct Healthcare
- SBA charge-off
- N/A
Quick verdict · Healthcare · color = vs category peers
Green = favorable by >10% vs Healthcare 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 $37K – $147K, 10.0% 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 B (Above average), verdict score 49/100 (higher is better).
- GROWTHPositive: net +18 franchised outlets in the latest year (18 opened, 0 closed); 6 signed but not yet open (Item 20).
- DATAThis 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.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Onward Physical Therapy, LLC
- Predecessor
- or parent
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Zachary Long
- Incorporated in
- NC
- HQ
- 529 W. Summit Ave. Suite 1B, Charlotte, NC 28203
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $511K
- vs $291K prior year
Affiliated brands
- Onward Charlotte
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Zachary Long
- Headquarters
- NC
- Founded
- 2019
- FDD year
- 2026
- States available
- 21
Can you afford it, and what does the money buy?
Entry cost runs 71% below the typical healthcare franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | — | — | |
| Equipment | $10K | $25K | |
| Furniture, Fixtures, Equipment and Supplies | $1K | $10K | |
| Computer / POS System and Office Supplies and Equipment | $3K | $5K | |
| 3 Months’ Lease Payments | $6K | $15K | |
| Leasehold Improvements | $3K | $30K | |
| Utility and Security Deposits | $2K | $8K | |
| Signage | $500 | $5K | |
| Licenses and Permits | $100 | $500 | |
| Insurance | $100 | $1K | |
| Professional Fees | $500 | $2K | |
| Training Expenses | $2K | $10K | |
| Additional Funds – 3 Months | $9K | $35K | |
| Total initial investment | $37K | $147K |
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.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $37K – $147K
- Top 40% of category vs category
- Liquid capital req'd
- $9K – $35K
- Top 40% of category vs category
- Franchise fee
- N/A
- Paid to franchisor at signing
- Royalty
- 10.0%
- typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 10.0% of gross sales |
| Marketing / ad fund | 0.0% |
| Technology fee | $0 |
| Transfer fee | $40 |
| Total fee load | 10.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Onward Physical Therapy 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 Onward Physical Therapy 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: 2026 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 10.0% — above the Healthcare median of 8.0%.
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.
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 Healthcare medians
How Onward Physical Therapy Compares
Category median of published Healthcare 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 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 49
- Opened
- 18
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 6
- 0.12 per open outlet · Item 20 Table 5
- Projected new
- 14
- Franchisor's next-year forecast
- Continuity rate
- 100.0%
- Units that stayed open
- Termination rate
- 33.3%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 21 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
21
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
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: the franchisor is a named party (defendant).
1) Illinois AG: OPT voluntarily reported selling unregistered franchise in Illinois; accepted Assurance of Voluntary Compliance, paid $2,000 civil penalty (concluded Aug 2025). 2) Maryland Securities Commission: consent order for selling unregistered franchise; paid $5,000 civil penalty (pending completion). 3) Washington DFI: pending regulatory matter for selling two unregistered franchises.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Pages 199-204 of this image folder contain Exhibit I (Franchise Disclosure Questionnaire), Exhibit J (State Effective Dates), and Exhibit K (Receipts) for Onward Physical Therapy, LLC. None of these pages contain the audited financial statements (Exhibit B - balance sheet, income statement, or Independent Auditor's Report). No financial figures or auditor name are extractable from the provided pages.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 49 / 100 verdict
- 01HIGHActive pending litigation in Washington state regarding unregistered franchise sales creates legal uncertainty and potential forced rescission liability
- 02MINORNo Item 19 (average revenue/net income) disclosure prevents validation of ROI claims and suggests weak unit economics or poor performance data
- 03MINORMulti-state regulatory action pattern (Illinois, Maryland, Washington) indicates compliance failures and potential future enforcement actions
- 04MINORZero franchise fee model may indicate inability to generate upfront capital or desperation to recruit franchisees despite legal issues
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · 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 | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 5 mi |
| Territory population | 50,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Not allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 1 |
| Mandatory arbitration | Yes |
| Arbitration location | Charlotte, North Carolina |
| Jury trial waiver | Yes |
| Governing law | NC |
| Litigation count | 3 |
View Item 3 litigation summary
1) Illinois AG: OPT voluntarily reported selling unregistered franchise in Illinois; accepted Assurance of Voluntary Compliance, paid $2,000 civil penalty (concluded Aug 2025). 2) Maryland Securities Commission: consent order for selling unregistered franchise; paid $5,000 civil penalty (pending completion). 3) Washington DFI: pending regulatory matter for selling two unregistered franchises.
Items 10, 11
Training & Operations
- Classroom training
- 75 hrs
- On-the-job training
- 0 hrs
- Training location
- Virtual (Charlotte, NC or designated location)
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- joint
- Franchisor financing
- Not offered
- Item 10
- POS system
- Jane (EMR); also Google Workspace, MailChimp, Open Phone or Google Voice, Slack
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Jane (EMR); also Google Workspace, MailChimp, Open Phone or Google Voice, Slack
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Onward Physical Therapy franchise?
The total investment to open a Onward Physical Therapy franchise ranges from $37K – $147K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Onward Physical Therapy franchise owners earn?
Onward Physical Therapy 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 Onward Physical Therapy?
Onward Physical Therapy is franchised by Onward Physical Therapy, LLC. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Onward Physical Therapy 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 Onward Physical Therapy FDD and qualifies whose outlets they describe.
What is Onward Physical Therapy's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Onward Physical Therapy (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 Onward Physical Therapy franchise locations are there?
As of their most recent FDD filing, Onward Physical Therapy has 49 total units in the United States, including 48 franchised units and 1 company-owned units. 18 new units were opened in the latest reporting year.
Is Onward Physical Therapy a good franchise to buy?
FranchiseVerdict rates Onward Physical Therapy as a B-grade franchise with a verdict score of 49 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
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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.