Papa Ray's Pizza & Wings
Bottom line
- Total investment $214K – $464K including a $30K franchise fee, 5.0% ongoing royalty.
- No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
- Rated CAUTION with a risk score of 72/100. SBA loan default rate of 0.0% across 2 loans (below the industry average).
- No Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
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 Papa Ray's Pizza & Wings unit return on the cash you put in?
Unlevered ROIC · per unit
30%
In Yale's "attractive" band (30–60%)
Overview
About
Franchisees operate fast-casual pizza and wings restaurants, managing food preparation, counter/delivery service, inventory, staff scheduling, and local marketing. Daily operations involve managing 8-15 employees, maintaining food safety/health compliance, and handling 40-100 customer transactions per day across dine-in, carryout, and delivery channels.
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 12 · 2 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.
2
states with franchisees (per FDD Item 12)
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
Papa Ray's exhibits critical systemic decline with a collapsing unit base, undisclosed financials preventing ROI assessment, and potential going concern issues—representing high risk for new franchisees.
Score breakdown · what drove the 72 / 100 rating
- 01MEDSystem collapse: 5 units represents 33.3% unit decline year-over-year—indicates franchisees are exiting
- 02MINORNo financial disclosure: Franchisor refuses to disclose average unit volumes or net income in Item 19—prevents ROI validation
- 03HIGHGoing concern status: 'False' indicates franchisor may have solvency or operational sustainability issues
- 04MINORWide investment range: $213K-$464K spread (117% variance) suggests inconsistent unit economics and poor cost controls
- 05MEDWeak royalty recovery: 5% royalty on undisclosed revenue means franchisor lacks incentive to support struggling franchisees
- 06MINORMinimal franchise fee relative to startup: $30K fee on $213K-$464K investment signals low barrier to entry and high franchisee risk absorption
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
2 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Papa Ray's Pizza & Wings · FDD (2025) PDF