Thai Express Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Thai Express is a quick-service franchise serving made-to-order Thai noodles, curries, and rice bowls. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Thai Express franchise requires a total initial investment of $360K – $950K, including a $30K franchise fee and an ongoing 6.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $360K – $950K
- 60th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 46th pct Service Resta…
- Units
- 6
- 27th 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 avg · 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 $360K – $950K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSNo Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- RISKVerdict C (Average), verdict score 44/100 (higher is better).
- LEGAL20 litigation matters disclosed in Item 3, higher than typical. Review the summary for patterns (franchisor-initiated vs. franchisee-initiated).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- MTY Franchising USA, Inc.
- Parent company
- MTY Franchising Inc. (MTY Canada)
- Ultimate parent
- MTY Food Group, Inc.
- Predecessor
- The Extreme Pita Franchising USA, Inc.
- Prior franchisor entity
- CEO title
- Chief Executive Officer of MTY
- Eric Lefebvre
- Incorporated in
- Tennessee
- HQ
- 9311 E. Via de Ventura, Scottsdale, Arizona 85258
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $597.5M
- vs $606.6M prior year
Overview
About
- CEO
- Eric Lefebvre
- Headquarters
- AZ
- Founded
- 2001
- FDD year
- 2025
- States available
- 5
Can you afford it, and what does the money buy?
Entry cost is about average for a 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 | $30K | $30K |
| Working capital (3–6 mo) | $25K | $36K |
| Equipment, build-out, other | $305K | $884K |
| Total initial investment | $360K | $950K |
Source: Thai Express 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
- $360K – $950K
- Middle of category vs category
- Liquid capital req'd
- $25K – $36K
- Middle of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 6.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $200 |
| Training fee | $2K |
| Transfer fee | $15K |
| Renewal fee | $50 |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Thai Express did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Thai Express unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
14%
Below the 30–60% attractive-franchise band
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
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
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 9.0% (near the Quick-Service Restaurants average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System shrank 33.3% over 3 years — 2 closures. Ask existing franchisees about local market conditions.
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 averages
How Thai Express Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 6
- Opened
- 0
- Last reporting year
- Closed
- 2
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 83%
- vs corporate-owned
- Net growth (3-yr)
- -33.3%
- Net unit change over 3 years
- 3-yr CAGR
- -33.3%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 12
- Franchisor's next-year forecast
- Continuity rate
- 71.4%
- Units that stayed open
- Ceased ops
- 33.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 11 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 10
- Loan volume
- $3.8M
- Median loan
- $373K
- 50th percentile
- Charge-off rate
- N/A
- no resolved loans yet — rate needs a terminal outcome
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
- 7
- Defaults
- 4
- Typical loan rate
- 7.0%
- avg rate to borrowers
- Franchised industry avg
- 10.8%
- n=12,827 loans
- Jobs supported
- 119
- 3.1 per loan
- Lender concentration
- 20%
- top lender's share
Borrower mix: 89% went to startups / new businesses, 11% to established operators
Franchise vs independent — in limited-service restaurants, franchised businesses charge off at 10.8% vs 10.0% for independents — franchising is associated with 8% higher SBA default risk in this category.
Top lenders financing Thai Express franchisees
Showing 3 of 7 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.
Premium insight
SBA Lending Report
Deep-dive into Thai Express's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 7 lenders with concentration factor
- Per-state charge-off rates across 7 states
- Startup risk premium and job creation velocity
- 4-year lending trend
Instant access. No subscription.
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
Small US Thai Express system (6 units) under MTY/Kahala with parent-level financials (net worth $252.9M, net income $16.98M). 14 disclosed litigation matters involve MTY predecessors and affiliated Kahala brands, not Thai Express directly. Net growth -33.3% reflects the tiny unit base. No bankruptcy or going-concern.
Litigation (Item 3)
Two concluded cases involving franchisor predecessors: (1) Purav Enterprises, L.L.C., et al. v. The Extreme Pita Franchising USA, Inc., et al. (Washington Superior Court, Case No. 15-2-15120-7) - settled March 11, 2016 for $20,000. Plaintiffs alleged FIPA violations, misrepresentation of financial performance, and unregistered broker activity. (2) KOHO, Inc. v. Kahala Franchising, L.L.C. (California Superior Court, Case No. BC572565) - settled June 19, 2017 whereby Kahala repurchased Area Developer territory for $75,000 and forgave $130,000 in damages.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ 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 44 / 100 verdict
- 01HIGH14 litigation matters, but tied to affiliates/predecessors, not the Thai Express brand
- 02MINORParent-level financials (net worth $252.9M, net income $16.98M) — not penalized on brand equity
- 03MINORNet growth -33.3% off a 6-unit base
- 04MINORNo bankruptcy/going-concern; audited
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% 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 |
| Allowed renewalsℹ | 1 |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 90 days |
| Mandatory arbitration | Yes |
| Arbitration location | county where the franchised business is located |
| Governing law | Arizona |
| Litigation count | 20 |
View Item 3 litigation summary
Two concluded cases involving franchisor predecessors: (1) Purav Enterprises, L.L.C., et al. v. The Extreme Pita Franchising USA, Inc., et al. (Washington Superior Court, Case No. 15-2-15120-7) - settled March 11, 2016 for $20,000. Plaintiffs alleged FIPA violations, misrepresentation of financial performance, and unregistered broker activity. (2) KOHO, Inc. v. Kahala Franchising, L.L.C. (California Superior Court, Case No. BC572565) - settled June 19, 2017 whereby Kahala repurchased Area Developer territory for $75,000 and forgave $130,000 in damages.
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 160 hrs
- Field support
- 160 hrs/yr
- On-site visits per year
- POS system
- Focus POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Focus POS
Item 20 · call current owners
Franchisee Contacts
17 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Thai Express · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Thai Express franchise?
The total investment to open a Thai Express franchise ranges from $360K – $950K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Thai Express franchise owners earn?
Thai Express 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 Item 19 in the Thai Express 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 Thai Express FDD and qualifies whose outlets they describe.
What is Thai Express's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Thai Express (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 Thai Express franchise locations are there?
As of their most recent FDD filing, Thai Express has 6 total units in the United States, including 5 franchised units and 1 company-owned units.
Is Thai Express a good franchise to buy?
FranchiseVerdict rates Thai Express as a C-grade franchise with a verdict score of 44 out of 100 (higher is better), 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
Are you the franchisor?
If you represent Thai Express, you can request corrections or provide updated information.
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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.