Thai Express Franchise Cost, Revenue & Review 2026
- Investment
- $486K – $950K
- Disclosed sales
- not disclosed
- SBA charge-off
- Limited · 10 loans
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 $486K – $950K, including a $30K franchise fee and an ongoing 6.0% 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: D (Below 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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $486K – $950K
- 74th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 48th 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 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 $486K – $950K including a $30K franchise fee, 6.0% 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 D (Below average), verdict score 30/100 (higher is better).
- GROWTHNegative, pipeline stalled: 12 agreements signed but not yet open against 6 open outlets (Item 20).
- 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)
- FDD Item 1, page 7 of the 2025 FDD
- Ultimate parent
- MTY Food Group, Inc.
- FDD Item 1, page 7 of the 2025 FDD
- 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
Same owner · FDD Item 1, page 7
26 other brands on this site name MTY Food Group, Inc. as parent or ultimate parent in their own FDD.
- Barrio QueenC
- BlimpieD
- Chicken Strips and DipsD
- Cold Stone CreameryC
- Extreme PitaF
- Famous Dave’sB
- Ginger Sushi + Poke ShopC
- GrabbagreenC
- Great SteakC
- Kahala Coffee TradersB
- La DiperieB
- Manchu WOKB
- Maui WowiD
- Mucho BurritoB
- NrGize Lifestyle CafeB
- Papa Murphy'sA
- PinkberryB
- Planet SmoothieC
- Samurai Sam’s Teriyaki GrillB
- Sauce Pizza / WineD
- Surf City SqueezeD
- TacoTimeC
- Village InnD
- Wetzel’s PretzelsA
- +2 more
Portfolio: MTY Food Group
Grouped by the owner's name as each filing prints it (this page: the 2025 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
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 runs 48% above 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 | $30K | $30K |
| Working capital (3–6 mo) | $25K | $36K |
| Equipment, build-out, other | $431K | $884K |
| Total initial investment | $486K | $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
- $486K – $950K
- Bottom third — review 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%
- 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 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 Thai Express 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 9.0% — above the Quick-Service Restaurants median of 7.5%.
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 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 medians
How Thai Express 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
- 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
- 33.3%
- 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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Signed, not yet open
- 12
- 2.00 per open outlet · Item 20 Table 5
- Projected new
- 0
- 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.
Where the owners are · Item 20 owner list
17 current owners across 11 states.
- CA 4
- TX 4
- FL 1
- HI 1
- MN 1
- NC 1
- NJ 1
- NV 1
- OH 1
- OR 1
- UT 1
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.
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
- Limited · 10 loans
- Limited SBA coverage: 10 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 · 10 loans
- 5-yr charge-off
- Limited · 10 loans
- 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.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Thai Express from SBA 7(a) FOIA data.
- Principal loss rate
- 30.3%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 7.03%
- Avg chargeoff amount
- $291K
- Lender concentration
- 20.0%
- Job velocity
- 3.1 per $100K
- NAICS benchmark
- 8.7%
- NAICS 722513
- Jobs supported
- 119
Top SBA lendersTop lender holds 20% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Cadence Bank | 2 | $950K | 0.0% |
| 2 | JPMorgan Chase Bank, National Association | 2 | $630K | 100.0% |
| 3 | Stearns Bank National Association | 2 | $706K | 0.0% |
| 4 | CRF Small Business Loan Company, LLC | 1 | $275K | N/A |
| 5 | Seacoast National Bank | 1 | $711K | 100.0% |
| 6 | First Bank | 1 | $219K | 100.0% |
| 7 | Georgia's Own Credit Union | 1 | $350K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| AZArizona | 3 | 2 | 66.7% |
| NVNevada | 2 | 0 | 0.0% |
| FLFlorida | 1 | 1 | 100.0% |
| GAGeorgia | 1 | 0 | 0.0% |
| NCNorth Carolina | 1 | 0 | 0.0% |
| OROregon | 1 | 0 | -- |
| TXTexas | 1 | 1 | 100.0% |
SBA 7(a) lending trend
Borrower profile
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
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)
Subject: the franchisor is a named party (defendant).
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)
Franchisor consolidated financials (MTY Franchising USA, Inc., includes multiple Kahala/MTY brands, not Thai Express alone) for FY ended Nov 30, 2023 vs 2022, in thousands USD converted to dollars.
ⓘ 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 30 / 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 |
| Termination groundsℹ | 20 |
| Curable defaultsℹ | 10 |
| 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
- Ongoing training
- Required
- Field support
- 160 hrs/yr
- On-site visits per year
- Site selection
- Franchisor assists in site selection; final decision by franchisee
- Franchisor financing
- Not offered
- Item 10
- 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
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 $486K – $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 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 Thai Express?
Thai Express is franchised by MTY Franchising USA, Inc.. Its parent company is MTY Franchising Inc. (MTY Canada). The ultimate parent named in the FDD is MTY Food Group, Inc.. Source: FDD Item 1, 2025 filing.
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 D-grade franchise with a verdict score of 30 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?
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.