Water Wings Swim School Franchise Cost, Revenue & Review 2026
- Investment
- $994K – $1.4M
- Disclosed sales
- $1.6M
- gross sales, not profit
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Water Wings Swim School is a children's education franchise offering learn-to-swim lessons and water safety programs. Franchisees run local operations, managing instructors, scheduling, and enrollment.
FranchiseVerdict summary · 2026
A Water Wings Swim School franchise requires a total initial investment of $994K – $1.4M, including a $50K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.6M[2]. FranchiseVerdict grade: C (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: 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 scored6 of 7 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $994K – $1.4M
- 74th pct Education
- Avg gross sales
- $1.6M
- Company-owned only
- Royalty
- 6.0%
- 7th pct Education
- Units
- 12
- 30th pct Education
- SBA charge-off
- N/A
Quick verdict · Education · color = vs category peers
Green = favorable by >10% vs Education 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 $994K – $1.4M including a $50K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.6M/year (company-owned outlets only - not franchisee performance), with an estimated 29% cash-on-cash return (based on EBITDA $9).
- RISKVerdict C (Average), verdict score 40/100 (higher is better).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed) (Item 20).
- EARLYEmerging franchise: only 1 year of franchising with 12 units. Early-stage systems carry higher risk but may offer better territory availability.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- WW Franchise, LLC
- Parent company
- WW Topco, LLC
- FDD Item 1, page 8 of the 2025 FDD
- Ultimate parent
- UA Holdings, LLC
- FDD Item 1, page 8 of the 2025 FDD
- CEO title
- President
- Avi Shafshak
- Incorporated in
- Delaware
- HQ
- 2350 Airport Freeway, Suite 505, Bedford, Texas 76022
- Auditor
- Deloitte & Touche LLP
- Audited financials
- Franchisor revenue
- $194.7M
- vs $151.5M prior year
Same owner · FDD Item 1, page 8
6 other brands on this site name UA Holdings, LLC as parent or ultimate parent in their own FDD.
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
- Avi Shafshak
- Headquarters
- TX
- Founded
- 2025
- FDD year
- 2025
- States available
- 4
Can you afford it, and what does the money buy?
Entry cost runs 522% above the typical education franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $30K | $60K |
| Equipment, build-out, other | $914K | $1.3M |
| Total initial investment | $994K | $1.4M |
Source: Water Wings Swim School 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
- $994K – $1.4M
- Bottom third — review vs category
- Liquid capital req'd
- $30K – $60K
- Middle of category vs category
- Franchise fee
- $50K – $50K
- Middle of category vs category
- Royalty
- 6.0%
- Set by a formula · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 3.5 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $400 |
| Transfer fee | $25K |
| Renewal fee | $25K |
| Inventory (initial) | $6K – $9K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales run 302% above the education norm.
Company-owned outlets only - not franchisee performance
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Water Wings Swim School until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
Total invested capital · disclosed
$1.3M
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $629K as EBITDA $9. This is a disclosed figure, not our estimate — we publish no modelled profit for Water Wings Swim School.
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Water Wings Swim School 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 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.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
Company-owned outlets only - not franchisee performance
- Avg gross sales
- $1.6M
- Per unit, per year
- Avg ebitda $9
- $629K
- Reported as EBITDA $9 in FDD Item 19
- Cash-on-cash
- 28.6%
- Based on EBITDA $9 / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross sales
- Sample size
- 6 outlets
- vs category median 16 · small
- Range (low → high)
- $1.0M→$2.7MCited, not corroborated — printed on page 60 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 204 Education brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.6M/year in gross sales. Revenue-to-investment ratio: 1.4x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 8.0% (near the Education median).
Disclosure
Transparency score 6/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
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 Education medians
How Water Wings Swim School Compares
Category median of published Education 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
- 12
- Opened
- 0
- 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
- 12
- 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
- Projected new
- 1
- Franchisor's next-year forecast
No multi-year history disclosed and no opening/closing activity in the last reporting year.
Item 20 · 3 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
3 current owners across 3 states.
- CA 1
- ID 1
- TX 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.
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).
Four concluded matters involving affiliated brands (Snapology, UATP, Class 101, Premier Martial Arts): two state franchise-registration consent orders (Maryland/Snapology, California/PMA), one commercial contract dispute (UATP v. Leap of Faith Adventures, settled for $5,000,000 payment to defendant), and one employment/ownership buyback dispute (Class 101, settled for $275,000 buyback). No litigation directly involving Water Wings.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Deloitte & Touche LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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: Yes
Score breakdown · what drove the 40 / 100 verdict
- 01MINOR4 affiliate matters incl. two registration consent orders + $5M UATP settlement
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 | 2 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 10,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 16 |
| Curable defaultsℹ | 16 |
| Mandatory arbitration | Yes |
| Arbitration location | Texas (Tarrant County area) |
| Jury trial waiver | Yes |
| Governing law | Texas |
| Litigation count | 4 |
View Item 3 litigation summary
Four concluded matters involving affiliated brands (Snapology, UATP, Class 101, Premier Martial Arts): two state franchise-registration consent orders (Maryland/Snapology, California/PMA), one commercial contract dispute (UATP v. Leap of Faith Adventures, settled for $5,000,000 payment to defendant), and one employment/ownership buyback dispute (Class 101, settled for $275,000 buyback). No litigation directly involving Water Wings.
Items 10, 11
Training & Operations
- Classroom training
- 16 hrs
- On-the-job training
- 104 hrs
- Ongoing training
- Required
- Site selection
- franchisor approves sites within Protected Area
- Franchisor financing
- Not offered
- Item 10
- POS system
- WW Software
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: WW Software
Item 20 · call current owners
Franchisee Contacts
3 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 Water Wings Swim School franchise?
The total investment to open a Water Wings Swim School franchise ranges from $994K – $1.4M, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Water Wings Swim School franchise owners earn?
According to Item 19 of the Water Wings Swim School FDD, the average gross sales per unit is $1.6M. Important context: Company-owned outlets only - not franchisee performance. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Water Wings Swim School?
Water Wings Swim School is franchised by WW Franchise, LLC. Its parent company is WW Topco, LLC. The ultimate parent named in the FDD is UA Holdings, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Water Wings Swim School 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 Water Wings Swim School FDD and qualifies whose outlets they describe.
What is Water Wings Swim School's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Water Wings Swim School (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 Water Wings Swim School franchise locations are there?
As of their most recent FDD filing, Water Wings Swim School has 12 total units in the United States.
Is Water Wings Swim School a good franchise to buy?
FranchiseVerdict rates Water Wings Swim School as a C-grade franchise with a verdict score of 40 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?
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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.