Winger's Alehouse Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Winger's Alehouse is a casual-dining franchise serving wings, burgers, and American fare with a sports-bar feel. Franchisees run the restaurants, managing the kitchen, bar, and dining service.
FranchiseVerdict summary · 2026
A Winger's Alehouse franchise requires a total initial investment of $420K – $1.7M, including a $40K franchise fee. Per the 2025 FDD, average unit revenue was $3.0M[2]. SBA 7(a) loans show a 33.3% charge-off rate across 20 loans[1]. 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
- $420K – $1.7M
- 20th pct Service Resta…
- Avg gross sales
- $3.0M
- 13th pct Service Resta…
- Royalty
- N/A
- Units
- 21
- 20th pct Service Resta…
- SBA charge-off
- 33.3%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-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 $420K – $1.7M including a $40K franchise fee.
- RETURNSAverage unit revenue of $3.0M/year (median $2.7M).
- RISKVerdict C (Average), verdict score 40/100 (higher is better). SBA loan charge-off rate of 33.3% across 20 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Winger's Franchising, Inc.
- Parent company
- Winger's USA, Inc. (WUI)
- CEO title
- Director, CEO
- Eric E. Slaymaker
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Utah
- HQ
- 3950 South 700 East #302, Salt Lake City, Utah 84107
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $1.2M
- vs $1.1M prior year
Overview
About
- CEO
- Eric E. Slaymaker
- Headquarters
- UT
- Founded
- 1997
- FDD year
- 2025
- States available
- 5
Can you afford it, and what does the money buy?
Entry cost runs 9% below the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $40K | $40K |
| Working capital (3–6 mo) | $10K | $30K |
| Equipment, build-out, other | $370K | $1.6M |
| Total initial investment | $420K | $1.7M |
Source: Winger's Alehouse 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
- $420K – $1.7M
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $30K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Top 40% of category vs category
- Royalty
- Currently 4% of gross sales
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $370 |
| Training fee | $250 |
| Transfer fee | $5K |
| Renewal fee | $3K |
| Total fee load | 5.0% of rev |
A 5.0% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
What do units actually make?
Average unit sales run 74% above the full-service restaurants norm.
Source: FDD 2025 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$334K
11.0% margin
Unlevered ROIC
31%
EBITDA / total invested capital
Payback
3.2 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
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. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one Winger's Alehouse unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
31%
Within the 30–60% "attractive franchise" band
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%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 Winger's Alehouse units return on equity?
Equity IRR · 5-yr
40.2%
5.41× MOIC
Year-1 DSCR
2.11×
EBITDA ÷ debt service
Equity required
$3.5M
on $12.1M purchase
Total debt
$8.6M
SBA $5.0M + senior + seller note
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
- Avg gross sales
- $3.0M
- Per unit, per year
- Median gross sales
- $2.7M
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
- 5 outlets
- vs category median 18 · small
- Range (low → high)
- $2.6M→$4.0M
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 7 / 10
- vs category median 3 / 10 · above
Compared against 805 Full-Service Restaurants 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 $3.0M/year in gross sales. Revenue-to-investment ratio: 2.9x.
Fee burden
Total ongoing fee load of 5.0% — below the Full-Service Restaurants average of 7.6%.
Disclosure
Transparency score 7/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 5 outlets — treat as directional only.
Operator retention
System roughly stable (0.0% 3-year CAGR) with 21 units.
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 Full-Service Restaurants averages
How Winger's Alehouse Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 21
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 7.1%
- Company-owned
- 7
- Corporate units in the system
- % franchised
- 1%
- vs corporate-owned
- Net growth (3-yr)
- +0.0%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 1
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 0
- Franchisor's next-year forecast
- Transfer rate
- 4.8%
- Owners selling to other franchisees
- Termination rate
- 4.8%
- Franchisor-initiated terminations
- Ceased ops
- 4.8%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 5 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.
5
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.
- Total loans
- 20
- Loan volume
- $9.9M
- Median loan
- $493K
- average
- Charge-off rate
- 33.3%
- rates vary by category · see methodology
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
- 3
- Defaults
- 6
Explore lender portfolios on Bank Reports or regional data on State Reports.
A 33.3% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 33.3% — 108% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Winger's Alehouse flags financial distress with negative franchisor net worth of -$157,279, but posted positive net income of $321,484 on $1.19M revenue and strong avg gross sales of $3.04M. No litigation, no going-concern note; small 21-unit system with modest turnover (7.14%).
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 40 / 100 verdict
- 01MINORNegative franchisor net worth -$157,279
- 02MINORfinancial_distress=true
- 03MINORMitigants: positive net income $321,484, no litigation, no going-concern, strong avg gross sales $3.04M
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 5.0% 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 | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 4 mi |
| Territory population | 40,000 |
| 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 | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 60 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Salt Lake City, Utah |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 30 hrs
- On-the-job training
- 474 hrs
- Training location
- franchisee location
- Ongoing training
- Required
- Field support
- 96 hrs/yr
- On-site visits per year
- Time to open
- 6 mo
- From signing to launch
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Winger's Alehouse · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Winger's Alehouse franchise?
The total investment to open a Winger's Alehouse franchise ranges from $420K – $1.7M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Winger's Alehouse franchise owners earn?
According to Item 19 of the Winger's Alehouse FDD, the average gross sales per unit is $3.0M. The median is $2.7M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Winger's Alehouse 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 Winger's Alehouse FDD and qualifies whose outlets they describe.
What is Winger's Alehouse's franchise failure rate?
Based on SBA 7(a) loan data, Winger's Alehouse has a charge-off rate of 33.3% across 20 loans, meaning 33.3% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Winger's Alehouse franchise locations are there?
As of their most recent FDD filing, Winger's Alehouse has 21 total units in the United States, including 14 franchised units and 7 company-owned units. 1 new units were opened in the latest reporting year.
Is Winger's Alehouse a good franchise to buy?
FranchiseVerdict rates Winger's Alehouse as a C-grade franchise with a verdict score of 40 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
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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.