Wings OverFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Wings Over franchise requires a total initial investment of $198K – $702K, including a $30K franchise fee and an ongoing 5.0% royalty[2]. Per the 2023 FDD, average unit revenue was $1.4M[2]. SBA 7(a) loans show a 0.0% charge-off rate across 10 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2023 FDD issuance
Overview
- Investment
- $198K – $702K
- 10th pct Service Resta…
- Avg gross sales
- $1.4M
- 15th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 35
- 33rd pct Service Resta…
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Each dollar invested generates 3.2x in gross revenue, well above the typical 1.5-2.5x range.
Only 0.0% of 10 SBA loans charged off, well below the 16% franchise average.
Franchised units fell from 29 to 26 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $198K – $702K including a $30K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $1.4M/year (median $1.3M).
- Verdict A (Top Quintile) with a risk score of 47/100. SBA loan charge-off rate of 0.0% across 10 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- 3 units terminated last reporting year (8.6% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Wings Over, Inc.
- Parent company
- Matcal NV, Inc.
- Incorporated in
- DE
- HQ
- 6320 McLeod Drive, Unit 2, Las Vegas, NV 89120
- Auditor
- Citrin Cooperman & Company, LLP
- Audited financials
- Franchisor revenue
- $568K
- vs $817K prior year
Overview
About
Wings Over franchisees operate quick-service restaurants specializing in chicken wings, running daily operations including food prep, customer service, delivery/carryout fulfillment, and inventory management. Typical location involves counter service with limited seating, high throughput during peak hours, and coordination with delivery platforms or in-house delivery logistics.
- CEO
- Kevin Mok
- Headquarters
- NV
- Founded
- 2000
- FDD year
- 2023
- States available
- 10
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $12K | $45K |
| Equipment, build-out, other | $156K | $627K |
| Total initial investment | $198K | $702K |
Source: Wings Over 2023 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
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
$158K
11.0% margin
Unlevered ROIC
33%
EBITDA / total invested capital
Payback
3.0 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $198K – $702K
- Better than avg vs category
- Liquid capital req'd
- $12K – $45K
- Better than avg vs category
- Franchise fee
- $30K – $30K
- Better than avg vs category
- Royalty
- 5.0%
- Gross Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $100 |
| Training fee | $6K |
| Transfer fee | $10K |
| Renewal fee | $8K |
| Total fee load | 7.0% of rev |
Financial Performance
- Avg gross sales
- $1.4M
- Per unit, per year
- Median gross sales
- $1.3M
- Item 19 type
- gross_sales
- Sample size
- 25 units
- vs category median 13
- Range (low → high)
- $668K→$3.2M
- Cohort dispersion (min → max)
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Wings Over Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 35
- Opened
- 2
- Last reporting year
- Closed
- 3
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 8.6%
- Company-owned
- 6
- Corporate units in the system
- % franchised
- 83%
- vs corporate-owned
- Net growth (yr3)
- -3.3%
- Net unit change last year
- 3-yr CAGR
- +11.5%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 1
- Transfer rate
- 2.9%
- Owners selling to other franchisees
- Termination rate
- 8.6%
- Franchisor-initiated terminations
- Ceased ops
- 11.4%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 10 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
- $3.4M
- Median loan
- $280K
- 50th percentile
- Charge-off rate
- 0.0%
- 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)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 7
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Wings Over'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 4 states
- Startup risk premium and job creation velocity
- 5-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 10 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Wings Over presents elevated risk due to system contraction, undisclosed profitability metrics, and franchisor going concern issues that warrant deep financial and operational validation before investment.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Citrin Cooperman & Company, LLP
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 47 / 100 rating
- 01MINORDeclining unit count (-3.3% YoY) signals system contraction and potential franchisee dissatisfaction
- 02MEDNo disclosed net income data prevents ROI validation despite $1.4M average revenue
- 03MINORWide investment range ($198K-$701K) suggests inconsistent unit economics or hidden costs
- 04HIGHGoing Concern status is FALSE — indicates potential financial instability at franchisor level
- 05MINOR5% royalty on gross sales creates fixed cost burden regardless of profitability
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | Radius or geographic area |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 0.3 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | New York |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 196 hrs
- Ongoing training
- Required
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
16 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Wings Over · FDD (2023) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Wings Over franchise?
The total investment to open a Wings Over franchise ranges from $198K – $702K, 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 Wings Over franchise owners earn?
According to Item 19 of the Wings Over FDD, the average gross sales per unit is $1.4M. The median is $1.3M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Wings Over's franchise failure rate?
Based on SBA 7(a) loan data, Wings Over has a charge-off rate of 0.0% across 10 loans, meaning 0.0% 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 Wings Over franchise locations are there?
As of their most recent FDD filing, Wings Over has 35 total units in the United States, including 29 franchised units and 6 company-owned units. 2 new units were opened in the latest reporting year.
Is Wings Over a good franchise to buy?
FranchiseVerdict rates Wings Over as a A-grade franchise with a risk score of 47 out of 100, 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.
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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.