Milkshake Factory vs Penn Station, Inc.
Franchise Comparison 2026
Both Milkshake Factory and Penn Station, Inc. are full-service restaurants franchises. Milkshake Factory requires an investment of $510K – $773K while Penn Station, Inc. requires $441K – $820K. Penn Station, Inc. discloses average revenue of $820K; Milkshake Factory does not report Item 19 data. Penn Station, Inc. has SBA lending data on file with a 2.0% charge-off rate. FranchiseVerdict rates Milkshake Factory B (Above average) and Penn Station, Inc. A (Strongest tier).
| Metric | Milkshake Factory | Penn Station, Inc. |
|---|---|---|
| Verdict Grade | BAbove averageAbove average | AStrongest tierStrongest tier |
| Investment Range | $510K – $773K | $441K – $820K |
| Franchise Fee | $60K | $25K |
| Royalty Rate | 6.0% | Tiered monthly royalty on net sales: 0-2% on net sales <$30,000 (0% during 5-yr abatement window, else 2%); 3% on $30,000-$35,000; 4% on $35,000-$40,000; 5% on $40,000-$45,000; 6% on $45,000-$50,000; 7% on $50,000-$55,000; 8% on net sales >$55,000 (monthly tiers, "Current Royalty Rates") |
| Average Revenue (Item 19) | N/AOutlet subset | $820K |
| SBA Charge-Off Rate | Limited data | 2.0% (50 loans) |
| Total Units | 14 | 322 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 2023 | 1987 |
| FDD Year | 2025 | N/A |
Investment Range
$510K – $773K
$441K – $820K
Franchise Fee
$60K
$25K
Royalty Rate
6.0%
Tiered monthly royalty on net sales: 0-2% on net sales <$30,000 (0% during 5-yr abatement window, else 2%); 3% on $30,000-$35,000; 4% on $35,000-$40,000; 5% on $40,000-$45,000; 6% on $45,000-$50,000; 7% on $50,000-$55,000; 8% on net sales >$55,000 (monthly tiers, "Current Royalty Rates")
Average Revenue (Item 19)
N/AOutlet subset
$820K
SBA Charge-Off Rate
Limited data
2.0% (50 loans)
Total Units
14
322
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
2023
1987
FDD Year
2025
N/A