Milkshake Factory vs Steak N Shake
Franchise Comparison 2026
Both Milkshake Factory and Steak N Shake are full-service restaurants franchises. Milkshake Factory requires an investment of $510K – $773K while Steak N Shake requires $259K – $998K. Steak N Shake has SBA lending data on file with a 15.2% charge-off rate. FranchiseVerdict rates Milkshake Factory B (Above average) and Steak N Shake B (Above average).
| Metric | Milkshake Factory | Steak N Shake |
|---|---|---|
| Verdict Grade | BAbove averageAbove average | BAbove averageAbove average |
| Investment Range | $510K – $773K | $259K – $998K |
| Franchise Fee | $60K | $10K |
| Royalty Rate | 6.0% | Not a simple percentage royalty. Franchise Partner pays a "System Fee" equal to the Established Percentage (up to 15%) of monthly Gross Receipts minus equipment rental and Admin Services Fee, plus an "Additional System Fee" equal to 50% of the Restaurant's monthly Net Profit; franchisee retains a contractual Minimum Profit ($1,000/month) plus 50% of Net Profit as "Additional Profit." |
| Average Revenue (Item 19) | N/AOutlet subset | N/A |
| SBA Charge-Off Rate | Limited data | 15.2% (38 loans) |
| Total Units | 14 | 387 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 2023 | 1939 |
| FDD Year | 2025 | 2026 |
Investment Range
$510K – $773K
$259K – $998K
Franchise Fee
$60K
$10K
Royalty Rate
6.0%
Not a simple percentage royalty. Franchise Partner pays a "System Fee" equal to the Established Percentage (up to 15%) of monthly Gross Receipts minus equipment rental and Admin Services Fee, plus an "Additional System Fee" equal to 50% of the Restaurant's monthly Net Profit; franchisee retains a contractual Minimum Profit ($1,000/month) plus 50% of Net Profit as "Additional Profit."
Average Revenue (Item 19)
N/AOutlet subset
N/A
SBA Charge-Off Rate
Limited data
15.2% (38 loans)
Total Units
14
387
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
2023
1939
FDD Year
2025
2026