Penn Station, Inc. vs Milkshake Factory
Franchise Comparison 2026
Both Penn Station, Inc. and Milkshake Factory are full-service restaurants franchises. Penn Station, Inc. requires an investment of $441K – $820K while Milkshake Factory requires $510K – $773K. Penn Station, Inc. discloses average revenue of $820K; no Item 19 revenue figure is on file for Milkshake Factory. Note: Reported as net sales, not gross sales. Penn Station, Inc. has SBA lending data on file with a 2.0% charge-off rate. FranchiseVerdict rates Penn Station, Inc. A (Strongest tier) and Milkshake Factory B (Above average).
| Metric | Penn Station, Inc. | Milkshake Factory |
|---|---|---|
| Verdict Grade | AStrongest tierStrongest tier | BAbove averageAbove average |
| Investment Range | $441K – $820K | $510K – $773K |
| Franchise Fee | $25K | $60K |
| Royalty Rate | 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") | 6.0% |
| Average Revenue (Item 19) | $820K | N/AOutlet subset |
| SBA Charge-Off Rate | 2.0% (50 loans) | Limited data |
| Total Units | 322 | 14 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 1987 | 2023 |
| FDD Year | N/A | 2025 |
Investment Range
$441K – $820K
$510K – $773K
Franchise Fee
$25K
$60K
Royalty Rate
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")
6.0%
Average Revenue (Item 19)
$820K
N/AOutlet subset
SBA Charge-Off Rate
2.0% (50 loans)
Limited data
Total Units
322
14
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
1987
2023
FDD Year
N/A
2025