Steak N Shake vs Milkshake Factory
Franchise Comparison 2026
Both Steak N Shake and Milkshake Factory are full-service restaurants franchises. Steak N Shake requires an investment of $259K – $998K while Milkshake Factory requires $510K – $773K. Steak N Shake has SBA lending data on file with a 15.2% charge-off rate. FranchiseVerdict rates Steak N Shake B (Above average) and Milkshake Factory B (Above average).
| Metric | Steak N Shake | Milkshake Factory |
|---|---|---|
| Verdict Grade | BAbove averageAbove average | BAbove averageAbove average |
| Investment Range | $259K – $998K | $510K – $773K |
| Franchise Fee | $10K | $60K |
| Royalty Rate | 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." | 6.0% |
| Average Revenue (Item 19) | N/A | N/AOutlet subset |
| SBA Charge-Off Rate | 15.2% (38 loans) | Limited data |
| Total Units | 387 | 14 |
| Unit Growth (YoY) | N/A | N/A |
| Year Began Franchising | 1939 | 2023 |
| FDD Year | 2026 | 2025 |
Investment Range
$259K – $998K
$510K – $773K
Franchise Fee
$10K
$60K
Royalty Rate
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."
6.0%
Average Revenue (Item 19)
N/A
N/AOutlet subset
SBA Charge-Off Rate
15.2% (38 loans)
Limited data
Total Units
387
14
Unit Growth (YoY)
N/A
N/A
Year Began Franchising
1939
2023
FDD Year
2026
2025