Quick Verdict · who it fits
Steak 'n Shake fits owner-operators looking for a mid-scale food & beverage concept.
The numbers a buyer needs first — straight from the filing.
Initial investment (Item 7)
$259K - $998K
Franchise fee (Item 5)
$10K
Royalty (Item 6)
15% + 10% ad
System size (Item 20)
261
Agreement term
10 yrs
Years in business
21+ yrs
Company-owned units
126
Item 3 litigation
5 suits
Model Steak 'n Shake's costs in the investment calculator → Prefilled from this filing — startup cost, cash flow and break-even.
Buyer qualifications
•No exclusive territory•Owner-operator required✓No bankruptcy disclosed•5 Item 3 cases
Data extracted from the 2026 FDD filed with state regulators. Fees and terms may have changed since filing — request the current FDD from the franchisor before deciding. Not legal, financial, or investment advice. Full disclaimer.
Drag to your projected annual sales. Royalty 15% + ad fund 10% on gross sales.
PROJECTED ANNUAL SALES$500,000
$100k$2M
Royalty (15%)
—
Ad fund (10%)
—
Total / year
—
▪ Of-sales fees only · excludes rent, labor, COGS, and one-time costs · for illustration
Free AI summary — the first read on the filing.
426
Total units open
3 traditional franchises
Units opened last year
21 traditional franchises and 18 Franchise Partner locations
Units closed last year
-30 units
Net unit growth
436 at end of FY23 to 406 at end of FY24
What our analysis flagged across the 2026 filing.
5
Risks to review
4
Strengths identified
5
Questions to ask
How Steak 'n Shake ranks against 811 Food & Beverage peers we've analyzed.
Initial investment
33rd pct · of 811 peers
Franchise fee
2nd pct · of 811 peers
System size
87th pct · of 811 peers
Food & Beverage industry averages
Avg investment
$528K - $1.3M
Avg franchise fee
$38K
Avg system size
235
Franchises analyzed
811
Closest concepts by category and investment.
| Brand | Item 19 | Fee | Investment | Royalty | Units |
|---|---|---|---|---|---|
| Steak 'n Shake | Disclosed | $10K | $259K - $998K | 15% | 261 |
| JbrSimilar price | Disclosed | $30K | $576K - $998K | 6% | 14 |
| Doctor's AssociatesBiggest system | None | $15K | $227K - $630K | 8% | 18,773 |
| Vintage Hospitality GroupTop-rated in category | Disclosed | $50K | $3.5M - $6.4M | 5.5% | 33 |
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Free explainers to go deeper before you sign.
Brand Analysis
The 2026 Cinnabon Franchisor SPV LLC disclosure puts a Full Bakery at $196,250 to $715,100 with a $35,500 fee, and reports a $600,536 median across 189 enclosed mall bakeries.
Brand Analysis
Chipotle reported 4,186 company-operated restaurants and 15 international licensed restaurants as of June 30, 2026. None are franchised, there is no FDD, and there is nothing to apply for. Qdoba is the franchised version of the same order line, and its 12/25 FDD puts a traditional restaurant at $548,100 to $1,294,000.
Brand Analysis
Cracker Barrel Old Country Store, Inc. reported 656 company-operated stores in 43 states as of January 30, 2026, and the brand has never sold a franchise. Huddle House and Another Broken Egg cover the same daypart with filed FDDs, at $555,375 to $1,715,275 and $792,500 to $1,804,000.
Steak 'n Shake requires a $10,000 initial franchise fee and a total initial investment range of $259,336–$997,942, per the most recent FDD on file.
Steak 'n Shake is franchised by Steak n Shake Enterprises, Inc., the franchisor entity of record on its Franchise Disclosure Document. Item 1 of the FDD discloses the franchisor's corporate history, parents, and predecessors.
Yes. Steak 'n Shake discloses Item 19 financial performance representations in its FDD. See the financials sub-page for the disclosed figures.
Franchisees pay a royalty of Established Percentage not to exceed 15% of Gross Receipts and an advertising fund contribution of 10% on gross sales as defined in Item 6 of the FDD.
As of their 2026 FDD, Steak 'n Shake has 261 total locations. This information comes from Item 20 of the FDD.
No. Steak 'n Shake does not grant exclusive territory rights under Item 12. The franchisor retains the right to operate or grant additional units inside or adjacent to your trade area.
Per the FDD, Steak 'n Shake discloses an initial agreement term of 10 years, a renewal fee of $12,500, a transfer fee of $5,000. Review Items 10 and 17 for the full renewal and termination provisions.
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