A&W vs Steak N Shake
Side-by-side figures from each brand's latest FDD Item 20 as we extracted them; verdicts are our opinion under the published methodology, and the source filing and year are on each brand's profile. Green marks the more favorable metric (lower for distress), not a recommendation to buy.
Units · latest run
-1.9% (2023–2025)
Net unit change
-24.6% (2021–2023)
Fair
Exit quality
Weak
Strong
Transfer / churn
Strong
1.2× expected (19 of 90)
SBA losses vs same-year loans
0.8× expected (7 of 58)
—
Distress
—
$30,000
Franchise fee
$25,000
$301K–$1.6M
Investment range
$156K–$2.3M
5%
Royalty
5%
Disclosed
Earnings (Item 19)
Disclosed
A&W
Steak N Shake
Before you sign anythingfree · 30 min · no commission
A broker is usually paid by the franchisor to place you. I'm paid only by you, never by a franchisor you're considering — and the job is pressure-testing the numbers, including talking you out of a bad deal.
Don Drummond — internal audit and controls background · what I charge