Franopolis
    vs

    Franchise opportunities compared

    Code Ninjas vs SPEC

    Reviewed figures from each brand's Franchise Disclosure Document (FDD), side by side. Each figure carries its FDD year and page. This is not a ranking or recommendation, and the two FDDs may cover different years and location groups.

    Code Ninjas2025 FDDSPEC2026 FDD

    Initial investment · Item 7

    Code Ninjas

    $174,750 – $298,250

    2025 FDD · Item 7 · PDF p. 23

    SPEC

    $1,052,420 – $2,073,674

    2026 FDD · Item 7

    Initial franchise fee · Item 5

    Code Ninjas

    Not available

    SPEC

    $49,000

    2026 FDD · Item 5 · PDF p. 11

    Royalty · Item 6

    Code Ninjas

    $500

    2025 FDD · Item 6 · PDF p. 15

    SPEC

    6%

    2026 FDD · Item 6 · PDF p. 11

    Before you compare

    • Code Ninjas figures come from its 2025 FDD and SPEC figures from its 2026 FDD, so the years differ.
    • SPEC discloses more than one business format, so the investment range spans formats; the full report breaks them out.
    • Item 19 figures cover the location groups each FDD names (Code Ninjas: 2, SPEC: 3). Different groups are not directly comparable.

    Financial commitment

    Estimated initial investment (Item 7)

    Code Ninjas

    $174,750 – $298,250
    Learning Center estimated initial investment: $174,750 to $298,250
    2025 FDD · Item 7 · PDF p. 23

    SPEC

    $1,052,420 – $2,073,674
    2026 FDD · Item 7
    Standard initial franchise fee (Item 5)

    Code Ninjas

    Not available
    No single standard fee identified

    SPEC

    $49,000
    2026 FDD · Item 5 · PDF p. 11
    Royalty (Item 6)

    Code Ninjas

    $500
    Pre-opening minimum royalty after opening deadline: $500 per month until opening
    2025 FDD · Item 6 · PDF p. 15

    SPEC

    6%
    Royalty rate
    2026 FDD · Item 6 · PDF p. 11
    Brand / advertising fund (Item 6)

    Code Ninjas

    2.25%
    Marketing Contribution: 2.25% of Net Sales — 2.25%
    2025 FDD · Item 6 · PDF p. 15

    SPEC

    Not available
    No reviewed brand or advertising fund fee

    System scale & health

    Total outlets (Item 20)

    Code Ninjas

    244
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 58

    SPEC

    Not available
    No reviewed outlet counts
    Net outlet change (Item 20)

    Code Ninjas

    −45
    Calculated: 289 at end of 2022 → 244 at end of 2024

    SPEC

    Not available
    Only one year reported
    Outlet exits (Item 20)

    Code Ninjas

    Not available
    No complete exit records for a year

    SPEC

    Not available
    No complete exit records for a year
    Franchising since (Item 1)

    Code Ninjas

    Not available
    Not in reviewed records

    SPEC

    Not available
    Not in reviewed records
    Franchisor founded (Item 1)

    Code Ninjas

    Not available
    Not in reviewed records

    SPEC

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Code Ninjas
    Locations counted not stated in the reviewed record — Code Ninjas franchised Learning Centers for calendar year 2024
    $241,242
    other Learning Center Overall average annual gross sales: $241,242
    2025 FDD · Item 19 · PDF p. 56
    Locations counted not stated in the reviewed record — Code Ninjas franchised Studio Centers for calendar year 2024
    $187,848
    other Studio Center Overall average annual gross sales: $187,848
    2025 FDD · Item 19 · PDF p. 56
    SPEC
    Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating…
    $3,178,002
    other Total revenue average
    2026 FDD · Item 19 · PDF p. 48
    Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating…
    $2,137,860
    other Total revenue average
    2026 FDD · Item 19 · PDF p. 48
    Locations counted not stated in the reviewed record — 26 franchised B&W school locations with audited financial statements operating…
    $2,018,699
    other Overall average total revenue
    2026 FDD · Item 19 · PDF p. 48

    Item 19 groups are shown separately and never combined. Revenue or sales figures are not profit. Net outlet change and turnover are Franopolis calculations from the disclosed counts; turnover is a count-based rate, not a measure of owner earnings.

    Code Ninjas vs SPEC: common questions

    Which costs less to open, Code Ninjas or SPEC?
    Code Ninjas: $174,750 – $298,250 (2025 FDD · Item 7 · PDF p. 23); SPEC: $1,052,420 – $2,073,674 (2026 FDD · Item 7). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Code Ninjas. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do Code Ninjas and SPEC royalties compare?
    Code Ninjas: $500 (2025 FDD · Item 6 · PDF p. 15); SPEC: 6% (2026 FDD · Item 6 · PDF p. 11). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Do Code Ninjas and SPEC disclose financial performance (Item 19)?
    Code Ninjas has reviewed Item 19 figures for 2 location groups; SPEC has reviewed Item 19 figures for 3 location groups. Different location groups are not directly comparable, and revenue is not profit.

    Answers restate the reviewed figures above. Not a ranking or recommendation.

    How Franopolis reviews FDD figures

    Keep researching

    Full Code Ninjas report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

    Full SPEC report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

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    Plain-language meaning of each Item