Which costs less to open, Five Guys or Noble Romans?

Five Guys: $52,100 – $927,850 (2026 FDD · Item 7); Noble Romans: $27,150 – $50,150 (2026 FDD · Item 7 · PDF p. 11). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Noble Romans. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.

How do Five Guys and Noble Romans royalties compare?

Five Guys: 8% (2026 FDD · Item 6 · PDF p. 16); Noble Romans: $175 (2026 FDD · Item 6 · PDF p. 10). Royalties as disclosed in Item 6; other recurring fees are listed separately.

Which has more locations, Five Guys or Noble Romans?

Five Guys: 1,583 (2026 FDD · Item 20 · PDF p. 54); Noble Romans: 461 (2026 FDD · Item 20 · PDF p. 23). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.

Do Five Guys and Noble Romans disclose financial performance (Item 19)?

Five Guys makes no Item 19 financial performance representation; Noble Romans makes no Item 19 financial performance representation. Different location groups are not directly comparable, and revenue is not profit.

Franchise opportunities compared

Five Guys vs Noble Romans

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.

Five Guys2026 FDD

Noble Romans2026 FDD

Initial investment · Item 7

Five Guys

$52,100 – $927,850

2026 FDD · Item 7

Noble Romans

$27,150 – $50,150

2026 FDD · Item 7 · PDF p. 11

Initial franchise fee · Item 5

Five Guys

$25,000

2026 FDD · Item 5 · PDF p. 15

Noble Romans

$2,750

2026 FDD · Item 5 · PDF p. 9

Royalty · Item 6

Five Guys

2026 FDD · Item 6 · PDF p. 16

Noble Romans

$175

2026 FDD · Item 6 · PDF p. 10

Before you compare

Both sets of figures come from 2026 FDDs.
Five Guys discloses more than one business format, so the investment range spans formats; the full report breaks them out.
Only neither brand has reviewed Item 19 figures here.

Financial commitment

Disclosure

Five Guys

Noble Romans

Estimated initial investment (Item 7)

Five Guys

$52,100 – $927,850

2026 FDD · Item 7

Noble Romans

$27,150 – $50,150

Total Initial Investment — $27150

2026 FDD · Item 7 · PDF p. 11

Standard initial franchise fee (Item 5)

Five Guys

$25,000

2026 FDD · Item 5 · PDF p. 15

Noble Romans

$2,750

2026 FDD · Item 5 · PDF p. 9

Royalty (Item 6)

Five Guys

s. If the Restaurant is located in Alaska, Hawaii or Puerto Rico, the Royalty Fee is — 8%

2026 FDD · Item 6 · PDF p. 16

Noble Romans

$175

Royalty Fee — $175

2026 FDD · Item 6 · PDF p. 10

Brand / advertising fund (Item 6)

Five Guys

$250

, depending on your advertising needs When billed Prohibited Product or Service Fine — 250

2026 FDD · Item 6 · PDF p. 16

Noble Romans

$2,000

Marketing package low end

2026 FDD · Item 6 · PDF p. 9

System scale & health

Disclosure

Five Guys

Noble Romans

Total outlets (Item 20)

Five Guys

1,583

Outlets at end of 2025

2026 FDD · Item 20 · PDF p. 54

Noble Romans

461

Outlets at end of 2025

2026 FDD · Item 20 · PDF p. 23

Net outlet change (Item 20)

Five Guys

+62

Calculated: 1,521 at end of 2023 → 1,583 at end of 2025

Noble Romans

−2,411

Calculated: 2,872 at end of 2023 → 461 at end of 2025

Outlet exits (Item 20)

Five Guys

Not available

No complete exit records for a year

Noble Romans

Not available

No complete exit records for a year

Franchising since (Item 1)

Five Guys

Not available

Not in reviewed records

Noble Romans

Not available

Not in reviewed records

Franchisor founded (Item 1)

Five Guys

Not available

Not in reviewed records

Noble Romans

Not available

Not in reviewed records

Financial performance (Item 19), by location group

Five Guys

Not disclosed — no Item 19 financial performance representation

Noble Romans

Not disclosed — no Item 19 financial performance representation

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.

Five Guys vs Noble Romans: common questions

Which costs less to open, Five Guys or Noble Romans?: Five Guys: $52,100 – $927,850 (2026 FDD · Item 7); Noble Romans: $27,150 – $50,150 (2026 FDD · Item 7 · PDF p. 11). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Noble Romans. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
How do Five Guys and Noble Romans royalties compare?: Five Guys: 8% (2026 FDD · Item 6 · PDF p. 16); Noble Romans: $175 (2026 FDD · Item 6 · PDF p. 10). Royalties as disclosed in Item 6; other recurring fees are listed separately.
Which has more locations, Five Guys or Noble Romans?: Five Guys: 1,583 (2026 FDD · Item 20 · PDF p. 54); Noble Romans: 461 (2026 FDD · Item 20 · PDF p. 23). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
Do Five Guys and Noble Romans disclose financial performance (Item 19)?: Five Guys makes no Item 19 financial performance representation; Noble Romans makes no Item 19 financial performance representation. 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