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    Franchise opportunities compared

    Five Guys vs Papa Murphys

    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 FDDPapa Murphys2026 FDD

    Initial investment · Item 7

    Five Guys

    $52,100 – $927,850

    2026 FDD · Item 7

    Papa Murphys

    $450,330 – $693,450

    2026 FDD · Item 7 · PDF p. 38

    Initial franchise fee · Item 5

    Five Guys

    $25,000

    2026 FDD · Item 5 · PDF p. 15

    Papa Murphys

    $25,000

    2026 FDD · Item 5 · PDF p. 27

    Royalty · Item 6

    Five Guys

    8%

    2026 FDD · Item 6 · PDF p. 16

    Papa Murphys

    Not available

    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 Papa Murphys has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    Five Guys

    $52,100 – $927,850
    2026 FDD · Item 7

    Papa Murphys

    $450,330 – $693,450
    TOTAL ESTIMATED INITIAL INVESTMENT — $450,330 - $693,450
    2026 FDD · Item 7 · PDF p. 38
    Standard initial franchise fee (Item 5)

    Five Guys

    $25,000
    2026 FDD · Item 5 · PDF p. 15

    Papa Murphys

    $25,000
    2026 FDD · Item 5 · PDF p. 27
    Royalty (Item 6)

    Five Guys

    8%
    s. If the Restaurant is located in Alaska, Hawaii or Puerto Rico, the Royalty Fee is — 8%
    2026 FDD · Item 6 · PDF p. 16

    Papa Murphys

    Not available
    No reviewed royalty record
    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

    Papa Murphys

    Not available
    No reviewed brand or advertising fund fee

    System scale & health

    Total outlets (Item 20)

    Five Guys

    1,583
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 54

    Papa Murphys

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

    Five Guys

    +62
    Calculated: 1,521 at end of 2023 → 1,583 at end of 2025

    Papa Murphys

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

    Five Guys

    Not available
    No complete exit records for a year

    Papa Murphys

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

    Five Guys

    Not available
    Not in reviewed records

    Papa Murphys

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

    Five Guys

    Not available
    Not in reviewed records

    Papa Murphys

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    Five Guys

    Not disclosed — no Item 19 financial performance representation

    Papa Murphys
    Locations counted not stated in the reviewed record — All Franchise Stores
    1,015 units
    other All Franchise Stores
    2026 FDD · Item 19 · PDF p. 64
    Locations counted not stated in the reviewed record — Franchise Stores – West
    $2,458,479
    other Franchise Stores – West
    2026 FDD · Item 19 · PDF p. 65
    Locations counted not stated in the reviewed record — Franchise Stores – Central
    381 units
    other Franchise Stores – Central
    2026 FDD · Item 19 · PDF p. 65
    +1 more groups in the full report

    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 Papa Murphys: common questions

    Which costs less to open, Five Guys or Papa Murphys?
    Five Guys: $52,100 – $927,850 (2026 FDD · Item 7); Papa Murphys: $450,330 – $693,450 (2026 FDD · Item 7 · PDF p. 38). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Five Guys. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    Do Five Guys and Papa Murphys disclose financial performance (Item 19)?
    Five Guys makes no Item 19 financial performance representation; Papa Murphys has reviewed Item 19 figures for 4 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 Five Guys report

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

    Full Papa Murphys report

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

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    FDD glossary

    Plain-language meaning of each Item